Office (Re/Max): (905) 476-4111
Cell Phone: (289) 221-2112
Mortgage Agent - Lic. #10409
Fax Machine: 1 (905) 656-6560
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.
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
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