Nothing! For virtually every mortgage solution, there is no cost to you. From our first consultation to your application to the day you sign your mortgage, there’s no fee for using our services. 

Banks only offer products, including mortgages, from their own institutions. That’s just a single source of mortgage options. Licensed mortgage brokers, like Nest, can source mortgages from a huge selection of banks and lenders with a variety of policies. That means we have many more options to consider, and many more opportunities to find you a better rate than your bank will provide. 

There’s really no need to! We work with every major Canadian bank and lender to find the best possible mortgage products, so we’ll be reaching out to your bank anyway. Your bank will not always have your best interest in mind. As an independent, we will get you the best possible solution today and stay with you throughout the life of your mortgage.

That’s the million dollar question. It typically comes down to your savings and earnings. We'll help you assess how much savings you have, how much you should allocate towards a down payment, whether you will have support from family members, and how much you can afford on a monthly basis. Your current income is a good place to start. Try our mortgage calculator to get an idea of how much you can afford based on your savings and your income. Then go to “Get Started” to connect with Nest.

It’s simple and straightforward. After you know roughly how much you’re planning to spend on a new home, fill out our online application to get started. After you fill out the application and provide a few supporting documents, the team at Nest starts looking for the best possible mortgage for you. We use our cutting-edge technology to search offers from over 230 lenders, to source the ideal product for your needs. We’ll provide you with a summary report that outlines your options, along with instructions for how to move forward. 

For most people, the minimum down payment you can make is 5 percent for the first $500,000 of the purchase price, and 10 percent for the portion between $500,000 and $999,999. For homes that cost $1 million and greater, the minimum down payment is 20 percent of the purchase price.

For a $700,000 home, the minimum down payment is calculated as follows:

$500,000 x 5% = $25,000

$200,000 x 10% = $20,000

For a total minimum down payment of $45,000.

Note: If you’re self-employed or have a weak credit score, you may require a larger down payment. 

A down payment is a lump sum you plan to apply to a purchase. It comes from money you have on hand and can afford to pay now, from savings or gifts, for example. It’s a portion of the total cost of your home, so the larger the down payment you make, the smaller the mortgage you will need. See the question above about the minimum down payment requirements. 

A deposit is a portion of your total down payment placed in trust to show the seller of a home that you’re serious about your intent to buy. It’s also called “consideration” in some regions. The deposit is typically made sometime after the seller has accepted your offer to purchase the home and before you take formal ownership of the property. Again, the deposit makes up a portion of your down payment, it is not in addition to your down payment.

Using the Government of Canada’s Home Buyers Plan, first-time home buyers can withdraw up to $35,000 from their RRSPs, tax free, to buy or build a home. You are required to repay the funds you withdraw within 15 years. You qualify as first-time home buyer if, in the past four years, you did not occupy a home that you or your current spouse or common-law partner owned. In other words, even if you have previously bought a home, you may qualify for the Home Buyers Plan and be able to use RRSPs. See the Government of Canada website for details.

Additional costs to consider when buying a home may include legal fees, an appraisal expense, GST (for new homes, such as pre-sales), home inspection fee and property transfer taxes. We’ll provide a detailed summary of the costs you can expect. Some good news: unless your mortgage needs are extremely complex, which is very rare, Nest's services do not cost you a dime.