looking to buy condo

[Vick7]

im looking to buy a condo in lake chaparral and wondering what would have to be the down payment..its around 295,000..

and if not down payment how would i go about this???

please help lol

[4wheeldrift]

You're looking at a minimum of 5% down for a mortgage, which works out to around $15000. I believe the CMHC had relaxed rules saying you could go 0 down for a mortgage but you're going to get bent over for your mortgage insurance and you may not get as good an interest rate going 0 down either.

[The Cosworth]

Very high interest rate on 0% down.

Also remember that CMHC will give you up to 0% down on your FIRST place every place after that requires 25% down on your mortgage to purchase so if you buy that place for 0 down and dont put money away you could be there for a long time.

Good rule of thumb my father-in-law uses is at least 10% or 15%, he is a big wig in real estate, just be wary of always waiting to have enough for a down payment, my aunt and uncle in Vancouver have been renting for over 10 years because as they save more money for a place the costs rise in comparison

[HRD2PLZ]

Lots of the 0 down product has changed over the last year and if you don't have the down payment then it might be worthwhile considering. I would suggest you talk to a mortgage broker as this is their specialty.

Even if you went 0 down it doesn't mean that every home after that you buy would require 25% down. I work with people from all walks of like and some of them end up only putting 10 - 15% down on their move up home. There is so much good mortgage product out there for buyers now.

If you have any questions, you should PM Rob (D. Dub) he is a mortgage broker and has helped out many fellow beyonders.