Category: Real Estate

Buying your first home is an exciting milestone, but it can also be daunting if you're not well-prepared. To make the process smoother, here are four essential things you need to know when buying a house in Surrey: 1. Down Payment Rules Understanding down payment rules is crucial. In Surrey: • For homes under $500,000: You need at least a 5% down payment. • For homes over $500,000: A minimum of 10% is required. If your down payment is between 5% and 19.99%, you'll need to pay mortgage default insurance, which ranges from 2% to 4% of the loan amount. This insurance safeguards the lender in case you fail to repay your loan. Why It's Important: A higher down payment lowers your mortgage amount, reducing monthly payments and total interest paid over time.