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Looking to get a mortgage? For most Canadians, this is the biggest financial commitment they’ll ever make. It’s not surprising that many find it a tad overwhelming.


We know how to get you started

When securing a mortgage, credit is definitely a major decider for an approval, don’t you think? Most Ontarians, aren’t aware but there is more to credit than your beacon score. Credit is comprised of the 5C’s of credit.

Capacity
Are you able to afford your mortgage payments with all of your other living and personal expenses? The lender here wants to know if you are suited to handle the debt and your ability to pay back the loan.

Character
How have your past behaviours with credit been? Have you been with your employer for more than 2 years? Have you lived at the same address for the past 5 years? This proves to the lender that you are capable, stable, and reliable! You are a champ!

Collateral
Indicates your guarantee of the property you are borrowing against. Collateral can also be considered as additional security to the lender. Lenders feel comfortable when they know you are going to pay them back versus defaulting a loan.

Capital
Capital outlines what you are worth. A simple formula of
Assets-Liabilities= Net Worth. Lenders want to know how much of your own money you have or are going to invest into your new property! Did you know the minimum down payment for a property to avoid CMHC insurance is 20%? But don’t worry if you don’t have that much capital, we still have a solution for you.

Credit
And finally the one you’ve all been waiting for. Credit gives the lender a preview of what your repayment history has been over a period of time with your other credit facilities (credit cards, phone bills, utilities, etc.)

Mortgage Affordability Calculator