Whether it’s your first home or you’re looking to invest in a property, we make sure your rate is great. We don’t work on commission. We work to find the best loan for your needs, not ours. For these reasons and more Lower is Canadians’ go-to place for their mortgage.
Lower is Canada’s premium mortgage broker offering mortgages for every type of new home, whether it's to live in or an investment.
We’ll check 40+ lenders and 10,000 products in the market.
Speak with your trusted Lower advisors anytime.
Lower advisors will do all the application admin.
Rated 4.9 / 5 on Google, Facebook, Trustpilot, Comparewise and others.
Buying a home for your family is so important. Ammar made us feel comfortable with at ease with this process. He took his time to understand our needs but was very quick with the process.
Comparewise
I bought my first home a few years back and used @lowerdotca. It was a great experience so I called them when I was ready to purchase my second house. Ammar and his team go above and beyond.
Comparewise
We had a great experience with Ammar and his team. He explained us all of our options without us feeling the pressure or rushed. I highly recommend.
Comparewise
I was extremely nervous being a first time home buyer in Toronto. With prices skyrocketing I wasn't sure this was the right move but after speaking to Ammar, he made me feel confident.
Ammar went above and beyond our expectations, answering all of our questions and securing us an even better rate that we'd hoped for! The entire process was very smooth and we will be recommending his mortgage services.
Comparewise
I was working with a broker before and it was a nightmare. Thank goodness I found Ammar. He was always quick to respond to help us. We will definitely be using Ammar when it’s time to renew our home.
I was anxious being a first-time home buyer in the Toronto market. Ammar was referred to me by a friend of the family and he definitely made the process much easier to work through!
Comparewise
We really appreciated Damien’s patience and compassion through this entire process. We are very happy with our rate and how easy he made our experience.
Comparewise
Ammar was amazing to work with from start to finish. Found us such an excellent rate. He went above and beyond for us.
@lowerdotca helped me with my purchase of my third business property. He found us the best rates. I would recommend Shawn if you need to speak to anyone.
My family member recommend @lowerdotca and to speak to Ammar. He doesn't disappoint. I was very satisfied with his service.
Comparewise
My previous mortgage broker retired so I had to find a new one. When I contacted Lower. The whole team is amazing. I was impressed right off the bat. Very professional.
@lowerdotca was recommended to me by a fellow business owner who used their services to refinance their property. I found Ammar to be knowledgeable and efficient in helping us to reduce our rate and liquidate the capital we needed to expand our business.
So glad I found Damien and Lower. The last time I had to renew my mortgage was a headache. Damine is familar with the challenges of applying as a self-employed individual and got our re-financing done without any trouble.
Lower gave us confidence in our purchase. I won’t even hesitate calling because they are just that great! Very easy to understand and work with.
Comparewise
I've worked with Lower many times. I highly recommend them to my clients who are in need. They work hard to get the best rates.
Comparewise
I was referred to Damien because I wanted to purchase the building my business is in when my landlord decided to sell. We went over all of my options and I ended up not only managing to purchase the building but also get extra funds to
Very reliable team. They are straight forward which I liked. They are honest but they also work very hard to find the best rates for you.
I had the pleasure of speaking to Shawn about a few things. Including purchasing property for my business and we got approved very quick. I will be using his services for my business in the future.
I used @lowerdotca to help with the purchase of my second investment property. Damien made the process quick and straightforward, which I appreciated as I have a hectic schedule.
Have a different question? Contact us today.
As a first-time home buyer, the mortgage broker works as an independent agent and liaises between you and the bank. They guide you in choosing a lender through the entire loan process. You need a mortgage broker to make things easier for you.
There are two types of mortgage insurance.
The Canadian government has made available some incentives for first-time home buyers in Canada. It is popularly called the First Time Home Buyer Incentive (FTHBI). Eligible first-time home buyers are given interest-free loans of 5% to 10% of the price of their choice of home.
Calculating your first time homebuyer mortgage repayment may be really tricky. However, there are loan repayment calculators that will help you. Enter the following details
Irrespective of the fact that a low credit does not necessarily affect the chances of qualifying for a first time home buyer mortgage. You will have a wide array of choices if your credit rating is fair. A credit rating of 640 and above is ideal and affords you better chances.
If you want your dream of owning a home to come true, exploring mortgage options as a first-time home buyer is a great way to get started.
It helps you enter the housing market for that perfect property while managing the financial burden. But how does one go about getting a mortgage as a first-time buyer?
Contrary to the common misunderstanding, there is no special “first-time homebuyer mortgage” product in Canada. First-time buyers use the same mortgage products as other buyers, but they may qualify for government programs, tax advantages, and down payment assistance tools.
In Canada, mortgage options can come from banks, credit unions, mortgage brokers, or private lenders. Different mortgage types exist, and it’s up to you to choose the one that suits your financial situation and long-term goals.
The feeling that comes with buying your first home is exciting and meaningful. You’ve worked hard to save, and now you’re taking a major step toward homeownership.
However, there are important things to understand before you move forward. This article will help you understand what mortgage options and considerations apply to first-time home buyers in Canada.
Before you start seriously looking at homes, getting a mortgage pre-approval can make a significant difference in your buying experience. Pre-approval gives you a clearer idea of how much you can borrow based on your income, credit score, and financial profile.
It also helps you shop with confidence, since sellers are more likely to take your offer seriously when you already have financing approval in place. In competitive housing markets, a pre-approval can even give you an advantage over other buyers who have not yet secured financing.
