Purchase with over a 20% Down Payment
When a consumer is looking to by a property and has saved 20% of the purchase price or higher, this is considered conventional lending. The benefits to a consumer when they use a conventional lending model are as follows...
|
No CMHC default insurance needed |
|
Better equity hold in ones property |
|
Less interest being charged |
|
Sometimes more relaxed income verification (usually with a 35% down payment or higher) |