In the second part of our response to our Mortgage Survey, we are going to take a look at the Requirements of a Down Payment? For this we’ve gone to our resident expert, and HCCU’s Manager of Lending, Anita Williamson.
“The minimum down payment requirement is 5% which would be a high ratio CMHC (Canada Mortgage & Housing Corporation) insured mortgage. To avoid this cost a conventional mortgage requirement is 20% down. Source of funding would be cash from own resources, sale of property, gift, or an RSP if you’re a first time buyer.”
Thanks Anita, and if you have any additional questions regarding a Down Payment or any other lending question, Anita can be reached at our King St. Branch at 905-529-9445 or by e-mail at awilliamson@hccu.on.ca You can also reach Kathie Gordon at our Mohawk Rd. branch at 905-383-3395 or kgordon@hccu.on.ca
Stay tuned for more answers to our Mortgage Survey.
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4 comments:
Anita's mentions the cost of CMHC insurance. How much does this insurance cost?
The premium charge from CMHC depends on the % of your down payment. 5% down is 2.75%, 10% is 2% and 15% is 1.75%, this premium can be added to your mortgage & is a one time fee. Eg: a mortgage of $100,000 with 5% down would be 95,000, your CMHC premium of 2.75% added to the mortgage is $2,612.50 bringing your total mortgage to $97,612.50
Thanks for sharing...
Regards,
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