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Save for a Down Payment

BCIT Save for a Down Payment

BCIT MORTGAGE TIPS FROM DREYER GROUP

Save for a Down Payment

  • Although a 20% down payment on a mortgage is ideal, it is not compulsory
  • Many lenders accept as little as 5% down. That is only $15,000 on a $300,000 purchase price
  • Some lenders allow the down payment to be borrowed from another source such as a line of credit
  • First time homebuyers can use RRSPs for the down payment
  • As much as $20,000 for an individual and $40,000 for a couple
  • If you don’t have savings, a gift from an immediate family member can be accepted as down payment T
  • he golden rule always stands, try to save 10% of your earnings. If you net $50K per year, that’s $5,000 in savings, or $96.00 from every paycheque!

(All tips are for example purposes only and on approved credit)