Tell us about the home you want to buy. A verified mortgage professional who covers your postal code will get in touch to explain the types of mortgage, what you can afford and what to line up first, so you're ready before you make an offer.
A verified professional will get in touch.
The right choice depends on your budget, how much certainty you want and how long you plan to stay.
Your rate and payment are fixed for the term, then change when you renew.
The rate moves with the lender's prime rate, so your payments or balance can change.
Lower rates, with limits on extra payments and a penalty for ending it early.
You can repay it early without penalty, usually at a higher rate.
Whether mortgage default insurance applies, depending on your down payment.
The years to repay everything, and the shorter period your rate is set for.
The part of the price you pay yourself.
A provincial, and sometimes city, tax on the purchase, with rebates for some buyers.
A cost that applies if your down payment is small, usually added to the mortgage.
A lawyer or notary to handle the purchase and title.
A home inspection before you commit, and sometimes a lender appraisal.
Property tax and utility adjustments on closing, and the cost of moving.
Ask for the licence number and check it with your provincial regulator.
And why do you recommend this mortgage.
A fee from the lender, a fee from me, or both.
Including fees and the prepayment penalty.
And what would it cost.
And what inquiry will this leave on my file.
We'd rather connect you with the right provider once than flood your inbox with a dozen you'll never call back.
Lenders and your own budget can give different answers. You hear how to work out a payment you can live with.
Land transfer tax, legal fees and possibly mortgage default insurance add up. You hear what to budget for so there are no surprises.
You get the options explained. Whether to apply is always your decision.
With a fixed-rate mortgage, your rate stays the same for the term, commonly five years. With a variable-rate mortgage, the rate moves with the lender's prime rate. You also choose an amortization, the number of years over which you repay the whole mortgage, commonly 25 years. Closed mortgages limit early repayment, while open ones are flexible but cost more.
It depends on the price of the home. In Canada the minimum is lower for more modest prices and rises for higher-priced homes, and the rules change. With less than 20 per cent down, you generally need mortgage default insurance. Ask what applies to the price you're looking at.
It's insurance, usually from CMHC or a private insurer, that protects the lender, not you, if you can't repay. The premium is usually added to your mortgage. It is required for most mortgages with less than 20 per cent down. Ask what it would cost for your mortgage.
Lenders must check that you could still afford your payments at a higher interest rate than the one you're getting. It can reduce how much you can borrow. Different lenders reach different answers, so it's worth asking more than one.
Lenders look at your income, your debts, your credit history and the property, and apply the stress test. Pre-approval gives you an idea before you make an offer, though it isn't a final approval.
On top of the down payment: land transfer tax or property transfer tax, which varies by province and sometimes city, legal or notary fees, title insurance, a home inspection, an appraisal, moving costs, and GST or HST on new homes. Rates and thresholds change, so check the current ones where you're buying.
Federal and provincial governments offer programs such as the First Home Savings Account, the Home Buyers' Plan for withdrawals from your RRSP, tax credits and land transfer tax rebates. They change and have conditions, so ask what is available now rather than relying on something you read some time ago.
It's the fee you pay if you end a closed mortgage early, for example to sell or refinance. It can be a few months of interest or a much larger amount, depending on the type of rate. Ask how it is calculated before you sign.
You can go directly to a lender or use a broker, who can compare several lenders. Ask how many lenders they compare, how they are paid and why they recommend a mortgage.
Rules differ by province. Once you've signed an agreement of purchase and sale, backing out can be costly, and mortgage commitments have their own terms. Check with your lawyer or notary before you sign anything.
Complain to the firm first. If you're not happy with the answer, you can contact the Financial Consumer Agency of Canada, the Ombudsman for Banking Services and Investments, or your provincial regulator for brokers. These services are free to use.
Roughly what you can put down, what you earn and owe, the price range you're looking at and your postal code. If you don't have everything, send the request anyway.
No. Namoye is a free matching service. It is not a lender, broker or adviser, and it doesn't give financial advice. Any advice or offer comes from the firm that contacts you.
No to both. A verified professional contacts you, and Namoye is free for you.
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Namoye is a free matching service. It is not a lender, broker or adviser, and it doesn't give financial advice or make credit decisions. Any advice or offer comes from the firm that contacts you. Check that a mortgage broker or agent is licensed with your provincial regulator before you share personal or financial details. Your home may be at risk if you can't keep up your mortgage payments.
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