WELCOME TO OUR MORTGAGE CENTER

• Review your credit score and financial situation to understand your borrowing capacity.
• Calculate your budget, considering down payment, monthly mortgage payments, and associated costs.

• Get pre-approved for a mortgage to understand how much you can borrow.
• Contact mortgage lenders, including banks, credit unions, and mortgage brokers.

 Decide between fixed-rate and variable-rate mortgages based on your preferences and financial situation. 

 Save for a down payment, which is typically a percentage of the home's purchase price (e.g., 5% minimum in Canada). 

   Search for a property within your budget. 

    When you find a property, make an offer, and if accepted, you proceed to the next steps. 

• Submit a formal mortgage application to your chosen lender.
• Provide necessary documentation, including income verification, employment details, and other financial information.

•  The lender may conduct a property appraisal to ensure its value aligns with the loan amount. 

•  Once approved, review the terms and conditions of the mortgage agreement. 

•   Consider a home inspection to identify any potential issues with the property. 

• Finalize the sale with the seller and proceed to closing. 

• Offers a stable interest rate for the entire mortgage term.
• Predictable monthly payments, making budgeting easier.

• Interest rate fluctuates based on market conditions.
• Potential for lower initial rates, but payments may vary.

• Allows for prepayment or early repayment without penalties.
• Flexibility to pay off the mortgage before the end of the term.

• Restricts prepayment options, often with penalties for early repayment.
• Generally, lower interest rates compared to open mortgages.

• Offers the option to convert from a variable to a fixed rate or vice versa.
• Provides flexibility to adapt to changing market conditions.

• For borrowers with a down payment less than 20% of the property value.
• Requires mortgage default insurance through providers like CMHC.

• Typically for borrowers with a down payment of 20% or more.
• Does not require mortgage default insurance.

• A subordinate mortgage taken in addition to the first mortgage.
• Allows homeowners to tap into home equity for various purposes.

• Uses home equity as collateral for a line of credit.
• Borrowers can access funds as needed, similar to a credit card.. 

• Geared towards seniors, it allows them to convert home equity into cash.
• Repayment is typically not required until the homeowner sells the property or passes away.