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Home loan Pre-approval. What’s a Mortgage Pre-approval?

Home loan Pre-approval. What’s a Mortgage Pre-approval? 2. Advance Payment Your deposit may be the lump sum payment of money you’ll put towards the purchase of your house. In Canada, the minimum advance payment you must make is between 5% and 20% of this home’s price (with regards to the cost). You default on your loan if you put down less than 20%, you’ll have to buy mortgage default insurance (also called CMHC insurance) to protect your lender in case. How big your payment that is down affects much it…

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