First Time Home Buyer or Experienced Clients Buying a Home
Get Your Toronto Mortgage Approved!
Mortgage Purchase Approved with Down Payments of 5% up to 20% or More.
Whether you are a First Time Home Buyer, or Buying a Home for the second or third time around, congratulations, you have taken the first steps towards Home Ownership.
Nonetheless, Mortgage Rules and Regulation are constantly changing and the Government is always introducing new measure to maintain stability in the Real Estate Market. Whether you are a First Time Home Buyer or you are Experienced in Buying a Home, it always a good idea to stay up to date with the latest Rules and Regulations regarding the Mortgage Industry.
When it comes to Mortgage Financing , as a Toronto Mortgage Broker, I am here to Help make sure you are well qualified that your Toronto Mortgage will be Approved without any delay or unexpected surprises.
I work with Top Mortgage Lenders in Toronto and have access to Special Financing Programs available to First Time Home Buyer or experienced clients Buying a Home, you are not able to access on your own from our Extensive Mortgage Lending Network, which includes; Major Banks, Alternate Lenders, B Lenders, and Private Lenders.
Here are some commonly asked questions clients ask when getting a Mortgage in Toronto.
I want to Purchase a Home, What are the Steps I should Take?
I strongly recommend before you call a Realtor, and start Looking at Homes for Sale, that you get Pre-Approved or Pre-Qualified. As a Toronto Mortgage Broker,I can help can properly assess your Borrowing Qualifications which include your Income, Credit Report, and source of Down Payment. After having your Borrowing Qualifications are assessed, you will have a good understanding of what type of rate you will be Qualified for and how much your Maximum Purchase Price will be.
What Documents will I need to get Approved for a Mortgage?
Here are the List of Basic Documents you will Need to get your Toronto Mortgage Approved;
*Copy of most recent Equifax Credit Report
*Purchase and Sale Agreement
*Confirmation of Down Payment (Bank Statement showing Balance)
*Letter of Employment (recent within 2 weeks)
*Pay Stubs (recent 2 pay periods)
These are just the basic Documents required to get the Approval process started, once all the Basic documents have been reviewed then additional supporting documents will be requested.
What is an Insured Mortgage, and how can I Qualify?
it is important to understand that an Insured Mortgage is where you have less than 20% Down Payment available for the Purchase of a Home and the Mortgage must be Insured so that in the event Default, the. To Qualify for an Insured Mortgage, Here are the Basic Qualifications:
*Credit Score should be at least 680 and Above (Equifax) with No Negative Reporting within a current 2 year period
*Must be Employed past Probationary period, and generate an income that will qualify for the Request Mortgage
*(GDSR) Gross Debt Service Ration should not typically exceed 35% of your Gross Monthly Household Income. (Don’t Stress if you are above the 35% GDSR, I Can still get you Approved.)
*(TDSR) Total Debt Service Ratio should not typically 42% of your Gross Monthly Income. This Includes (Don’t Stress if you are above the 42% TDSR, I Can still get you Approved.)
*Down Payment should be at least 5% or less than 20% of Purchase Price.
If you are confused with all this information, you don’t have to worry if this doesn’t make any sense to you or if this is too confusing, I am here to Help and I can make it Easy for you and Help get you Approved. We specialize in Mortgage Approvals for Insured Mortgages and have Helped Many First Time Home Buyer or experienced clients Buying a Home, get their Insured Mortgage Approved.
What is (GDSR) Gross Debt Service Ratio?
(GDSR) the Gross Debt Service Ratio is your Monthly Housing Cost. This Includes (Monthly Mortgage Payments, Taxes, Heating Expenses, and if Half of Monthly Condominium Fee if your Purchase is a Condo or Condo Town Home)
What is (TDSR) Total Debt Service Ratio?
(GDSR) the Total Debt Service Ratio is the Entire Monthly Debt Load. This Includes (Housing Costs, Debts attached to your Credit such as Car Payments, Personal Loans, Credit Card Payments, Student Loans, and any Existing Mortgage Amount you have Co-signed for)
How much Minimum Down Payment do I need if I am Purchasing a Home?
As a First Time Home Buyer or experienced clients Buying a Home, it is important to know when Purchasing a Home, the Minimum Down Payment amounts required;
*Home Prices of up to $500,000 will require 5% Minimum Down Payment
*Home Prices of $500,000 up to $1,000,000 will require 10% to 20% Minimum Down Payment
*Home Prices of $1,000,000 and up will require a 20% Minimum Down Payment
It is important to keep in mind these are just Minimum amounts for a Required Down Payments and First Time Home Buyer or experienced clients Buying a Home, must have Credit and Income Qualifications.
What If I can’t get Approved under the Insured Rules or the Bank has Declined my Mortgage, Can I still get my Mortgage Purchase Approved?
As a First Time Home Buyer or experienced clients Buying a Home, it is important to understand that Yes, you can get Approved even if you don’t qualify under the Insured Rules, or the Bank has Declined your Mortgage Purchase. Because I deal with many Lenders outside of your Traditional Bank, I have access to many Lending options you would not have access to on your own.
What if I am Purchasing with 20% Down Payment or more, Can you get my Mortgage Purchase Approved, even though the Bank has Declined me?
Yes, as First Time Home Buyer or experienced clients Buying a Home, I am able to get your Toronto Mortgage Approved if you are Purchasing a Home with a Down Payment of more than 20% (25%, 35% or even 50%). The Good News is, I work with Mortgage Lenders who;
*Offer Great Rates
*Do Not required to you through a Stress Test
*Have Special Programs in place to help you get Approved, even if your Income does not fully Qualify with your Bank.
So there is no need to worry about the Stress Test, if you are not able to qualify with your Bank, then you can count on me to Help you get your Toronto Mortgage Approved.
What is the Minimum I need to put down for a Second Home Purchase?
You can Purchase a Second Home with a minimum Home with 5% Down Payment as long as your First Property has the Default Mortgage Paid in full and has more than 20% Equity and you have the required Income and Credit Qualifications. To get more details about how to qualify for a Second Home Purchase with a minimum 5% Down Payment, contact me.
As a First Time Home Buyer or experienced clients Buying a Home, You can count on me to use me Experience as Toronto Mortgage Broker to Help get your Toronto Mortgage Approved. I work fast to ensure your Toronto Mortgage is Approved on time so you can start enjoying your New Home without any last minute surprises on your closing day.