First-time Homebuyers Mortgage

Buying a first home is a very exciting time. If you've never had a mortgage before, we can help. Our team of mortgage brokers and specialists are more than happy to answer any questions you may have. All of our consultations are free and you will never have to pay us. Our commitment is to find you the best mortgages Canada has to offer.

First-time Mortgage FAQ's

To avoid adding unwanted stress in obtaining your very first mortgage, read the following frequently asked questions. This valuable information will not only answer some questions you may have about mortgage brokers, but may also make your first home purchase a money-saving experience. For more information, be sure to read the homebuyers check-list.

What is required to obtain a first mortgage?
What can I use for a down payment?
What costs are involved in obtaining a mortgage?
How long does it take to complete a mortgage transaction?
Can I get pre-approved before I find the home I want to purchase?
How much can I qualify for?
What is CMHC?
Who does CanEquity work for?
What is the purpose of a mortgage broker?
How can a mortgage broker get a better rate than my own bank?
Are there extra costs or hidden fees when using a mortgage broker?
What if I have had poor credit or have been discharged from bankruptcy within the last 3 years? Can I apply for a mortgage?

What is required to obtain a first Mortgage?

• Full-time employment or stable income
• Proof of income
• Good credit rating
• Verifiable down-payment
• Filling out a Mortgage Pre-Approval Application

What can I use for a down payment?

• Registered Retirement Savings Plan

  You may use an RRSP as a down payment up to a maximum amount of 20,000 and is not subject to income tax if repaid within a specific time period. Home Buyers' Plan

• Gift from immediate family
• Accumulated savings
• Sale of existing home
• Sweat equity - define

What costs are involved in obtaining a mortgage?

• Legal costs (Usually between $600 - $1000)
• Insurance on the property and mortgage applicant
• In some cases an appraisal is requested

How long does it take to complete a mortgage transaction?

If all information requested by the lender (i.e. Income verification, down payment verification and property details) is given to the broker in a timely matter than the transaction can be completed in as little as 2 weeks

Can I get pre-approved before I find the home I want to purchase?

Yes. Our lenders offer preapprovals from 60 days to 120 days. When it comes to new construction many lenders will extend that preapproval time to fit the construction schedule. This will allow you to hold a great interest rate while you shop for or build a new home.

How much can I qualify for?

Qualifying guidelines vary depending on the lenders criteria and products available. To find out exactly what you can qualify for, please submit your application for a pre-approval.

What is CMHC?

Canada Mortgage and Housing Corporation is a federally owned and operated institution that evaluates the client and property to allow the borrower to purchase a home with a lower down payment requirement. This corporation insures the mortgage on behalf of the bank, through a premium added to your mortgage. This way the banks are obligated to provide a mortgage for those with less than a 25% down payment.

Who does CanEquity work for?

We only work for you. We are not affiliated with any one single bank or lender; thus allowing us to shop around for the best mortgage rates in Canada.

What is the purpose of a mortgage broker?

We specialize in mortgages and only deal with lenders who can compete against the local branches for better rates, terms and service. Our only job is to find our clients the absolute best mortgage product to fit their needs.

How can a mortgage broker get a better rate than my own bank?

The mortgage lenders that we use do not have local branches in each city or town, they have no large overhead and are in the business of lending money for mortgages only. This, combined with their large volumes, allows them to discount the rates far better than your own bank can provide.

Are there any extra costs or hidden fees when I use a mortgage broker?

There are absolutely no hidden fees. Any costs related to a CanEquity mortgage are fully disclosed. Any costs incurred would be the same as if you went through a bank and in most cases LESS with CanEquity. We are here to earn your business today and in the future!

What if I have had poor credit or have been discharged from bankruptcy within the last 3 years? Can I apply for a mortgage?

Yes you can! Most conventional banking institutions put restrictions on who they lend money to for a mortgage, but CanEquity has the resources to shop for financing regardless of any credit situation.

For Further Information

Any one of our representatives would be more than happy to assist you or answer any questions you may have about purchasing your first home or your next mortgage. Contact us anytime and we will reply to your inquiry by telephone or by email as promptly as possible. Our toll free number is 1 (888) 818-4262. You may be required to leave a message. Please note that we usually return calls within the hour or at your suggested time of convenience.

^* Mortgage interest rates are subject to change without notice at any time. O.A.C.
^§ Our mortgages are only available to Canadian residents or foreigners purchasing property located in Canada.

Although every attempt is made to ensure the accuracy of our website, the above mortgage information should only be used as a guideline. CanEquity Mortgage always recommends that you consult a mortgage broker before making a decision. If you have questions or comments about our website, security practices or policies, please call our technical support line at 1-866-530-5541. For any mortgage related questions or to speak to one of our mortgage specialists, please call 1-888-818-4262.