Yes, you can! To get started, you’ll need: a down payment of at least 5% from your own resources. (ie. savings, documented sale of property) a valid work permit or verification of landed status After that, the requirements change depending on how much you have for a down payment. To get answers about your personal […]
Category: Getting started
How much do I need for a down payment if this is not my first time buying a house?
A minimum of 5% would be needed if: you are living in the home you are purchasing it is a vacation home a second home that you will be living in a purchase for a dependent family member A minimum of 20% down would be needed if: you’re buying an investment property (ie. rental property)
What can I afford to buy?
What you feel you can afford and what you can qualify for are often two different numbers. There are all sorts of budget templates you can find with a quick Google search. That’s a good place to start. An even better way is to spend a few months tracking your income and your spending. Write […]
What is a mortgage?
Simply put, it’s a way to use real estate to borrow money. Want the longer answer? Click here 🙂
I receive child support/alimony. Can I include that in my income?
Yes, you can 🙂 Here’s what you’ll need to have ready: legal separation/divorce agreement that states the terms of the support payments transaction history from your bank account showing the payments being made regularly if the separation agreement is not brand new
I pay child support/alimony. Do I need to include that in my mortgage application?
Yes, you do 🙂 How it’s included can make a difference in what you qualify for though. Talk with one of us to get things sorted out for you.
When I buy a house, can I put some other debt into the mortgage at the same time?
When you’re buying a house, the most you’re able to finance on a purchase (of a primary residence) is 95% of the property value, even if you are qualified for a higher mortgage amount. So we can’t add any more money on to the loan…even if we really, really want to. If you have other […]
What’s the difference between an “open” mortgage and a “closed” mortgage?
no penalty if you pay your mortgage off in full before the end of your term there will be a penalty if you exceed any pre-payment options, or pay your mortgage out in full before the end of your term
If I buy a house for less than what I qualify for, can I use the extra money for something else?
Truly, we wish you could, but it’s just not possible, no matter how you slice it. The most we can finance is 95% of the value of your home.
I make some money under the table. Can I use that to qualify?
If you don’t show Revenue Canada that you have it, then we can’t show it to help you qualify. If you want to stick it to the man, you’ll have to find another way 😉 Maybe you can try this game, it looks like fun!