≡ Menu
Can I get a zero down mortgage?

Do zero down mortgages still exist? Technically, yes!

One of the benefits of working with a mortgage broker is the ability to have access to a variety of lending institutions as opposed to just your bank. The major Canadian banks do not offer any type of zero down or cash back mortgage, but we can help! How does it work?

A zero down mortgage is suitable for borrowers that have the financial capability to carry a mortgage, but are unable to come up with the down payment necessary to obtain financing. To be qualified, you will need excellent credit history. Typically, the lending institution will lend you anywhere between 1% – 7% upon closing day that can be used for anything, including towards the down payment.

Rate Choppers has a zero down mortgage program that can help you get into your home now.  Click more to find out.

Can I get approved for a mortgage even if I’ve had a past bankruptcy?

If you’ve had a past bankruptcy, not all is lost.  We can help, provided the bankruptcy has been discharged.  We can’t help you if you’ve had a double bankruptcy.

Please call us to arrange a meeting and we’ll be glad to help.

I don’t live in Mississauga, can you still give me a mortgage?

Yes, absolutely. Although our office is in Mississauga, we frequently serve the entire Greater Toronto Area as well as all parts of Ontario.

I’m new to Canada, can I obtain financing to buy a house?

Yes, you can!  In fact, with the record number of immigrants coming to the Toronto area, the real estate market in Toronto has enjoyed several years of record setting sales.

Some people new to Canada think that without any credit or job history, they’ll have no chance of getting financing, and that’s plain wrong!

Please click if you’re new to Canada and need a mortgage, and we’ll be happy to help you right away!

What are my closing costs for my property?

So you’ve purchased a house and now you’re waiting to move in, congratulations! It’s important to know that there will be handful of closing costs that will be required to complete the transaction.  As a general rule of thumb, it’s a good idea to set aside approximately 1.5% of the purchase price for closing costs.

For example, if you’ve just purchased a home for $500,000, prepare for closing costs of roughly $7,500.  What will this money pay for?

  • Home Inspection: $300 – $500
  • Appraisal (if applicable): $300 – $500
  • Land Transfer Tax: You can calculate your amount here
  • Legal Fees: Make sure to get a quote including all disbursements
  • Fire Insurance: $200 – $600 annually
  • PST on CMHC Mortgage Insurance: Your mortgage insurance is rolled into your mortgage, but your PST is payable on closing day
  • Land Survey or Title Insurance: A new survey could run up to $1,000 – title insurance is a cheaper alternative
  • Closing Adjustments: For property taxes, utilities, and other charges
What credit score do I need for a mortgage?

Having a good credit rating is important if you want to apply for a mortgage. Did you know that your credit report contains a seven year history? It is absolutely crucial to make sure you don’t tarnish your credit score, and improving your credit rating can be achieved by following a few simple rules:

  • Always make your monthly payments on time.
  • Don’t max out your balances – try to keep them as low as possible.
  • Don’t apply for too many credit cards or loans within a short period of time.

If your credit rating is poor and you need to rebuild, we suggest applying for a secured credit card that will allow you to make an initial deposit of funds, and only use what you have deposited. With regular payments, you will see your credit rating begin to improve.

One card we recommend is the Capital One Guaranteed Secured Mastercard. You are guaranteed an approval with a credit limit starting at $300.