• Full-time employment or stable income
• Proof of income 
• Good credit rating
• Verifiable down-payment 

What can I use for a down payment? 

• Registered Retirement Savings Plan
• You may use an RRSP as a down payment up to a maximum amount of 20,000 and is not subject to income tax if repaid within a specific time period.
• Gift from immediate family
• Accumulated savings
• Sale of existing home

What costs are involved in obtaining a mortgage? 

• Legal costs (Usually between $600 - $1000)
• Insurance on the property and mortgage applicant
• In some cases an appraisal is requested 

How long does it take to complete a mortgage transaction? 

If all information requested by the lender (i.e. Income verification, down payment verification and property details) is given to the broker in a timely matter than the transaction can be completed in as little as 2 weeks 

What is CMHC? 

Canada Mortgage and Housing Corporation is a federally owned and operated institution that evaluates the client and property to allow the borrower to purchase a home with a lower down payment requirement. This corporation insures the mortgage on behalf of the bank, through a premium added to your mortgage. This way the banks are obligated to provide a mortgage for those with less than a 25% down payment. 

What if I have had poor credit or have been discharged from bankruptcy within the last 3 years? Can I apply for a mortgage? 

Yes you can! Most conventional banking institutions put restrictions on who they lend money to for a mortgage, but most Mortgage Brokers have the resources to shop for financing regardless of any credit situation.