How Much Money do I Need to Buy a House in Toronto?

If you are thinking of buying a house in Toronto, here are some things to consider.

Banks offer Buyers conventional financing which typically is a first mortgage of 75% of the value of the house with you putting up the first 25% in cash. You must have an income high enough to qualify to make the payments. This conventional financing comes with the most competitive mortgage rates.

If you have less than 25% as a down payment, then high ratio financing is possible through an insured CMHC mortgage. You will pay somewhat higher interest rates and will have to pay to insure the mortgage, but that fee can be added to the principal of the mortgage itself.

For more detailed information about mortgage financing I invite you to call me or my assistant, Aubrey Duffy, at the number below. Your call is welcome at any time and will be held in confidence.

Best wishes,

Peter

(416) 925-9191