If you have the kind of money that buys you a multi-million dollar home many would be surprised to find you seeking a mortgage. However millionaires frequently do have a home loan as their wealth is tied up elsewhere. Lenders tend not offer loans of percentages a more modest purchaser could expect.
A buyer of a $2 million home may have to make a 40 per cent down payment. That’s a sizeable deposit, especially for any potential purchaser of home once owned by Henry Ford.
That Calgary property is in line to be the most expensive residence listed in the province at $37.9 million; in case you’re the broker approached for the mortgage, you’ll need to see a down payment of $15.1 million.
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