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Mortgage Broker News | 08 Apr 2015, 11:04 AM Agree 0
A Genworth report highlighting the financial responsibility of first-time buyers appears to contradict the insurer’s move to increase costs for those buyers.
  • | 08 Apr 2015, 01:20 PM Agree 0
    Finally a positive report on 1st time buyer's financial astuteness!
  • @kiltedbroker | 08 Apr 2015, 04:09 PM Agree 0
    I guess there is a contradiction if you make the assumption that First Time Home Buyers are the ones securing mortgage financing with only 5% down.

    Purchasing a home with 5% down is not limited to first time home buyers. I bet every broker here has helped an existing home owner upgrade to a new property where their client only applied a 5% downpayment despite having enough equity from the sale of their existing to put more down.

    According to the survey, The median home price was $293k, while the median downpayment was $34k, representing 12% of the total home price.

    Quite the interesting stats coming out of this report! Now... if only KMI would link to the report in the article, we would all have easy access to it!
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