First Time Mortgage
Buying a home is a big step and may be the greatest investment you will ever make. You need expert advice to guide you through the steps to obtain financing for your home. A Mortgage Medic can help you with the procedure, explain your options and find a lender who can provide a low rate for your mortgage. Whether you want to minimize payments, pay off your morgage faster, or have flexible financing, a Mortgage Medic can provide you with the best advice, since we work for you - not the bank.
If this is your first mortgage, it is important to be fully aware of all the costs involved in purchasing a home. We can help you calculate all your costs and pre-qualify you before you go house hunting. Knowing in advance what these additional “costs” are, over and above the down payment that you might have, will help you plan for a smooth closing and avoid any unpleasant surprises.
First Time Home Buyers
In Ontario, the first time home buyer is an average age of 37 years old. In Toronto, first time home buyers generally purchase condos, since they are more affordable and close to all the things they want in the 416 area. Many are moving outside of the city to find more affordable housing - often choosing condos or mid-rise projects. Single family homes are often out of reach for first time home buyers.
Young people often choose condos because of the lifestyle. Generally, these are found close to amenities - like transit, restaurants and shops - plus there is no outside maintenance. Looking back at the increase in pricing for condos, not only in the GTA but outside areas including Burlington, Hamilton and Kitchener-Waterloo, it is clear to see that demand has been strong.
First Time Buyer Mortgage
What is required for a buyer to get a first time mortgage? Usually the following:
- Full time employment or proof of income
- A Good credit rating (see our credit scores page)
- Verifiable down payment
Call your Mortgage Medic mortgage broker or agent at (905) 847-6611 for minimal requirements for your lender. The minimum down payment is usually 5%, subject to maximum price restrictions. In addition to the 5% you must be able to confirm that you can cover costs incurred to close your mortgage. These costs may include legal fees, appraisal fees, survey certificates and other additional costs.
Call Mortgage Medics