How Much Of A Down Payment Will I Need?
In Canada, the amount of down payment required for the purchase of a home depends on the purchase price of the property. As of my last update in January 2022, the rules set by the Canada Mortgage and Housing Corporation (CMHC) for minimum down payments are as follows:
Less Than $500,000 Purchase Price
Between $500,001 and $999,999 Purchase Price
$1 million or more Purchase Price
All About the First-Time Home Buyer Incentive!
The First-Time Home Buyer Incentive assists Canadians in acquiring their initial residence. Through the program, individuals can receive either 5% or 10% of the property’s purchase price to contribute to the down payment. This supplemental down payment reduces the ongoing costs of your mortgage, thereby making owning a home more economical.
It's a Shared Equity Mortgage
Contribution Percentage Allowable: 5% vs 10%
Lower Monthly Mortgage Payments
Repayment
Does My Credit Score Matter. And How Do I Fix It?
In Canada, a credit score is a fundamental tool used by lenders to gauge the creditworthiness of prospective homebuyers. It is an important tool to leverage for getting your first mortgage. Here’s how to improve it.
Payment History
Reduce Outstanding Debt
Limit New Credit Inquiries
Each time you apply for credit, a hard inquiry is recorded, which can temporarily lower your score. Only apply for new credit when necessary and space out your applications. (Hint: When applying for a mortgage all credit checks within a 30 day window count as one hard check).
Check Credit Reports
Free Credit Reports
I’m Ready To Apply What Documents Do I need?
When applying for a mortgage in Canada, lenders require several documents to assess your financial stability and determine your eligibility for a mortgage. If this list seems like a lot do not worry. We are here to help and make sure that you provide the right documents at the right time to the right people. Every Lender is different, and your personal situation will also effect what documents you’ll need. Salaried, Hourly, or self-employed, we are here to help.
Proof of Identity
Proof of Legal Status
Proof of Employment
Proof of Income
Liabilities
Property Details
Credit History
Down Payment
Personal Assets
Details of the Mortgage
Using a Mortgage Broker Instead of a Bank
When you go to a bank, the only products you’ll hear about are the ones they are certified to sell you, and the only solutions they’ll mention are the ones that benefit you as well as the bank. But when you talk with a Calgary Mortgage Broker, you’ll learn about every lender and solution out there! And we can tell you which lenders will or will not approve you. All with one application and one credit check! We are here to compare and contrast every option available so you can make the most informed decision with the greatest degree of confidence.
One application, dozens of lenders
We shop for the best rate for you
We work for you, not the bank!
We’ve Helped Hundreds Of First Time Buyers
We feel passionate about educating first time buyers on the ins and outs of buying their first home. We pride ourselves in helping our first time buyers save money at every turn, and maximize their buying power. We make sure that each new buyer understands the terms of every mortgage product offered to them as well as the benefits available to first time buyers in Canada. We might not help with the packing, but we’ll help with everything else!
We will educate you on Canada's first time homebuyer incentive
Teach you how to fully understand prepayment penalties
The crucial mistakes not to make that can cost you $50,000 or more
What a mortgage broker is, and how we can save you money
Are You Wanting Personalized Help? Schedule a One-on-One Consultation
Personalized Service is what we do BEST! Mortgages for Less prides itself on our team of problem solving agents. We will answer all your questions, and guide you along this path to home ownership. We aren’t scary! We promise.