The lowdown on low down payments
Posted by Steve Harmer on
Mortgage insurance a must for those with high-ratio loans
Hot markets and cold feet might keep some people out of the housing market, but a lack of upfront cash doesn't have to be an obstacle. While it's long been the convention in the industry to start with a 20% down payment, the availability of mortgage default insurance means ownership is still possible with as little as 5% down, as long as the buyer meets industry standards of income and creditworthiness.
"What mortgage insurance allows people to do is to get into the market with today's prices, with today's low interest rates, once they have determined that home ownership is right for them," says Mary Stergiadis, principal for Ontario business development at Canada Mortgage and Housing…
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These are some of the most frequently asked questions by home buyers – questions that people in the Kamloops area are searching for answers right now! I hope that the responses can give you the answers to your questions..
Once you receive your property tax notice, you may be able to apply for a low interest loan to pay your current year property taxes on your principal residence. There are two programs you may qualify for:
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