First Time Home Buyer Mortgage Newmarket, ON

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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.

Click here to download our First Time Home Buyers Guide

Services by Newmarket Mortgage Broker: Mortgage Pre Approval | New To Canada Mortgage | Self Employed Mortgage | Vacation Home Mortgage | First Time Home Buyer Mortgage

Homeguard Funding Ltd. offers Mortgage Services for First Time Home Buyers across Newmarket, Barrie, Aurora, Bradford, Markham, Stouffville, Vaughan, Thornhill, Mississauga, Richmond Hill, Ajax, Whitby, Georgina, Innisfil, Uxbridge, Port Perry, East Gwillimbury, North York, Pickering, Scarborough, Toronto and Orangeville, ON.

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