The total cost of the house determines the minimum down payment amount in Canada:
A house that costs less than $500,000 can have a 5% minimum down payment
On houses 500,000 to $999,999, you can pay 5% on the first 500,000, & then 10% on any amount above 500,000
Houses at $1.5 million or more require at least a 20% down payment […]
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A mortgage is already an immense responsibility. Fortunately, you can add renovation costs to your mortgage through certain financing options.
However, being eligible for this option depends on several factors, such as:
Current mortgage terms
Scope of the renovations
Whether you’re first-time purchasing or remortgaging
If you’re purchasing a new home, you may qualify for a purchase-plus-improvements mortgage, which allows you to include renovation costs as part of your mortgage.
As an existing homeowner, refinancing your mortgage or tapping into your home equity may be viable options to secure renovation funds. […]
Being late for a mortgage payment is different than missing it entirely.
Many institutions offer up to a 15-day grace period (aim within 10 days for extra security) if you’re late with your payment. But don’t become reliant on this leniency.
Missing a mortgage payment completely means you’ve missed one payment in your cycle. So, when you owe 12 monthly payments a year but only make 11, you’ve missed one payment.
The consequences for missing a mortgage payment vary but might include penalties such as:
Lowering your credit score
Higher fees
Possibility of losing your home […]
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But can non-residents or temporary residents secure a mortgage in Canada? The short answer is yes, but the process comes with specific requirements and regulations. […]
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If you’re wondering whether homeownership is still within reach with less-than-perfect credit, the good news is that it’s possible! While challenges exist, there are ways to overcome them with the right support, preparation, and information. […]
Whether interest rates have shifted, your financial goals have evolved, or you’re looking for greater flexibility, refinancing your mortgage can be a smart way to take control of your finances. […]
You’ve decided it’s time to move. You have a current mortgage, you’re only a couple of years into your term, you have an amazing interest rate, market rates are on the rise, and you’re not sure what to do. Help! Porting your mortgage could be the solution you’re looking for. We’ve created this informative guide […]
The Bank of Canada is raising interest rates left, right, and center. Many Canadians are feeling the impact of this increase on their day-to-day finances, especially those with variable-rate mortgages. If you have a variable-rate mortgage, you may be approaching your trigger rate. But what exactly is a trigger rate, and how does it affect […]
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Managing Multiple Mortgages There are many reasons you might consider a second mortgage or multiple mortgages. Whether you have your eye on a vacation property or want to invest in real estate, knowing what’s possible is crucial when managing your finances. But after a second mortgage, where’s the limit? How many mortgages can you have […]
Purchasing property can feel overwhelming, especially if you’re doing it alone. Not only will you take on a large chunk of debt (in the form of a great investment), but you’ll become responsible for managing all the expenses and upkeep associated with the property. With so many options available, how do you know what’s right […]
Hear what our clients are saying about Mortgage Connection and see how we’re helping people just like you find personalized solutions for your mortgage needs.
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