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Sean Donohue Mortgage Broker

Sean Donohue

Mortgage Broker


Address:
775 Blackburn Mews West, Kingston, Ontario

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Minimum downpayment will increase for purchases over $500,000

12/12/2015

Finance Minister Bill Morneau announced changes to the rules for government-backed mortgage insurance this week.

 

Effective February 15, 2016, the minimum down payment for new insured mortgages will increase from 5 per cent to 10 per cent for the portion of the house price above $500,000. The 5 per cent minimum down payment for properties up to $500,000 remains unchanged.

 

The announcement represents a graduated approach to increasing the down payment requirement proportionally to the cost of a home. Canadians who already hold mortgages will not be affected by this announcement.

 

If you are planning to buy a home in the near future and have questions about how you might be affected by these changes, ASK ME!  

 

I would be happy to assist you and find financing that is right for your needs.

MY LENDERS

TD Bank Scotia Bank Attain Mortgage First National MCAP Home Trust
Merix Equitable Bank Street Capital CMLS Fisgard Capital ICICI Bank
Optimum  RMG Mortgages Bridgewater Marathon Mortgages