Once you’ve made the decision to buy a new home, the buying process begins with estimating how much you can afford to spend. Here, you can find information on mortgage providers, pre-approvals, and learn more about the mortgage approval process. You can also learn about which mortgage features to look for when choosing your mortgage, as well as the closing costs you can expect to incur when purchasing your new home. If you’re a first-time homebuyer, you can also find out more about the types of grants and programs you may be eligible for. Browse the pages below to learn more about the buying process and how you can qualify for the right mortgage.
What to Expect
How Much Can I Afford?
Mortgage and Purchase Process
Choosing a Mortgage Rate
Mortgage Payment
First-Time Homebuyer
Closing Costs
Before You Start House Hunting
What is a Mortgage Pre-approval?
A mortgage pre-approval is a process that provides you with important information to help you with your home search. When you get pre-approved for a mortgage, you’ll find out:
-The maximum amount you can afford to spend on a home-The monthly mortgage payment associated with your maximum purchase price
-What your mortgage rate will be for your first mortgage term
Applying for a mortgage pre-approval is free and it doesn’t commit you to one single lender. However, getting pre-approved does guarantee that the mortgage rate you are offered by a lender will not change for 120 to 160 days. By “locking in” your rate, you’re protected if interest rates rise while you’re shopping for a home. If interest rates go down during this time, your lender will honour the lower rate.
Pre-Approval
House Hunting
Funding
Closing
The 6 Considerations of Home Buying
How Much Can I Afford?
There are also a number of factors (such as your income, credit score, your down payment, your debt, etc.) that’ll decide what you can spend and how large of a mortgage you can take on. Check out the pages below to help determine how these factors will affect the size of your mortgage and what you’ll be able to afford.
Choosing a Mortgage Rate
First-Time Homebuyer
If you don’t think you’ll be able to afford a home, the Canadian government offers a variety of incentives for first-time homebuyers. First-time home buyers in Ontario, BC, and Prince Edward Island, for example, can qualify for a land-transfer tax rebate. Read the pages below to find out more about the first-time home buyer tax credits and rebates, grants, and programs available in Canada.
Mortgage and Purchase Process
While a mortgage from your existing bank will provide the benefit of managing all your financial services through one provider, a mortgage broker will walk you through the entire mortgage process and negotiate with multiple lenders on your behalf. Use our mortgage and purchase process guide below to learn more.
Mortgage Payment
Closing Costs
Hey there, are you Purchasing a Home?
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