Mortgage Brokers in Canada

The amount of money you need to buy a home depends on the purchase price, your down payment, closing costs, land transfer tax, legal fees, title insurance, home inspection, appraisal costs, property tax adjustments, and moving expenses.

In Canada, the minimum down payment is usually 5% for homes priced up to $500,000. For homes over $500,000, you generally need 5% on the first $500,000 and 10% on the amount above $500,000. Homes priced above the insured mortgage limit may require a larger down payment.

Closing costs are separate from your down payment. As a general rule, buyers should budget approximately 1.5% to 4% of the purchase price for closing costs, depending on the province, city, property type, and whether land transfer tax applies. Buyers usually pay provincial land transfer tax; first-time home buyers may qualify for land transfer tax rebates, depending on where they are buying.

Before you make an offer, Sunlite Mortgage can help you estimate your down payment, closing costs, land transfer tax, and total cash required so you know exactly how much money you need to complete your purchase.

To buy a home in Canada with 5% down, you usually need a strong credit profile because the mortgage will require mortgage default insurance. Lenders and mortgage insurers look at your credit score, payment history, income, existing debt, and overall ability to manage the mortgage payment.

A stronger credit profile usually means you have a good credit score, no recent missed payments, manageable credit card balances, limited unsecured debt, and a history of paying your obligations on time. Lenders also want to see that your income can support the mortgage, property taxes, heating costs, and any other debts you already carry.

Having 5% down does not automatically mean you will be approved. The lender still has to confirm that your credit, income, debt ratios, down payment source, and property all meet their guidelines.

Before you start shopping, Sunlite Mortgage can review your credit profile, income, down payment, and monthly obligations to help you understand whether you may qualify to buy with a 5% down payment.

If you have investments but low income, you may still have mortgage options in Canada, but the approval will depend on how the lender views your overall financial picture. Lenders usually need to confirm that you have enough qualifying income to support the mortgage payment, property taxes, heating costs, and any other debts.

Your investments may help strengthen the application, especially if they show strong net worth, available assets, or additional funds for a larger down payment. However, investments do not always replace income. Some lenders may consider investment income, retirement income, dividend income, rental income, or other documented sources of income if they can be verified.

If your income is too low for standard approval, other options may include making a larger down payment, adding a qualified co-borrower, restructuring debt, choosing a lower purchase price, or looking at lenders that offer more flexible net-worth or asset-based programs.

Sunlite Mortgage can review your income, investments, down payment, debts, and property goals to help determine which mortgage options may be available based on your full financial profile.