Found 2 blog entries tagged as down payment.

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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Buying Your First Investment Property

If you're looking to buy your first investment property, there are a few steps you'll need to take. First, you'll need to save up for a down payment, which is typically 20% of the property's purchase price. Once you have the down payment, you'll need to get pre-approved for a mortgage from a lender. This will involve providing proof of your income, assets, and credit history to the lender.

Once you have your mortgage pre-approval, you can start looking for properties that fit your investment goals and budget. You'll want to consider factors such as the location, property type, and potential rental income when choosing a property.

When you find a property you're interested in, you'll need to make an offer and…

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