Your bank and/or broker will help work out mortgage calculations. However, we recommend that you do preliminary calculations first. Having some idea of these will give you considerable peace of mind. We can help here-just ask!
Bear in mind that the figures you come up with may not be the same as those that the lender works out. Never depend on your own calculations of what you can afford to buy. You will feel frustrated looking for a home in categories beyond your means. Always get pre-approval for a mortgage if you need one and we will help you by directing you to a mortgage broker or financial institution if you wish.
DEPOSIT & DOWNPAYMENT
Banks will ask that you put down a minimum downpayment, including deposit, of 20 % of the purchase price of your new home. Or you may insure your mortgage with the Canadian Mortgage Housing Corporation if you put down less. Presently, you may put as little as 5% down, according to your credit rating.
We will be pleased to recommend a mortgage broker to assist you, or you may go directly to your bank to arrange your financing. In our experience, working with a mortgage broker is the best value and experience for home buyers in our market.
Here are some suggested links: