Your Guide to Mortgage Down Payments In Canada

Your Guide to Mortgage Down Payments In Canada

Written by Caitlin Wood
Last Updated September 29, 2021

In the past we’ve shared a lot about mortgages, home ownership and mortgage down payments so today we’ve decided to bring that all together. Our intention is to make it easy for you to find the information, tips and ideas you might need to assist you with home buying.

Saving for a Down Payment

How to Save for a Down Payment

This article summarizes not only why you need a down payment, but also why a larger down payment is so beneficial. By reading this article you will find various budgeting and saving tips that will help you reach your goal.

Why is it so difficult for young Canadians to save?

This article is especially relevant to first time home owners. It tackles some common mistakes young Canadians make when it comes to their personal finances, saving and budgeting. It also serves to explain the reason why saving is so much harder today given Canada’s current economic status.

How to save for your down payment faster

This article looks at some fresh saving strategies by analyzing various saving products that banks offer, as well as RRSP alternatives and tricks.

Home Purchasing

Are you ready to buy a house?

This article covers most aspects of the home buying process, namely: your down payment, closing costs, required mortgage docs, your income, your credit score, joint mortgages and mortgages for the self-employed.

Mortgage Default Insurance (CMHC) & Your Down Payment

Your down payment is vital to your mortgage approval, and it will also determine whether or not you need to pay mortgage default insurance (also known as CMHC insurance). This blog post covers all of those details.

The Ultimate Home Buying Guide

This article also breaks down the home buying process, breaking it down into 6 simple steps. Covered extensively are the topics of home shopping and determining what your maximum mortgage amount is.

What lenders want to see

A good financial profile is key to a mortgage approval. But what if you have a couple of black marks on your credit history? At the end of the day you need to understand what lenders look for – and with that knowledge you can package your application strategically such that you get the approval you seek.

Building your wealth through home ownership

Home ownership might be your dream, but yet another benefit that comes with it is an increase in wealth. Home prices have historically always risen, and your home can always be leveraged for cash. This article explains how to build and extract wealth from your home.

10 home buying tips

When it comes to buying a home there are a lot of things that you might overlook. Do you know how much you can afford? What amortization period is right for you? Is the listing price the right price? Well, these check out this blog post for some simple yet intuitive home buying tips.

Financing alternatives

Are you prepared for your bank saying no to your mortgage application? If this were to happen, what other options do you have? This article covers alternative financing options including borrowing from private lenders and renting to own homes.

Rating of 5/5 based on 1 vote.

Caitlin is a graduate of Dawson College and Concordia University and has been working in the personal finance industry for over eight years. She believes that education and knowledge are the two most important factors in the creation of healthy financial habits. She also believes that openly discussing money and credit, and the responsibilities that come with them can lead to better decisions and a greater sense of financial security. One of the main ways she’s built good financial habits is by budgeting and tracking her spending through the YNAB budgeting app. She also automates her savings so she never forgets to put aside a portion of her income into her TFSA. She believes investing and passive income is key to earning financial freedom. She also uses her Aeroplan TD credit card to collect Aeroplan points so that she can save money when she travels.

Click on the star to rate it!

How useful was this post?

Research & Compare

Canada's Loan Comparison Platform

Largest Lender Network In Canada

Save time and money with Loans Canada. Research and compare lenders before you apply. Share your experiences with Canada's top lenders.

Make Smarter Borrowing Decisions

Whether you have good credit or poor credit, building financial awareness is the best way to save. Find tips, guides and tools to make better financial decisions.

Save With Loans Canada

Special Offers

Earn An Extra 15% Cash Back

Earn An Extra 15% Cash Back

Apply for a Tangerine credit card by December 31, 2021, and earn an extra 15% back (up to $150).*

View Offer
Build Credit With Refresh Financial

Build Credit With Refresh Financial

Build credit while spending money with the Refresh Financial VISA card.

View Offer
Build Credit For $7/Month

Build Credit For $7/Month

With KOHO’s prepaid VISA card you can build a better credit score for just $7/month.

View Offer
Industry Spotlight

What's happening with Canada's credit industry?

goPeer — Helping Consumers Achieve Financial Freedom by Connecting Canadians Looking For Financing With Canadians Looking to Invest

goPeer — Helping Consumers Achieve Financial Freedom by Connecting Canadians Looking For Financing With Canadians Looking to Invest

goPeer is Canada's first consumer peer to peer lending platform and connects creditworthy Canadians looking for a loan with everyday Canadians looking...

Read Post
Find The Best Rate
In Your Region
Best Personal Loan Provider by Greedy Rates

Confidential & risk-free

All consultations and conversations with Loans Canada and its partners are confidential and risk-free. Speak with a trusted specialist today and see how we can help you achieve your financial goals faster. Loans Canada and its partners will never ask you for an upfront fee, deposit or insurance payments on a loan. Loans Canada is not a mortgage broker and does not arrange mortgage loans or any other type of financial service.

When you apply for a Loans Canada service, our website simply refers your request to qualified third party providers who can assist you with your search. Loans Canada may receive compensation from the offers shown on its website.

Only provide your information to trusted sources and be aware of online phishing scams and the risks associated with them, including identity theft and financial loss. Nothing on this website constitutes professional and/or financial advice.

Your data is protected and your connection is encrypted.

Loans Canada Services Are 100% Free. Disclaimer

Keep Track Of Your Credit Score

Subscribe with Credit Verify to monitor your credit rating and get your free credit score.