How Much Do I Need to Put Down to Buy a House?

The amount you need to put down to buy a house in Canada will depend on a number of factors, including the price of the home, the type of mortgage you are using, and your credit score.

Here are a few general guidelines:

  1. Conventional mortgages: For a conventional mortgage, you may need to make a down payment of at least 5% of the purchase price of the home. However, if you have a credit score of 600 or higher, you may be able to put down as little as 3% with some lenders.

  2. High-ratio mortgages: If you are using a high-ratio mortgage (meaning you are putting down less than 20% of the purchase price), you will need to purchase mortgage default insurance. The minimum down payment for a…

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Can You Sell a House with a Mortgage?

Yes, it is possible to sell a house with a mortgage. When you sell a house with a mortgage, you are responsible for paying off the remaining balance on the mortgage before the sale can be completed.

Here is a general overview of the process for selling a house with a mortgage:

  1. Determine the sale price: The first step in selling a house with a mortgage is to determine the sale price. This will depend on the value of the home, as well as any upgrades or improvements you have made.

  2. Determine the remaining mortgage balance: To determine the remaining mortgage balance, you will need to contact your lender and request a payoff statement. This statement will show the total amount you owe on the…

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When buying a house, there are several important factors to consider in order to make a well-informed decision. Some of the most important things to look for when buying a house include:

  1. Location: The location of the property is an important factor to consider, as it can affect the value of the property and your ability to resell it in the future. Consider factors such as proximity to schools, public transportation, and local amenities, as well as the overall quality of the neighborhood.

  2. Condition of the property: Before making an offer on a property, it's important to carefully inspect the condition of the property to ensure that there are no major defects or issues that could affect the value of the…

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