What benefits do I have as a first time homebuyer?

Property transfer tax exemption for purchases up to 425K (thousand) and the ability to use the RSP for down payment.

What do I need to qualify for a mortgage?

We need to gather your basic personal information along with details of your employment and income. Once we have this information, and a credit bureau report, we assess the application and then based on the overall picture determine what is the most suitable product for you, as well as what documents we then need to process for final approval.

How much does a Mortgage Broker cost?

In most cases there are no fees to you. A mortgage broker is paid a referral fee by the financial institution it places your mortgage with.

Does a Mortgage Broker help me renew my mortgage?

Absolutely!  We consider ourselves to be your mortgage advisors for the duration and lifetime of your mortgage. We assist you with renewals and refinances and can advise you on numerous mortgage scenarios throughout your life.  Having a long-term relationship with your Mortgage Broker has many advantages and we look forward to working with you for many years.

What does a Mortgage Broker do for me?

We are independant, our job is to work with you and for you to find the best mortgage product, mortgage rate and mortgage solution exclusively for you.  Every client is unique and every mortgage package is specific to their unique requirments.

How do I use my RRSP / RSP for a down payment?

As a first time homebuyer you are able to withdraw up to 25K (thousand)  toward your down payment without any tax being withheld.  As your mortgage advisor we will guide you through this process.

Should I be pre-approved for a mortgage before I begin looking for a home?

It helps you define the value of the property you are looking for, and secures a rate while you search for your new home, and thus eliviates the stresses of rates hikes.

Am I allowed to make additional payments each year?

Yes, we will present several payment schedules for you to choose from.

How much of a down payment do I need?

A down payment can be as little as 5% or it can be 0% (zero) with certain conditions.  Contact us today and we’ll determine what your down payment could be.

How much of a mortgage can I afford?

We need to review your monthly income with your monthly expenses and current debt and assess what size mortgage you qualify for.

Should I have a fixed or variable rate mortgage?

We will present both scenarios and give you the tools to make an informed decision.

What is a high ratio mortgage?

High ratio mortgages such as CMHC, Genworth and Canada Guaranty, is default insurance which is a requirement by all banks if the down payment is less then 20%.