Mortgage Financing
- Use the Mortgage Calculator to work out your monthly payment.
Affordability Mortgage Comparison
If you're thinking of buying a home, transferring or refinancing your existing mortgage, use the above handy calculators to:
Figure out how much you can afford to spend on a home. Determine what your mortgage amount and payments will be. Compare different ways of paying your mortgage off faster. Add lump sum or top-up payments to your mortgage calculation. See your amortization schedule (which provides a breakdown of principal and interest payments for the life of the mortgage).
The Mortgage Process
Get a pre-approved mortgage certificate:
A pre-approved mortgage certificate is a written commitment that you will get a mortgage for a set amount of money, at a specific rate of interest that is guaranteed for 60 to 120 days, depending on the financial organization you choose. The commitment is made subject to a financial assessment and property appraisal. The service is free and without obligation.
Why is it a good idea to get a pre-approved mortgage?
A pre-approved mortgage gives you an edge. Before you even go house hunting, you will know the size of your mortgage, the interest rate, and the size of your monthly mortgage payments. With your financing already mapped out, you can concentrate on finding the right home in your price range.
A pre-approved mortgage also puts you in a strong bargaining position when you make an Offer to Purchase. If the seller wants to make a quick sale, you may be able to negotiate a price lower than the list price, because the seller knows that you are a serious buyer. You will not be spending time looking at properties that you will not qualify for. Don't be disappointed, get pre - approved today (it's free).
To request a pre-approval, call 1-888-562-3284 or apply online.
The mortgage industry is very competitive and there are many things to take into consideration when getting a new mortgage. Is the mortgage portable, can you double up on the payments, can you skip a payment, what term do you take and what rate are you getting. Compare today on line, even ¼ % makes a big difference.
Statistics show that 80% of us pay full bank rates when we renew our mortgage. With an average mortgage amount of $150,000 you could pay over $28,000 in extra interest over the life of the mortgage. Every consumer group in Canada is telling us to Shop Around. If you are planning to Renew your mortgage, let us show you how you can save money by renewing on line.
Mortgage Info needed When your offer is accepted:
Your offer has been accepted. You're now in the home stretch, finalizing the details of your mortgage and closing the purchase of your new home. Call your assigned Mortgage Specialist.
Your Mortgage Specialist will need to receive the following documents and information:
A copy of the real estate listing. A copy of the accepted Offer to Purchase. Information on the source of your down payment. Income verification if you are employed. A letter from your employer verifying your place of employment and income, or T4s and Notice of Assessment, or T1 General. Tax Return and Notice of Assessment. Income verification if you are self-employed. 3 years of Financial Statements and 3 years of Notice of Assessments, or 3 years of T1 General Tax Returns and 3 years of Notice of Assessments.
Processing the mortgage application:
Your Mortgage Specialist will want to verify the value of the property you are buying, your current financial picture and your credit history, so a property appraisal and credit report will be ordered.
Also, if your down payment is less than 25%, you qualify for a high ratio mortgage on which you would have to pay insurance premiums. You decide whether you want to pay the premium in cash or have your lender add it to your mortgage amount. Your Mortgage Representative can contact Canada Mortgage and Housing Corporation (CMHC) or GE Capital Mortgage Insurance Company of Canada (GEMI) to make the arrangements.
Be prepared to pay fees for the mortgage application, credit report and property appraisal.
Closing the purchase.
Closing day:
Closing day is the day you become the official owner of your home. However, the closing process usually takes a few days. Typically, you visit your lawyer's office to review and sign documents relating to the mortgage, the property you are buying, the ownership of the property and the conditions of the purchase.
Your lawyer will also ask you to bring a certified cheque to cover the closing costs and any other outstanding costs. Once your mortgage and the deed for the property are officially recorded, you become the official owner of the property.
Congratulations! You've just bought a home with the help of Terry Marion!
Send us an email and we will make sure the right mortgage broker will get back to you. Remember most Mortgage Brokers do not charge a fee unless there are special circumstances. Contact Terry today: TerryMarion@telus.net
For more information, please click here.
To Buy A Home Call:
Terry Marion
Realtor
Royal Lepage-ShowcasePlus
3137 St. John’s Street, Port Moody, British Columbia
Canada V3B5R5
Email: terrymarion@telus.net Office Phone: (604) 461-2844
Toll Free: 1-800-567-4677 Cellular Phone: (604) 644-7237
Home Fax: (604) 945-3599
