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Mortgages for Purchases

​​Becoming a home owner is one of life's greatest pleasures. Our homes are  where memories  and traditions are made, they are our fortress in sad times and a source of pride and accomplishment.​​

​You will need at least 5% down payment plus your closing costs.  Years ago only first time home buyers could qualify for 5% down,  in the last years rules have included 5% down payment for all approved buyers. Your mortgage will need to be insured by CMHC or Genworth (for more info on this see the O&A section). A full approval requires both lender and insurer approval. 

​​If you have  a down payment of 20% or more you may not need mortgage insurance  although some lenders require coverage on all mortages.  To be approved you'll also need stable, verfiable employment, good credit and a history of financial stability. 

​Lenders are very different in their likes and dislikes, some will not mortgage certain types of homes, some have minimum loan amounts, some only lend is certain areas.  Rene makes a point of knowing with mortgage is music to which lender.