The Bank of Mom & Dad
There is no shame in tapping into the Bank of Mom & Dad these days – almost half (45%) of Generation Y (20-35 yr olds) need the help of their families to purchase their first home. This is in comparison to Generation X (37%) and the Baby Boomers (31%), according to Manulife Bank.
The average single-family residential home in Nanaimo is selling for $473 200.00 in May 2017, according to the Vancouver Island Real Estate Board. That means the average home buyer needs to come up with at least $25 000 (!!) for their down payment (5% of a $500 000.00 purchase price).
Banks and lenders take many different qualifications into consideration when looking to approve you for a mortgage. Some of these include: down payment amount, income source(s), type of property, credit score (repayment history, utilization percentage, credit inquiries). Our brokers at Mid-Island Mortgage & Savings specialize in the more complicated side of mortgage approvals – the ones that banks normally turn down. Let us help you find a lender to say yes – to you and your family – to a new home!
Give us a call at 250 753 2242 or send us an email at info@midislandmortgage.com
