In this blog, I provide a refresher on the down payment (equity) requirements for residential mortgages. It is a very common question and the answer depends on many factors. It depends on the property type (house/condo, acreage, vacant lot, farm etc.), who’s going to live in or on the property, how you earn income, and your credit rating. It also depends on whether you are looking for purchase financing or to replace/renew an existing mortgage. In this article, I am going to try and simplify the various ‘lending rule books’ for you in only 600 words!

Michael & Ginny had done their time... years in University, then hard at it in their careers. Ginny had become pregnant and stepped out of the work force when Tyler was born. Mike continued working long days in the Calgary city core, up the corporate ladder, and making good money. But with the job came stress, fighting with traffic daily, and Tyler - the boy was growing up so fast...