Down Payment Required To Purchase A Home

by Neil
(allistion, ont.)

Can using a credit card work to purchase one or multiple homes? I assume you have to work on the the cash flow analysis to reveal the answer. But i am pretty sure you have done this allready.

The 20 % down eats up a persons ability to purchase almost immediately.

I have a lot of room on credit cards, thus posing the question.

thank you

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May 15, 2012
RE: Down Payment Required To Purchase A Home
by: Tom Karadza

The Canadian Banks will usually want to see where you're getting your down payment money from. So you need to prove that you have the money somewhere other than your credit cards.

Your best be is working with a mortgage broker because they'll outline all the requirements for you. The banks are constantly changing their mortgage requirements so a good broker can you tell you which bank is request what.

Hope that helps!

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