BUYING YOUR NEXT HOME
Solutions with Dove Mortgages
Ready to buy your next home? Dove Mortgages provides expert home purchase mortgage solutions to make buying your next home seamless and stress-free. Get pre-qualified and see all your options today!
Make Your Next Home Purchase Easy & Affordable
Whether you’re upsizing, downsizing, or relocating, we’ll guide you in finding the best mortgage for your needs—stress-free and hassle-free.
Unlock your opportunity for a Free Consultation
Prefer a personal touch?
Give us a call at (647) 417-4760.
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Buying Your Next Home.
Can Feel Overwhelming—We Make It Simple
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Complicated mortgage terms and hidden fees?
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Not knowing how much you can afford?
3
Navigating the home-buying process alone?
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Getting a competitive rate that fits your budget?
1
Complicated mortgage terms and hidden fees?
Share your home-buying plans and financial details.
2
Not knowing how much you can afford?
We shop the top lenders to find the best mortgage for you.
3
Navigating the home-buying process alone?
Know exactly how much you can afford before you start looking.
4
Getting a competitive rate that fits your budget?
We handle the paperwork and work with lenders on your behalf.
Solution:
Dove Mortgages simplifies the process by helping you find the best financing, so you can focus on finding your perfect home. Our mortgage experts will guide you every step of the way, providing you with competitive rates with terms that work for you.
Finding The Right Home Purchase
Mortgage Makes All the Difference
Know Your Budget Upfront
Get pre-qualified and shop with confidence
Stronger Offers
Pre-qualification makes sellers take you seriously
Faster Approval Process
Have financing in place when you find your dream home
Avoid Surprises
Identify and fix credit or financial issues before applying
Flexible Mortgage Options
Choose from fixed, variable, and specialty mortgage products
How it works:
A Simple, Stress-Free Mortgage
Process
1
Tell Us About Your Home Purchase Goals
Share your home-buying plans and financial details.
2
Compare Your Options
We shop the top lenders to find the best mortgage for you.
3
Get Pre-Qualified
Know exactly how much you can afford before you start looking.
4
Secure Your Mortgage
We handle the paperwork and work with lenders on your behalf.
5
Move In With Confidence
Enjoy your new home with the right financing in place.
1
Tell Us About Your Home Purchase Goals
2
Compare Your Options
3
Get Pre-Qualified
4
Secure Your Mortgage
5
Move In With Confidence
1
Tell Us About Your Home Purchase Goals
Share your home-buying plans and financial details.
2
Compare Your Options
We shop the top lenders to find the best mortgage for you.
3
Get Pre-Qualified
Know exactly how much you can afford before you start looking.
4
Secure Your Mortgage
We handle the paperwork and work with lenders on your behalf.
5
Move In With Confidence
Enjoy your new home with the right financing in place.
Client Testimonials Google Review
Your Trusted Mortgage Experts for
Home Purchase Mortgages
Dove Mortgages is your go-to mortgage brokerage for home purchases. Our seasoned experts connect you with premier lenders to create tailored solutions, helping you save both time and money on your journey to homeownership.
Unlock your path to financial freedom! We’re passionate about empowering you with innovative mortgage solutions that pave the way to a brighter tomorrow. Let’s embark on this journey together!
Ready to see your Home Purchase Mortgage Options?
Finding the right mortgage shouldn’t be stressful. Our team will guide you through the process and help you get the financing you need—without the hassle.
Frequently Asked Questions
What is the minimum down payment required to buy a house in Canada?
In Canada, the minimum down payment depends on the home’s purchase price:
- For homes priced at $500,000 or less, a minimum down payment of 5% is required.
- For homes priced between $500,001 and $999,999, 5% is required on the first $500,000 and 10% on the portion above $500,000.
- Homes priced at $1 million or more require a minimum down payment of 20%.
These requirements are set by the Canada Mortgage and Housing Corporation (CMHC).
What types of mortgage products are available to Canadian homebuyers?
Canadian homebuyers can choose from various mortgage products, including:
- Fixed-Rate Mortgages: The interest rate remains constant throughout the term.
- Variable-Rate Mortgages: The interest rate fluctuates based on market conditions.
- Open Mortgages: Allow for lump-sum payments or full repayment without penalties.
- Closed Mortgages: Restrict extra payments and may incur penalties for early repayment.
- Convertible Mortgages: Start as variable and can be converted to fixed-rate under certain conditions.
- Hybrid Mortgages: Combine fixed and variable rates within the same mortgage.
Each product has its advantages and considerations, depending on your financial situation and goals.
How do I choose the right mortgage product for my needs?
Selecting the appropriate mortgage involves considering factors such as your financial stability, risk tolerance, and future plans. It’s advisable to consult with a mortgage broker or financial advisor to assess your situation and explore the options that align with your objectives.
What is mortgage loan insurance, and when is it required in Canada?
Mortgage loan insurance, provided by entities like CMHC, protects lenders against borrower default. In Canada, if your down payment is less than 20% of the home’s purchase price, you’re required to obtain mortgage loan insurance. This insurance allows lenders to offer mortgages with lower down payments.
What is the mortgage stress test, and how does it affect my mortgage approval?
The mortgage stress test is a requirement for Canadian homebuyers to qualify for a mortgage at a higher interest rate than the actual offered rate. This ensures borrowers can manage payments if interest rates rise. The qualifying rate is typically the greater of the Bank of Canada’s benchmark rate or your contractual mortgage rate plus 2%.
Are there government programs to assist first-time homebuyers in Canada?
Yes, the Canadian government offers several programs to support first-time homebuyers:
- Home Buyers’ Plan (HBP): Allows you to withdraw up to $35,000 from your Registered Retirement Savings Plan (RRSP) to buy or build a qualifying home.
- First-Time Home Buyer Incentive: Provides 5% or 10% of the home’s purchase price to put toward your down payment, reducing your mortgage carrying costs.
- GST/HST New Housing Rebate: Offers a rebate on part of the GST or HST paid for a new or substantially renovated house.
These programs have specific eligibility criteria and conditions.
What are closing costs, and how much should I budget for them?
Closing costs are expenses over and above the property’s price that buyers need to pay to complete a real estate transaction. In Canada, these can include legal fees, land transfer taxes, title insurance, and home inspection fees. It’s recommended to budget between 1.5% to 4% of the purchase price for closing costs.
How does my credit score affect my mortgage application?
Your credit score is a key factor that lenders assess when considering your mortgage application. A higher credit score can lead to more favorable interest rates and terms, while a lower score may limit your options or result in higher rates. It’s important to check your credit report and address any issues before applying for a mortgage.
Can I pay off my mortgage early, and are there penalties for doing so?
Paying off your mortgage ahead of schedule can save on interest costs, but it’s important to understand the terms of your mortgage agreement. Some mortgages, particularly closed mortgages, may have prepayment penalties if you pay more than the allowed amount or pay off the mortgage entirely before the term ends. Open mortgages typically offer more flexibility for early repayment without penalties.
