Are you planning to buy a new house in Canada and need to know how much you can borrow? Look no further! Our mortgage amount calculator is here to help you determine the loan amount you can afford.
Calculating the mortgage amount is an essential step in the home buying process. It allows you to understand your budget and make informed decisions. With our user-friendly calculator, you can easily input your financial information and obtain an estimate of the loan amount you qualify for.
Buying a house is a significant investment, and finding the right mortgage amount is crucial to ensure a smooth and secure home purchase. Our mortgage calculator takes into account factors such as your income, expenses, credit history, and interest rates to provide you with a reliable estimate.
Don’t rely on guesswork or outdated information when it comes to determining your mortgage amount in Canada. Use our calculator today and take the first step towards making your dream of owning a home a reality!
Mortgage Amount Calculator Canada
If you are planning to buy a home in Canada and need to finance your purchase, a mortgage can be a great option. However, determining the right mortgage amount can be a complicated process. This is where a mortgage amount calculator comes in handy.
A mortgage amount calculator is a tool that helps you estimate the loan amount you will need to purchase a home. It takes into account factors such as your income, expenses, interest rates, and the down payment you can afford to make. By inputting this information into the calculator, you can get an idea of the mortgage amount you should be aiming for.
Why Use a Mortgage Amount Calculator?
Using a mortgage amount calculator can provide you with several benefits. Firstly, it helps you understand how much you can afford to borrow based on your financial situation. By knowing this, you can avoid taking on too much debt and ensure that your mortgage payments fit comfortably within your budget.
Additionally, a mortgage amount calculator can help you compare different scenarios. For example, you can input different interest rates and down payment amounts to see how they would affect your mortgage amount and monthly payments. This can help you make more informed decisions when choosing a mortgage product.
How to Use a Mortgage Amount Calculator
Using a mortgage amount calculator is simple. Start by finding a reliable calculator that is specifically designed for the Canada market. Input your financial information, such as your income and expenses, as well as any available down payment amount. The calculator will then generate an estimate of the mortgage amount you may qualify for.
Keep in mind that the calculator’s estimate is just a starting point. It is always a good idea to consult with a mortgage professional to get a more accurate assessment of your borrowing capacity.
In conclusion, using a mortgage amount calculator in Canada is a smart move for anyone planning to buy a home. It can help you determine how much you can afford to borrow and make informed decisions when choosing a mortgage product. Remember to consult with a mortgage professional for personalized advice and to ensure that you are making the right financial decisions for your situation.
Calculate Your Loan Amount
When it comes to getting a mortgage in Canada, it’s important to know how much you can borrow. Using a mortgage amount calculator can help you determine the loan amount that you may be eligible for.
A mortgage amount calculator takes into account a variety of factors, including your income, expenses, credit score, and the current interest rate. By inputting this information into the calculator, you can get an estimate of the loan amount that you may qualify for.
It’s important to keep in mind that the calculator’s estimate is just that – an estimate. The final loan amount will be determined by the lender after a thorough review of your financial situation.
Using a mortgage amount calculator can be a good starting point to get an idea of how much you may be able to borrow. It can help you determine your affordability and understand what type of property you can consider.
Once you have a rough estimate of the loan amount, you can begin your house-hunting process. Keep in mind that it’s always a good idea to consult with a mortgage professional who can provide you with more detailed information and help you navigate the mortgage process in Canada.
| Canada: | Calculate your loan amount |
| Calculator: | Mortgage amount calculator |
| Amount: | Loan amount |
What is a Mortgage Amount?
A mortgage amount refers to the total sum of money that a borrower borrows from a lender to purchase a property in Canada. It is the principal balance of the loan, which includes both the borrowed amount and any interest accrued over the loan term. The mortgage amount is determined by various factors, including the purchase price of the property, the down payment, and the interest rate.
In Canada, borrowers can use a mortgage amount calculator to estimate the maximum loan they can qualify for. This calculator takes into account factors such as the borrower’s income, credit score, and debt-to-income ratio to determine the loan amount that they can afford.
Calculating the mortgage amount is an essential step in the homebuying process, as it helps borrowers determine how much they can afford to borrow while considering their financial situation comfortably. It also helps lenders assess the borrower’s eligibility for the loan and set the terms and conditions of repayment.
