Brampton
and Georgetown Real Estate


To obtain a conventional mortgage , home buyers are required to put down at
least 25% of the purchase price or appraised value (whichever is less) as a down
payment. If you don't have the necessary time or resources to save a full 25%
down payment, you can choose a high-ratio mortgage and buy a home with no down
payment at all. This option is called a high-ratio mortgage and it
requires you to purchase default insurance.
Whether you choose a conventional or
a high-ratio mortgage, one thing is certain: the larger your down payment, the
more you save in the long run. A larger down payment reduces the amount of your
monthly principal and interest payment
The RSP Home Buyers' Plan (HBP) lets a first-time buyer withdraw up to $20,000
from RSPs for a home purchase. The withdrawn amount must be repaid within 15
years, subject to a minimum annual repayment that is 1/15 of the amount
withdrawn. If the full $20,000 is withdrawn, the minimum annual repayment is
$1,333 . If less than the minimum is repaid in any particular year, the balance
is added to the taxpayer's income.
Downpayment
RE/MAX Realty Services Inc., Brokerage
Each Office Independently Owned And Operated