If you’re a low-income earner, getting a mortgage can seem like a daunting task. But don’t worry, it’s not impossible. In fact, there are quite a variety of options available to you. In this blog post, we’ll go over some tips and strategies for how to get a mortgage with low income in Canada. Read on.
Apply for a mortgage through a government program.
There are several programs available in Canada that can help low-income individuals get approved for a mortgage. One example is the Canada Mortgage and Housing Corporation’s (CMHC) Affordable Housing program.
This program offers financial assistance to eligible low-income individuals and families who are looking to buy their first home or upgrade to a better home. You can secure up to $15,000 in interest-free loans under the program. However, in order to secure the full amount, you need to reside in the property for a full year.
Make a larger down payment.
If you are able to save enough money for a larger down payment, it can help increase your chances of getting approved for a mortgage. A larger down payment can also help you qualify for a lower interest rate, which can save you money over the life of your mortgage. Check out our free mortgage calculator for easy access to the range of loan programs available and the potential savings they can bring to your mortgage payments.
Consider a co-signer.
If you are unable to qualify for a mortgage on your own, you may be able to get approved with the help of a co-signer. A co-signer is someone who agrees to take on the responsibility for your mortgage if you are unable to make the payments.
Talk to a mortgage broker.
A mortgage broker can help you understand your options and guide you through the mortgage application process. They can also help you find lenders who may be willing to consider your application, even if you have a low income. They get you the best possible deal by comparing interest rates, lending conditions, and repayment schedules across a variety of mortgage products.
Another great thing about working with a mortgage broker is that they save you a lot of time. Scouting for the best deal on a mortgage can be a long and complex process. But with a mortgage broker on your side, everything is easier and simplified. They look out for the best deals and solutions for you — all you have to do is choose.
Live the life of your dreams with Premiere Mortgage Centre!
Nothing should stop you from living the life you want. Our mortgage brokers have extensive industry experience and expertise to ensure that you get the most favorable deal possible. When you work with us, you can be certain that you’ll be receiving reliable recommendations and guidance from industry professionals. If you want to get a mortgage with low income, contact us today.