The minimum down payment on a residential mortgage is 5%. This down payment can come from accumulated savings, RRSPs, mutual funds, stocks, bonds, Tax Free Savings Accounts, gifted money from an immediate relative, or some combination of the above. If you have money from a different source please call us and we will let you know if it can be used for down payment. We need to see a 90 day history of all down payment money (unless the money is a gift – then we just need to see a gift letter and the deposit of the gifted money).

Even if you don’t have the 5%, we still have solutions for you. If your credit is great and your income is sufficient, we have a couple of programs that will allow you to borrow your down payment from a line of credit, credit cards, or a family member. As long as your debt servicing works then we can help you purchase faster.

Please call us for details and a pre-approval to see if you qualify for this program.