Home Buyer Mortgage Plans in Ontario
Make home ownership a reality!
If you are looking to buy a home in Ontario, you've come to the right place! Serving Ontario and the GTA for almost 20 years, Canadalend.com has become one of the largest and most used brokerages in the province.
We help clients with all types of income and credit to secure mortgages for the home of their dreams. We are used to scouring the market for the best deals, based on your unique situation.
Our unique access to large pools of banks, credit unions, and private lenders ensure that the competition is high for your business. When the banks and private lenders compete, you will always win!
How we can help:
We take in all types of income and credit
We look at all unique situations
Unique access to large pools of banks
Access to great rates
Access to many alternative and private lenders
Can handle emergency purchases
Offer the most competitive rates
And much more...
What do I need to know about purchasing a home?
There are two options that lenders use to calculate interest rates, Fixed and Variable.
Fixed Rates work by keeping the interest rate the same for a period of time. These are best if you want certainty over how much your mortgage is likely cost every month.
Variable Rates fluctuate depending on what’s happening with the economy, as they generally move up and down based on the Bank of Canada Policy Rate. When rates go up your monthly payments rise accordingly, while if they fall your mortgage gets cheaper.
Amortization and Mortgage Terms
Amortization is the length of time it takes for you to pay off the full amount of your mortgage.
In order to pay off your mortgage, you must agree on what are called Mortgage Terms. Everything your mortgage contract outlines, including rates, type and payments, make up your Mortgage Terms.
These terms need to be renewed, so it usually takes multiple terms to fulfill your amortization agreement.
There are two types of mortgages that you can get – Open and Closed.
With an Open mortgage, you can pay extra money (without any penalties) in order to pay off the balance of your mortgage quicker, as well as the ability to renegotiate your Term before it is up.
A Closed mortgage limits the amount of extra money you can pay on top of your usual payments (without a penalty) but is great for budgeting. Your payment never changes, and it is usually at a better interest rate than an Open mortgage.
If this sounds complicated don’t worry, the experts at Canadalend can explain it all – in simple and clear terms – over a free consultation.
Down Payment and Other Costs
To avoid extra insurance costs from the CMHC, one should have a down-payment of at least 20% of the appraised value of the home. Not only will the mortgage amount be smaller, but your terms tend to be more favorable as well.
It might take a little longer to save, but in the end, you will save thousands of dollars. These savings can put towards covering the Closing Costs as well as the Land Transfer Tax that is necessary to finalize your home purchase.
We offer a range of solutions for all your home mortgage needs!
With our years of experience we’ve seen it all, so we’re used to fine-tuning our services to unique financial needs. We understand that for most people their home is the most valuable asset they will ever own, so it’s vitally important that they get the service they need.
At Canadalend.com we are dedicated to 5 star customer service. Get in touch with us and a lending specialist will help set up an appointment for a free personal consultation. We will help you review your mortgage options and find the solution that fits your needs!
Frequently asked questions
What is the minimum down payment required for a mortgage?
If you can put together a down payment of 20 percent or more, you can avoid CHMC insurance costs. You must have at least a 5 percent minimum down payment available to qualify for a mortgage.
Who qualifies for first-time home buyer Canada?
You can qualify as a first-time home buyer if you have not occupied a home that you or your current spouse or common-law partner owned for the past four years.
What’s The Difference Between Being Prequalified And Preapproved?
If you are pre-qualified for a mortgage, this means that your prospective lender has taken a look at your general financial situation (your income, assets, and debt) and used them to estimate how much of a mortgage they MAY be willing to give you. You are not guaranteed the amount a lender says you pre-qualify for. If you are pre-approved, then a lender has done a more thorough assessment of your finances and provided you with a specific amount that indicates how much they WILL lender you.
How Much House Can I Afford?
We can help you figure that out! The main things that impact how much you can afford are your income, expenses, and how much of a down payment you can put together.
Which Type Of Mortgage Is Best For Me?
The type of mortgage that's best for you depends both on your finances and your personality! An open mortgage offers flexibility in payment options but also comes with higher interest rates. A closed mortgage offers lower interest rates but limits how much you can extra you can pay off on your mortgage without a penalty.
What costs are involved with a home mortgage plan?
The three main costs involved with a home mortgage plan are a down payment (a lump sum you put towards the cost of your new house), closing costs (such as lawyer's fees) and a land transfer tax.
What process is involved to get a home buyer mortgage plan?
When you come to us to get a mortgage, we'll need to get various financial information from you - such as your income and how much you've saved up for a down payment. Then we'll discuss all the different decisions you need to make about what type of mortgage you want (open vs closed, fixed vs variable rate, amortization schedule), and we'll work with lenders to make it happen!