Mortgages for First Time Home Buyers
Need help to simplify the buying process and all the financing details so you can get down to finding just the right property as fast as possible
This is the amount of money you put towards buying a home. The minimum amount you pay varies depending on the purchase price.
The minimum down payment required for a mortgage ranges from 5% for homes that cost less than $500,000. For homes that cost $500,000 to $999,999, the minimum down payment is 5% of the first $500,000 plus 10% of the remaining balance. The minimum down payment for homes that cost $1,000,000 or more is 20%
Make your down payment at least 20% of the property value to lower your monthly mortgage costs and amount of interest you'll pay over the term.
If you put less than 20% down, you'll need mortgage default insurance
You've got options to collect funds and reduce the amount of mortgage you need.
If you're a first-time home buyer you can withdraw up to $35,000 from your RRSP to help buy a home.
Save your dollars and add them to a high interest or tax-free savings account.
Put monetary gifts from family, tax refunds and work bonuses towards buying your dream home.
Mortgage Products and Services you can Trust.
There are many things to think about when buying your first home. Professional mortgage advice is a great place to start.
Get out of a high rate mortgage, or unlock some of your home equity for debt consolidation or other important need.
At renewal, you can renegotiate everything pertaining to your mortgage – with no penalties. It’s also a great time to save money!
Examine the financial implications of what may prove to be the most important financial decision of your lifetime.
We offer wide variety of Mortgage Services.
A mortgage pre-approval is an important step in the home buying process and we can help you out. I can help with your financial strategy, your mortgage amount, down payment amount, purchase price and give you an overall idea of what you can realistically afford.
Investment properties, particularly smaller residential properties, are accessible to many average Canadians. Real estate has been one of the most attractive investment categories in Canada for the past decade.
At renewal, you can renegotiate everything pertaining to your mortgage – with no penalties. It’s also a great time to save money!
Why pay high interest rates on your bank’s credit card debt when you can add that debt to your mortgage and pay a much lower interest rate.Use your home equity to reduce your credit card debt
Get out of a high rate mortgage, or unlock some of your home equity for debt consolidation or other important need.
Whether you’re planning a major home renovation or a small project, I offer financing options to help meet all your home improvement needs. There’s never been a better time to access the extra funds that can help bring your home to that next level of comfort.
With all of the options available in the second mortgage market, most people need an experienced mortgage professional to guide them through the mortgage qualifying process. Our dedicated agent will speak to you in detail to determine what your options are with respect to your unique circumstances.
Are you having difficult qualifying for a traditional mortgage loan? Or are you on a short timeline and unable to wait around for the bank to make its final approval? If you are in either of these situations, you may be interested in a private mortgage loan. This type of financing is faster and much easier to qualify for
This is the amount of money you put towards buying a home. The minimum amount you pay varies depending on the purchase price.
The minimum down payment required for a mortgage ranges from 5% for homes that cost less than $500,000. For homes that cost $500,000 to $999,999, the minimum down payment is 5% of the first $500,000 plus 10% of the remaining balance. The minimum down payment for homes that cost $1,000,000 or more is 20%
Make your down payment at least 20% of the property value to lower your monthly mortgage costs and amount of interest you'll pay over the term.
If you put less than 20% down, you'll need mortgage default insurance
You've got options to collect funds and reduce the amount of mortgage you need.
If you're a first-time home buyer you can withdraw up to $35,000 from your RRSP to help buy a home.
Save your dollars and add them to a high interest or tax-free savings account.
Put monetary gifts from family, tax refunds and work bonuses towards buying your dream home.
Mortgage brokers provide a one-stop shop for their clients. They may have access to hundreds of potential lenders with only one credit inquiry impacting your score. They are often able to find great rates and get you approved quickly.
While banks expect the client will negotiate with them, or accept the given rate, mortgage brokers are more likely to go to bat for you, to get a lower interest rate.
Mortgage brokers are often very flexible with meetings and communication. Many are available after business hours and are willing to deal with meetings and much of the necessary paperwork through text, email, and Skype. If you’re a bit of an introvert, you can even deal with an online mortgage broker, avoiding face-to-face meetings altogether.
They are often able to get their clients approved when banks can’t since they are able to work with more lenders and with those who are willing to take a little more risk. Under trickier financial circumstances, a mortgage broker can work with less traditional, B-lenders and private lenders, allowing them to take the details of each unique case into consideration, rather than considering numbers alone.
To determine ‘affordability’ you will first need to know your taxable income along with the amount of any debt outstanding and the monthly payments. Assuming it is your principal residence you are purchasing, calculate 32% of your income for use toward a mortgage payment, property taxes and heating costs. If applicable, half of the estimated monthly condominium maintenance fees will also be included in this calculation.
Second, calculate 40% of your taxable income and deduct all of your monthly debt payments, including car loans, credit cards, lines of credit payments. The lesser of the first or second calculation will be used to help determine how much of your income may be used towards housing related payments, including your mortgage payment. These calculations are based on lenders’ usual guidelines.
In addition to considering what the ratios say you can afford, make sure you calculate how much you think you can afford. If the payment amount you are comfortable with is less than 32% of your income you may want to settle for the lower amount rather than stretch yourself financially. Make sure you don’t leave yourself house poor. Structure your payments so that you can still afford simple luxuries.
A home inspection is a visual examination of the property to determine the overall condition of the home. In the process, the inspector should be checking all major components (roofs, ceilings, walls, floors, foundations, crawl spaces, attics, retaining walls, etc.) and systems (electrical, heating, plumbing, drainage, exterior weather proofing, etc.). The results of the inspection should be provided to the purchaser in written form, in detail, generally within 24 hours of the inspection. A pre-purchase home inspection can add peace of mind and make a difficult decision much easier. It may indicate that the home needs major structural repairs which can be factored into your buying decision. A home inspection helps remove a number of unknowns and increases the likelihood of a successful purchase.
A minimum down payment of 5% is required to purchase a home, subject to certain maximum price restrictions. In addition to the down payment, you must also be able to show that you can cover the applicable closing costs (i.e. legal fees and disbursements, appraisal fees and a survey certificate, where applicable). Regardless of the amount of your down payment, at least 5% of it must be from your own cash resources or a gift from a family member. It cannot be borrowed. Lenders will generally accept a gift from a family member as an acceptable down payment provided a letter stating it is a true gift, not a loan, is signed by the donor. Where the mortgage loan insurance is provided by Canada Mortgage and Housing Corporation (CMHC), the gift money must be in the your possession before the application is sent in to CMHC for approval. Mortgages with less than 20% down must have mortgage loan insurance provided by either CMHC or GE.
Mortgage loan insurance is insurance provided by Canada Mortgage and Housing Corporation (CMHC), a crown corporation, and GE Capital Mortgage Insurance Company, an approved private corporation. This insurance is required by law to insure lenders against default on mortgages with a loan to value ratio greater than 80%. The insurance premiums, ranging from .50% to 3.75%, are paid by the borrower and can be added directly onto the mortgage amount. This is not the same as mortgage life insurance.
A conventional mortgage is usually one where the down payment is equal to 20% or more of the purchase price, a loan to value of or less than 80%, and does not normally require mortgage loan insurance.