How much down payment do you need?

Planning to buy a home?The biggest confusion is — How much down payment do you need?Let’s make it simple.If your purchase price is under $500,000 You need minimum 5% downBetween $500K to $1M 5% on first 500K 10% on the remaining amountAbove $1M? Minimum 20% down paymentBut here’s what most people don’t know… Less than 20% down = you pay mortgage insurance 20% or more = no insurance neededAlso —Your down payment must come from: Savings Gift from family RRSP (First-Time Buyer Plan) Bigger down payment = lower monthly payments Comment “DOWN PAYMENT” or DM me — I’ll calculate your exact amount#Downpayment #preapproval #firsttimehomebuyer #realestate, #BramptonRealEstate #sfv #southfields #Caledon #brampton This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit mandeeptoorrealtor.substack.com