The minimum down payment is 5 per cent however, lenders typically require mortgage loan insurance if a buyer has less than 20 per cent to invest. The cost ranges from 1 to 3.25 per cent of the loan amount, either paid upfront or tacked on to the principal balance. It might be pricey, but it can enable qualified borrowers to get into the market before they would otherwise.
For more information on your Low Down Payment Options please feel free to give me a call
905-456-1000 ex.3426 or email me pdaniels11@sympatico.ca
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