Eloise Tracy
Front Gate Mortgages
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First-Time Home Buyer
Here's to buying like a pro the first time!
Buying your first home is one of the most important financial decisions you'll ever make and getting the right advice from a mortgage professional is a great way to start.
Before you start looking for your dream home, your Mortgage Alliance professional can help you find out how much you can qualify for so you can shop with confidence. They'll explain the process and even assist in getting you a mortgage pre-approval so you can take advantage of today’s low rate environment by locking in today’s rate for you for a set period of time, typically 90 to 120 days.
Understanding your down-payment options is important as you get ready to buy your first home. This is right time to consult with your mortgage professional who can explain the requirements and options available to first-time buyer only when it comes to down-payment. Generally, the min down-payment required depends on the purchase price with the min being 5% down. For homes $500,000 and under 5% down is the min required. For homes over $500,000 but less than $1 million, you need 5% down-payment on the first $500,000 and 10% for any amount over that. If your purchase price is $1 million or more, a minimum 20% down-payment is required. Mortgages with less than 20% down are subject to default insurance which is usually added to the mortgage amount.
At Mortgage Alliance, we work with over 60 lenders from major banks to private lenders. Your mortgage professional gives you access to multiple lenders and finds the right mortgage for you with only one application. They help you navigate the process, explain your options and present you with mortgage solutions that best meet your need. Having the right combination of mortgage features, privileges and rate is key. The right mortgage goes beyond just the rate--it's important to also consider term, prepayment options, refinancing penalties, restrictions, and fees.
Your mortgage professional will not only find the right mortgage for you but also provide strategies to help you pay your mortgage off faster and shave thousands off interest costs in the process.
Residential Mortgages
If you are a first-time homebuyer, getting professional mortgage advice is a great place to start. We specialize in the kind of education that can help get new homebuyers off to a great start! Although mortgage debt is 'smart' debt, buying your first home is a huge financial decision and there is a lot to think about. It's one of the most important financial decisions that most Canadians will make in their lifetime.
You want to take advantage of today’s low rate environment but it can be overwhelming to sort through all of the options out there. Your Mortgage Broker will help get you the right combination of mortgage features, privileges and rate that is best matched to your needs. The right mortgage goes beyond just the rate–it’s important to also consider term, prepayment options, refinancing penalties, restrictions, and fees.
Determine what you can afford. Before you start shopping for a home – and long before you consider putting an offer on one – let us help you determine how much home you can comfortably afford. Having a realistic budget to start will bring you confidence, knowing that you are not overextending yourself. Remember that home ownership involves costs beyond the monthly mortgage payment such as utility bills, insurance, taxes, home upkeep.
Be sure to talk to us about getting pre-approved, so you’ll get your interest rate guaranteed for a set period, typically 90 to 120 days.
Downpayment options. Downpayment is one of your most important considerations before you look to purchase your new home. If you’re in the “saving up” stage of preparing for home ownership, this is a great time to meet with us so we can discuss your downpayment options. In most cases you want to save five percent of the purchase price. Five percent down is required on homes up to $500,000.
For any home over $500,000 but less than $1 million, you need 5% downpayment on the first $500,000 and ten per cent for any amount over that. If your purchase price is $1 million or more, a minimum 20% downpayment is required.
Build a team of professionals. We’d be happy to help you build a strong away team so that all aspects of your home buying experience are efficient and professional. Your team will include a realtor, lawyer, and a home inspector.
Plan for closing costs. There are additional costs that come with buying a home so you’ll need to have some extra funds set aside to cover these costs. Generally, you can expect to pay between 1.5% and 4% of the home’s selling price in total closing costs. Your mortgage broker can outline all of your closing costs so you won’t be caught by surprise.
Your Mortgage Broker will also provide strategies to help you pay your mortgage off faster and shave thousands off interest costs.
There’s so much to consider. Work with your mortgage broker today so you can get into the market and start your wealth building with smart debt! Your mortgage broker will help you get off on the right foot in your home buying journey.
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