Borrower 1
Loading…
Please ask your broker for a new application link.
It's been sent to your broker and can't be reopened. If something needs changing, contact them directly and they'll update it for you.
We sent a code to your mobile phone number on file.
For owner occupied properties you need a minimum of 5% if the purchase price is less than $500,000. For example, if you're looking at a $300,000 home, you'll need $15,000.
If the purchase price is in the $500,000+ range, you will need 5% on the first $500,000 ($25,000) and 10% for any amount over $500,000. So for a $700,000 home, you'll need $45,000.
Rental properties and purchase prices $1,500,000+ require 20% or more.
If you're close to these amounts, we can sometimes work through creative solutions to get you there!
Any down payment that is less than 20% will require the lender to add a government-backed default insurance premium to your mortgage. Don't be alarmed — this is completely normal and an extremely popular program that allows Canadians to purchase homes with smaller down payments.
Your SIN is used exclusively to pull a credit report. Accessing your credit report helps us confirm your identity and guard against fraudulent activity. It is a necessary step in the mortgage process.
If you do not feel comfortable giving out this information, we will gladly follow-up to take the SIN over the phone. Adding your Social Insurance Number (SIN) is completely voluntary.
Effective 11 October 2024, Anti-Money Laundering (AML) and Anti-Terrorist Financing (ATF) legislation applies to all mortgage brokers. It requires us to obtain information about clients who are politically exposed.
A foreign PEP is a person who holds or has held one of the following offices or positions in or on behalf of a foreign state: head of state or head of government; member of the executive council of government or member of a legislature; deputy minister or equivalent rank; ambassador, or attaché or counsellor of an ambassador; military officer with a rank of general or above; president of a state-owned company or a state-owned bank; head of a government agency; judge of a supreme court, constitutional court or other court of last resort; or leader or president of a political party represented in a legislature.
A domestic PEP is a person who currently holds, or has held within the last 5 years, a specific office or position in or on behalf of the Canadian federal government, a Canadian provincial (or territorial) government, or a Canadian municipal government: Governor General, lieutenant governor or head of government; member of the Senate or House of Commons or member of a legislature; deputy minister or equivalent rank; ambassador, or attaché or counsellor of an ambassador; military officer with a rank of general or above; president of a corporation that is wholly owned directly by His Majesty in right of Canada or a province; head of a government agency; judge of an appellate court in a province, the Federal Court of Appeal or the Supreme Court of Canada; leader or president of a political party represented in a legislature; or mayor, reeve or other similar chief officer of a municipal or local government.
A HIO is a person who currently holds or has held within the last 5 years the office or position of head of an international organization that is either an international organization established by the governments of states; an institution of such an organization; or an international sports organization.
A family member is their spouse or common-law partner; their child; their mother or father; the mother or father of their spouse or common-law partner; or a child of their mother or father (a sibling).
A close associate is someone who is business partners with, or who beneficially owns or controls a business with, a PEP or HIO; in a romantic relationship with one; involved in financial transactions with one; a prominent member of the same political party or union; serving on the same board; or closely carrying out charitable works with one.
Domestic PEP — someone who holds a high-ranking public position within Canada.
Foreign PEP — someone who holds a similar position in another country.
HIO — the head of an international organization established by state governments, such as the United Nations, the World Bank or the International Monetary Fund.
Once it is submitted it cannot be reopened.