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The purchase of a home is the largest purchase most people make during their lifetime. At Dominion Lending Centres, we want to make each and every purchaser aware of the many mortgage options available to them.

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  • Testimonial

    Brittney, Satisfied Customer

    The Dominion Mortgage Team was so great to work with because they answered all of my questions and explained the whole process to me.
  • Testimonial

    Adam & Cheryl Tempelaar

    Awesome! We will definitely be back when it's time to re-mortgage or buy a new house.
  • Testimonial

    Valinda, Satisfied Customer

    My agent was very understanding, approachable and listened to my needs and concerns and made very good suggestions.
  • Testimonial

    Ashlee & Luis Sanchez

    We didn't feel like we were taken advantage of. We felt extremely comfortable; we also felt that we were top priority and everything was going to be done that would best meet our financial situation.
  • Testimonial

    Greg Irwin, Satisfied Customer

    The mortgage process was the most stress free part of the whole purchase and move!
Dominion Lending Centres | Regional Mortgage Group
Dominion Lending Centres

Dominion Lending is a mortgage and leasing company with more than 2,000 members offering free expert advice across Canada for all your mortgage needs:

  • Residential Mortgages
  • Commercial Mortgages
  • Equipment Leasing

Mortgage Questions

Down Payment

All lenders expect you to put some cash down on your home purchase. This is Down Payment and the minimum here in Canada is 5% of the purchase price.  A Down Payment less than 20% makes for a high ratio mortgage and although you can get the same interest rate as someone applying for a conventional mortgage (>20% down), there will be CMHC (or Genworth) insurance fees attached, according to the Bank and Trust Company Acts. The amount of insurance fees charged is relative to the mortgage size and your down payment amount - the current level of equity in the home. So remember, the more money you can save and put toward down payment, the lower your mortgage and payments will be!

Down Payment becomes increasingly important if your credit history is less than great. Some lenders will overlook past credit blemishes, not verify income and other financial status, if you have 35% to 40% of the purchase price for your down payment. No Income Verification.

This equity that you build in the home goes to the banks in the unfortunate event of foreclosure. Hence, the larger the down payment the more protection the banks have. This is why your CMHC (or Genworth) fees are higher if your down payment is lower. For CMHC fees, see here.

Be sure to have your down payment ready at least 30 days before you apply for a mortgage loan.

Ways to Accumulate a Down Payment

  • Start saving as much as you can as soon as you can. If you've already talked to mortgage lenders and they've informed you that your down payment is insufficient, make it a priority and find ways to save money such as foregoing a new car or a vacation trip. 

  • If you have enough equity in your RRSP, you can borrow the money from your account up to $25,000
  • Down payment can be borrowed from a secured line of credit (this is called a flex down product and is subject to different qualifying criteria) or can be gifted from a family member

Call To Action

For more information on any program you may be interested in please either email us at This email address is being protected from spambots. You need JavaScript enabled to view it. or call 403-343-1125 to set up an appointment with an agent.