Tip:
Highlight text to annotate it
X
Victor – Mobile Mortgage Specialist: When buying a home you have two options.
You have a conventional, what we call a conventional mortgage, which is when you have 20% down or more.
Or a low down payment mortgage with as little as 5% down you can buy your home.
When you have a low down payment mortgage, you are charged a premium on closing which we call a mortgage default insurance premium.
What we’ll do is work with you to find out what the ideal down payment amount is for your financial situation
and then work through those specific costs for you for closing. That default insurance premium is also subject to a provincial sales tax
and that is all calculated for you so that you have no surprises on closing when you purchase your home.
Buying a home and getting a mortgage is one of the biggest investment decisions you’ll make. So making sure that you have had expert advice
not only on the mortgage side and the financing side but on the investment side is very important. And at RBC we have all the relationship partners
available for you to meet with to get the advice to make you feel comfortable with this purchase.