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Planning and Preparation

When you purchase a home, you will be expected to make a down payment so you need to save for this ahead of time. Remember the bigger the down payment the more affordable the repayments will be. If you do not have sufficient funds to make a 20% down payment you will have to take mortgage insurance, which will increase the monthly repayments. It is also necessary to factor in 2% for closing costs which you will have to cover.

 

Start off your preparation for the big step by reviewing your credit rating. Your credit score is one of the most important determining factors in whether you will qualify for the home finance or not, so you should get your credit rating in order before even applying for a mortgage.

 

It is also a good idea to reduce your income to debt ratio, as lenders will use this to determine whether or not you can afford the repayments on the mortgage.

Most Mississauga residents aspire to home ownership but purchasing a home can be a daunting task especially if you are buying your first home. There is no doubt that this is an exciting time in anyone’s life, but the road to home ownership is fraught with risks.

 

To qualify for a mortgage your monthly housing costs should be under 32% of your gross income and your income to debt ratio must be under 40%.

 

Calculate what monthly payments you can afford before approaching the mortgage broker. When working out what repayments you can afford don’t forget that there are other costs associated with homeownership that must be factored in. These include such expenses as insurance, property tax and home maintenance.

 

As a first-time homeowner, you may qualify for government assistance. The Canadian government will allow you to borrow $25 000 from your Registered Retirement Savings Plan. Your spouse can do the same. You have fifteen years to repay the funds. There is also a $750 tax credit for first time homeowners.

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Featured Rates

FIXED

LenderRateTerm
Mortgage Lendwise RateLendwise

3.40%

5-Year
Mortgage First National Bank RateFirst National Financial

3.59%

4-Year
Mortgage RMG RateRMG Mortgages

3.29%

3-Year
Mortgage Street Capital RateStreet Capital Bank

3.19%

2-Year
Mortgage TD Bank RateTD Bank

3.19%

1-Year

VARIABLE

TermRate
5-Year Variable

2.75%

3-Year Variable

3.35%

OTHER

TypeRate
Line of CreditStarting at

3.00%

Equity LoansStarting at

5.99%

Private MortgagesStarting at

5.99%

Obtain Pre-approval Before Finding Your Ideal Mississauga Home

You should start the process of property investment by applying for a pre-approved mortgage. This way you will be sure to choose the property that you can afford, saving a lot of time and considerable disappointment if you had chosen a home but didn’t qualify for the loan you needed.

A pre-approved mortgage will include the loan amount, the interest rate and the monthly repayments.

Buying your own home is an important decision which can have long-term implications for you and your family. In choosing a home you must select one with the future in mind. For example, if you plan to expand your family over the next decade you should find a house that will provide for this.

The location should cater to your work and recreational needs, and it should be in a marketable area. If you are purchasing a condominium you should be even more cautious and ensure that the building is properly run by checking the relevant audits.

Ask the Professionals

Purchasing a home is complicated but fortunately, there are plenty of Certified Mortgage Brokers in Mississauga that can help you through the process. You should not attempt this alone and should seek sound professional advice before taking the plunge.

OUR CUSTOMERS LOVE US

I've worked with mortgage brokers before and have had some issues, so wasn’t sure if i wanted to go to a bank or a broker again. I ended up finding Leon and his team and the reviews seemed really positive, so i decided to just give them a call and see what they offer. Leon explained everything over the phone and was able to adjust to my schedule for a meeting. We ended up going over everything from start to finish, I explained my situation and he recommended a mortgage for me. He explained how it would save me money and how he would guide me step by step. At any point during the process he was literally just a phone call away and was very responsive. The best experience I’ve ever had with my mortgage. Gonna stick with Leon and his team from now on.
Randa Conyers
Randa Conyers
04:49 24 Feb 18
I found Leon a few months ago when we were looking to secure a mortgage for our new home. I read the reviews and they all seemed positive, so I gave him a call. Leon and his team honestly live up to their reputation, they answer all their calls, respond to emails within the hour and have the best rates I’ve seen. They know everything about the market and answer every question I have. Got a great rate and the customer service was outstanding. Would recommend to anyone, 5 stars
Yolanda Sizelove
Yolanda Sizelove
11:41 17 Feb 18
Most of my income is in dividends so my mortgage approval turned out to be a lot more complicated than normal. Leon guided me step by step through the whole process. He explained everything, was very patient and answered any questions i had. A week before the closing the lender asked for some additional documents and Leon was just a phone call away and was able to get everything together right away. Great service and great team.
Christin Franco
Christin Franco
03:34 01 Feb 18
Working with Leon has honestly been amazing. He managed to find a bunch of properties at a great price. We told him what we were looking for and our budget, he was able to find properties that we were able to renovate and re market. It has honestly been a pleasure working with him.
Tener Fellers
Tener Fellers
03:02 19 Jan 18
The entire team at certified mortgage broker were very kind and professional. Never worked with a mortgage broker before, but was tired of the terrible service at my bank. After a bit of research I found these guys and its been great. They are easy to reach, my rate is lower and they are VERY professional. Awesome service.
Myron Wiggins
Myron Wiggins
02:11 15 Feb 18

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