BUYING A HOME TIP #4

Advantages of Bigger Down Payments

As mentioned above, when you put a 25% down payment on your purchase you can avoid the CMHC premium. More importantly the larger the down payment, the lower the amount of interest you will pay over the life of your mortgage. It is important to note that it may not be wise to stretch yourself to increase your down payment and end up borrowing on credit cards or a line of credit at a higher rate.

Tracey-Lynne Allen

Tracey-Lynne Allen

Sales Representative
CENTURY 21 Wenda Allen Ltd., Brokerage*
Contact Me

Blog Archives