The minimum down payment for a home purchase in Canada is 5%. For many, saving for your first home can be a serious challenge — especially here in BC. Even a 5% down payment can sometimes feel like an unattainable financial goal.
What is the Vancity Down Payment Helper Mortgage?
Vancity is the only major financial institution in Western Canada offering a Down Payment Helper Mortgage, which helps qualifying homebuyers with a down payment. Vancity will provide up to half of the required five per cent down payment, to a maximum of $12,500.
What are the Costs of the Vancity Down Payment Helper Mortgage?
The Vancity contribution is repaid over your five-year mortgage term through an increased mortgage rate, from between .05 per cent to .55 per cent, depending on the Vancity down payment contribution amount you need.
You will pay a higher rate of interest on the mortgage than you would if you contributed the full 5% down payment on your own.
Vancity Down Payment Helper Mortgage Video
This video will give you a basic overview of how the Down Payment Helper Mortgage will match the amount you’ve currently saved for your down payment, up to a maximum of $12,500.
Have questions about the Vancity Down Payment Helper Mortgage?
Contact us using the form below and we’ll be in touch.
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