home purchasethe advice you need
The purchase of a home is the largest purchase most people make during their lifetime.
home purchase overview
At citywide mortgage services:
At Citywide Mortgage, we want to ensure that every buyer is aware of the options available prior to purchasing or closing on their new property.
Financial institutions in Canada are constantly launching new and exciting products and programs, helping buyers to get into their dream homes sooner.
Interest-only loans, rental purchase programs, vacation property programs and even self-employment programs are making homeownership a reality for lots of people who might not have considered home ownership previously.
First-time home buyer? Experienced buyer? We have amazing products and rates all across Canada made to suit your situation. Reach out to us today and start the conversation that could lead to your dream home!
Before looking for your dream home, be sure to get a pre-approval. A registered Mortgage Planner can help you realize your budget and help you work out exactly what you can afford before you start shopping for your home by verifying your info and finding you a pre-approval.
Depending on your situation, our Mortgage Planners can get you a fantastic rate and lock it in for 60-120 days while you are hunting for your new home. This locked-in rate is guaranteeing you a mortgage for that rate, or better, so you won’t have to worry about surprises. Any drops in the rate will be reflected in your rate as well, but any increases won’t change your rate – it is a win-win for you!
The process for a pre-approval includes a short list of required information to get an idea of your credit profile and financial situation. This information is used to determine your buying power. In addition, our Mortgage Planners can discuss your options for term, amortization, mortgage product options and which will suit your situation best and other costs that might be involved in the home purchase.
Before shopping for your next home, be sure to get a pre-approval with a Mortgage Planner and move forward with the confidence and knowledge you need to make your home buying experience better.
understanding your credit report
Credit score, or beacon scores, are numbers which provide lenders with an impression of your lending risk. The higher the score, from 300 to 900, the less you appear to be a risk to a lender. The less risk a lender feels they are taking, the better the products and rates they offer.
You are legally entitled to obtain a copy of your credit report each year, for free, from these reporting agencies. It is important to review your credit report for accuracy and ensure nothing is showing that could inhibit your borrowing abilities.
The good thing about a credit report, even one with some not great items on it, is that it can be improved! Over time, with good habits and diligence, you can increase your scores and your borrowing ability.
fixed vs. variable rate
The pros and cons of each option are worth investigating, especially with the ebb and flow of the mortgage market and rates.
Variable rate mortgages allow the homeowner the advantage of lower rates – based on a lenders’ prime rate with a slight variance. However, if the rates increase, the payments would also increase.
A full understanding of the risks and rewards of each mortgage type is important. Have a chat with one of our knowledgeable Mortgage Planners to learn more.
determining the right term
In the case of investment properties, you may want to consider choosing longer terms to allow for stability of the mortgage payments on the property over a longer period of time. This will help you be more accurate in projecting your future ability to pay the mortgage.
Every mortgage term decision is unique and you need to understand your financial position and you tolerance for risk before finalizing your mortgage terms. Speaking with our Mortgage Planners can help you make the best decision.
pay off your mortgage faster
You can achieve an early pay off date for your mortgage by using these simple steps:
- Choose an accelerated weekly or bi-weekly payment option for your mortgage. These payment structures help pay down your mortgage years sooner by essentially adding money to the principal reduction without it seeming as big a sacrifice.
- Consider increasing your mortgage payments when your income increases. If you get a yearly raise of 5% and you put this towards your mortgage, you won’t need to change your spending habits but your mortgage principal will drop much quicker.
- Alternatively, you can set aside extra money you get in a raise, a bonus or other income to put a lump sum payment on your mortgage. Do this once a year (some limits apply, so check with your lender first) and save thousands over the term of your mortgage.
These strategies can help you be mortgage-free faster and who wouldn’t want that?
Self-employed Canadians can face some challenges both in business and in the borrowing world. Proving your income is not as straightforward as producing proof of an employee’s salary for a lot of people.
Small business owners are an important part of our Canadian economy and culture and, thankfully, mortgage lenders are starting to understand this more. This has allowed for additional mortgage products being offered to self-employed Canadians in recent years, for both primary and vacation homes.
Have one of our expert Mortgage Planners assist with your self-employed mortgage application to open more options for lending with our incredible variety of mortgage lenders.
Our mortgage product options have never been better for our self-employed clients and you’ll be excited to see what we can do for you!
Get In Touch
103 – 1245 W Broadway
V6H 1G7, Canada