Your credit score is one of the most important factors lenders consider when approving a mortgage. It helps determine not only whether you qualify but also what interest rate you may be offered.
A higher credit score can improve your chances of securing better rates, which can save you thousands of dollars over the life of your mortgage. On the other hand, a lower credit score may limit your options or result in higher borrowing costs.
Before applying for a mortgage, many buyers take time to review their credit report, correct any errors, and improve their score where possible by paying down debt and making consistent on-time payments.
The size of your down payment plays a major role in determining your mortgage structure. In Canada, the minimum down payment depends on the purchase price of the home.
A larger down payment can reduce your monthly payments and may help you avoid mortgage insurance costs, while a smaller down payment can help you enter the market sooner but may increase long-term costs.
For many first-time buyers, saving for a down payment is one of the biggest challenges, which is why tools like the FHSA and HBP can be especially useful in building savings over time.
If your down payment is less than 20% of the home’s purchase price, you will typically be required to pay for mortgage default insurance in Canada.
This insurance protects the lender in case you are unable to make your mortgage payments. While it adds to the overall cost of your mortgage, it also allows buyers with smaller down payments to enter the housing market sooner.
The premium is usually added to your mortgage balance and paid off over time rather than upfront.
Beyond your mortgage payments, first-time buyers should also prepare for additional costs associated with purchasing a home. These can include closing costs such as legal fees, land transfer taxes, home inspections, and appraisal fees.
There may also be ongoing expenses like property taxes, home insurance, utilities, and maintenance costs. These are often overlooked by first-time buyers but are essential to include in your long-term budget planning.
Choosing between a fixed and variable rate mortgage is not just about preference—it often depends on your financial stability and outlook on interest rates.
Some buyers prioritize predictability and choose fixed rates for stability, while others are comfortable with some risk in exchange for potential savings with variable rates. The right choice often depends on how comfortable you are with fluctuations in monthly payments and changes in economic conditions.
Many first-time buyers benefit from working with a mortgage broker instead of going directly to a bank. Brokers can compare multiple lenders on your behalf and may help you access more competitive rates or flexible terms.
They can also help guide you through the approval process, especially if your financial situation is more complex or if you are unsure which mortgage structure best fits your needs.
Most mortgages in Canada are not paid off in a single term. Instead, they are renewed multiple times over the full amortization period.
When your mortgage term ends, you will need to renegotiate your rate and terms. This is an opportunity to reassess your financial situation, shop for better rates, or switch lenders if needed.
Planning ahead for renewal cycles can help you avoid surprises and maintain better control over long-term borrowing costs.
As a first time home buyer in Canada, there are some criteria that you have to meet. The criteria vary for different federal home buyer programs across the country. However, some variables are constant.
There are several mortgage options available, and they differ based on interest structure, term length, and flexibility. You can choose depending on your financial situation and risk tolerance.
One of the key considerations in a mortgage is the term length. In Canada, mortgage terms typically range from as short as 6 months to as long as 10 years, although 5-year terms are the most common.
At the end of each term, you can renew or renegotiate your mortgage.
A fixed-rate mortgage means your interest rate and monthly payments remain the same throughout the term. This offers stability and predictability, which many homeowners prefer.
A variable-rate mortgage fluctuates based on your lender’s prime rate, which is influenced by the Bank of Canada’s benchmark interest rate, not the stock market. This means your payments or interest portion may change over time depending on economic conditions.
Variable rates can offer savings when interest rates are low but come with more uncertainty.
An open mortgage offers flexibility, allowing you to make extra payments or pay off your mortgage early without penalty. This flexibility often comes with higher interest rates.
A closed mortgage usually has lower interest rates but limits how much extra you can pay or how early you can pay off the loan without penalties.
Mortgage calculators offered by lenders or financial websites can help you estimate payments and compare different scenarios.
To get the best lenders suited to your needs, there are a variety of factors that you should look into.
Mortgage-related fees can include appraisal fees, legal fees, and prepayment penalties. These costs can add up, so it’s important to understand them before committing.
Interest rates play a major role in the total cost of your mortgage. Even a small difference in rates can significantly impact long-term affordability.
The amortization period is the total time it takes to fully pay off your mortgage. In Canada, the standard amortization period is typically 25 years, though in some cases insured mortgages may extend up to 30 years for eligible buyers and properties.
A longer amortization reduces monthly payments but increases total interest paid over time.
The mortgage term you choose affects flexibility and cost. A 5-year term is the most common in Canada because it balances stability and competitive interest rates, but shorter or longer terms are also available depending on your needs.
Lower is a mortgage provider that offers financing solutions for home buyers, including flexible mortgage options and support throughout the application process. Depending on qualification, funding timelines and approval speed may vary based on application and underwriting requirements.
Applying for a mortgage through Lower is designed to be straightforward, with guidance available throughout the process. In addition to mortgage solutions, homeowners may also explore options such as refinancing or accessing home equity products after purchase.
Owning a home is a major milestone, and while the process can feel complex, Canada offers several tools and mortgage options to help first-time buyers enter the housing market.
While there is no special “first-time homebuyer mortgage,” there are programs such as the First Home Savings Account (FHSA) and the Home Buyers’ Plan (HBP) that can help reduce financial barriers.
Understanding mortgage types, comparing lenders, and planning your finances carefully can go a long way toward making your first home purchase a successful one.
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