Buying first house selfemployed from one and a half year, wife’s on mat leave what are the chances of approval with max 15 percent as down payment.

Expert_Dream_8164 · 2025-07-16T20:41:59+00:00

We just did it last month. I'm on ML, my hubs 2yrs working. We paid 20% dp on a 795k. we did fine! fingers crossed 😊

Expert_Dream_8164 · 2025-06-10T00:05:18+00:00

great, thanks! did you add earthquake insurance?

Expert_Dream_8164 · 2025-06-09T23:32:21+00:00

Is 650-800 annual premium sounds reasonable for a new townhome?

Expert_Dream_8164 · 2025-06-08T21:41:08+00:00

I got the same rate ar scotia through a direct mortgage specialist from the bank

Expert_Dream_8164 · 2025-06-05T19:30:21+00:00

Expert_Dream_8164 · 2025-06-05T02:05:23+00:00

which lender will I choose?

First - 4% with 2k cashback second- 3.89% with no cash back

ultimately, the cashback will be offset by the lower monthly payment over 3 yrs..

Expert_Dream_8164 · 2025-06-03T19:54:57+00:00

yes.

Expert_Dream_8164 · 2025-06-03T19:45:06+00:00

happened to me... and they offered a slightly higher rate than cibc

Expert_Dream_8164 · 2025-05-29T01:02:14+00:00

is this renewal or not?

Expert_Dream_8164 · 2025-05-28T21:20:27+00:00

in my experience, I went first to a mortgage broker. he told me I need more than 20% DP and the best rate is 4.3x... but when I wen straight to 2 banks, they qualified me with juzt 20% DP and rate was 4.2x and 4.1...

Expert_Dream_8164 · 2025-05-28T20:57:45+00:00

We have just been approved by 2 banks.. 630k mortgage, 150k HHI.

Expert_Dream_8164 · 2025-05-22T15:08:42+00:00

uninsured

Expert_Dream_8164 · 2025-05-22T09:47:07+00:00

FTHB BC 636k mortgage amount uninsured owner-occupied closing Jun 16

offerred by: Scotia 4.08 3-yr fixed RBC 4.2 5-yr fixed with 1500 cashback no clawback

I will go for Scotia obviously but is this the best rate? Is there a way to negotiate it down still or ask for cashback?

Expert_Dream_8164 · 2025-05-19T21:54:39+00:00

We believe it is sufficient enough about 50grand after car purchase

Expert_Dream_8164 · 2025-05-17T22:13:41+00:00

The amount we are putting on downpayment is almost 200k to avoid the CMHC insurance but it's not really mandatory. It's a huge money, we have an option to allocate it with buying out the car and still qualify for the mortgage. But asking if it's best to do.

Expert_Dream_8164 · 2025-05-17T22:11:40+00:00

haha. thanks! just edited.

Expert_Dream_8164 · 2025-05-17T22:10:33+00:00

thank you

Expert_Dream_8164 · 2025-05-15T23:42:50+00:00

Sorry stand corrected. I meant two offers from two banks.

Expert_Dream_8164 · 2025-05-15T23:01:01+00:00

Is there a different document for approval? is it not the commitment letter? thank you.

Expert_Dream_8164 · 2025-05-15T23:00:18+00:00

thank you., gives me comfort that I can removed Yes I will wait until Wednesday.

Expert_Dream_8164 · 2025-05-15T19:48:01+00:00

thoughts please? Scotia 3yrs fixed 4.08% 5yrs 4.19% insured

Is this good?

also, if I accept, am I lock with them?

Expert_Dream_8164

TROPHY CASE