First-time mortgage questions
How much can I afford to pay for a new home?
How much you can afford to pay depends on your income and your expenses. It is important to list all your expenses and vital that you are honest. If you over commit and cannot afford the repayments, you might risk losing your new home. (See: Mortgage Calculator)
How much is required for a deposit?
Today, you can purchase a home with no money down. All you need to have is a good credit history. Please talk to one of our mortgage brokers to see if you qualify for the no money down mortgage.
What is a high ratio mortgage?
A high ratio mortgage means the amount borrowed from the lender is in excess of 75% of the actual price or value of the property being purchased. A higher level of mortgage insurance with this type of mortgage is likely to be required. However, this insurance can often be added to the loan. One benefit of a high ratio mortgage is that a large deposit is not usually required.
What is a conventional mortgage?
A conventional mortgage means the buyer's deposit is 25% (or exceeds 25%) of the total purchase price, so only 75% or less is borrowed from the mortgage lender. This type of mortgage does not normally require mortgage insurance, but a higher initial deposit is required. You end up borrowing less and paying less interest over the long term.
How can a mortgage broker help me find the right mortgage?
Mortgage brokers are independent and have no vested interest in any particular companies. This means the advice is objective and unbiased because professional mortgage brokers have access to a range of lenders so they can research and compare the best possible deals.
How much are mortgage broker services?
Most clients do not pay for mortgage broker services as most lenders pay a broker's fee to the brokerage company when a client takes out a mortgage with that lender. Those customers looking for a poor credit mortgage might be required to pay a small fee, but this is discussed before services are rendered. (See: Learning about Mortgage Brokers)
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