Mortgages for Buying a Home

Looking for a home in Canada but you don’t have all the cash up from to buy it outright? You’ll likely need a mortgage. As a mortgage broker working with 20+ lenders, I can help you find the perfect mortgage for your needs. With so many different types of mortgages, scenarios, and terms it can be overwhelming to navigate the market on your own. Is your mortgage insured, insurable, or uninsured? Do you have kids and get CCB? Are you wanting to buy a place with a rental suite?
Why does any of this matter?
Let me use my expertise to save you time and ensure you get the best mortgage for your home purchase.

Types of Properties

Primary Home

A primary home is a home that you are planning on living in. Minimum down payment to buy a primary home is 5% of the purchase price.

Second Home

A Second Home is a home that you are not planning on living in full time. Some examples would be a vacation home, cabin, or a home for your children to live in while they attend post-secondary school. In most cases, the minimum down payment for a second home is 5% of the purchase price.

Rental Property

A rental property is a home that you buy as an investment. The primary purpose of this home is to rent it out to tenants. The minimum down payment required for a rental property is 20% of the purchase price.

Mortgage Programs

Purchase Plus Improvement

The purchase plus improvement program allows you to buy a house and add additional funds to your mortgage to complete renovations. For example, if the place you are wanting to buy needs a kitchen reno that will cost $30K, you can add this money to your mortgage to complete the kitchen renovation.

Flex Down

A Flex Down mortgage is a program that allows you to use borrowed money for the down payment. For example, if you have access to a Line of Credit, you can use this for your down payment as long as you can debt service the minimum required monthly payment. This would be classified as a “zero down payment” option.

First Time Homebuyer

In Saskatchewan, there are two benefits to being a First Time Homebuyer. First, you are allowed to use your saved up RRSPs towards your down payment TAX FREE. Secondly, you are allowed to claim the “First Time Homebuyer Tax Credit” on your taxes which allows you to receive a rebate of up to $750 on your taxes.

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