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. […]
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. […]
Read More… from Can a Non-Resident Get a Mortgage in Canada?
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. […]
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 […]
Purchasing a home is a daunting task. 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. Is a no-down payment mortgage possible? Is it the right choice for you? We’re here […]
Read More… from Can You Get a Mortgage Without a Down Payment?
If you’re looking to settle into a home, the buying process can seem complicated and difficult to understand. You need to consider your down payment, payment frequency, high or low ratio mortgage, and other factors. While your mortgage broker can help you, you must understand how mortgages work. What is a high ratio mortgage? Continue […]
To buy or to rent? It can seem like the ultimate question; how do you know which option is better? If you’re looking to own a home, you’re not on this journey alone, but you need to decide if homeownership is right for you first. Continue reading to learn more about buying and renting, including […]
Buying your first home can be a stressful experience, and you may need some extra help. Many first-time buyers are looking for any advantages they can get, and a common question is if you can use your RRSP to help buy a home? If you’re interested in buying your first home, continue reading to learn […]
If you’ve thought about purchasing a new home, you know how big of a commitment it is. It can be stressful and overwhelming if you try to navigate it all by yourself. But that’s why we’re here. From calculating your mortgage budget to getting insurance for your new home, we’ve compiled a list of all […]
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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