You may need less down than you think
The federal minimum down payment generally starts at five percent on the first portion of a home's price. Twenty percent is what removes default insurance, not what gets you in the door.
ADMortgages
Buying your first place?
Find out what you can actually afford
Before you fall for a listing, it helps to know your number. Aly works out the range lenders are likely to consider for you, what you would need up front, and what the monthly payment would look like.
You'll be speaking with Aly Thanks, you're all set. ADMortgages gets back to you directly to set things up.
Prefer to talk? Call (416) 897-2387.
Licensed in Ontario, normally one credit check covers the search · Newcomer and self-employed programs · No cost to talk, no obligation
Aly compares options across over 50 lenders, from the big banks to regional and alternative lenders, at no cost to talk and no obligation. Serving Markham, Richmond Hill, Stouffville, Aurora, Newmarket, Ajax, Pickering, Oshawa and Whitby.
Most first-time buyers start with a listing they love and work backwards. It is easier the other way around.
Aly sets the real budget first and walks through the programs that fit your file, including newcomer and self-employed lending, so every home you tour is one you could actually buy.
A pre-approval is the part that makes the rest simple
It tells you your budget, it shows sellers you are serious, and it holds a rate while you shop.
A pre-approval holds a rate while you look
A pre-approval commonly holds a rate for up to 120 days. If rates move up while you are shopping, you keep the held one. Many lenders will pass on a lower rate if rates drop, and Aly confirms which terms your own pre-approval carries.
Perfect credit is not the bar
Lenders look at the whole file, and different lenders weigh it differently. Aly knows which ones fit a shorter credit history, including if you are new to Canada.
What we offer
- Mortgage renewals and switches
- First-time home buyers
- Refinancing and equity take-out
- Debt consolidation
- Self-employed and business-for-self
- New to Canada
Frequently asked questions
How much do I really need for a down payment?
The federal minimum generally starts at five percent of the first portion of the purchase price, with a higher percentage on the amount above that. Under twenty percent, default insurance applies and gets added to your mortgage.
What does a pre-approval actually do?
It confirms the amount a lender is prepared to work with, holds a rate for a set window while you shop, and tells a seller your offer is backed by a lender rather than a guess.
I am new to Canada. Can I still qualify?
Often, yes. Some lenders have programs built for a short Canadian credit history. Aly will tell you up front what your file needs.
Request a callback
Leave your details and ADMortgages gets back to you directly to set up a time that works for you.