Arranging Your Mortgages
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Buying a home usually means taking out a mortgage. that means you borrow money to buy a home, using that home as collateral for the loan.
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The amount of mortgage you can afford depends on your income, the down payment, current mortgage rates, and the amortization period you choose. Most lenders want borrowers to keep a gross-debt-service-to-income ratio of 40 per cent or less, coupled with a housing-cost-to-income ratio of 32 per cent or less (for more information see Calculate Your Costs. |
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You may be able to purchase a home with a down payment as small as 5 per cent, thanks to CMHC's Insurance program. First-time home buyers may also be eligible to withdraw up to $20,000 tax-free from an RRSP to use as a down payment. The funds must be repaid within fifteen years. Lenders can provide you with a preapproved mortgage that shows approximately what mortgage loan you can afford. Make sure you have a mortgage you can live with. There are lots of options available that let you customize your mortgage to suit your financial goals and needs. |
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