- Deciding which type of home to Purchase
- Mortgage Pre Approval
- New to Canada Mortgage
- Self Employed Mortgage
- Vacation Home Mortgage
- First Time Home Buyer Mortgage
There is an endless supply of different types of homes available for purchase – ranging from condos to townhouses to fully-detached homes. The key is to decide what you can afford and which amenities you prefer before heading out shopping for a new home. Your best first step is to seek the advice of a Mortgage Centre Canada Mortgage Professional and get pre-approved on a mortgage. That way, you already know what your price range is – and, therefore, which type of home you’re in the market for – before you begin shopping. Budgeting is also an important part of preparing yourself for the purchase of a home. If you save for a down payment and up-front costs, such as closing costs and emergency reserves, much sooner, you’ll be sure to save enough to cover the many expenses facing a new homeowner, including moving, utility hook-ups, tools, maintenance supplies, window coverings, etcetera. Once you have the money available to make your home purchase a reality, you should weigh the following options to help decide what type of home is right for you:
A condo makes a great first home because it typically costs less than a townhouse or a detached home, which translates into a smaller down payment. But there are, however, monthly maintenance fees you must take into consideration when budgeting for a condo. Condos are also ideal for those who do not want to maintain a lawn or worry about clearing snow away from walkways and driveways.
If the condo life is not your forte and you’re not looking for a big yard to maintain, a townhouse may be your best home purchase option. A townhouse costs less than a fully-detached home and results in cheaper property taxes as well. Many townhouses also come with monthly maintenance fees unless they are freehold townhouses. In situations where you pay a monthly fee, however, you won’t have to worry about outdoor maintenance or snow removal.
If it’s privacy you’re seeking as well as a larger yard, a detached home is your ideal choice. Still, prices can vary drastically based on such variables as whether you’re seeking a spot in the city, a place in the suburbs or a more rural location. Other Considerations The size of the home and property (if you decide not to opt for a condo) are also important things to consider before you head out shopping. While everyone has their dream home in mind, this is not always a practical purchase choice, especially if this is your first home purchase.
When it comes to location, think about in which area or neighborhood you’d like to make your purchase, and which home features are absolutely essential – including what you can live without and what aspects are entirely out of the question. Take a look at real estate ads for the area(s) you’re interested in to see what’s on the market and the price ranges. Also drive around a few neighborhood's and see what’s for sale or visit Open Houses. This can help crystallize what you want or don’t want in a home. By making your first purchase a modest and affordable ‘starter’ home, you will be putting money towards a mortgage that will build equity in that home. And once you’ve paid down a significant portion of that first home’s mortgage, you will then have more money to put towards an upgrade into your dream home.
Need a pre-approval before you go househunting?Find out how much you can afford before you go househunting! This will keep you focused on shopping for homes within your price range. If you qualify for a preapproved mortgage, you'll be certain of the size of mortgage for which you qualify and guaranteed a rate for a specific period of time. If you don't qualify for a pre-approved mortgage, we will be able to help you estimate a mortgage-qualifying amount.
Welcome to Canada!
Just because you are a new immigrant does not mean that you have to wait to purchase a home. If you have been in Canada for less than three years, have landed immigrant status, and have been employed in Canada for a minimum of three months, you can qualify for a mortgage.
The documents you will need include a letter from your employer, a recent pay stub, and 12 months verifiable bank statements from a recognized financial institution. This can include a financial institution from your country of origin if you have been in Canada for less than 12 months. Also acceptable is 12 consecutive months of 2 verifiable monthly payments in good standing. (e.g. phone or utility bill).
With access to multiple lenders, we'll help you find the best rates and best mortgage options to help you buy your dream home.
Small and medium-sized businesses are the engine of the Canadian economy.When it comes to mortgages, it hasn't always paid to be self-employed - because reducing your taxable income can make it difficult to qualify for the mortgage you deserve. We understand business owners because we're business owners, too.
What's better, we have a long list of institutional and private lenders that offer excellent mortgage options for self-employed Canadians. These lenders in Canada understand that self-employed individuals have tax write-offs creating significant reductions in their declared income. With these mortgage lenders, you will not be required to prove your income and a reasonable estimate of your annual income will be acceptable.
We're here to help you beat the banks ... give us a call today.
Having multiple lenders compete for your business is a great way to ensure you get the best rate for your situation. We deal with multiple lending institutions, including major banks, credit unions, trusts and other national and regional lenders, which means we can put significant negotiating power behind finding the best mortgage to fit your specific situation.
Spend quality time in your vacation property.More Canadians than ever before are now spending quality time in their own vacation property. Cottages are now providing family memories for many average Canadians, who are taking advantage of the great low rates, and the innovative new mortgage products that put these getaway homes within reach!
What is the minimum amount of money need to buy a home?In most locations, you only require 5% of the purchase price as your down payment. In some instances, you may qualify to purchase a home with NO MONEY DOWN! This helps to ensure you are dedicated to making your mortgage payments and keeping your home.
How can you determine how much of a mortgage you qualify for?Several factors are involved in determining your purchase potential or how much you qualify for. To get a fast and accurate estimate please contact us.
How can a Cash Back Mortgage assist a first time homebuyer?Institutions have developed a product called the "Cash back Mortgage" so buyer with the down payment but no cash to cover closing costs can still purchase a home. As long as you have the minimum down payment required, institutions are now giving you a cash reward to assist you in paying for your closing costs. You can also use this money to purchase furniture or appliances.
Should you get a pre-approved mortgage?Definitely. Obtaining a mortgage pre-approval is an important initial step in securing a mortgage to buy a home. The lenders will analyze your current income, debt situation and credit history in order to qualify you for a maximum loan amount. This gives a clear picture of your financial parameters and an idea of your purchase price range.
How can you strengthen your bargaining with the vendor of the home you wish to buy?Obtain a pre-approved mortgage. There are three people who will benefit from your pre-approval: YOU, YOUR AGENT, and THE SELLER OF THE HOME YOU WANT TO BUY. Do you want to strengthen your bargaining position with the seller? Get pre-approved. Do you want your offer to stand out in a case of multiple offers for the same house? Get pre-approved.
Look at it from the seller's perspective. If you had 2 offers on the table for your home, one from a fully approved buyer and the other from a buyer that hasn't made any effort to get pre-approved. To which offer would you devote the most attention?
Is a GIFT an acceptable source of your down payment?
Yes. Most institutions will accept a gift down payment if the following criteria are met. The individual(s) granting the gift:
- must be an immediate relative or purchaser
- must be willing (at the institutions discretion) to provide written proof of the source of the gift and photocopy of the gift cheque.
- must be willing to sign a standard gift letter stating the funds are non-repayable
- must be willing to give proceeds to the purchaser at least two weeks in advance of the closing date.