Welcome Home Buyer!

Let’s start with the basics. Firstly, home buying requires only 3 things:

  1. Income – Rule of thumb is you can qualify for a mortgage 4 to 5 times your income. But only when you put less than 20% down. However, if you would like to know the exact numbers, use this calculator.
  2. Credit history – Mostly banks prefer buyers with credit score of 680 or above. Not only this, they want to see your credit utilization is not high. But don’t worry, I understand life happens and your credit can take a HIT. Which is why, I am here to structure and present your file to the banks and answer any questions. Thus, assuring You are APPROVED!
  3. Down payment – as per Canada.ca, the minimum down payment required is
    Purchase Price Minimum down payment
    $500,000 or less
    • 5% of the purchase price
    $500,000 to $999,999
    • 5% of the first $500,000 of the purchase price
    • 10% for the portion of the purchase price above $500,000
    $1 million or more
    • 20% of the purchase price

To illustrate, if the home you want to buy has price of $400,000, the minimum down payment (5%) required is $20,000.

Suppose the purchase price of your home is $700,000. The minimum down payment required is 5% on the first $500,000, which is $25,000. On the remaining $200,000, the additional down payment is 10%, which is another $20,000. So the total minimum down payment would be $45,000.

Real Estate Investors

Most banks allow upto 10 investment rental properties in your personal portfolio. But given, you present and structure your file well. However, You as an Investor are busy. With tenants, maintenance, career, personal and family life. So hire me for free as your Mortgage Professional. I know which file needs to be sent to what bank for GUARANTEED APPROVAL.

Plus I can use my ninja technique to use up to 80% of your rental income after deducting your mortgage, property tax and utilities expenses. This will increase your capacity.

Commercial Investors, please see my Commercial Mortgages page.

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