When applying for a mortgage in Canada, it is important to consider not only the mortgage amount but also the amortization period, interest rate, and any additional fees or costs associated with the loan. It is advisable to consult with a mortgage professional or use an online mortgage calculator to get an accurate estimate of the mortgage amount that suits your needs and financial goals.
In conclusion, a mortgage amount is the total sum of money that borrowers borrow from lenders to purchase properties in Canada. Calculating the mortgage amount accurately is crucial in determining affordable loan options, ensuring financial stability, and making informed decisions in the homebuying process.
Why Calculate Your Mortgage Amount?
Calculating your mortgage amount can provide you with valuable information about the cost of buying a home in Canada. By using a mortgage calculator, you can determine how much you will need to borrow in order to purchase your desired property.
Understanding your mortgage amount is crucial for several reasons. First, it allows you to assess whether you can afford the property you want to buy. By calculating your mortgage amount, you can determine your monthly mortgage payments and evaluate if they fit within your budget.
In addition, knowing your mortgage amount can assist you in planning and managing your finances effectively. It helps you estimate your down payment requirements, closing costs, and other expenses associated with purchasing a home in Canada.
Furthermore, calculating your mortgage amount enables you to compare different loan options and interest rates from various lenders. With this information, you can assess the affordability and feasibility of each mortgage offer and make an informed decision when selecting a lender.
Overall, taking the time to calculate your mortgage amount empowers you as a homebuyer. It allows you to make informed decisions, budget effectively, and ensures that you are financially prepared for homeownership in Canada.
Factors Affecting Mortgage Amount Calculation
Calculating the mortgage amount in Canada can be influenced by various factors. The mortgage amount calculator takes into account these factors to help borrowers determine how much they can afford to borrow for a home purchase. Understanding these factors is essential to get a clear idea of the loan amount you may qualify for.
Here are some key factors that can affect the mortgage amount calculation:
| Factors | Description |
|---|---|
| Income | Your income is a critical factor that determines the mortgage amount you can borrow. Lenders will look at your income to assess your ability to make monthly mortgage payments. |
| Debt-to-Income Ratio | Your debt-to-income ratio is a measure of your monthly debt payments in relation to your monthly income. Lenders evaluate this ratio to determine your capacity to take on more debt. |
| Interest Rates | Interest rates have a significant impact on the mortgage amount you can qualify for. Higher interest rates can increase your monthly payments, thus reducing the loan amount you can afford. |
| Loan Term | The length of the loan term can affect the mortgage amount you can borrow. Shorter loan terms generally require higher monthly payments, which can reduce the loan amount you qualify for. |
| Down Payment | The size of your down payment is crucial in determining the mortgage amount. A higher down payment can lower the loan amount required, while a smaller down payment may result in a larger mortgage. |
| Credit Score | Your credit score plays a significant role in mortgage approvals. A higher credit score can increase your chances of qualifying for a larger loan amount at better interest rates. |
These are just a few of the factors that can influence the mortgage amount calculation in Canada. It’s important to consider these factors and work with a mortgage calculator to understand your borrowing capacity and make informed decisions when buying a home.
How to Use the Mortgage Amount Calculator
To accurately calculate your mortgage amount in Canada, you can use a mortgage amount calculator. This tool can help you determine the maximum loan amount you may qualify for based on various factors, including income, down payment, interest rates, and loan terms.
Here’s a step-by-step guide on how to use the mortgage amount calculator:
- Start by gathering the necessary information. You’ll need details such as your annual income, monthly expenses, the amount saved for a down payment, and the interest rate you expect to pay.
- Open the mortgage amount calculator on a reliable financial website. Many trusted Canadian banks and financial institutions offer online calculators.
- Enter your annual income in the appropriate field. This is important because lenders typically have income requirements to determine the loan amount you can afford.
- Input your monthly expenses, including debts, utilities, and other bills. This helps determine your debt-to-income ratio, which affects the maximum mortgage amount you may qualify for.
- Specify the interest rate you expect to pay on your mortgage. Remember to consider the current market rates and consult with a mortgage specialist for accurate information.
- Indicate the term of the loan, whether it’s 15 years, 20 years, or 30 years. This affects your monthly mortgage payments and the total amount you’ll pay over time.
- Input the amount saved for a down payment. The larger your down payment, the lower the mortgage amount you’ll need.
