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Finding the right mortgage for you

Your mortgage needs are unique. We offer a range of mortgage solutions and competitive rates to suit your circumstances and goals. Whether you’re buying a new home, renewing your mortgage or planning a home improvements, contact us today for helpful advice on our range of options.

Buying a home

The down payment is the portion of the purchase price you’ve provided yourself. The balance can be obtained from us in the form of a mortgage (subject to approval). The amount of the down payment which is your financial stake, or the equity in your new home should be determined well before you start house shopping. There are down payment options.

Here are a few types of mortgages:

Conventional Mortgage

A conventional mortgage requires a down payment of minimum 20% and is offered with either a fixed or variable interest rate basis. Conventional mortgages do not have to be insured against default with supplier such as CMHC.

Low Down Payment Mortgages

We offer insured mortgages for both new and resale homes with lower down payment requirements than conventional mortgages-as low as 5%. Low down payment mortgages would need to be insured to cover potential default of payment.

Mortgage default insurance is a one-time premium paid when your purchase closes. You can pay the premium or add it to the principal amount of your mortgage. Talk to your mortgage specialist to find out which option is best for you;

You can also use your RRSP as a down payment for your mortgage. It can make sense to access your RRSP savings through the Home Buyers’ Plan. Come talk to us for more details.