On this episode of The Marc and Mandy Show: Expert Q & A, Pam Pikkert of answers tough questions about mortgages.
Q: When buying a house, do I need 20 percent of its asking price for a down payment?
Pam Pikkert: A lot of consumers don’t understand that they’re still able to purchase a home with just five percent down payment. Most people think it’s become 20 percent because of the mortgage rule changes, but it is just five percent.
Q: What sort of options are there for making a down payment?
Pam Pikkert: Down payment can come from a variety of sources. It can come from a gift from family, it can come from savings, or it can come from RSP. And the government actually just increased that to $35,000.00 per borrower. Your down payment can also come from selling an asset and you can borrow your down payment, as long as you fit the lender’s guidelines.
Q: How long does it take to get good credit, in order to be approved for a mortgage?
Pam Pikkert: The magic number for mortgages is two. You need to have at least tradelines for reporting for at least two years.
About Regional Mortgage Group:
For over 20 years, the team at Regional Mortgage Group has been helping consumers understand their monthly mortgage payments. To find out what types of mortgage products they can help with, visit the website.
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