Buying your first home is both exciting and nerve-racking and with recent changes to Canadian lending regulations and increases in interest rates, it has become even more troubling.
Obtaining a mortgage is not easy. You must save for a down payment and closing costs. You have to research on home loans and the application process. You must prove to your lender of choice that you can afford to make the repayments. The lender will examine your income before taxes, your living expenses and debts, and your credit score to determine how large a mortgage you can afford for your Toronto home and over what period.
For first time homeowners, there are a number of federal government incentives to help you to take the big step. You can apply for the following incentives
...pick the one thats right for you.
|HELOC||4.2% (prime + 0.25%)|
First National Financial
Street Capital Bank
|5 year variable||1.30% (prime - 1.15%)|
|3 year variable||2.6% (prime + 0.15%)|
|Line of Credit||Starting at 3.00%|
|Equity Loans||Starting at 5.99%|
|Private Mortgages||Starting at 5.99%|
It is important to be aware first of all that the province of Ontario has a number of government program that assist first time home buyers. Please take your time to take a look at some of these initiatives as they make things much easier for you. The main programs are: Home Buyer’s Plan (HBP), Land Transfer Tax Rebates for First Time Home Buyers, First Time Home Buyer Tax Credit (HBTC). With a combination of these programs and our help you can save many thousands of dollars. Take advantage of these amazing opportunities!
I had to port a mortgage to a new condo, Leon had excellent knowledge to get me through the approval process. When the bank made an error, Leon was quick to contact them to make sure everything was done right and on time. He is very professional and courteous and I recommend his service to anyone who wishes to apply for a mortgage.
Giving them 5/5 stars. Massoud helped me with my mortgage and he never missed a beat. He made the process very straightforward as a first time home buyer. Shopped around for other mortgages but he was always the first to get things for me. Highly recommend him
I was looking to renew my mortgage and my previous lender was less than willing to do anything to keep my business. So I started to look for another brokerage to do business with and Certified Mortgage Broker stood out purely based on my interactions with Massoud. Massoud was professional and clearly had a keen sense of customer service; which I make a high priority when doing business with anyone since I'm in the customer service business myself. Peter rolled out the red carpet for me, walked me through my options, inquired about my plans with my current property, give me opinions and facts about rentals in the area, sales/purchases. In some respects he gave me more information about real estate than my real estate agent has!
Selling and buying a home is a stressful experience and Leon with CMB in North York took all of the stress out of arranging the financing. He was very professional and clear about what I needed to provide to him. He used this information to arrange the best mortgage option on our new home, arranged the bridge loan to cover the closing period differential, and arranged closing out the mortgage with the previous lender.. Our experience with Leon is far better than the local in-person brokers that we contacted previously and Leon has helped us with a mortgage renewal in the past with the same excellent experience.
Leon returned my called from a missed call within 15 minutes of my call and I left no message. Leon and his team were fantastic. Even with the money issues we had Leon made me feel important and valued as a person.
…by providing award winning customer service to each and every single client.
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