Quote:
Originally Posted by underscore
I'm pretty sure CMHC is 20%, but either way OP is way over. A mortgage broker should at least be able to tell you roughly what you'll be approved for based on your income and whatnot, you don't necessarily need to be approved right now but you should probably know what the banks are willing to approve you for.
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You are correct, conventional mortgage is 20% down. That 20% is already WAYY up from the pre-2008 numbers which averaged like 10% down.
Kind of irrelevant though, if buddy guy has 40% down he shouldn't really have any trouble getting a mortgage, cause the bank can easily cease his house after he defaults and quickly sell it for way less than it's market value and still make more than their money back.