Plan For First-Time Home-Buyers

Purchasing a new home and securing a mortgage is a huge commitment and is one of the most important financial decisions your will ever make. It is greatly beneficial that the process can be simplified. In order for you to get your mortgage approved with the most flexible terms and approved at the lowest rate, there are a variety of mortgage specialists and professionals who can discuss your options and recommend financing solutions.

To help ensure a quick and stress-free home buying experience for you, it is essential to have a mortgage professional who understands the market and has a good knowledge of the industry. Mortgage brokers work with many of the major lenders on a regular basis and have knowledge of their mortgage products and mortgage terms.

Two of the many great value added services provided by mortgage brokers include: providing the lowest mortgage rates in Canada and explaining the entire process of the home purchase. First time home-buyers will get assistance through every step of the mortgage process.

• Pre-Approval: This process deals with finding the interest rates and mortgage products that are available to you. During the pre-approval process, clients may benefit from a 120 day rate hold.

• The Home Purchase: Finalizing the home purchase may take a week and will include a conditions day. This time delay presents an opening for homeowners to get a home inspection.

• Closing with Lawyer: The mortgage specialist will help you with any of the paperwork details that are required by the lender. This paperwork will then be sent to your lawyer to close out the deal.

Each and every mortgage application is unique. The mortgage specialist’s goal is to make this process as seamless and smooth for the client. To help make this easier on the client, online mortgage applications are available to help your reach your dream of owning a home.

The down payment is always a vital part of the process when you are shopping for a home. Though the down payment may vary greatly, it is a good idea to consider making a down payment worth 10% of the value of the home. If you happen to have great credit, the lender may allow as little as a 5% down payment.

Download PDF

Prince George Mortgage Brokers

Cash Back Mortgages
Cash-back mortgages were more popular prior to the last economic downfall, the 2008 financial crisis. While they have not been completely written off as a worthy mortgage option, there are still some property owners that choose this option. ... More
Construction Mortgage Options
Options on Construction Mortgages Currently, there are a few kinds of construction financing available. Though building a home can be quite a complicated endeavor, your mortgage should be quite simple. There are 3 categories within ... More
Why Equity Based Mortgages?
For those prospective home owners who are unable to prove income or have a damaged credit history, an equity based mortgage can be a great option. If you currently have equity in a home or you can provide a large down payment, you may still be ... More
HELOC or Home Equity Line of Credit
A Home Equity Line of Credit is the process of using your homes equity to get a secured line of credit. With a HELOC, you can use this equity to be used for another purpose. For instance, these funds may be used to purchase a new vehicle or to ... More
Rental and Investment Properties
Investment Property Mortgages Highlights 1) Amortization periods up to 35 years, with Variable and Fixed Rate Mortgages Permitted 2) Great Rates, quite close to the best rates possible 3) Loan to Value ratio of 80% on ... More
Mortgages For The Self-Employed
CMHC and Genworth both recognize the unique challenges that are faced by self-employed Canadians. Genworth and CMHC offer mortgages loan insurance options for borrowers that are self-employed in order to help clients realize their dreams of ... More
Mortgages for Newcomers to Canada
CMHC and Genworth offer special financing options to borrowers with permanent residence status and non-permanent status. These newcomers to Canada help to increase the nation's positive population growth and have also created a wider variety of ... More
No Income Verification Mortgage
The no income verification loan was quite popular a few years ago. These mortgage products gave the borrower the opportunity to purchase a mortgage without providing any income verification, so long as they had a favorable credit score. These ... More