A mortgage down payment is the amount of money you pay upfront when purchasing a home. In most cases you will be required to put some money down in order to qualify for a mortgage.

The minimum down payment required in Canada, on purchases of less than $1M, is 5% of the home’s value. However, if your down payment is less than 20% of the value of the home there will be a mortgage insurance premium added to your mortgage.

It is also important to note that mortgage loan insurance is available for Canadians. It is required by banks for all purchases with less than a 20% down payment. Should you require mortgage loan insurance a mortgagestogo.ca agent will be happy to explain how it works when you meet with them.

Your down payment will inevitably influence the home price you can afford. The minimum down payment in Canada is 5% and is used to determine your maximum affordability.

Disregarding your income and debt levels, if you were to save $30,000 for your down payment the maximum home price you could afford would be:The minimum down payment required in Canada, on purchases of less than $1M, is 5% of the home’s value. However, if your down payment is less than 20% of the value of the home there will be a mortgage insurance premium added to your mortgage.

It is also important to note that mortgage loan insurance is available for Canadians. It is required by banks for all purchases with less than a 20% down payment. Should you require mortgage loan insurance a mortgagestogo.ca agent will be happy to explain how it works when you meet with them.

Your down payment will inevitably influence the home price you can afford. The minimum down payment in Canada is 5% and is used to determine your maximum affordability.

Disregarding your income and debt levels, if you were to save $30,000 for your down payment the maximum home price you could afford would be:The minimum down payment required in Canada, on purchases of less than $1M, is 5% of the home’s value. However, if your down payment is less than 20% of the value of the home there will be a mortgage insurance premium added to your mortgage.

It is also important to note that mortgage loan insurance is available for Canadians. It is required by banks for all purchases with less than a 20% down payment. Should you require mortgage loan insurance a mortgagestogo.ca agent will be happy to explain how it works when you meet with them.

Your down payment will inevitably influence the home price you can afford. The minimum down payment in Canada is 5% and is used to determine your maximum affordability.

Disregarding your income and debt levels, if you were to save $30,000 for your down payment the maximum home price you could afford would be:The minimum down payment required in Canada, on purchases of less than $1M, is 5% of the home’s value. However, if your down payment is less than 20% of the value of the home there will be a mortgage insurance premium added to your mortgage.

It is also important to note that mortgage loan insurance is available for Canadians. It is required by banks for all purchases with less than a 20% down payment. Should you require mortgage loan insurance a mortgagestogo.ca agent will be happy to explain how it works when you meet with them.

Your down payment will inevitably influence the home price you can afford. The minimum down payment in Canada is 5% and is used to determine your maximum affordability.

Disregarding your income and debt levels, if you were to save $30,000 for your down payment the maximum home price you could afford would be:

The minimum down payment required in Canada, on purchases of less than $1M, is 5% of the home’s value. However, if your down payment is less than 20% of the value of the home there will be a mortgage insurance premium added to your mortgage.

It is also important to note that mortgage loan insurance is available for Canadians. It is required by banks for all purchases with less than a 20% down payment. Should you require mortgage loan insurance a mortgagestogo.ca agent will be happy to explain how it works when you meet with them.

Your down payment will inevitably influence the home price you can afford. The minimum down payment in Canada is 5% and is used to determine your maximum affordability.

Disregarding your income and debt levels, if you were to save $30,000 for your down payment the maximum home price you could afford would be:

$30,000 / 5% = $600,000.

Your down payment will also determine the size of your mortgage and monthly payment. A larger down payment will reduce the size of your mortgage. This in turn will reduce your monthly payment and the interest you will pay over the life of your mortgage.