Purchasing a home is one of the most important decisions you will ever make. Choosing the right mortgage professional to partner with can be the crucial first step towards helping you achieve your home buying goals.
At TurnedAway.ca, we will help fulfill your dream of homeownership and make the process quick and easy for you. Apply for financing now. Let’s turn your dream home into reality!
To be eligible for Canada's federal and provincial first-time homebuyer programs, you must meet several criteria:
Buying a house for the first time can be exciting and overwhelming. That’s where we come in. We are here to help you get the best approval for your first-time home buyer mortgage application!
To help you get started on your home ownership journey, here are the steps you must take plus some helpful tips:
When purchasing a home, having a minimum 20% down payment will provide you with added freedom in the process and save you thousands of dollars on interest payments and mortgage insurance.
Building a favorable credit report should be one of your priorities before purchasing a home, and this can be achieved by taking pre-emptive steps to better your credit, such as:
A favorable credit score and a reliable income are essential components when attempting to get approved for a mortgage.
A range of factors influences housing affordability, including:
After budgeting for your new home you must decide where to purchase it and consider key aspects like the following:
Understanding your Gross Debt Service (GDS) and Total Debt Service (TDS) will give you an insightful view of how well-prepared you are to pass the Canadian Mortgage Stress Test.
It’s important to get an estimate of the closing costs when buying a home for the first time so that you can budget for these expenses and understand the full cost of purchasing a home.
When buying a house in Ontario, it’s wise to budget 3-5% of the purchase price for closing costs. Land Transfer Tax and Lawyer & Legal Fees are the most significant contributors to these expenses.
Try to explore the assistance programs available. You may qualify for tax credits that make buying a home more achievable. You may also get help with the down payment, closing costs, and other related costs.
To get desirable results, it’s best to seek professional advice and assistance from one of our expert brokers at TurnedAway.ca.
A pre-approval is a mutual agreement between you and your lender. Remember that getting a pre-approval doesn't mean you cannot compare different rates.
Obtaining pre-approval for a mortgage can be incredibly helpful in the long run, as it grants you knowledge on how much your mortgage loan may come to and what kind of interest rate you are eligible for.
It's easy to be tempted to broaden your search and raise your budget, but you should try to identify homes within your price range that have a desirable living environment. Look to the Multiple Listing System (MLS) in the area you're interested in and ask your real estate agent for suggestions.
Take the time to see what different providers offer. With different premiums and terms available, something out there works for you.
Ensure there are no issues with the property, so you can adjust your offer price accordingly before making a purchase and avoid any unpleasant surprises. Doing your homework before making an offer can save you time and money in the future.
As a first-time homebuyer, your credit score and down payment will open the door to some of the best mortgage rates. Even if you have never purchased before, having good credit and a substantial down payment make all the difference in finding the best loan.
To ensure a hassle-free buying process, turn to us at TurnedAway.ca! We’ll make your first home buyer mortgage approval as smooth and easy as possible.
As a first-time homebuyer, you can make your dreams of owning a home come true with careful planning and preparation. By saving your down payment strategically, monitoring your credit score, and researching the mortgage rates available, you are one step closer to owning your dream home!
With TurnedAway.ca, you’ll get the professional assistance you need for a hassle-free, fulfilling home buying experience. We are excited to guide you on your journey toward becoming a first-time homeowner! Apply now!
