If you’re unsure if you have enough down payment, we have strategies to help you come up with it.
Typically, a down payment of at least 5% of the purchase price is needed to be able to purchase your principal residence. There are strategies that people could use like Group RRSP, RRSP loan and government assistance programs to help people with their down payment. Whether you think that you have enough money saved or not for down payment, there might be a better strategy to maximize your down payment and closing cost. We would love to show you the most effective way to purchase your home sooner.
Interest Rates and other information is subject to change without notice. “My services are free – no cost to you (*O.A.C)!”
Is my income enough?
How do I maximize the amount I can purchase by looking closely at my income?
Income plays a key role in mortgage applications. If you are about to start a new career or new to Canada, we could help you get clarity on the details for the income qualification needed to buy a home. Click the link below to book a free, no-obligation, Zoom appointment with one of our mortgage professionals, or watch the video below on Income Qualification!
Interest Rates and other information is subject to change without notice. “My services are free – no cost to you (*O.A.C)!”
Is my credit score good enough?
Here are some strategies to improve your credit score.
A credit score is a number that indicates a consumer’s creditworthiness. The higher the score, the better a borrower looks to potential lenders. If you feel like your credit score is not high enough, there are ways that we guide people on how to improve their scores. Watch the video below to learn more about the 5 ways that people could improve their credit score.
Interest Rates and other information is subject to change without notice. “My services are free – no cost to you (*O.A.C)!”
Do I have too much debt?
We create a written plan for people to pay off their debt to free up money to qualify for a larger mortgage
Mortgage lenders consider the outstanding debts and the minimum monthly payment obligations of the applicants in determining how much they can buy. People that have lower liability balances have a higher chance of getting a better house. We understand that most middle-income families have debts like Credit Cards, Car Loans, and Student Loans.
Interest Rates and other information is subject to change without notice. “My services are free – no cost to you (*O.A.C)!”
We can find the perfect mortgage for you. Mortgage Alliance is the most recognized and trusted mortgage brokerage in Canada and as a Mortgage Alliance professional, We have the expertise to get the Right Mortgage for your immediate and future needs. We work for you, not the banks, and provide unbiased guidance in your mortgage decision. We work with over 60 lenders (some offered exclusively through brokers) so you have the choice, convenience, and great counsel that you deserve!
Donick Abad from Mortgage Alliance was fantastic in helping us get our first home, Donick sat down and went through everything with us about home buying in really simple terms. He was always making sure we were ok and we knew what was going to happen next. We finally moved in and life is great. He even helped us find the government program that assisted in our downpayment. I will always recommend Donick Abad of Mortgage Alliance for anyone that wants help with finance or buying property.
