allows you to see how different adjustments will alter your mortgage. These calculations are approximate and for information purposes only. Please contact The Biggar Team for a more in-depth analysis.
A minimum 5% down payment is required for a purchase price of $500,000 or less. For a purchase price between $500,000 and $1 million, the minimum down payment is 5% on the first $500,000 and 10% on the balance. Purchases prices over $1 million, require a down payment of 20% or greater. Insured mortgages are required to use the Conventional mortgage – 5-year rate for qualifying purposes. Uninsured mortgages are required to qualify at the greater of the Conventional mortgage – 5-year rate or the contractual mortgage rate plus 2 percent. Mortgage default insurance costs apply on insured mortgages.