Residential Home Purchases are one of the most common transactions we see on a day to day basis.
And let’s face it, buying a home, especially your first one, is a big financial decision.
For many people, it’s the single biggest financially related decision they will ever have to make.
So the process of finding a house and securing financing at the same time can be a bit overwhelming and intimidating.
Or at least it can be if you’re trying to figure everything out yourself.
That’s where I come in.
The first step we recommend when in the process of purchasing a home is to get pre-approved financing. This will greatly simplify the overall buying process and take some of the pressure off your shoulders.
By applying for pre approval status, you’ll know exactly how much money you can afford to invest in a home, the interest rate your mortgage will carry, payment amounts, loan terms, and all other related details.
With a pre-approved or pre-arranged status, your interest rate will also be locked in for 90 days and if interest rates go down before you purchase, you’ll be able to take advantage of the lower rates as well.
Once I understand your financial profile and mortgage goals, I’ll be able to show you the mortgage options most suitable to you.
One of the great aspects of the Canadian mortgage market these days is that there are so many mortgage products and programs to choose from and many of these programs can be customized to meet some specific or unique requirements you may have.
Now while choice in the market is great, it can also be confusing trying to figure out what options are best suited to you and your situation. Not to worry. As a mortgage specialist, my job is to be your coach and advisor and to make sure that you not only are considering the best options, but that you completely understand all the terms and conditions so that you will be comfortable and completely satisfied with the mortgage you choose.
Here are just a few examples of some of the residential mortgage program features available today to different types of home buyers.
• High ratio mortgages financing up to 95% of the purchase price.
• Home buyers who have been relocated to Canada for Work or are new immigrants to the country and may not qualify for many of the standardized programs.
• Family Mortgage. This is where an existing home owner may want to assist other family members like older parents or students in school to secure a mortgage that they otherwise would not be able to qualify for on their own.
• Self Employed. For individuals that cannot provide employment related income verification due to their self employed or commissioned status can still secure higher ratio mortgages through specifically designed programs.
There have been some recent changes to the Canada Mortgage and Housing Insurance program whereby individuals can no longer receive a mortgage amortization of 40 years at 100% financing, they still can receive an amortization of up to 25 years with at least 5% down under the program
Despite these changes, there are still plenty of options and choices available to you for residential mortgage financing with and without the requirement of mortgage insurance.
So like I mentioned earlier, the recommended first step is to get the mortgage decisions out of the way so that you can focus on and actually enjoy the process of looking for your next home without worrying about the financing aspect.
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