How do I get a mortgage with low income?

November 28, 2020

1 thought on “How do I get a mortgage with low income?”

  1. It is possible to get a mortgage even with a low income. In Canada, you are required to pay a minimum down payment of 5% for purchasing a house up to the $500,000 mark, so if you aim for a low-priced property, you can easily get a mortgage with a low income.

    Ensure you pay your other loans on time, be it a car or student loan, to keep your credit score up. Default on other loans will affect your application negatively. If possible, pay off your debts to keep your Total Debt Service Ratio low. 

    To increase your maximum affordability, consider a co-signer with a better financial status, such as a partner or your parents, to help guarantee your application for a mortgage.

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