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We understand that first time home buyers can become frustrated and confused when it comes to the home mortgage financing process. We’re here to guide you every step of the way. We are more than just application processors, like at the banks – we are mortgage specialists!
Just a quick chat allows us to tell you how much of a home mortgage you (and your spouse, if applicable) qualify for. This gets you on your way to determining your price range and the monthly payments you can afford. Also we can determine if you have a straightforward approval situation or if we need to look for a lender or mortgage company who will understand your unique financial situation.
You need to determine who your realtor and mortgage lender will be. You can choose a lawyer and home inspector at a later date. We can recommend someone to you as we have contacts for reliable professionals in these related areas to make buying your first home a great experience.
Using our online Quick pre-approval form or via telephone and fax we can get a commitment letter from the appropriate bank so you can have complete confidence in your home purchase. This will also provide you a home mortgage rate that is guaranteed for up to 4 months. Most lenders provide only two months.
With your written pre-approval and a full understanding of all the steps and requirements in the home mortgage process, it’s now time to start doing some real house-hunting. Our mortgage brokers are here to help you with any questions that might arise.
Once your offer has been accepted the next step is to have the home inspected by a professional home inspector. There is usually a 7-day window to do this and finalize your financing condition. There are still some minor things to complete, like an appraisal on the home (an independent appraiser lets the bank know the true market value of the home regardless of what you have decided to pay for it). The approximate cost is $250 – $300.
Communication is the key here and we take pride in that. Many house purchases go awry because buyers didn’t know they still had some things to take care of before closing, like getting documents to their lawyer, obtaining home insurance and providing additional financial documents to the mortgage company or lender.
Banks will not take a proactive role to assist you with these final important steps to a successful closing – again, this is where at mortgage broker from Mortgage For Less can help. We want you to be so happy with our service that you’ll be a client for life!
Rule of thumb estimate: First-time home buyers often forget to budget for closing costs. Use 2% of the purchase price. That would work out to $4000 on a $200,000 purchase price.
Land Transfer Tax: All buyers of property pay this once and new homes are exempt from this. Budget about 1% of the purchase price. Look into your local city tax charges – some cities have additional land tax.
Legal Fees: Your lawyer will charge you on the closing date for registering the mortgage and for acting on the purchase. First-time home buyers often misunderstand these costs, so it’s important to ask for the total costs including the disbursements. Budget approximately $1000 – $1500.
Home Inspection and Appraisal: These are fees to make sure the house is in good physical condition. The appraisal is to assure you and the bank that the price you have decided to pay for the home is in line with neighbourhood market values. Budget approximately $500.
PST on CMHC Mortgages Only (less than 20% downpayment): Ontarians now pay 8% tax on insurances, and this is applicable on CMHC insured mortgages. Budget approximately $300-$500.
Interest, property tax and other adjustments: Based on closing dates and the time of year, you will have to pay for various adjustments and other expenses. If the current owner has paid up two months of property taxes, for example, you will have to reimburse them on the closing dates. Budget approximately $500.Back