First Time Home Buyer Mortgage
Pickering Mortgage Broker
Buying a home and need a mortgage?
Congratulations, you’re buying a new home and have come to the right place for unbiased mortgage guidance. For many, buying a home is the biggest decision of their lives and can easily become stressful and overwhelming. It’s widely advised that you consulted a mortgage agent to ensure you reach your homeownership goal smoothly.
Canadian Tailored Mortgage Solutions agents have built and had maintained working relationships with multiple lending institutions including banks, trust companies, credit unions, and other alternative lenders across Canada; which gives us access to many different mortgage products that helps us to better tailor a mortgage to suit your need.
Fun fact: If you’ve been pre-approved for a mortgage by a bank or any other lending institution you’re not obligated to stop shopping! Let us investigate to see if there is an alternative to better suit your needs
A few questions to ask yourself and discuss with your CTMS agent:
How much can I afford?
- To be in a sound financial situation after a house purchase, experts say the ratio of expenses is to have 25% to 32% of your income go towards your home
- Figuring out 25% of your income will narrow down the price range that you can purchase
Are there any additional costs to my home?
- Mortgage calculators are a great way to calculate your mortgage payments but most do not include taxes, utilities and mortgage insurance.
- There is also maintenance which can either be minor fixtures, appliance issues or major repairs. It’s wise to have some home emergency money put aside
Will this house fit my long-term goals?
- keep your next five years plans in mind and answer questions like: what does marriage/unmarried look like? Are you planning to have (more) children? Will your parent(s) be moving in? Do you require an office space in home? etc
What do I need to qualify for my first time home buyer Mortgage?
- Having a job for more than two years is a great way to show creditors that you are consistent
- Having a high credit score helps to lower your mortgage rate