The thought of applying for a mortgage to buy your first home can be intimidating, yet the idea of not paying rent makes it more exciting. Without proper guidance, the application process can wear you down. It may even create more financial problems for you.
Our insightful brokers can help you gauge whether the mortgage is a good idea by assessing the potential repercussions it might have. We have dealt with countless first-time buyers successfully. That shows that our systematic approach and innovative methods work. We can also help you calculate the loan to value ratio, another crucial component in first-time mortgages. It keeps you from taking a loan you cannot afford by keeping all the costs within your income range.
As a rule, you should never use 40% of your salary or more to pay back the mortgage. In addition, all your monthly expenditures, including taxes, repair charges, and other maintenance costs, should never be more than 32%. We will compute all these for you.
We understand that seeking a mortgage can be challenging, but we also know its advantages. For instance, as a mortgage seeker, you get the luxury of paying a down payment that goes as low as 5%. Such an amount will require the use of CMHC coverage, but it eases some of the financial pressure when you are trying to progress from paying rent to owning your home. Our brokers can reduce the challenges further. We will interpret the conditions of the loan correctly to ensure you understand the deal before accepting it. We can also help you determine various ways of reducing the loan weight by being objective. We can also get pre-approvals where necessary.