- Click on the “Calculate” button or similar option to generate the results. The mortgage amount calculator will provide an estimate of the maximum loan amount you may qualify for based on the information provided.
Remember, the mortgage amount calculator provides an estimate and not a guarantee of the loan amount. It’s always recommended to consult with a mortgage specialist or financial advisor to get a more accurate assessment of your borrowing capacity and options.
By using the mortgage amount calculator, you can have a better understanding of your maximum loan amount and make a more informed decision when it comes to purchasing a property in Canada.
Step by Step Guide for Using the Calculator
Calculating mortgage amounts in Canada using an online calculator can be a straightforward process. Follow these step-by-step instructions to make sure you get accurate results:
- Visit the mortgage amount calculator website specific to Canada.
- Enter the required details such as the purchase price of the property, down payment amount, interest rate, and loan term.
- Select the appropriate payment frequency, whether it is monthly, bi-weekly, or accelerated bi-weekly.
- Choose any additional options such as including property taxes, mortgage insurance, or condo fees in the calculation.
- Click on the “Calculate” or “Calculate Mortgage Amount” button to generate the results.
- Review the calculated mortgage amount, which may include the principal and interest portion, as well as any additional fees or charges.
- Consider adjusting the inputs or exploring different scenarios to see how changes affect the mortgage amount.
- If available, take advantage of the option to see a detailed breakdown of the mortgage payments over the loan term.
- Use the calculated mortgage amount as a guide when researching mortgage options and potential properties.
Remember that a mortgage amount calculator provides an estimate and should not substitute for professional financial advice. It is always recommended to consult with a mortgage specialist or lender for accurate and personalized information.
Tips for Getting the Most Accurate Results
When using a mortgage amount calculator in Canada, it’s important to ensure that you get the most accurate results possible. Since the loan amount is a crucial factor in determining your mortgage terms and affordability, it’s essential to input accurate information to obtain precise calculations. Here are some tips to help you get accurate results:
1. Provide accurate financial information: Be sure to enter your current income, assets, liabilities, and other financial details accurately. Any errors or omissions can result in inaccurate calculations and may lead to unrealistic loan amounts.
2. Include all relevant costs: Remember to include all the costs associated with your mortgage, such as closing costs, property taxes, and insurance premiums. These additional expenses can significantly impact the loan amount you need.
3. Consider your future plans: Take into account your long-term financial goals and plans when determining the loan amount. If you plan to make extra payments, move or refinance in the future, it’s essential to consider these factors to avoid overborrowing.
4. Review your credit report: Your credit score plays a vital role in determining your interest rate and loan eligibility. Before using a mortgage calculator, obtain a copy of your credit report and review it for any errors or discrepancies. Correcting any mistakes can help you get a more accurate calculation.
5. Use a reliable mortgage amount calculator: Make sure you’re using a reputable and up-to-date mortgage calculator when determining your loan amount. Look for calculators provided by trusted financial institutions or reputable websites. Avoid using outdated or unreliable calculators that may provide inaccurate results.
6. Consult a mortgage professional: If you’re unsure about any aspect of your mortgage calculation, it’s always a good idea to reach out to a mortgage professional. They can provide personalized advice and help you navigate the mortgage process more effectively.
By following these tips, you can ensure that the mortgage amount calculator in Canada provides you with accurate results. Remember, accuracy is crucial when making important financial decisions, and a reliable calculator can be a helpful tool in your mortgage planning.
Benefits of Using a Mortgage Amount Calculator
When it comes to buying a home, one of the most important factors to consider is the amount of mortgage you can afford. This is where using a mortgage amount calculator can be incredibly beneficial. Whether you are a first-time buyer or looking to refinance, a calculator can help you determine the loan amount that fits your budget and financial goals.
Here are some of the benefits of using a mortgage amount calculator:
1. Accuracy:
A mortgage amount calculator uses precise algorithms to provide accurate calculations based on your income, expenses, and other financial details. This ensures that you get an accurate estimate of the loan amount you can qualify for, helping you avoid any surprises down the line.
2. Time-saving:
Calculating mortgage amounts manually can be time-consuming and complex. However, a mortgage amount calculator automates the process, allowing you to get quick and accurate results within seconds. This saves you time and effort that can be better spent on other aspects of the home buying process.
3. Comparison:
A mortgage amount calculator enables you to compare different loan amounts and see how they affect your monthly payments and overall affordability. This helps you make informed decisions and choose a mortgage amount that aligns with your financial goals.
