If your purchase price is less than $500,000, the minimum down payment is 5%. If it is between $500,000 and $999,999, the minimum down payment is 5% for the first $500,000, and 10% of any amount over $500,000. If the purchase price is $1,000,000 or more, the minimum down payment is 20%. Mortgage default insurance is required on all mortgages with down payments of less than 20%, which are known as high-ratio mortgages.

Your FICO score, which is different from your credit score, is a number used by Canadian mortgage lenders to determine your creditworthiness based on your financial history. Preferably, a FICO score of 680 and above is what you should aim at to ensure you get approved with the best rates on the market.

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If you are salaried or work part-time, it is necessary that you have guaranteed hours and a proven steady income. Further, you will have to ensure you are not on employment probation. If you happen to be on probation at the time of application, you can try scheduling your closing date after your probationary period. Self-employed professionals will require a 2-year income history which will be averaged.