Contact a mortgage specialist

You can buy a home with as little as 5% of the total purchase price of the new home, which means you can borrow up to 95% of the value of the home. The amount of your down payment will determine what kind of mortgage you qualify for.

• If you have a down payment of less than 20%: you’ll need a high ratio mortgage. With this type of mortgage, you’ll need to purchase mortgage default insurance. The cost of default insurance can be added to your mortgage or paid in a one-time payment.
• If you have a down payment of 20% or more: you can have a conventional mortgage. With a conventional mortgage, there’s no need to purchase mortgage default insurance.

Your credit score is a numerical rating from 300 to 900 that reflects your ability to repay debts – and your credit worthiness for lenders. The higher your credit score, the more likely you are to be approved for a loan.

Some common factors that affect your credit score include:

• Your payment history
• Outstanding debt balances
• Recent inquiries by lenders
• The types of credit you have

There are several ways to improve your credit score:

• Pay all your bills on time (including credit cards, a car lease, utilities and loans)
• Reduce your debt (account balances should be less than 50% of your available credit)
• Avoid excessive inquiries by lenders (don’t apply for credit often)
• Review your credit report to ensure all information is up to date

You can request a copy of your credit report (including your score) from Equifax Canada or TransUnion Canada.