Getting a home loan in Canada relies on different things, like having good credit. A good credit score, usually between 680 and 900, helps you get better deals and can let you borrow more money. But other things like a steady paycheck (try to get a job that pays you every month) and keeping your debts under control in relation to what you make (make sure the money spent on bills each month is no more than 40% of income) are also very important. For example, if you earn $5000 each month try to keep your debts at less than $2000.

Having more than one property makes getting a mortgage harder. Lenders check if you can handle having more than one house loan and the reason behind each property. It's important to present a good plan for how you will use property and money. If you want to rent a place, getting a tenant and rental agreement can help get approval. Our MOM service gives special tips to make your property places easier for getting money.

Even without full citizenship, non-citizens can get a mortgage. The important thing is showing you earn money steadily, have a good track record of paying back debts and don't owe too much. For example, getting a work permit and having steady job with no big debts can make you more likely to be accepted.Our experts understand the details. They make sure to think about your specific case, providing ways for you to have a house of your own.

The type of loan you get affects your interest rate too. In mortgage, there are two types of mortgages:

Fixed-rate Mortgage: The set rate of interest for the entire length. This gives steadiness, because your regular payments stay the same.

Variable Mortgage: The interest goes up and down depending on what's happening in the market. Although it might give lower first rates, there's a possible chance of changes later on.

Also, your credit score (try for 750 or more), market conditions and size of the money you put down all affect how much interest rate you get. For example, if your credit score is 800 you might get a lower interest rate than someone with just over 700. Knowing these choices helps you pick a mortgage that matches your money goals.

Improve your chances of getting approval by taking care of your credit. Always look at your credit report, fix any errors and try to get a good score of around 750 or more. Having a good job, reducing your debts and saving money for the price of buying property (try to save 20% of what you want to buy) helps make your economy strong. Consider this: If you're looking at a house worth $300,000 to buy, putting 2 units or $6.o thousand upfront is your down payment cost then. Our MOM service gives you helpful steps to improve your money situation.