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.

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 total-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.

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 $25,000 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.

Perhaps you’re self-employed, contract or commission-based, and therefore don’t have a “regular” paycheque or lack the documents required by most financial institutions.

Regardless of your specific situation, if another lending institution has turned down your application for mortgage credit or simply cannot meet your needs, it's time to talk to us! We specialize in looking after those who don't fit the mold. We will listen to your story. We'll help you to select 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.