Buy your home with the right mortgage behind you
Whether it is your first place or your next one, we help Canadians find the right mortgage to buy a home, including buyers the big banks turn away. Clear advice, more than 50 lenders, and a fast, simple process.
- Buy with as little as 5% down
- First time buyer programs that stretch your budget
- Solutions for bruised credit and self employed buyers
- Preapproval answer in as fast as 24 hours
Simple application
Apply online in minutes with a process built to be painless.
A dedicated specialist
One expert guides you from first call to closing day.
Fast, same day advice
Quick turnaround so you are never left waiting on answers.
Options for your situation
More than 50 lenders means a fit for many circumstances.
Buying a home of your own
When you buy a place to live in, you are financing an owner occupied home, one you get to call your own. It is one of the biggest financial steps most people take, and the right mortgage makes it far less stressful.
The best part of owning is that your investment can grow over time as you pay down your mortgage and as your home builds equity. That equity can later help you renovate, consolidate debt or buy your next property.
You do not need perfect finances to start. What you do need is a clear plan, and that is where we come in. We match you with the lender and program that fit your down payment, your income and your credit.
How much down payment do you need?
In Canada, the minimum down payment is set by the price of the home. It steps up in tiers, so only part of a higher price is affected by the higher rate.
Quick example. On a $600,000 home, your minimum down payment is 5% of the first $500,000 ($25,000) plus 10% of the remaining $100,000 ($10,000), for a total of $35,000. If your down payment is under 20%, you will also pay mortgage default insurance, which typically ranges from about 0.6% to 4.5% of the mortgage amount.
At least 5% of the purchase price. On a $400,000 home that is $20,000.
5% on the first $500,000, plus 10% on the portion above it. Insured mortgages are now allowed up to $1.5 million.
Homes at $1.5 million or more need at least 20% down, since mortgage insurance is not available above that price.
Programs that help you buy your first home
If this is your first home, several government programs can shrink what you need to save and lower your costs. These can be combined, and we will help you make the most of them.
First Home Savings Account (FHSA)
Save up to $8,000 a year to a $40,000 lifetime limit. Contributions are tax deductible and withdrawals for your first home are tax free.
RRSP Home Buyers' Plan
Withdraw up to $60,000 per person from your RRSP toward your first home, repaid over 15 years. A couple can combine for up to $120,000.
Land transfer tax rebate
First time buyers in Ontario can claim a rebate of up to $4,000, with an additional rebate available on purchases within the City of Toronto.
GST rebate on new builds
Qualifying first time buyers may receive up to $50,000 back through the new first time home buyers GST rebate on eligible new build homes.
30 year amortization
First time buyers and buyers of newly built homes can stretch to a 30 year amortization for lower monthly payments.
Combine your savings
Pairing an FHSA with the Home Buyers' Plan lets a couple bring together a sizable tax advantaged down payment for the same purchase.
Want to see the numbers for your situation? Try our mortgage payment calculator and amortization calculator, or just call us and we will walk through it together.
How to qualify for a home buyer mortgage
Lenders look at a few core things to decide how much you can borrow and at what rate. The stronger each one is, the more options we can bring you.
- A down payment of at least 5%, sized to the price of the home
- Income to support the payment, with housing costs generally within 39% of income and total debts within 44%
- A credit score from about 600 for an insured mortgage, with alternative options if yours is lower
- Passing the stress test, which qualifies you at your rate plus 2% or 5.25%, whichever is higher
Your path to the keys
Preapproval
We confirm your budget and lock a rate hold so you can shop with confidence.
Shop
Find the right home knowing exactly what you can afford.
Offer
Make an offer backed by a solid financing plan.
Approval
We finalize your mortgage with the lender that fits you best.
Close
Sign, fund and collect the keys to your new home.
Buying with bruised credit or a tough file
Banks decline good buyers every day, often for a credit bruise, self employed income or debt that looks high on paper. A no from one lender is not the end of your home buying journey.
As an Ontario brokerage with more than 50 lenders, including alternative and private lenders, we arrange mortgages for buyers the big banks overlook. We can also help rehabilitate your credit so you qualify for stronger terms over time.
- Bad credit and bruised credit solutions
- Self employed and non traditional income
- Private and alternative lending when speed matters
Buying a rental or investment property
Thinking about a property that earns income? The approach is a little different from buying your own home. A few tips to keep in mind:
Plan for 20% down
Rental properties where you will not live generally need a minimum 20% down payment.
Get preapproved first
A preapproval tells you the maximum purchase price you can comfortably afford before you shop.
Choose fixed or variable
The right term can save thousands over the years you own it. Match it to your long term plans for the property.
Budget the fixed costs
Beyond the mortgage, plan for property management, utilities, maintenance and property taxes.
Buying your first home, your next home or a rental, and have questions? Give us a call or apply online and we will help you find financing that fits.
Home buyers we love to help
With more than 30 years of combined experience helping Canadians, our priority is getting you into the right home with the right mortgage. Our team works with a large network of lenders and uses the latest technology so your experience is smooth from first call to closing.
We also offer in house credit repair. Even if you have filed a bankruptcy or consumer proposal, lost a job or maxed out your cards, we can help you turn things around and work toward qualifying anywhere you like.
- Access to more than 50 lenders across Canada
- We work with you even when the bank will not
- Consistent service in person, over the phone or online
Trusted Canadian mortgage specialists
Average client rating across our reviews
Lenders in our network
Years of combined experience
Licensed brokerage, #13691
Home buyer mortgage FAQ
How much down payment do I need to buy a home in Canada?
The minimum is 5% on the first $500,000 of the price, plus 10% on any portion between $500,000 and $1.5 million. Homes priced at $1.5 million or more need at least 20% down. If you put down less than 20%, you will also pay mortgage default insurance.
What credit score do I need to buy a home?
For an insured mortgage, at least one borrower usually needs a credit score of about 600. If your score is lower, you still have options through alternative and private lenders, who weigh your down payment and overall situation, not just the score.
Can I buy a home with bad credit?
Often yes. A decline from a bank does not mean every lender will say no. Our network includes alternative and private lenders who work with bruised credit, and we offer credit repair to help you qualify for stronger terms over time.
What is the First Home Savings Account (FHSA)?
The FHSA is a registered account for first time buyers. You can contribute up to $8,000 a year to a $40,000 lifetime limit. Contributions are tax deductible like an RRSP, and withdrawals used to buy your first home are tax free like a TFSA, with no repayment required.
How much can I withdraw from my RRSP with the Home Buyers' Plan?
You can withdraw up to $60,000 per person from your RRSP under the Home Buyers' Plan, so a couple can access up to $120,000. The amount is repaid to your RRSP over 15 years, and you can pair it with an FHSA for the same purchase.
Can I get a 30 year amortization as a first time buyer?
Yes. First time buyers and buyers of newly built homes can qualify for a 30 year amortization on an insured mortgage, which lowers your monthly payment. A small insurance surcharge usually applies for the longer term.
Should I get preapproved before I start shopping?
Yes. A preapproval confirms the maximum price you can afford, often holds a rate for a set period, and makes your offer stronger. It is the best first step, and we can usually return your answer in as fast as 24 hours.
Do I need a mortgage broker to buy a home?
You do not have to use one, but a broker shops many lenders for you rather than the products of a single bank. That means more options, help presenting your file well, and support when your situation is not straightforward.
Let us help you buy your home
From your first home to your next one, we make the mortgage part simple. Call us or apply online and a specialist will map out your options and your numbers, with no obligation.