4. Flexibility:
A mortgage amount calculator in Canada gives you the flexibility to adjust various factors, such as interest rates, down payments, and amortization periods. This allows you to see how different scenarios impact your loan amount and monthly payments. It gives you the power to explore different options and find the best fit for your financial situation.
5. Confidence:
By using a mortgage amount calculator, you can enter your financial information and get an estimate of the loan amount you can afford. This knowledge gives you confidence when approaching lenders or real estate agents, as you have a clear understanding of your financial capacity.
In conclusion, using a mortgage amount calculator in Canada offers numerous benefits. It provides accurate calculations, saves time, allows for comparisons, offers flexibility, and boosts your confidence during the home buying process. Whether you are a first-time buyer or an experienced homeowner, a mortgage amount calculator is a valuable tool to assist you in making informed decisions about your loan amount.
Where to Find a Mortgage Amount Calculator?
If you are looking to calculate your mortgage loan amount in Canada, you’re in luck! There are several websites and online tools that can help you with this task. These calculators are designed to provide you with an estimate of the loan amount you may be eligible for.
One popular website in Canada where you can find a mortgage amount calculator is the Canada Mortgage and Housing Corporation (CMHC) website. CMHC is a government agency that provides mortgage loan insurance to buyers in Canada. They offer a user-friendly calculator that allows you to input your financial information and receive an estimate of your loan amount.
In addition to the CMHC website, many Canadian banks and financial institutions also offer mortgage amount calculators on their websites. You can visit the websites of banks such as Royal Bank of Canada (RBC), Toronto-Dominion Bank (TD), Scotiabank, and Bank of Montreal (BMO) to find their respective calculators.
Furthermore, there are several independent online mortgage calculators available as well. These calculators may not be affiliated with any specific bank or institution, but they can still provide you with accurate estimates of your mortgage loan amount. Some popular independent mortgage calculators in Canada include Ratehub and Mortgage Calculator Canada.
When using a mortgage amount calculator, it’s important to keep in mind that the results are just estimates and may not reflect the actual loan amount you may be eligible for. The calculators take into account factors such as your income, credit score, and down payment, but they do not consider other factors that lenders may consider when determining your loan amount.
It’s always a good idea to consult with a mortgage professional or a financial advisor to get a more accurate understanding of your loan amount and eligibility. They can help you navigate the mortgage process and provide you with personalized advice based on your unique financial situation.
In conclusion, if you are in Canada and looking to find a mortgage amount calculator, there are several options available to you. Whether you use the CMHC website, the calculators provided by Canadian banks, or independent online tools, these resources can help you estimate your mortgage loan amount and assist you in making informed decisions about your home buying journey.
Understanding the Results of a Mortgage Amount Calculation
When using a mortgage amount calculator in Canada, it’s important to understand the results it provides. The calculator allows you to input various factors, such as the interest rate, loan term, and your desired monthly payment, in order to determine the loan amount that you can afford.
Interest Rate and Loan Term
The interest rate plays a crucial role in determining the loan amount you can qualify for. A higher interest rate will result in higher monthly payments, which in turn reduces the loan amount you can afford. On the other hand, a lower interest rate will allow you to borrow more money while keeping your monthly payments affordable.
The loan term is the amount of time you have to repay your mortgage. Generally, shorter loan terms come with lower interest rates but higher monthly payments. This means a shorter loan term will allow you to borrow less money. However, a longer loan term results in lower monthly payments, which means you may be able to afford a larger loan amount.
Your Monthly Payment
Your desired monthly payment will also affect the loan amount you can qualify for. If you have a specific monthly budget, you can input your desired payment amount into the mortgage amount calculator to determine the maximum loan amount you can afford. Keep in mind that a larger monthly payment will allow you to borrow more money, while a smaller monthly payment will limit the loan amount you can qualify for.
It’s important to remember that the results of a mortgage amount calculation are estimates and should only be used as a guideline. Other factors, such as your credit score, income, and debt-to-income ratio, will also play a role in determining the loan amount you can qualify for. It’s always a good idea to consult with a mortgage professional to get a more accurate assessment of your borrowing capacity.
What Can You Do with the Calculated Mortgage Amount?
Once you have used a mortgage calculator to determine the loan amount you can potentially borrow, there are several things you can do with this information to help you make informed decisions about your homeownership journey.
