Low income Mortgagess

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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Why you should choose Brevity mortgages when answering the question of how to get a mortgage with low income in Canada?

Borrowers

  • Depending on your mortgage requirements, we will provide you with customized alternatives.
  • Rapid mortgage approvals and fast closings
  • You can save time and Money
  • Best promotional and discount interest rates from the lending industry's top institutions
  • Access to experienced and professional Mortgage Agents
  • Access to expert Mortgage Brokers in the industry
  • Credit Score and documents privacy.

Brokers or Agents

  • Team of experts ready to assist you with your clients
  • Industry experts who gladly impart their knowledge and guide you through each stage
  • One on One Support and Training
  • Expert guidance from mentors in the fields of home, commercial, and industrial lending
  • Campaigns have proven to work for potential leads
  • Online presence with digital marketing techniques
  • VIP access to top-tier compensation and lenders
  • A professional office space set aside for meetings with clients and idea sessions

FAQ

Frequently Asked Questions

Yes, you can still receive a mortgage if your income is on the low side. It is harder, but not impossible. It's important to remember that every potential lender has its own set of requirements before extending credit. The amount you wish to borrow and the kind of mortgage you apply for will also play a key role in the lending decision.

Yes, as a first-time home buyer, you can pay 5% down payment while buying a house in Canada. This is only available for first time home buyers in Canada. The more down payments you pitch in, the lesser CMHC insurance you will have to pay.

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