As a first-time home buyer you may be overwhelmed by the borrowing process. After all, you’re new to this and you’ve got a lot to learn about owning your first home. Becoming a new home owner has many rewards and benefits – the question is how do you maximize them? To get started, a mortgage broker should be one of the first professionals you speak to before you begin shopping for your new home.
A mortgage broker, such as the experts at Mortgage Brokers Network, will help you understand your mortgage options and find your best mortgage rates. Our brokers have decades of experience helping new home buyers. We have a network of trusted bank lenders and alternative lenders who are motivated to secure your new business.
We know who to approach and can even have lenders compete to offer you better rates than you would get if you simply went to your bank. If you haven’t had much time to establish your credit or have had credit or income issues in the past, we also know who will work with even the most difficult circumstances to get your first home loan approved.
Over the past few years, new home ownership has become more challenging for borrowers. Finding a mortgage loan (and a mortgage lender) who doesn’t have to work under the strictest of regulations can help. You may have heard of the mortgage “stress test” and how it can easily disqualify a new home owner from being approved at the bank. With our many lenders, we can find a bank alternative that is flexible and accommodating to your financial big picture.
Many first-time home buyers may not have the established credit history a bank will need to approve a new mortgage. Don’t worry if you are a first-time buyer who has already been turned down at the bank. If you haven’t been approved, we can still help.
You may be looking for a new mortgage but already own a primary residence. Applying for a new mortgage on a new property doesn’t always mean that you’re new to purchasing real estate. You may be a home owner looking for a rental property, a cottage on the lake or an investment home to “flip”. In these cases, stricter regulations have also been imposed by big banks and mortgage companies.
We can work with your existing home equity and help you find that first mortgage to help you invest in a second property. We have access to equity-based lenders who will overlook damaged credit or income concerns that your bank may not be willing to ignore. If you dream of a vacation property or an investment property to increase your personal wealth, we can help.
When you begin the application process as a first-time buyer you want to be ready for what comes next. Preparing in advance and learning as much as you can about your options can help a lot. For example, knowing the difference between a fixed rate mortgage and a variable rate mortgage or learning about mortgage insurance. While you won’t be an expert from the start, it will help to absorb as much information as you can before you start shopping for that new home.
First time home buyers should be realistic about what they can afford and find a realtor who can work within the budget they have set. Working with a broker will ensure that the best mortgage rates are considered and having a good handle on carrying costs will help set a realistic budget for monthly expenses after the home has been purchased. It’s important to only “bite off what you can chew” and not over-extend your credit.
We recommend taking your time and starting your home buying journey as early as possible. Familiarize yourself with professionals you can trust, work to improve your credit worthiness if that is recommended. Learn about government programs that are available for first time buyers.
To recap, we recommend the following tips for first time buyers:
You can trust us to be your best ally when applying for your first mortgage or securing a loan for a second property. We’ll work to get your application approved and we’ve got the network to back that up. Your bank may have limitations in what they can offer you, but we specialize in even the most challenging circumstances. Even if you’ve already been to the bank and turned away for a loan, we can help turn that “no” into a “yes” and get you approved.
You’re not alone as a new home buyer if you work with us. Our access to flexible lenders and our decades of experience can help guide you through the process of new home ownership. Finding the right mortgages for new homeowners in Canada is part of what we do best. We recommend that you book a consultation with a member of our team to review our full range of mortgage services.
Apply for your first mortgage with us and we’ll conduct a free, no-obligation review of your finances. Discover what 30 years of experience can do for you, and fulfill your dream of new home ownership today.
|Term||Posted Rate||Our Rate||Claim This Rate|
|Home Equity Line of Credit||Prime +1%||Prime +.50%||Claim Rate|
|Fixed 1 Year||4.50%||3.09%||Claim Rate|
|Fixed 2 Year||4.65%||3.39%||Claim Rate|
|Fixed 3 Year||4.65%||3.79%||Claim Rate|
|Fixed 4 Year||4.65%||3.99%||Claim Rate|
|Fixed 5 Year||4.89%||4.14%||Claim Rate|
|Variable 5 Year||5.80%||3.2% (prime -.95%) Net Rate 2.25%||Claim Rate|
|Fixed 10 Year||5.90%||4.54%||Claim Rate|