Top 3 Myths Holding People Back from Buying

Date Posted: July 23, 2025

 

 

 

 

Buying your first home is a huge milestone — and a massive decision. But for many Canadians, it’s not the actual cost that’s holding them back... it’s misinformation.

At Mortgage Brokers Ottawa, we hear it all the time:
“I thought I needed 20% down.”
“I heard I can’t qualify unless I have perfect credit.”
“My bank already said no, so I figured I was stuck.”

Let’s bust some of those myths wide open — and show you how a mortgage broker can help open the door to homeownership sooner than you might expect.

 

 

🧨 Myth #1: “You need 20% down to buy a home.”

Reality: You can buy with as little as 5% down on homes under $500,000 — and 5-10% on homes up to $1 million. The 20% rule only applies if you don’t want to pay mortgage insurance. For most first-time buyers, that’s not a deal-breaker — and we can walk you through what the insurance premiums mean for your monthly payment.

Bonus Tip: Gifted down payments from family are perfectly acceptable, and you can use your RRSPs tax-free through the Home Buyers' Plan.

 

 

🧨 Myth #2: “My bank said no, so I guess I can’t qualify.”

Reality: Your bank is just one lender. We have access to dozens of lenders, including credit unions, alternative lenders, and specialized programs that don’t rely solely on traditional credit rules. We look at your full financial picture — not just the surface level.

 

 

🧨 Myth #3: “You can’t get a mortgage if you’re self-employed or have inconsistent income.”

Reality: Being self-employed just means the process takes a bit more care. We’re experts in helping business owners and freelancers get approved, often using alternative income documentation or stated-income products designed for your situation.

 

 

🔑 A Mortgage Broker Helps You See the Full Picture

The real danger with mortgage myths? They stop people from even asking the right questions.

At Mortgage Brokers Ottawa, we’re here to provide clear, judgment-free advice. We’ll explore all your options, help you understand what you can afford, and make a plan that fits your goals — even if you’re not ready today.

And remember — using a mortgage broker doesn’t cost you anything in most cases. We're paid by the lender, not by you.

 

 

💬 Curious if one of these myths has been holding you back? Let’s talk. You might be surprised at what’s possible.

📍Mortgage Brokers Ottawa — here to guide, support, and help you stress less every step of the way.