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Frequently Asked Questions!
Credit Score Ratings
750-850+ Excellent
660-740 Good
620-659 Fair
350-619 Poor
Prime Rates are as low as 4.75% (Excellent credit required for this rate)
Rates as low as 5.59% for Fair Credit.
750-850+ Excellent
660-740 Good
620-659 Fair
350-619 Poor
Prime Rates are as low as 4.75% (Excellent credit required for this rate)
Rates as low as 5.59% for Fair Credit.
Q. What is required to obtain a first Mortgage?
A. In most cases:
Full-time employment or stable income
Proof of income
Good credit rating
Verifiable down-payment
Filling out a Mortgage Pre-Approval Application
A. In most cases:
Full-time employment or stable income
Proof of income
Good credit rating
Verifiable down-payment
Filling out a Mortgage Pre-Approval Application
Q.What can I use for a down payment?
A. In most cases:
Registered Retirement Savings Plan
You may use an RRSP as a down payment up to a maximum amount of 20,000 and is not subject to income tax if repaid within a specific time period. Home Buyers' Plan
Gift from immediate family
Accumulated savings
Sale of existing home
Sweat equity
A. In most cases:
Registered Retirement Savings Plan
You may use an RRSP as a down payment up to a maximum amount of 20,000 and is not subject to income tax if repaid within a specific time period. Home Buyers' Plan
Gift from immediate family
Accumulated savings
Sale of existing home
Sweat equity
Q. What costs are involved in obtaining a mortgage?
A. Costs incurred are:
Legal costs (Usually between $600 - $1000)
Insurance on the property and mortgage applicant
In some cases an appraisal is requested
A. Costs incurred are:
Legal costs (Usually between $600 - $1000)
Insurance on the property and mortgage applicant
In some cases an appraisal is requested
Q. How does the Home Buyers’ Plan (HBP) work?
A. Each purchaser may borrow up to $20,000 from their RRSP under the Home Buyers’ Plan. (The funds must have been in the RRSP for at least 90 days prior to withdrawal to be eligible under the program) Provided you buy or build a qualifying home and meet all of the conditions for making a withdrawal under the Home Buyers’ Plan, you can use the particular funds you withdrew under the Home Buyers’ Plan for other purposes. (Not only down payment and closing cost, but for any other purpose you choose.)
This program is available to the first time home buyer only. (You are considered a first time home buyer if, at any time during the period beginning January 1, 1995 and ending 31 days prior to your withdrawal in 1998, you did not own a home while you occupied it as your principal place of residence) This information is current throughout 1999, And the program has been extended indefinitely. Repayment of the funds back to your RRSP can be made over 15 years. (The repayment period starts in 2001 and ends in 2015) If the amount is not repaid in a year, that year’s repayment amount will be added to your income and taxed. In order for the home to qualify it must be located in Canada and intended to be used as your principal residence
A. Each purchaser may borrow up to $20,000 from their RRSP under the Home Buyers’ Plan. (The funds must have been in the RRSP for at least 90 days prior to withdrawal to be eligible under the program) Provided you buy or build a qualifying home and meet all of the conditions for making a withdrawal under the Home Buyers’ Plan, you can use the particular funds you withdrew under the Home Buyers’ Plan for other purposes. (Not only down payment and closing cost, but for any other purpose you choose.)
This program is available to the first time home buyer only. (You are considered a first time home buyer if, at any time during the period beginning January 1, 1995 and ending 31 days prior to your withdrawal in 1998, you did not own a home while you occupied it as your principal place of residence) This information is current throughout 1999, And the program has been extended indefinitely. Repayment of the funds back to your RRSP can be made over 15 years. (The repayment period starts in 2001 and ends in 2015) If the amount is not repaid in a year, that year’s repayment amount will be added to your income and taxed. In order for the home to qualify it must be located in Canada and intended to be used as your principal residence
Q. Should I choose a fixed-rate or adjustable-rate loan?
A. Most mortgage loans have either a fixed interest rate or an adjustable interest rate. With a fixed-rate mortgage, the interest rate never changes and your payments remain stable throughout the life of your loan. With an adjustable-rate mortgage (ARM), the interest rate changes at regular intervals — usually once every year — based on a formula that uses a market index. For most ARM options, rate adjustments begin after an initial period — usually between three months and ten years — during which the rate is fixed.
A fixed rate is usually best if you plan to stay in your home for the long term and are buying at a time when rates are relatively low. An ARM is usually best if you plan to move before the rate adjustments begin, or if you are buying when rates are relatively high.
