MORTGAGE RULES
◉ Maximum period on <20% is 25 years
◉ Rental investment rate is higher
◉ Owner vs ownder/renter is same rate
◉ Fixed is < Variable
◉ $1M+ home minimum down is 20%
◉ “CMHC” (mort insurance) applies on < 20% down (“high-ratio mortgages”). “Conventional mortgage” is ≥ 20% down.
◉ If the purchase price is less than $500,000, the minimum down payment is 5%.
◉ If the purchase price is between $500,000 and $999,999, the minimum down payment is 5% of the first $500,000, and 10% of any amount over $500,000.
◉ If the purchase price is $1,000,000 or more, the minimum down payment is 20%.
◉ Loan is typically 4.5 – 5 x income
