Buying a home can be exciting - and frightening all at the same time.
There’s so much to know that home buyers are often overwhelmed by the experience.
Seeking the help of a Mortgage Broker takes the mystery and worry out of purchasing your first home.
We are experts in working with home buyers, and can provide you with answers to most commonly asked questions:
- How much can I afford?
- How much of a down payment do I need, or can I get pre-approved with zero down?
- What are my closing costs?
- Can I use my RRSP’s as a down payment?
- Can I borrow my down payment?
The first and most important decision that a home buyer can make is to get pre-approved to purchase.
A mortgage pre-approval is different than a simple pre-qualification. Sometimes even real estate agents are confused by the terms, so it’s no wonder that home buyers are too. Although related, the two terms each signify a different level of approval from a lender.
You can be “pre-qualified” by a lender, an agent or by yourself. The term simply means that someone has taken a general look at your income and expenses and plugged them into a debt-to-income ratio formula. Loan pre-qualification does not include an analysis of your credit report or an in-depth look at your potential to buy a home. It does not require you to provide proof of income, proof of down payment or closing costs; or provide you with any commitment for financing. Bottom line: Pre-qualifying yourself before you start looking for a home will give you a general idea of the price range you can afford. It will not nail-down an interest rate for you, and that factor and others will affect the monthly payments a lender will allow you to carry.
We will take the steps necessary to obtain a mortgage pre-approval that will allow you to shop for your new home with confidence.
When you are pre-approved, it means a lender has looked closely at both your credit report and your income and has provided a written confirmation of your mortgage pre-approval, an interest rate hold (up to 120 days), subject to CMHC approval or a satisfactory appraisal of the property. Bottom line: You can go shopping for a home with confidence about your buying power.
We make mortgage shopping simple: one application, one credit bureau, and you have access to hundreds of mortgage products through Canada’s top banks, credit unions, and life and trust companies.
As Mortgage Brokers at VERICO One-Link Mortgage, we have access to discounted mortgage rates and hundreds of innovative mortgage products.
