Breaking News - Mortgage Down Payment Change

[Mortgage Made Easy]

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

http://bit.ly/1OW633a

[Mortgage Made Easy]

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.

[Mortgage Made Easy]

Reminder - New Down Payment Rules Effect Feb 15, 2016

Click to find out more about Will Higher Down Payments Affect Your Home Purchase?

[Mortgage Made Easy]

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?