Are you considering buying your first home? Or perhaps you are re-entering the housing market? If you are currently paying rent, there is a good chance you can afford a mortgage.
Buying a home does not need to be a stressful time, it should be exciting and fun. If you have excellent professionals on your side they will glide you through the process effortlessly. Find the right Real Estate Agent and Mortgage Agent and they will be able to help you through the rest.
How Much Down Payment Do I Need?
You only need to have a 5% down payment to purchase a home. You should also make sure that you have a little extra for closing costs; for example Land Transfer Tax, your Lawyers Fees, etc.
The 5% can be withdrawn from an RRSP. It can also be borrowed from another source, i.e. a credit card or line of credit. Your downpayment could also come from a Gift from a family member or friend.
What is a Pre-Approval?
A Pre-Approval is when your Mortgage Broker processes a Mortgage Application for you and gets you pre-qualified to purchase a home. This is beneficial in so many ways most importantly:
-tells you how much you can afford so you know what price range of home you should be shopping for
-gives you a competitive edge when placing an offer over another bidder who is not pre-approved
What is the First Time Home Buyers Tax Credit?
Visit the Government of Canada website for more information and speak to your Tax Accountant to see if you qualify
What type of Mortgage should I choose?
Speak to your Mortgage broker about the benefits of each type of mortgage. You probably will have a choice between a Fixed Rate Mortgage, and a Variable Rate Mortgage. With some lenders a Variable Rate mortgage can be converted at any time to a Fixed Rate, so you can have the benefit of both. Many first time homebuyers feel more comfortable with a Fixed Rate Mortgage, so they can easily budget their monthly payments.
How do I get started?
Complete our confidential contact form (below) or on the CONTACT page
We will email you a Mortgage Application Form. This gives us your basic financial information and will allow us to complete a free confidential assessment for you, to tell you IF you qualify for a mortgage and for HOW MUCH.
(*all information is O.A.C. and subject to income & debt qualification ratios)
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