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Old 12-03-2015, 10:52 AM   #1
Mortgage Made Easy
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Default - Dept of Finance May Mandate Higher Down Payments

Department of Finance May Mandate Higher Down Payments

According to an unidentified but high level lender source connected to the Department of Finance recently stated that the department may recommend that the minimum down payment be increased to 10%. Policy makers are reportedly considering implementing a graduated scale based on either home value or mortgage amount that would look something like this:

$0 to $500,000 requires at least 5% down
$501,000 to $700,000 requires at least 7% down
Over $700,000 requires 10% down

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Canada Mortgage Direct Inc
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Old 12-11-2015, 08:04 AM   #2
Mortgage Made Easy
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Breaking News - Finance Minister Bill Morneau announced the plans to increase down payment effective Feb 2016.

http://bit.ly/1OW633a
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Tim & Colton
Mortgage. Made Easy Experts
Canada Mortgage Direct Inc
www.TimLacroix.com

If you have any questions please feel free to PM me or email puckforum@cgymortgage.com

Click here to View current Mortgage Rates

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