FAQ Sheet on Getting a Mortgage
Getting a mortgage is a big thing. For first time buyers this can be a tough and complicated process. Here are some common questions that get asked and some answers that may help with your mortgage application process.
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Q: What is the minimum down payment on a home in BC?
A: A minimum down payment for someone who is fully income qualified is five per cent. However, if the purchase price of a property is over $500K, a minimum down payment of five per cent on the first $500K is required. After that, you will be required to come up with 10 per cent on the remaining amount. For example: The down payment for a property valued at $600K would be five per cent of $500K ($25K) plus…