First-time Homebuyers Mortgage
Brokers have the lowest rates
Everyone uses an insurance broker to get the best premiums. So why not use a mortgage broker to get the best mortgage rates?
Did you know that mortgage brokers have access to some of the lowest rates in Canada? Plus, they can find some pretty amazing lender products with handsome pre-payment options and flexible terms.
Apply Now for a Mortgage
Get professional help & free advice
Buying a first home is very exciting. If you've never had a mortgage before, we can help. Our team of mortgage brokers 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 Frequently Asked Questions
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.
What is required to obtain a first Mortgage?
In most cases:
- Full-time employment or stable income
- Proof of income
- Good credit rating
- Verifiable down-payment of at least 5% of the property purchase price
- Filling out a Mortgage Pre-Approval Application
What can I use for a down payment?
What costs are involved in obtaining a mortgage?
Costs incurred are:
- 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 the transaction can be completed in as little as 4 days.
Can I get pre-approved before I find the home I want to purchase?
Yes. Our lenders offer preapprovals
from 60 to 120 days. This will allow you to hold a great interest rate while you shop for a 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 allows banks and lenders to provide mortgages to their clients even if they have less than a 20% 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. In regards to a bankruptcy, a larger downpayment may be required.
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.
Apply Now for a Mortgage
Our Disclaimer: Although we make every attempt to ensure the accuracy of our website, we recommend you use the above mortgage information as a guideline only. Mortgage interest rates and product availability are subject to change without notice at any time. Certain rates or mortgage products require a minimum credit score, loan amount, or down payment amount and may only be available in specific lending areas. A quick closing loan condition may be required (does not apply to mortgage pre-approvals). For more information, contact CanEquity by using our online mortgage application.