1. Budgeting and Affordability Analysis
Knowing the mortgage amount you are eligible for allows you to create a realistic budget for your home purchase. You can analyze your current financial situation, factor in the mortgage payments, property taxes, insurance, and other associated costs. This will help you understand how much home you can comfortably afford without putting strain on your finances. It is essential to consider your monthly income, debts, and future financial goals.
2. Comparison Shopping
With the calculated mortgage amount in hand, you can now start your search for the perfect home. You can use this information to narrow down your options based on price range and affordability. Instead of wasting time looking at homes that are out of your budget, you can focus only on those that fall within your loan amount. This will streamline your search process and save you valuable time.
Additionally, you can compare different mortgage products from various lenders to find the best rates and terms. By entering your loan amount into different mortgage calculators, you can see how it impacts your monthly payments and overall interest costs. This will empower you to make an informed decision when it comes to selecting a mortgage provider.
3. Negotiating with Sellers
The calculated mortgage amount can also be used as a negotiating tool when making an offer on a property. If the seller’s asking price is higher than your loan amount, you can leverage this information to negotiate a lower price. You can confidently present your pre-approved loan amount as evidence of your maximum budget. This can give you an advantage during the negotiation process, potentially saving you money on your home purchase.
In conclusion, the calculated mortgage amount provides valuable insights that can guide your home buying journey. From budgeting and comparison shopping to negotiating with sellers, this information empowers you to make informed decisions and find the right mortgage for your needs and financial situation.
How to Make the Most of Your Mortgage Amount
When it comes to getting a mortgage, the amount you borrow will have a significant impact on your future financial situation. To make the most of your mortgage amount, it’s important to carefully consider several factors. Here are some tips to help you make the most of your mortgage:
1. Use a Mortgage Amount Calculator
Using a mortgage amount calculator can help you determine the ideal loan amount for your specific needs and financial situation. These calculators consider factors such as your income, credit score, and desired length of the loan to provide an accurate estimate of how much you can borrow. By using a calculator, you can make sure you’re getting a loan amount that you can comfortably afford.
2. Consider Your Down Payment
One way to make the most of your mortgage amount is to consider your down payment. A larger down payment can help reduce the overall loan amount and lower your monthly payments. Additionally, a larger down payment can also help you secure a better interest rate, saving you money over the life of the loan. It’s worth saving as much as you can for a down payment to maximize the benefits of your mortgage.
3. Shop Around for the Best Mortgage Rate
Another way to make the most of your mortgage amount is to shop around for the best mortgage rate. Different lenders may offer different interest rates, so it’s important to compare rates from multiple sources. Even a small difference in interest rates can have a significant impact on the total cost of your loan. Take the time to research and consider all your options before committing to a mortgage.
4. Pay Attention to Loan Terms
When selecting a mortgage, it’s crucial to pay attention to the loan terms. The length of the loan, the interest rate type (fixed or variable), and any additional fees or penalties can all affect the overall cost of your mortgage. Carefully review the terms and conditions of any mortgage offer before making a decision. Consider working with a mortgage professional who can help you understand the terms and make an informed choice.
By following these steps, you can make the most of your mortgage amount and ensure a more secure financial future for yourself and your family.
Common Mistakes to Avoid When Calculating Your Mortgage Amount
Calculating the mortgage amount for your home can be a complex process, but it is crucial to do it accurately to avoid financial difficulties in the future. However, many people make common mistakes that can lead to miscalculations. Here are some common mistakes to avoid when calculating your mortgage amount in Canada:
- Underestimating your expenses: One common mistake is underestimating your monthly expenses when determining your mortgage amount. It’s important to consider all of your monthly bills, such as utilities, insurance, property taxes, and maintenance costs, in addition to your mortgage payment.
- Not accounting for interest rates: Another mistake is not factoring in interest rates. Interest rates can have a significant impact on your mortgage payment, so it’s important to consider the current rates and how they may fluctuate over the term of your mortgage.
- Ignoring closing costs: Many people forget to include closing costs when calculating their mortgage amount. Closing costs can add up quickly and include fees for things like appraisals, inspections, legal fees, and taxes. It’s essential to factor these costs into your calculation to ensure you have enough funds to cover them.
