First Time Home Buyers
"First Time Home Buyer's Online Seminar ...a general guide towards owning your own home."
STOP PAYING RENT... get a pre-approval online. There's is no cost or obligation - it may surprise you!
First Time Home Buyer's Seminars - Casual and informative Q&A forum
Date :
Location: Re/Max West Realty Inc.
1678 Bloor St. West, 4th floor
Contacts: Penny Thoms - Margie "K" team Ernie Ancheta
Sales Representative Mortgage Consultant
416 882 2851 416 727 1706
*Please call since seating is limited*
What is the minimum amount of money needed to qualify for a mortgage?
Most situations require a 5% minimum of the purchase price from your own resources as your down payment plus a closing cost of 1.5% of the purchase price. In some instances by taking advantage of CMHC Flex Mortgage you may qualify to purchase a home with no money down or closing costs up front! Each particular case is unique. We will provide you with the creative resources to obtain the funds you need to purchase a home. Submit any questions you may have to info@meadowvalemortgage.ca and we will be happy answer them as part of our complimentary service.
How can you determine how much of a mortgage you qualify for?
Several factors are involved such as beacon score, employment, income, debts etc... in determining your purchase potential or how much you qualify for as well as the lending institution. Your mortgage consultant can assess your financial situation and discuss your needs. Your application will be sent to the lender that will match your particular requirements.
How can a Cash back Mortgage assist a first time homebuyer?
Institutions have developed a product called the "Cash back Mortgage" incentive which can be helpful for first time buyers to cover costs of moving into a home ie. purchasing new appliances, closing costs etc...
There are conditions with these products and a mortgage advisor can help with the details so you can decide if this product is for you.
Should you get a pre-approved mortgage?
Definitely, obtaining a mortgage pre-approval is an important initial step in securing a mortgage to buy a home. The lenders will analyze your current income, debt situation and credit history in order to qualify you for a maximum loan amount. This will give you a clear picture of your financial parameters and an idea of your purchase price range. More importantly, with a pre-approval, we can hold your interest rate for up to 120 days. So, if rates go up from now until you buy a property, you are protected.
If you would like more tips and infromation you can request a free Home Buyer Guide or submit any questions you may have to info@meadowvalemortgage.ca