First-Time Buyers Guide

Step 1: Paperwork

Our company will provide a thorough explanation of all the necessary documentation that the bank or lender may require.

Step 2: Your Down Payment

The size of your down payment can have an impact when purchasing a home, but with a good credit history, you may be able to go as low as 5%.

We offer assistance in exploring different options and programs to support your down payment.

Step 3: Your Pre-Approval

We can swiftly assess the maximum mortgage amount and the most favorable interest rate that you are eligible for, based on the latest federal stress-test regulations. With this information, you will have a clear understanding of your budget and ample time to search for your dream home.

Step 4: The Process Of Buying

Be sure to set a condition day in your home purchase agreement and allow a minimum of one week to complete all financing. Additionally, utilize this time to conduct a thorough home inspection.

Step 5: Closing

The necessary documents will be forwarded to the lawyer you choose.

Consider Your Credit Score

Are you in the process of establishing a credit score? Additionally, it is important to demonstrate evidence of a consistent income source. Our brokers are available to address any inquiries you may have regarding these matters and can offer guidance on any actions you may need to take.

Find An Experienced Broker

When purchasing your first mortgage, having an exceptional and extensively-trained broker assisting you will not only ensure a hassle-free and satisfactory experience but also enable you to secure the most favourable rate and appropriate mortgage product from a suitable lender, resulting in savings in both stress and money.

Our brokers will communicate with all lenders on your behalf and are compensated via salary, providing you with impartial advice that is completely free of charge.

Find Extra Low Rates

It is important to exercise caution when considering online options for mortgages. Although you may come across very low rates, it is crucial to ensure that these rates are applicable to your situation and that the associated mortgage product is suitable for your future needs.

Using Lawyers And Realtors

When searching for a home, it is crucial to engage with appropriate professionals to assist with legal and sales-related matters. Conducting research, reviewing online feedback, and requesting references from previous clients are all essential steps to finding the right professionals. If you require assistance with finding reputable professionals, we can provide you with referrals based on our established and trustworthy relationships within the industry.

Consider Closing Costs

It’s important to keep in mind that there are additional costs that come along with the purchase price of a home.

These costs include:
home inspection
moving fees
utility connections
land transfer taxes (if applicable)
property taxes
legal fees

To ensure that you are adequately prepared, it’s recommended that you have additional savings of at least 1.5% (and sometimes up to 4%) of the purchase price to cover these expenses. Lenders typically prefer to see that you have sufficient savings to cover these costs in addition to the down payment.

Mortgage Stress Test

New federal regulations have increased the requirements for mortgage qualification. Even if low-interest rates are available, it is necessary to meet the criteria for your mortgage to ensure that you will still be able to afford your payments in the event of an increase in mortgage interest rates.