Quote:
Originally Posted by OilersBaby
You do NOT need citizenship to buy a house and the mortgage laws are less strict than in canada. A friend of my parents was saying in Calgary if you buy a house you have to put at least 20% down or you get penalized pretty bad. My husband and I bought our house 11 months ago with 0 down and we still got a good interest rate..teh same as everyone who put some money down. Of course it would be better to put some money down so you have some equity but ah well.....
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The interest rate in Canada is the same whether you put down a 0% or 50% payment. The penalty your friend is talking about is the CHMC Fee for anything under a 20% down payment. I recall reading something where Canada to avoid the foreclosures in the US particularly CA is limiting the amoritization period (to 30 years or under I believe) and eliminating 0% downpayments. I'll have to find the article. Not a bad thing in my opinion.