Are you wondering if it's possible to buy a home with low income in Canada?
At Brevity Mortgages, we specialize in helping individuals and families secure
affordable mortgages, even with bad credit or bankruptcy discharge. With the right
guidance and mortgage options, owning your dream home is within reach no matter your
income level.
- Get a Home Even with Low Income: Affordable Mortgages in Canada
- Lower Monthly Payments & Minimum Down Payments: Achieve Homeownership
Can You Afford a Home on a Low Income?
Yes, you can. The first step toward purchasing your home is understanding how much you can afford based on your current financial situation. By determining a realistic budget, you’ll be able to explore mortgage options that suit your income and help you make the best decision.
Getting expert advice from a professional mortgage agent will help you find the right mortgage product, even if you’re working with a limited income. Whether you're buying for the first time or refinancing, we’re here to assist you in navigating the process.
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How Much Have You Saved for a Down Payment?
After securing your mortgage, the next most important step is your down payment. This upfront amount will determine how much of a loan you’ll need for your home. As a first-time homebuyer in Canada, the minimum down payment required is 5% of the home's purchase price.
Understanding your down payment options can make all the difference. Here are some ways you can gather the funds for your down payment:
- Gifted funds: Family or friends may be able to gift money to help with the down payment.
- Accumulated savings: If you’ve been saving, your savings can be used toward your down payment.
- RRSP Loan: You can borrow from your Registered Retirement Savings Plan (RRSP) under the Home Buyers’ Plan (HBP).
- Inheritance: If you've recently inherited funds, these can be used for your down payment.
- Child Benefit Funds: Some families use their child tax benefits to save for a home.
By planning ahead and utilizing these resources, you can make your homeownership dreams a reality.
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