OCBA - The deposit

The deposit

Depending on the lending institution and type of loan, a deposit equal to a certain percentage of the purchase price will be required. While most minimum deposits are five percent of the purchase price, in some cases an institution may lend 100% of the purchase price, requiring no deposit at all. If you are borrowing 80% or more of the purchase price, lenders generally require you to pay for mortgage insurance, which means an additional fee.

Some lenders require proof, through bank statements, that a certain amount of the deposit came from your own savings.

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