First Home and Awesome Mortgage Rates

Tips for first time home buyers when getting their first mortgage, take advantage of them!

Find the best way to get to your new home with me! My name is JC Sehmbi and I am here to help you whenever you will need a mortgage or loan in Canada (GTA) .

Save Money

A down payment is required by the government of Canada when you purchase a house. You need to have some funds available to get to finance the rest of the house(get a mortgage). Start saving for your new house! This will give you the opportunity to get better deals and lower rates when getting your first home. 1, 2, 50, 100 or 1.000 dollars monthly will make the difference to change your future finances.

You will need to have a minimum of 5% down payment. Although, the mortgage for a 5% down payment is really hard to get and will have you higher interest rates. For better rate options and faster approvals try to get at a 20% down payment. This percentage would be awesome and would help you get on the right track to a quick debt free future.

Take Care of Your Credit

You do not need to have a perfect credit but same as your down payment, the lower your credit is, the more stock you can get! A normal/good credit is an asset when getting your new home, it determines your ability to make payments on time and how reliable you are with the money you borrow. Your lenders would like to see you can take responsibility of the new debt you are looking to inquire.

Get a Pre-Approval

It is really important to get a pre-approval. You should not start looking for houses before you are certain of how much can you afford. Getting a pre-approval will give you more negotiation power, will secure the rate given to you for 90-120 days, and it will prepare you on what to expect from your mortgage payments and you financial condition after you will finally get your dream house.

Contact me to get more tips from an expert. If you do not understand something with regards to mortgages I would be happy to answer!