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- Thursday, September 02, 2010  
CanEquity Mortgage and Insurance Canada
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First Time Mortgages



Related Links:
Budgeting for first-time home buyers
Choosing the right mortgage
Homebuyers check-list
Using an RRSP as a downpayment

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First-time Homebuyers

First Mortgages

Mortgage Brokers have the lowest rates

Everyone uses an insurance broker when looking to get the best insurance rates and premiums. So why not use a mortgage broker? Did you know that mortgage brokers have access to some of the lowest mortgage rates in Canada? Plus, they can also assist find products that are flexible that offer better pre-payment options and terms.

Mortgage Brokers can help and their advice is free

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.

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.


First-time Mortgage FAQ's


QuestionWhat is required to obtain a first Mortgage?

AnswerIn most cases:
QuestionWhat can I use for a down payment?

AnswerIn most cases:
  • 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

QuestionWhat costs are involved in obtaining a mortgage?

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

QuestionHow long does it take to complete a mortgage transaction?

Answer 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

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

Answer 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.

QuestionHow much can I qualify for?

Answer 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.

QuestionWhat is CMHC?

Answer 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.

QuestionWho does CanEquity work for?

Answer 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.

QuestionWhat is the purpose of a mortgage broker?

Answer 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.

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

Answer 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.

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

Answer 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!

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

Answer 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. Some rates may be subject to minimum credit score, loan amount and may only be available certain lending areas. A quick closing loan condition may be required. Does not apply to preapprovals. Contact CanEquity for details. Although every attempt is made to ensure the accuracy of our website, the above mortgage information should only be used as a guideline and CanEquity makes no guarantees on any rates shown. CanEquity Mortgage always recommends that you consult a mortgage broker before making a decision. For any mortgage related questions or to speak to one of our mortgage specialists, please call 1-888-818-4262. CanEquity does not guarantee to have the lowest rate in Canada. We do make every attempt though to find the best deal possible for all of our clients.

§ Our mortgages are only available to Canadian residents or foreigners purchasing property located in Canada.

 

 
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Contact one of our Canadian Mortgage Brokers for a FREE credit check and mortgage qualification report. We service all major cities in Canada including Toronto, Quebec & Montreal, Victoria & Vancouver, Calgary & Edmonton, Halifax, and St. John's. Save time, money and aggravation by letting us track down the lowest rates offered by Canadian mortgage lenders.
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Use our online mortgage calculator to find out how much payments are on your dream home. We'll summarize all of the important details over the term and whole amortization of your mortgage.
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Below is a tally of our most popular mortgage product inquiries made using our secure online application for Internet users in Petawawa.

Mortgage Type Inquiries
First-time Buyer28.85%
No Money Down25.00%
Qualification21.15%
Refinance11.54%
Renewal7.69%
Fixed Rate1.92%
Purchase1.92%
Investment1.92%
Last Tally: Sep 1 at 04:00:44
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CanEquity offers a wide variety of mortgage loans to meet your needs.

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