Step-by-step explanations without the jargon
A complete picture of up-front and monthly costs
Mortgage options matched to your first chapter
Build your home-buying plan
Lorika starts with your goals and timeline, then reviews your income, credit, savings, and existing commitments. You will understand the difference between what you may qualify for and what feels comfortable.
Look beyond the down payment
Your purchase budget should also account for land transfer tax, legal fees, adjustments, moving costs, and a reserve for the unexpected. Default insurance and tax on its premium may also apply.
Compare mortgages, not just rates
Prepayment privileges, fixed or variable terms, portability, and the cost of breaking your mortgage can matter later. Lorika explains those trade-offs and can discuss first-time buyer programs and eligibility.
Your questions, answered.
How much down payment do I need?
For an eligible insured purchase below $1.5 million, the minimum is generally 5% of the first $500,000 plus 10% of the remainder. At $1.5 million or more, at least 20% is generally required. Lender and insurance criteria still apply.
Do I need mortgage default insurance?
It is generally required for eligible mortgages with less than 20% down. It protects the lender, not the borrower; the premium affects your borrowing costs.