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Old 12-11-2015, 08:02 AM   #1
Mortgage Made Easy
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Default Breaking News - Mortgage Down Payment Change

Breaking News - Finance Minister Bill Morneau announced the plans to increase down payment effective Feb 2016.

http://bit.ly/1OW633a
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Old 12-11-2015, 08:49 AM   #2
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Just a little clarity on the change. The down payment change is:

5% up to $500,000 purchase
10% of the amount over $500,000 up to $1M

Example: $750,000 purchase will require a down payment of $25,000 on the $500k and $25,000 on the balance of $250k.
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Old 02-08-2016, 08:45 AM   #3
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Reminder - New Down Payment Rules Effect Feb 15, 2016

Click to find out more about Will Higher Down Payments Affect Your Home Purchase?
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Mortgage. Made Easy Experts
Kardia Mortgage 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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Old 02-08-2016, 10:17 AM   #4
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I'll be listing my house in the sub 500 range this spring. I wonder if this change will have any physiological affect on that market? I know it's a stepped system, so there's little difference between 500 and say 520, but it is still in people's head.
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Old 02-08-2016, 11:01 AM   #5
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Originally Posted by pseudoreality View Post
I'll be listing my house in the sub 500 range this spring. I wonder if this change will have any physiological affect on that market? I know it's a stepped system, so there's little difference between 500 and say 520, but it is still in people's head.
Very little difference between the 2 prices and I doubt this will affect majority of home buyers.

The down payment minimum for the $520,000 purchase is an extra $1,000 more after Feb 15, 2016 ($27,000 instead of previously being $26,000).
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Mortgage. Made Easy Experts
Kardia Mortgage Inc
www.TimLacroix.com

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

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Old 02-21-2016, 05:20 PM   #6
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We are getting lots of questions about the down payment rule change. Many people are thinking that they now need 10% for any purchases over $500,000.

The minimum down payment is 5% of the $500,000 and 10% of the balance over $500,000.

To view a table on down payment and read more, please see our article Will Higher Down Payments Affect Your Home Purchase?
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Tim
Mortgage. Made Easy Experts
Kardia Mortgage 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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