Down payment

A CONVENTIONAL MORTGAGE LOAN

When purchasing a home all financial institutions request 20% as a down deposit. This is considered a conventional mortgage loan. If your deposit is less than 20% you will require to purchase a mortgage insurance (CMHC) Canada’s mortgage and housing corporation. The amount varies depending on the down deposit the greater the deposit the lesser the risk so the rate will be lower.

Please refer to the examples below:

Rate for owner occupied

 

Down Payment Premium on total loan amount Premium on additional loan amount (loan or refinance)
5% 4.00% 6.30%
10% 3.10% 6.25%
15% 2.80% 6.20%
20% 0%/2.40% 6.05%

Rate for owner non-occupied

Condo to fourplex 20% Conventional
Fiveplex and more 15% insured or 25% conventional minimum

Minimum down payment for owner occupied

 

Type of property Down payment
Single familial 5 %
Duplex 5 %
Triplex 10 %
Fourplex 10 %
Fiveplex and more 15 %

FIRST-TIME HOME BUYER?

- Ask me how you can save an extra $750 -

CONTACT US