A pre-approved mortgage puts your financing in place before you make an offer on a home. This is a good first step in knowing what size of mortgage you will qualify for and what costs are involved in obtaining the mortgage. It will also allow you to lock in for 120 days at a specific interest rate before you begin the search for your new home. You can apply on line or call Nirpreet Thind (416-826-7741) for a pre-approved mortgage right now at the lowest price, guaranteed! Once you are pre-approved, you can buy your dream home with more confidence and get more power to negotiate for a better price.

To determine if your credit rating is good or not, the banks will be checking your credit’s “Beacon score”. This rating is somewhere between one and a thousand.

• If your Beacon credit score is below 600 then your rating is considered “poor”, possibly because of outstanding debt that is too high. For example, perhaps there are missed or late loan or credit card payments or a lot of credit checks on your credit history. Bankruptcies within the past 7 years will also negatively impact credit ratings.

• If your Beacon score is above 600 then banks might be interested in lending you money at lower interest rates! So, be sure to be accurate and detailed whenever you complete applications so you are not denied credit you deserve .

You can buy a house for as little as 5% down! Remember: The larger the down payment, the easier the other expenses will be to manage. Once you're ready to put an offer on a property, you’ll need part of your down payment as a deposit (example: $5,000 to $10,000) so be sure to keep some funds easily available and accessible..

If you make a down payment of 25% or more of the lending value, you may qualify for a conventional mortgage. If you are making a down payment of less than 25%, the mortgage must be insured by CHMC or GE. The insurance protects the lender against borrower default in case you are not paying your mortgage on time. These fees are mandatory for borrowers who provide a down payment of less than 25% of the mortgage.

Every mortgage has a start date and an end date. The end date is referred to the maturity date. The duration between the start date and end date is the term of your mortgage. You can choose terms of 6 months, 1, 2, 3, 4, 5, 7, 10 or even 25-year terms. At the end of the term, you can either pay off your mortgage or accept the lender's invitation to renew it for another term period of your choice.

Yes! This is the whole point of using a mortgage broker. If you wish to shop around to more than one bank, it is wise to use a mortgage broker. When you use a mortgage broker there is only one credit report done. And the broker will look for the best rate and terms in the mortgage. What’s more, lending institutions know that mortgage brokers send them plenty of deals so they often provide brokers with very attractive rates..

Yes. Be sure to find out what they will charge you to act on your behalf. Many of them will not be very specific about their fees so be persistent. Typically they will charge a fee plus disbursements. The disbursements add up very quickly so get an estimate of the total cost of their services. Lawyer change you a fee from $ 500 to $1200, depending on your mortgage

Closing costs are the fees and taxes of the property, which is usually 1.5% of the purchasing price of the property. This includes land transfer tax, a solicitor fee, and GST. (The solicitor fee is a $165.00 fee that solicitors charge on closing a CMHC or GE application.

You can refinance your existing mortgage and pay all of your high interest debt (like credit cards, loans, lines of credit, etc.). This allows you to consolidate high interest debt into your existing lower interest mortgage loan and pay it off with one easy payment. You can also use the money you get from refinancing to buy another property, start a business, perform home renovations, and more.