DO YOU HAVE MORTGAGE QUESTIONS?
Ask an Expert…
Don’t be shy, Ask one of our Mortgage Professionals. Every question is a good question!
The mortgage process isn’t something that you do every day and there are many questions that come up over the course of arranging a mortgage or Home Equity Loan in Canada.
This is your opportunity to ask questions from a mortgage professional. As a First Time Home Buyer, mortgages can seem complicated and it’s hard to know where to start. Many questions may be answered on this website and if they are we can further clarify based on your individual situation and also point you to more answers that you might be looking for.
Many lenders and mortgage professionals use their own lingo and we try to make this easy for you, without the industry lingo that you haven’t heard before.
Recent Mortgage Questions:
What is the Minimum Down Payment for a First Time Home Buyer?
The minimum down payment for a home purchaser is 5% of the total purchase price. This minimum is available for all purchasers and is not exclusive to first time home buyer mortgages.
It is possible however to use other sources for the down payment other than your savings. See 100 Equity Home Loan for more details.
What is the maximum Amortization that I can take for my mortgage?
In Canada, the maximum amortization for a home purchase with less than 20% down is 30 years. A purchase with less than 20% down is considered a High Ratio Mortgage and the rules for the maximum amortization were changed in January 2011. The Government of Canada reduced the maximum amortization of a high ratio mortgage from 35 years to 30 years.
If, however, you have 20% down and you set up a conventional mortgage then you can choose an amortization up to 40 years. There is currently only 1 lender offering an amortization of 40 years, but there are many lenders offering up to 35 year amortization for conventional mortgage financing.
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