A. Most mortgage loans have either a fixed interest rate or an adjustable interest rate. With a fixed-rate mortgage, the interest rate never changes and your payments remain stable throughout the life of your loan. With an adjustable-rate mortgage (ARM), the interest rate changes at regular intervals — usually once every year — based on a formula that uses a market index. For most ARM options, rate adjustments begin after an initial period — usually between three months and ten years — during which the rate is fixed.
A fixed rate is usually best if you plan to stay in your home for the long term and are buying at a time when rates are relatively low. An ARM is usually best if you plan to move before the rate adjustments begin, or if you are buying when rates are relatively high.
Q. What is a cash-out option?
A. If you have enough equity in your property, you can refinance with a loan amount greater than your current mortgage and keep the difference! You can use the money for home improvement, debt consolidation, or whatever else you would like.
A. If you have enough equity in your property, you can refinance with a loan amount greater than your current mortgage and keep the difference! You can use the money for home improvement, debt consolidation, or whatever else you would like.
Q.What is a Credit score?
A. Your credit score, sometimes called a FICO score, is a number based on the information in your credit file that shows how likely you are to pay a loan back on time -- the higher your score, the less risky you are.
A. Your credit score, sometimes called a FICO score, is a number based on the information in your credit file that shows how likely you are to pay a loan back on time -- the higher your score, the less risky you are.
Q. Who will check my credit score?
A. There are three major credit bureaus: Experian, Equifax and TransUnion.
Q. What will a credit bureau check show ?
A. The credit bureaus write up your report based on any information they received about you from companies that gave you credit in the past, such as your payment history, the length of your credit history, the types of credit you have and amounts owed.
From that report, a credit score is derived -- which ranges from 300 to a perfect 850.
That score is a quick way for lenders to assess how risky you are as a potential borrower. The higher your score, the less risk you pose to lenders and the more likely it is that you'll get their best available rates.
Q. What do credit score numbers mean ?
A. Consumers with scores above 700 are usually charged relatively low rates, and those with scores above 760 are charged the lowest rates.
Consumers with scores below 600 are typically charged relatively high loan rates, and if your credit score is really bad, you may be not be able to borrow at all.
A. There are three major credit bureaus: Experian, Equifax and TransUnion.
Q. What will a credit bureau check show ?
A. The credit bureaus write up your report based on any information they received about you from companies that gave you credit in the past, such as your payment history, the length of your credit history, the types of credit you have and amounts owed.
From that report, a credit score is derived -- which ranges from 300 to a perfect 850.
That score is a quick way for lenders to assess how risky you are as a potential borrower. The higher your score, the less risk you pose to lenders and the more likely it is that you'll get their best available rates.
Q. What do credit score numbers mean ?
A. Consumers with scores above 700 are usually charged relatively low rates, and those with scores above 760 are charged the lowest rates.
Consumers with scores below 600 are typically charged relatively high loan rates, and if your credit score is really bad, you may be not be able to borrow at all.
Q. How can I improve my credit score ?
A. Pay your bills on time. Delinquent payments can have a major negative impact on your score and the longer you pay your bills on time, the better your score. For example, someone with an average credit rating of 707 can raise their score by as much as 20 points by paying all their bills on time for one month.
Keep balances low on credit cards. High outstanding debt can affect your score. Maxing out your credit cards could lower your average score by as much as 70 points.
Don't open a number of new credit cards that you don't need. New accounts will lower your average account age, which could actually lower your score by up to 10 points.
Have credit cards - but manage them responsibly. In general, having credit cards and installment loans (and making timely payments) will raise your score. Someone with no credit cards, for example, tends to be higher risk than someone who has managed credit cards responsibly.
Closing an account doesn't make it go away. A closed account will still show up on your credit report and may be factored into the score.
Keep balances low on credit cards. High outstanding debt can affect your score. Maxing out your credit cards could lower your average score by as much as 70 points.
Don't open a number of new credit cards that you don't need. New accounts will lower your average account age, which could actually lower your score by up to 10 points.
Have credit cards - but manage them responsibly. In general, having credit cards and installment loans (and making timely payments) will raise your score. Someone with no credit cards, for example, tends to be higher risk than someone who has managed credit cards responsibly.
Closing an account doesn't make it go away. A closed account will still show up on your credit report and may be factored into the score.
Q. What will I need to get a Mortgage Approved?
* To be working 2+ years - does not have to be the same job.
* Have established credit for at least 2 years.
* Have no judgments or collections on your credit bureau.
* Have a credit score of 600 or higher.
* Have a down payment of 10-15%.
* If your credit score is above 680 then you could qualify for a no
down payment cash back plan.
* Have 1.5% for legal fees to close the deal.
A. Here is what you need:
