Canada
United States
Application Requirements
- Income
- Assets/liabilities
- Other real estate you own
- Type of property you're buying
- Proof of 2 years of employment
- Income
- Assets/liabilities
- Other real estate you own
- Type of property you're buying
- Proof of 2 years of employment
- Country of residence
Documentation
- Purchase and sale agreement
- Confirmation of down payment
- Proof of employment and income
Take a look at our mortgage documentation checklist to see what you need to provide.
(It's pretty similar to what you would be asked for in Canada)
Down Payment
- 20% for a conventional mortgage (without CMHC insurance)
- 5% for a low down payment mortgage (mortgage insurance is required)
- 20% is typical for a home you plan to live in-either year-round or part-time
- 25% is typical for investment properties
Closing Costs
Typically 2.5% of Purchase Price
Largely driven by:
- Land transfer tax
- Legal fees and disbursements