Home ownership is very exciting!
Before you decide to buy a home, make sure you carefully consider the costs of buying, not just down payment and rates. A mortgage is a combination of rates, prepayment options, overpayment or refinancing charges (penalties), other special conditions and associated fees.
Within the framework of mortgage qualifying rules, which are constantly updated, and with fluctuating interest rates, you need a professional adviser to help you make the right decision.
For most of us, a mortgage is the largest financial transaction in our lifetime. Therefore, it is important that you understand the process and all available options for you. Talking to a professional mortgage agent is the way to start.
How do you get ahead in this ever-changing housing market? The key is preparation.
We work with over 60 lenders from major banks to private lenders. We have access to multiple mortgage options and can find the right solution for you. We will navigate the entire process for you, we will get the most economical mortgage to suit your financial circumstances and needs in a timely and speedy manner. We also provide you with good strategies to pay your mortgage off faster, save interest costs in costs in thousands.
Understanding of your down payment:
Mortgages with less than 20% down payment are subject to default insurance. Typically, the insurance premium will be added to the mortgage amount.
Self-employed Vs. Salaried employee:
It is very important to understand that lenders evaluate salaried and self-employed borrowers the same way based on the size of the down payment and the affordability. The key difference is that salaried borrowers must verify gross income through pay cheques and a letter from an employer. Self-employed borrowers must verify net income, or what is left after business deductions are subtracted from gross earnings.
For example, if a self-employed person makes $100,000 annually in gross earnings but writes off $25,000 for business expenses, then the net income is $75,000. They can always provide documents to convince lenders if their net income is higher. Otherwise, they will be treated the same way as a salaried employee making $75,000 annually.
Most self-employed clients are reliable borrowers. Their mortgage files may be complex, especially with no standard proof of income, but a professional mortgage agent can navigate the process seamlessly.
Does your existing home or the new home you are planning to purchase need improvements such as a new bathroom, upgrade to kitchen, finishing basement etc.,? There are manageable mortgage products available for you with as little as 5% down.
Purchase Plus mortgage is for consumers looking to buy a home that has great potential but needs renovation or upgrading. This program allows you to make your improvements immediately after taking possession of your new home and have the costs rolled into one easy-to-manage mortgage.
This will make your new home just right for you.
Apply Now, Pre-approval comes to you at no cost and no obligation, whatsoever.
We work for you. Our loyalty is to you, not the lenders.