One of the most common questions we get asked is how much do I need down to purchase a property.
The minimum down payment is 5% and in some cases that can even be borrowed which is called flexdown or gifted from a family member.
What types of properties can I buy with 5% down? Here is a quick overview:
- Primary residence you will be living in.
- New primary residence and turning your existing residence into a rental.
- Second home or vacation home that you or an immediate family member will be living in. Perfect for kids going to school, or helping out a parent with accommodations.
- Divorce or Partner Separation– In this circumstance, you can refinance an existing mortgage back up to 95% of the Loan to Value (LTV) to pay out an ex-spouse or partner and in some cases pay off joint debt.
Fixed rates and variable rates are still very attractive. It’s a buyer market, so lots of fantastic opportunities await!