This week Jodi Scotton our broker of the week talks about down payment. How much do you need?
5% down payments are not just for first time home buyers.
This is a question I hear a lot. Everyone wants to know how much money they need to purchase that next house!
If the home your purchasing is going to be your primary residence, you can do 5% down no matter how many times you’ve been in and out of the home market. So when whether your upgrading or downsizing into your new primary residence you can still do a minimum 5% down payment. (On approved credit)
Keep in mind that any mortgage with less than a 20% down payment will be required to pay a default insurance premium. This means that most people can do just 5% down on their next home, but it does cost you a little more. On the other hand, what would the time it takes to save that extra 15% cost you?