Mortgage Down Payment
You may consider putting down a significant down payment when purchasing your next property. The benefit of a larger down payment is that it puts you in a more advantageous negotiating position to secure a lower interest rate for your next mortgage.
Are you new to Canada?
If you have immigrated or relocated to Canada within the last 5 years you may be eligible to purchase a property with as little as 5% down payment. This is ideal for first time buyers who may not have the necessary funds to pay a lot upfront for their new home.
Highlights include:
- No minimum income requirements
- Up to 95% LTV (loan-to-value ratio) – the LTV indicates how much of the property is being financed
- Low down payment: As little as 5%
- Fixed, variable, or adjustable rate mortgages
- Portable Mortgage
A portable mortgage is a mortgage that permits the mortgage borrower to transfer their mortgage balance to a new property and with the same lender without penalties. The borrower will transfer the mortgage to the new property with the exact terms that remained at the time of the transfer.