First Steps

Mortgages

Expenses

Stress

Mortgages

As a first-time buyer who has never owned property in the Province of Ontario, you can buy a house with as little as 5% down payment. For mortgages with anything less than 25% down payment, C.M.H.C. will need to insure the money coming from your bank or trust company.

There is a small cost for doing this. For mortgage amounts of 90%, the premium is 2.5% of the value of the mortgage. For 95% mortgage, the premium is 3.75%. It is added directly to the mortgage amount and is figured into your monthly payment.

To estimate basic mortgage payments, try my Mortgage Calculator found in the Tools section.