info@themds.ca
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Embarking on the journey to purchase your first home is an exhilarating milestone that marks a new chapter in life. It’s a path filled with anticipation, dreams, and, admittedly, a bit of complexity. That’s where we come in.
At The Mortgage Doctors Oshawa, we’re more than just a service; we’re your partners in transforming the dream of homeownership into reality. We understand the weight of this decision and the myriad of emotions and questions it brings. Our commitment is to guide you through every step of this significant journey, ensuring you’re informed, confident, and ready to make the best decisions for your future. Let’s embark on this exciting journey together, making your first home purchase not just a transaction, but a cherished memory.
A recent CMHC survey indicates that 40 percent of first time home buyers use mortgage brokers. Potential home buyers do their research before they make a decision. We make it easy to get pre-approved online. Mortgage brokers traditionally offer competitive rates, so using a mortgage broker will save you time and money.
First-time home buyers have unique needs and concerns, and that’s precisely why they turn to us. A recent CMHC survey indicates that 40 percent of first time home buyers use mortgage brokers. We make it easy to get pre-approved online while offering competitive rates, so using a mortgage broker like us will save you time and most money.
Our team of experts offers one-on-one guidance, ensuring your questions are answered and your concerns addressed, making the home-buying process as smooth and stress-free as possible.
From seminars and webinars to comprehensive guides and checklists, we provide the educational tools you need to navigate the home buying process with confidence.
We negotiate competitive mortgage rates that are often exclusive to our clients, helping you save money and get the best value for your investment that is possible.
From your initial inquiry to the moment you receive your keys and beyond, our team is here to support you every step of the way.
First-time homebuyers qualify for Land Transfer Tax rebates.
First-time homebuyers qualify for tax credits when income taxes filed for the year that you
purchase your home.
In Canada, if you purchase a home with less than 20 percent downpayment, all lenders require mortgage default insurance. The default insurance will be added on to the principle mortgage amount.
Are you a first time home buyer looking for answers? See some the most frequently ask questions relating to this topic below. If you have a question not listed or want to get in touch, give us a call at (866) 452-1100. We’re here to help you get your first home and save you money.
The first step is getting pre-approved for a mortgage. This gives you an idea of how much you can afford and signals to sellers that you are a serious buyer.
The down payment requirement varies depending on the purchase price of the home and the lender’s policies. Typically, it ranges from 5% to 20% of the purchase price.
Closing costs include fees associated with purchasing a home, such as legal fees, title insurance, and land transfer taxes. Budget 1.5% to 4% of the purchase price for closing costs.
Yes, but it may be more challenging. A low credit score can lead to higher interest rates or a larger down payment requirement. Improving your credit score before applying for a mortgage is advisable.
Consider factors such as the interest rate, term, flexibility for extra payments, and whether a fixed or variable rate suits your financial situation best. Consulting with a mortgage professional can help you make an informed decision.
If you purchase a home with less than 20 percent downpayment, all lenders require mortgage default insurance. The default insurance will be added on to the principal mortgage amount.
Lenders assess your credit score, income, debt-to-income ratio (DTI), employment history, and the down payment amount. These factors help them determine your ability to repay the loan and the terms (interest rate, loan amount) they feel comfortable offering you.
Improving your credit score, saving for a larger down payment, reducing your debt-to-income ratio, and shopping around with multiple lenders can significantly improve your chances of securing a more favorable mortgage rate.
Many lenders allow the use of gifts or grants toward your down payment. However, you may be required to provide documentation, such as a gift letter, to prove that the funds are indeed gifts and not loans that you’re required to repay.
Pre-qualification is a quick assessment of your financial situation based on information you provide, giving you an estimate of how much you might be able to borrow. Pre-approval is more involved and requires documentation and a credit check; it offers a more concrete offer from the lender on the amount you can borrow.
Our experienced team of mortgage brokers can determine your maximum mortgage amount, what your payments are likely to be and options that are available to you. Our goal is to find out our client’s mortgage needs and long term financial goals and provide solutions to meet those needs. Call us at (905) 404-8001 or (866) 452-1100 (toll free) for more information.
Oshawa, Ontario L1G 5N3
(905) 404-8001
(866) 452-1100
info@themds.ca
The Mortgage Doctors is Durham Region’s Mortgage Superstore. Our Mortgage Brokers use their expertises to advise and obtain approvals on mortgage financing that fits your mortgage needs.
Monday – Friday: 9AM – 5PM
Saturday – Sunday: CLOSED
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