Finance Information
How much home can you afford? Use our finance center to learn about your loan options below. There are several loan programs available, and depending on your credit history, there is bound to be one that is perfect for you. Here are a few examples of the most popular programs offered today:
How much of a down payment do I need when buying a home?
Most mortgages require a down payment of 20% or more of the price of the home; however, with certain authorized insurers who insure the mortgage against default– such as Canada Mortgage and Housing Corporation – down payments can be as low as 5%.
What costs should I expect when buying a home?
As well as the purchase price, there may be closing costs including:
- Legal fees
- Appraisal fees
- Survey fees
- Land transfer fees
- Property taxes and utility bills that the previous owner has prepaid
Depending on the size and value of the home, these costs vary in amount.
Why do I need a survey?
A survey is a document that provides details of the property’s boundaries, measurements, structures, easements, rights-of-way, and encroachments made by either your property or by adjoining properties onto your property. A survey may settle or avoid property disputes with neighbours.
Why is a pre-arranged mortgage a good idea?
A prearranged mortgage determines:
- The amount you can borrow
- The interest rate of your mortgage
- How much your mortgage payments will be
This information makes it easier for you to shop within your price range, knowing that financing is available.
Click here to let us help you find the program that's right for you.