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Down Payments - where to get them, how much you need
ADVICE Author: Caroline Lennox
Potential Sources of Down Payments include:
- Savings
- Borrowed RRSP’s (Government Programs)
- Non-repayable Gift from Family
- Flex-Down products -borrow on your credit cards/lines
- Free Down Payment lending programs (where available)
- Existing equity in the property if you are already on title
How much of a down payment is required?
The down payment is the difference between the purchase price, amount financed and closing costs. Most lenders look for 5-35% down, depending on what you are buying and your situation. Self-employed borrowers may be required to have 10% or more.
Talk to Caroline to develop a strategy to get your down payment in place and how much you'll need for the property you want.
Call 1-800-757-0412
8 am to 8 pm Pacific Time, including weekends.
Contact Information | Invis - Canada's Mortgage Experts |
|
| Name: |
Caroline Lennox
|
| Company: | Invis - Canada's Mortgage Experts |
| City: | Victoria |
| Province: | British Columbia |
| Country: | Canada |
| Phone: | 800-757-0412 |
| Email: | |
| Website: | http://www.clmortgages.com |
