Can I borrow my down payment to buy a house?

Yes, with the BMO Default Insured Borrowed Down Payment Program you can borrow your entire down payment subject to a maximum down payment of 9.99% of the purchase price of your home.

What type of properties can I buy with the First-Time Home Buyer Incentive?

You can buy any new construction, resale home or new and resale mobile homes-as long as the property is in Canada, owner occupied and available for full-time occupancy. You cannot use the incentive to buy a rental property. Talk to an expert Learn more about The First-Time Home Buyer Incentive

How much do you need for a down payment?

You need at least 5% of the value of the property, but if you do not want to pay for mortgage default insurance (or you are buying your second property), then you need to make a down payment of at least 20%. So if you decide on a house that is $300,000, you'll want a down payment of $60,000 to avoid paying mortgage default insurance. If you do not have the cash saved up for a down payment you can also use the BMO Default Insured Borrowed Down Payment Program. It lets you borrow your entire down payment subject to a maximum down payment of 9.99% of the purchase price of your home. Learn more about mortgage down payments

When should I get pre-approved for a mortgage?

You should get pre-approved before you start looking for a home. A pre-approval will let you know how much home you will be able to afford, what your interest rate will be, and it will signal to real estate agents (and sellers) that you are serious. Learn more about mortgage pre-approval

How does the home-buying process work?

There isn't a set formula, but buying a home usually involves: Finding out how much you can afford Exploring your mortgage options Getting pre-approved Going house hunting Closing the deal Managing your mortgage Learn more about buying a home

First-Time Home Buyer Incentives & Programs

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