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The Home Buyers Plan is a federal government program that allows homebuyers to use $25,000.00 for each purchaser from his/her own RRSP.
You must not have owned a principal residence within the last 5 years.
You must intend to occupy your home as a principal residence.
Minimum repayment is 15 equal annual installments. This schedule can be accelerated.
The funds to be withdrawn must have been invested into the RRSP for a minimum of 90 days prior to withdrawal.
You must complete a Form T1036.

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The home must be located in Canada and is to be occupied as your principal residence.
You have from your own resources a down payment of at least 5% of the purchase price of the home.
Your mortgage payment must not exceed 32% of your gross household income. This includes payment of principal + interest + property taxes + heat + condo fees (if applicable).
You must be able to cover closing costs equivalent to at least 1.5% of the purchase price.
You meet the lender's eligibility requirements regarding income, employment and credit worthiness.

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Closing costs are approximately 1.5% of the Purchase Price. The following are approximate costs:

Appraisal Fee: $200.00

CMHC FEE (if applicable): $165.00

Survey Certificate (if applicable): $250.00

Home Inspection $250.00

Legal Fees (approx): $750.00

Tax Adjustment (if applicable)

Interest Adjustment (if applicable)

Property Transfer Tax (if applicable)

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This tax is charged by the Provincial Government and is collected by your lawyer at closing.
Each Province varies as to the amount but it is usually a percentage of the purchase price. For example in British Columbia, the amount the purchaser must pay is 1% of the first $200,000 and 2% of the balance.
You are exempt from paying PTT in British Columbia if you have never owned a home anywhere. You must finance at least 70% of the purchase price and the maximum home price must not exceed $300,000.00.

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In most situations lenders require a comfort level that the borrower has sufficient income and cash flow to service the mortgage as well as any other obligations that they may have. The higher the Loan to Value (ie mortgage amount vs. purchase price) the more important this becomes as the lender is placing less reliance on the value and equity in the property and more on the earning power of the borrower. The following is a summary of what Lenders require depending on what type of job you have:

Salaried Employees

Job Letter - Lenders use 100% of the income. Verification is made on company letterhead, signed by appropriate individual. If you are a recent hire, the letter should confirm that probation period has been passed. Bonuses, car allowances and other forms of remuneration should be mentioned if applicable.
Pay Stubs - Many Lenders will also require your most recent pay stubs.

Hourly Employees

Pay Stubs - showing year-to-date income verification.
T4's and/or Personal Tax Returns (T1 Generals)- 3 years to take an average.
Notice of Assessment - (NOA) - most recent to confirm no taxes owed.

Commission Income

T4's and/or Personal Tax Returns - 3 years to take an average.
Job Letter - confirming position.
Notice of Assessment (NOA) - optional depending on Lender.

Self-Employed

Financial Statements of Company - 3 years average of net income used. Depending on Lenders policies, The add-back of various personal expenses run through the company may or may not be allowed (eg's of allowable addbacks - Depreciation, Amortization, CCA (Capital Cost Allowance).
NOA's (Personal Notice of Assessments).
Personal Tax Returns ( T1 Generals showing personal net income).

Overtime - Will be used as long as there is a proven track record - 3 years evidence (T-4's).

Bonuses - Once again a 3 yr track record required.

Part-time Job - should be in place for a couple of years before using the additional income.

Tips - generally not recognized unless declared for tax purposes.

Car Allowances - This varies from lender to lender.

Alimony and Support - Evidence that payments have been made regularly and a copy of divorce agreement is required.

Investment Income - must be received continuously. This source of income is limited to interest, dividends or some type of ongoing revenue. Capital gains, which result from the liquidation of an asset is a 1 time occurrence and can't be used.

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There are several factors to consider when making a mortgage decision. From terms and rates to flexibility and type of mortgage, your OMAC Mortgage Professional will assess your unique needs and present the best options.

Choosing the right one could save you hundreds of dollars monthly; thousands in the long-term.

OMAC mortgage products include:

An Open Mortgage - allows you the flexibility to pay off some or the entire mortgage at any time, without penalty. Interest rates are usually higher and are tied to the Bank Prime.
A Fixed Mortgage - offers you the security of locking in your interest rate for the term of your mortgage, so you know exactly how much principal and interest you will be paying on the mortgage during the term. Terms range from 6 months to 10 years. Fixed rate mortgages offer some form of pre-payment, from 10% to 25% of the original mortgage balance each year, depending on the lender. If you wish to pay off your mortgage in full, there will be a penalty of either 3 months simple interest, or an Interest Rate Differential (IRD). The benefit of this mortgage is the rate is lower than an open mortgage, making it a more popular option if you have no plans to pre-pay it in full during the term you select.
Variable Rate Mortgage - allows you to take advantage of today's low Prime Rate. Most variable rate products are set below prime, terms range from 1 to 5 years. The terms range from 3 to 6 years. Payments vary depending on the product or lender you choose. In some cases you can fix your payments for up to 5 years, but the interest rate will fluctuate as the Bank Prime Rate changes. In other cases your monthly payments will fluctuate depending on how many times the Prime Rate changes during your term.
Secured Line of Credit - allows you to access the equity in your home whenever you choose. Rates are tied to prime, usually slightly above prime. Required payment on the balance is interest only, making it a good choice where cash flow may be important. Lower interest rates compared to an unsecured line of credit. You may have a secured line of credit and a mortgage, if you have good equity in your home.
2nd Mortgage - typically refers to a secured loan (or mortgage) that is subordinate to another loan against the same property.
Private Mortgage - in this instance you don't borrow from a bank, you borrow from another person or business.
Commercial Mortgage - similar to a residential mortgage, except the collateral is a commercial building or other business real estate, not residential property. In addition, commercial mortgages are typically taken on by businesses instead of individual borrowers.