What we promise you

A first time home buyer’s mortgage with —

• Quick approval
• Low down payment
• Low interest rates (See our rates)
• Flexible terms
• Favorable repayment schedules

What you should do

1. Use our Maximum Mortgage qualifier to know how much you qualify for. Factors that affect the amount you can borrow —
   • Amortization period
   • Borrowing rate (See our rates)
   • Your gross income
   • All other debt payments
2. Submit an online pre-approval application.

FAQs – First time home buyer

Here are some quick facts about first time home buyer’s mortgage to help you get started —

• • How much is the required down payment?

At least 5% of the purchase price of your home plus high-ratio mortgage insurance. But, if you want to qualify for conventional mortgage and you don’t want to pay mortgage insurance, it is best to put down 20 percent of the home’s purchase price. This also assumes that you have excellent credit.

The higher the down payment, the lesser is the amount you have to borrow and the lower is your monthly mortgage payment.

• • What is the required down payment if my credit is bad?

If credit is bad or challenged, you will need 20% down. Sometimes we can find a mortgage solution with only 15% down if the home is in a major city.

• • What is a first time buyer mortgage?

There is no special mortgage solution specifically tailored to a first time buyer. A first time buyer would get the same mortgage any other repeat home buyer would receive. However as a first time buyer there could be land transfer tax advantage. Check with your lawyer if this may apply to you.

• • What is the most important step for a first time buyer?

As a first time buyer, you will need to be pre qualied and pre approved. Pre qualified is to find out how much of a house you can afford to buy given your income and debt load. Pre approval is the next step. It involves ensuring the credit is satisfactory, as well as income. The pre approval is a written commitment from the lender stating the conditions the approval is based on. With a pre approval you can confidently make your offer to purchase on your dream home.