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First Time Home Buyer
Mississauga
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Planning and Preparation
When you purchase a home, you will be expected to make a down payment so you need to save for this ahead of time. Remember the bigger the down payment the more affordable the repayments will be. If you do not have sufficient funds to make a 20% down payment you will have to take mortgage insurance, which will increase the monthly repayments. It is also necessary to factor in 2% for closing costs which you will have to cover.
Start off your preparation for the big step by reviewing your credit rating. Your credit score is one of the most important determining factors in whether you will qualify for the home finance or not, so you should get your credit rating in order before even applying for a mortgage.
It is also a good idea to reduce your income to debt ratio, as lenders will use this to determine whether or not you can afford the repayments on the mortgage.
Most Mississauga residents aspire to home ownership but purchasing a home can be a daunting task especially if you are buying your first home. There is no doubt that this is an exciting time in anyone’s life, but the road to home ownership is fraught with risks.
To qualify for a mortgage your monthly housing costs should be under 32% of your gross income and your income to debt ratio must be under 40%.
Calculate what monthly payments you can afford before approaching the mortgage broker. When working out what repayments you can afford don’t forget that there are other costs associated with homeownership that must be factored in. These include such expenses as insurance, property tax and home maintenance.
As a first-time homeowner, you may qualify for government assistance. The Canadian government will allow you to borrow $25 000 from your Registered Retirement Savings Plan. Your spouse can do the same. You have fifteen years to repay the funds. There is also a $750 tax credit for first time homeowners.
Mortgage Offers
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Featured Rates
starting from
6.45%| Term | Rate |
|---|---|
| HELOC | 6.95% (Prime rate) |
| Lender | Rate | Term |
|---|---|---|
 Lendwise |
4.49% | 5 year |
 First National Financial |
4.69% | 4 year |
 RMG Mortgages |
4.59% | 3 year |
 Street Capital Bank |
5.24% | 2 year |
 TD Bank |
6.09% | 1 year |
| Term | Rate |
|---|---|
| 5 year variable | 5.85% (Prime - 1.05%) |
| 3 year variable | 6% (Prime - 0.95%) |
| Term | Rate |
|---|---|
| Line of Credit | Starting at 7.2% |
| Equity Loans | Starting at 6.5% |
| Private Mortgages | Starting at 7.49% |
You have questions. We are here to help!
Obtain Pre-approval Before Finding Your Ideal Mississauga Home
You should start the process of property investment by applying for a pre-approved mortgage. This way you will be sure to choose the property that you can afford, saving a lot of time and considerable disappointment if you had chosen a home but didn’t qualify for the loan you needed.
A pre-approved mortgage will include the loan amount, the interest rate and the monthly repayments.
Buying your own home is an important decision which can have long-term implications for you and your family. In choosing a home you must select one with the future in mind. For example, if you plan to expand your family over the next decade you should find a house that will provide for this.
The location should cater to your work and recreational needs, and it should be in a marketable area. If you are purchasing a condominium you should be even more cautious and ensure that the building is properly run by checking the relevant audits.
Ask the Professionals
Purchasing a home is complicated but fortunately, there are plenty of mortgage brokers in Mississauga that can help you through the process. You should not attempt this alone and should seek sound professional advice before taking the plunge.
OUR CUSTOMERS LOVE US
Was looking for a mortgage broker in Toronto. Heard about Leon and his team from a co worker and decided to give them a call. after some time on the phone talking about mortgages and what would work best for me I was VERY impressed. They were polite and most importantly they knew what they were talking about. We then scheduled an appointment and I got my mortgage with a great rate. Definitely recommend.
Got tired of sow service and mediocre rates from my bank, so I started looking for a mortgage broker. Had some family friends recommended Leon and his team, so decided to check them out. Was very impressed with Leon, he guided me through step by step, recommended a mortgage and I ended up switching to him. My rate is better and he always answers call and emails right away.
A little while back my wife and I finally decided to stop renting and get a place of our own. After some searching we found a condo we both liked and that was in our price range. The next step was a mortgage, but honestly, neither of us knew too much of what we were getting into. We found Leon and his team after a quick search on google and have had a wonderful experience. Leon and his team of mortgage brokers are VERY knowledgable, polite, work fast and just all around very professional. They answered all our questions and we got a great rate.
Getting a private mortgage was not easy to be honest, but at least with Mr. Leon it was doable. Thank you for your help!
Going through with this company was my best decision. These Burlington mortgage brokers are real professionals. They helped me to save thousands of dollars, I'm not sure I'd find such a good offer myself.
Mississauga Mortgage Frequently Asked Questions
What is a Mortgage Term?
The loan that you make to buy a house or some other property is called a mortgage. The principal refers to the amount borrowed. Each mortgage payment pays off part of the principal plus the interest.
You have custody over the property. However, if you fail to pay the loan and interest according to the terms of the contract, the lender may repossess the property.
What is a Down Payment?
A down payment refers to the money you pay for real estate property. This money is paid upfront and the rest of the cost of your new home is covered by your mortgage. For properties that cost up to $500,000, the minimum down payment in Canada is 5% – however, do take note that your lender may sometimes require a higher down payment.
But what if the cost of the property is more than $500,000? If that is the case then the interest is 5% for the first $500,000 and then 10% for the remainder of the cost.
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