Buying a home?
Get pre-approved for your mortgage within 24 hours.
Whether you’re buying your first home, a second home, a mobile home or a different type of property entirely, we can help.
Life happens and sometimes it can throw your plans off-track. Mortgage insurance covers you in case these unexpected events stop you from making payments.
Not sure how much home you can afford? Try our calculator to find out what your mortgage could look like.
There are many different types of mortgages you can get. Examples include:
Construction – a good option for those who want to build their dream home from the ground up
Not sure which type of mortgage you need? No problem! Our experts can help you assess the options based on your home-buying plans.
You can buy a home with as little as 5% down payment. But, if you have less than 20% set aside, your mortgage will be considered “high ratio”. This means that it will automatically include mandatory insurance.
The exact insurance amount will depend on:
Our experts can help you understand whether a high ratio mortgage is right for you and what your insurance premiums might look like.
Open and closed mortgages are opposites. Here’s how they differ:
|Payments||Mortgage payments can be increased at any time||Mortgage payments are locked-in for the term|
|Penalties||No penalties for increasing your mortgage repayments||Penalties for increasing your mortgage repayments|
|Interest rates||Rates are typically higher||Rates are typically lower|
|Good for||Those who anticipate coming into money or selling their home soon||Those who don’t require flexibility and want a lower rate|
Choosing your mortgage type is an important decision that can save you money. Our experts can help you look at your personal financial picture to assess which option is best for you.
Similar to open and closed mortgages, fixed and variable rates are opposites:
|Variable Rate||Fixed Rate|
|Overview||Rate can change with the markets||Rate is locked in for the mortgage term|
|Interest rates||Rates are typically lower||Rates are typically higher|
|Mortgage type||Typically combined with an open mortgage||Typically combined with a closed mortgage|
|Good for||Those who want to save money if interest rates drop||Those who want peace of mind that their rate won’t change|
Unsure which option to choose? Let our experts help you figure it out!
Under the federal Home Buyer’s Plan (HBP), you can withdraw up to $35,000 from your RRSP to buy or build a first home. This amount will not be taxed as long as you pay it back in full within 15 years of the withdrawal.
Don’t hesitate to reach out! Our experts will happily help you figure out your options and what they mean for you.