- Not considering your future plans: It’s essential to consider your future plans when determining your mortgage amount. If you plan to make major life changes such as starting a family, changing careers, or retiring soon, it’s important to factor in these changes and how they may affect your income and expenses.
- Ignoring your credit score: Your credit score plays a significant role in determining the mortgage amount you qualify for. It’s crucial to check your credit score and take steps to improve it if necessary before applying for a mortgage. A higher credit score can result in a lower interest rate and better loan terms.
Avoiding these common mistakes will help you calculate your mortgage amount accurately and ensure that you can afford your home loan in Canada. Taking the time to thoroughly analyze your finances and consider all relevant factors will give you a clearer picture of your mortgage affordability.
FAQs about Mortgage Amount Calculation
Here are some frequently asked questions about calculating mortgage amounts in Canada:
| Question | Answer |
|---|---|
| What is a mortgage calculator? | A mortgage calculator is a tool that helps you estimate the amount of mortgage you can afford based on various factors such as your income, expenses, and interest rates. It takes into account your monthly payments and total loan amount. |
| How does a mortgage calculator work? | A mortgage calculator takes inputs such as your income, expenses, interest rates, and loan term and calculates the maximum loan amount you can afford. It considers factors such as your debt-to-income ratio and the loan-to-value ratio to provide an accurate estimate. |
| What factors affect the mortgage amount I can get? | Several factors affect the mortgage amount you can get, including your income, expenses, credit score, down payment amount, interest rates, and the term of the loan. These factors help determine your borrowing capacity and affordability. |
| Is the mortgage calculator accurate? | While a mortgage calculator provides a good estimate of the mortgage amount you can afford, it’s essential to remember that it’s only a tool. The actual mortgage amount you can get may vary depending on factors such as your creditworthiness, lender’s policies, and current market conditions. |
| Can I use a mortgage calculator to compare different loan options? | Yes, a mortgage calculator can help you compare different loan options by inputting the different interest rates, loan terms, and down payment amounts. By doing so, you can see how these factors affect your monthly payments and total loan amount. |
Using a mortgage calculator can be a helpful first step in determining the mortgage amount you can afford in Canada. However, it’s always advisable to consult with a mortgage professional to get personalized advice and accurate calculations based on your financial situation.
Question-Answer:
What is a mortgage amount calculator?
A mortgage amount calculator is a tool that helps you determine the loan amount you can borrow for a mortgage. It takes into account various factors such as your income, expenses, down payment, and interest rate to calculate the maximum loan amount you can afford.
How can I use a mortgage amount calculator?
Using a mortgage amount calculator is easy. You need to input certain information such as your income, monthly expenses, down payment amount, and interest rate. The calculator will then provide you with the maximum loan amount you can afford based on these inputs.
What factors are considered in a mortgage amount calculator?
A mortgage amount calculator takes into account factors such as your income, monthly expenses, down payment amount, and interest rate. These factors help determine the maximum loan amount you can afford based on your financial situation.
Is a mortgage amount calculator accurate?
A mortgage amount calculator provides an estimate of the maximum loan amount you can afford based on the information you input. However, it is important to note that the actual loan amount you may be eligible for can vary based on other factors such as your credit score, debt-to-income ratio, and lender requirements.
Can a mortgage amount calculator help me determine my monthly mortgage payments?
Yes, some mortgage amount calculators can also help you determine your monthly mortgage payments. By inputting information such as the loan amount, interest rate, and amortization period, the calculator can give you an estimate of your monthly mortgage payments.
How can I calculate the amount of mortgage I can get in Canada?
To calculate the amount of mortgage you can get in Canada, you can use a mortgage amount calculator. This online tool takes into account your income, expenses, credit score, and other factors to determine the maximum loan amount you can qualify for.
What factors are considered when calculating the mortgage amount in Canada?
When calculating the mortgage amount in Canada, several factors are taken into consideration. These include your income, credit score, employment history, down payment amount, and the current interest rates. All these factors play a role in determining how much mortgage you can qualify for.
Is it possible to get a mortgage in Canada without a down payment?
While it is possible to get a mortgage in Canada without a down payment, it can be more difficult. Lenders typically require a down payment of at least 5% of the purchase price. However, there are some programs available, such as the Canadian Mortgage and Housing Corporation (CMHC) First-Time Home Buyer Incentive, that allow eligible buyers to obtain a mortgage with a smaller down payment.