Who Are First Time Home Buyers?
First-time homebuyers who are unfamiliar with the personal loan system can work with our network of devoted mortgage brokers to make sure the journey to home ownership is a successful one!
The First Time Home Buying explained
Mortgage Pre-approval
Pre-approval is the first official step of the mortgage application process. One of our Mortgage Agents will help you with your mortgage application and then research the market to find out which Lender offers what you need, how much you can qualify for and the best interest rates available to you. Our skilled team can get you an official pre-approval within hours. The strength of our relationships with lenders allows us to hold your interest rate at its lowest point for up to 120 days without rate increases.
A mortgage pre-approval is the mortgage financing pre-qualification process for purchasing a home, investment property, commercial property & other. During this process, the home-owner-to-be will learn things such as the budget to search for a property, the mortgage rate they qualify for, how much their monthly payments will be, closing costs , including land transfer tax and more.
First Time Home Buyer: Find A House And Submit And Offer To Purchase:
There are no commitments to a mortgage pre-approval. It helps you understand the purchase range and interest rate you can secure once you are ready to buy.
- Submit an Offer to Purchase. (With condition of finance upto 5 days).
- Obtain a full mortgage approval – typically between 24-48 hours
- Conduct a property inspection.
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- Recent Pay Stub Employment
- Employment Letter
- T4 or T4A
- Bank Statements
- T1 Generals
- Business Financials
- NOA's
- Business Licence
We will provide you all the assistance in collecting these documents.
For the last 15 years, We have been providing the communities of Ontario with flexible, trustworthy business and residential mortgages to make home and commercial facility accessible. We will assist you in comprehending your financing possibilities and locating an affordable mortgage. We will walk you through the procedure and make it as simple and straightforward as possible.
Appraisal And Down Payment First Time Home Buyer
Property appraisals are only needed for Traditional Mortgages. This is where you as the buyer would put 20% or more down on your home’s purchase price.
What If I Don’t have a 20% down payment?
You will need to purchase mortgage insurance. This insurance is to protect the lender from higher risk mortgage loans. As a first-time home buyer, you have the ability to put as little as 5% down, provided you meet the necessary qualifications.
A Lawyer is required to represent you when you purchase a home.
- Your lawyer receives and pays out the money you borrow from the lenders
- Your lawyer Closes your mortgage on the assigned date.
Your lawyer informs you of your legal responsibilities in the mortgage process and manages your closing costs.
Getting a mortgage pre-approval is most beneficial to home buyers, as you are gaining a lot vital information regarding your mortgage financing qualifications. Knowing the monthly payments, interest rate, closing costs and other important information regarding the biggest loan you will likely have in your life, will impact your decision in the home buying process — the more you know, the better!
One of many disadvantages of not getting a mortgage pre-approval is not being able to purchase with confidence. This applies especially in a competitive real estate market, where there are multiple offers being made on one property. Having a pre-approval will make a difference!
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Need help making the right decisions for your mortgage? Provide us your brief information and send us. We will get back to shortly.
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Our experts are always online to help you and answer all your questions. Please click on the following No. and give us a call.
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