Georgina Mortgages


Diana Campbell


430 The Queensway South

Office (Re/Max): (905) 476-4111

Cell Phone: (289) 221-2112

Mortgage Agent - Lic. #10409

Keswick, Ontario

L4P 2E1

Fax Machine: 1 (905) 656-6560


When purchasing a home, your down payment needs to be at least 5% of the purchase price. If you are refinancing, your down payment needs to be at least 20% of the appraised value and will come from your home's existing equity. You may put more down on your home if you choose to (in either situation), which will decrease your mortgage amount and payments.


There are many down payment options to consider:


Save up the cost in your bank account - You will need to prove that the money has been in your bank account for 3 consecutive months.


Sale of your existing property - The money earned can be used for your down payment, in which you will need to show proof of sale.


RRSP - You must be purchasing a home for the very first time. You can pull up to $25,000.00 from your RRSP without any withholding tax, and it must be paid back within 15 years.


Gifted - Is given to you by a relative/spouse. That person will need to sign a "gift letter" stating that they are giving you this money, and that you do not need to pay them back.


Borrowed - Is borrowed from a bank loan, credit card, or line of credit.


5% free down payment - The lender lends you 5% cash back which you are allowed to use towards the down payment. (Please call for more detail)

Down Payment

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