Q: Will my credit score dictate whether I can get a mortgage?

A: Your credit score is a number that indicates your overall financial well-being to a lender. It is made up from your credit history and if you have a positive credit history, your credit score will be an asset in the home financing process. To evaluate your specific circumstances, please contact a member of CUA team. You can also learn more about establishing credit and credit scores by clicking here.

Q: How much can I spend on a house?

A: In order to determine how much you want to spend on a house, look at all aspects of your finances. Some major considerations are your income, any debts you owe and your monthly expenses.

As a general rule of thumb, aim to keep your housing related costs under 30% of your overall monthly budget.

Start planning with the CUA mortgage calculator.

Q: How much do I need for a down payment?

A: In Canada, you are required to have a minimum down payment of 5% on houses that cost less than $500,000. On purchases with a down payment of less than 20%, you will automatically have to pay CMHC Mortgage Loan Insurance.

If saving a down payment seems like an impossible task, let us know. We can help.

Q: Are there other costs including in buying a home?

A: In addition to your down payment, you will want to have 1.5-4% of your mortgage amount aside for closing costs. Closing costs can include legal fees, inspections and tests, land transfer tax and title insurance. There could be other fees as well, depending on the property you choose.