We are the mortgage broker in Toronto team that is here to help newcomers looking for the keys to their first Canadian property. Here’s a few steps if you are new to the country that can help you get your first mortgage. Remember, we are here to help you with the best mortgage rates and terms.
A Budget
One of the first things you’ll need to do is develop some kind of budget. Before you even start looking for your first house, putting together a general idea how much you can afford is important. Here’s a calculator that can help you get started.
Don’t forget to factor in costs like property insurance and property taxes. If you’re new to the country, paying for some services like water, hydro and heat might be a new experience.
Down Payment
The next step is to save for a down payment if you need one. Keep in mind that we are always here to help you get the best mortgage rates. We have a team that’s made up of professionals with four decades of combined experience in the industry.
As far as the down payment goes, there are certain typical requirements.
- Newcomers should aim to get a conventional mortgage. If you have a down payment that’s 20% of the purchase price or a little more, you can get one of these without mortgage insurance.
- Some people don’t have that much money to put down initially. You can still qualify but you’ll need what’s called mortgage insurance.
- Some people starting out in the country may not have Canadian employment history. Those folks might need to put down a larger down payment of up to 35% or more.
There are lots of different options for you to look through. That’s why taking advantage of our mortgage broker in Toronto services makes sense.
