Purchasing your first home is extremely exciting, and we would love the opportunity to help you get there. We will walk you through the entire process, handling all of the paperwork so you can focus on what’s most important; finding the perfect home!
We will first determine how much of a mortgage you can qualify for, this way you are confident that you’re shopping in the right price range. Plus, we want to make sure that you are comfortable with the total monthly expenses that your new home will bring.
We will help you determine the monthly costs that you are most comfortable with, we will do this by first examining your long term goals and hopes for the future. This will also help us in knowing which specific lender and mortgage product will fit best with your current lifestyle for all your needs and wants.
The minimum down payment will be 5% if your purchase price is $500,000 or under. If your purchase price is over $500,000 but less than $1,000,000, the minimum down payment will be 5% on the first $500,000, and 10% on the remainder. For any purchase with less than 20% down payment, an insurance premium will be added to the mortgage. If your purchase price is $1,000,000 or higher, the minimum down payment will be 20% and there will be no insurance premium added to the mortgage.
Lenders are required to verify that you can afford to pay the new mortgage payment and all additional expenses that come with home ownership. You will need to provide confirmation of your income, such as a recent employment letter and paystubs from your employer, or your previous two years T1 General tax returns if you are self-employed. The lender will also ask to see confirmation of your down payment funds and closing costs, in most cases this means 90 day history on the account(s) the funds are currently in. Gifted down payment will be acceptable in most cases.
When we have your target purchase price and down payment amount calculated, we can lock you in a rate hold for up to 120 days. This guarantees you a maximum rate should interest rates start to rise, this way you can shop with confidence. If interest rates start to go down, we can then get your rate dropped to the lowest rate available when it comes time.
Once you find the right home, we immediately get to work so we can present you with the best mortgage options for your situation. We will discuss the pros and cons of each lender to help you make the decision that is right for you. We will guide you through the entire process, from accepted contract all the way to the conveyancing and closing of your mortgage.