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Protect your homes with fire sprinkler system read more

July 9, 2013

How to choose the right type of gates for your house read more

July 9, 2013

Surround your relatives with the comfort of own home read more

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Moving - the high technologies on the cargo transportation market read more

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Office relocation in Calgary and Surrey read more

August 7, 2013

The main advantage of mortgages in Canada is extremely low interest rates read more

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Professional plumbing services for your home read more

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July 21, 2014


Mortgage programs in Canada

People often take out loans to buy a home in Canada. Firstly, it is a common practice. Secondly, the cash is always not enough. Most people in Canada purchase housing using mortgage instruments. The main advantage of mortgage in Canada is its low interest rate, only 2-5 percent. Both citizens and non-residents can apply to banking organization for a mortgage.

In this regard, there are several programs in Canada:

1. Special program for those who purchase housing for the first time - the First Time Home Buyer. It provides an opportunity to pay only 5% of the cost of purchased property as a down payment and tax privileges. However, there are a few limitations. Firstly, you have to be an employee with enough and stable income.

2. Program for immigrants who have lived in Canada from one year up to three years. It assumes a substantial initial payment (30% or more).

3. Mortgage program for entrepreneurs. To apply for a loan you need to provide a bank financial records for the previous 2 years (T1 General and Notice of Assessment). Find detailed mortgage basics in Canada.

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