The most important factor to look for when you are thinking of purchasing a new home is experience. We have over 18 years of experience to get the job done and get you the absolute lowest rate possible and save you money! We have also established associations in the Real Estate market to assist you with your purchase, so when ready -  simply apply online with our secure application. We will usually get back to you in under 1 hour!

Below is some basic information on residential purchases. If you have any questions, send us an

The most common mortgages for a purchase are as follows:

• High Ratio Mortgage (less than 20% down)

• Conventional Mortgage(20% down or more)

• First Time Buyer

• Self Employed Mortgage

• Equity Mortgage

High Ratio Purchase

When you purchase with 0 - 19% down, it will be done in one of four ways:

1. CMHC insured

2. GE Capital insured

3. AIG Insurer

4. Non Insured lenders

Conventional Purchase

When you purchase a home with a down payment of 20% or more of the purchase price, your mortgage in underwritten conventionally and not insured by CMHC, Genworth or AIG. An appraisal is usually required when not insured.

First Time Buyer

A first time buyer will qualify for a mortgage in the normal manner with one added benefit. If you are a first time buyer you are able to withdraw from your existing RSP's to a maximum of $20,000.00 for your down payment. For more information, please view our Resource Centre

Self Employed Purchase

► Now Available      5% down!! - 2+ years of self employment with

                                     perfect credit!

 

► Second Choice    10% down payment for purchase

                                    We have 2 choices - Insured product and Non

                                   -Insured depending on area. Good credit minimum,

                                    no personal taxes outstanding for Insured product.

 

► Third Choice       10 - 20% Down Purchase - Self declared letter, must

                                    have average - good credit. Doesn't matter how

                                    long you've been self  employed! Same Industry

                                    required though

 

► Fourth Choice     5 - 35% Down Purchase self declared income letter.

                                    Credit if flexible - Good or bad!

 

► Fifth Choice         Up to 85% Private Mortgage - based on equity in

                                    the home and flexible credit history.  Income also

                                    flexible.

Equity Purchase

Similar to above, purchase is based on 0 - 75% of the property. Income and credit history are flexible.

 

Further Details:

Your Requirements

For most Canadians, owning their own home is a life-long dream. It brings with it pride of ownership, security and the feeling of control over which improvements are made and how much they cost. There’s also the chance your home will increase in value, making it a sound financial as well as a lifestyle investment.

Location — Style — Cost

The Market

To make sure all that happens, it’s important to look beyond your individual purchase before you buy. You need to look at larger market conditions.

What’s happening around you (house price trends, mortgage rate movements, new home construction) will have an influence on your purchase. The more you know, the more control you have.

Costs

Buying a home involves many financial considerations. Some home buying expenses are one-time costs and others are ongoing commitments. In addition, there are other costs that you may not be aware of or that you may forget to factor into your calculations.

Don't forget the tax: The 5% GST applies to new housing. However, there is a rebate, to a maximum of 2.5%, if your home costs less than $450,000.

Appraisal fee: If your loan is not insured, your lender may require a property appraisal at your expense. A basic appraisal for mortgage purposes will probably cost between $350–$450. Actual cost should be confirmed as it may vary with the location and complexity

Property taxes: Taxes are always a certainty. If you have a high-ratio mortgage, your lender may require that you have your property tax installments added to your mortgage payments.

- TIPP Brochure -

Survey fee: Your lender will require an up-to-date survey. Ask the vendor to provide one as a condition of your Offer to Purchase, or you will have to pay to have one done.

Property insurance: This insurance covers the replacement value of the structure of your home and its contents. Your lender will insist on this because your home is the security for your mortgage.

Prepaid taxes or utility bills: You will have to reimburse the vendor on a prorated basis if some bills have been prepaid beyond the closing date.

Land transfer tax: This applies in most provinces. It varies as a percentage of the property's purchase price. It is usually about 1% – 4%.

Service charges: You'll be charged a fee to hook up new services and utilities, such as your telephone, at your new home.

Lawyer (notary) fees: Even a straightforward home purchase requires a lawyer to review the Offer to Purchase, search the title, draw up mortgage documents and tend to the closing details. Lawyers fees for a mortgage range widely depending on the complexity of the deal but will probably be at least $750.

Mortgage loan insurance premium and application fee: If you have a high-ratio mortgage, your lender will require mortgage loan insurance provided by CMHC/Genworth or AIG. The insurance will cost between 0.65% and 3.35% of the amount of the total mortgage (additional charges may apply) and can be included in the mortgage.

Moving costs: Don't forget the cost of a professional moving company or a rental truck if you move yourself. Fees for a professional mover can range from $50 – $250 an hour for a van and three movers. These costs may be 10% – 20% higher at the end of the month and in the summer.

Estoppel certificate: A certificate that outlines a condominium corporation's financial and legal state. The certificate and supporting documents will cost you up to $75. (Does not apply in Quebec.)

Condominium fees: Condominiums charge monthly fees for common-area maintenance, such as groundskeeping and carpet cleaning. Fees range widely depending on the type of structure but will probably be at least a few hundred dollars per month.

Home inspection fee: Inspectors are unregulated in many provinces, so fees range widely, from about $300 – $450 for a home priced under $300,000. Larger, more expensive homes cost more to inspect. A two-hour inspection carried out by an engineer who provides a written report will cost closer to the upper limit. Municipalities can also supply any available inspection reports on the property for a fee.

Renovation and repairs: A home inspection may indicate that the home needs major structural repairs such as a new roof. Don't forget to factor these costs into the price of the home.

Water quantity and quality certification: If you're buying a home with well service, you'll have to pay a fee from $150-$500 to certify the quantity and quality of the water.

Choosing Your Team

You’ll want to have a team of professionals at your service when buying your home. You decide exactly who is on your team, and we can assist you with getting in contact with the right professionals such as:

• Real Estate Representatives

• Builders / Contractors

• Appraisers

• Lawyers / Notaries

• Home Inspectors

• Insurance Brokers

Arranging Your Mortgage

The amount of mortgage you can afford depends on your income, the down payment, current mortgage rates, and the amortization period you choose. Most lenders want borrowers to keep a gross-debt-service-to-income ratio of 40 per cent or less, coupled with a housing-cost-to-income ratio of 32 per cent or less. If credit is very good - we do have some flexibility.

There are many features you will need to be aware of with the various types of mortgages. My Best Mortgage will review all of these options with you so you make an informed choice.

Remember, we are here to work for you!

Preparing an Offer

Making an offer can be an intense experience. For instance, you may decide that this is the perfect home in which you will live happily ever after. Try not to get ahead of yourself by moving into a house in your mind’s eye before the deal is completed. Whenever an offer is made, you have to be prepared for it to be rejected.

An Offer will include the following:

Basic details, such as your legal name, the name of the vendor, and the legal and civic address of the property

The purchase price. In a first offer, price is negotiable, so you may want to start lower than your maximum affordable cost

The chattel or items in the home which will be included in the purchase price. These may include window coverings, appliances or satellite dish. Whatever items are in or around the home that you think are included in the sale should be specifically stated in writing in your offer.

All financial details. The amount of deposit, any interest to be paid on it and details of mortgage financing.

The closing date. The day you take possession of the home. Usually 30 or 60 days from the date of agreement, but with some home sales, it’s often 90 days or longer.

Request for a current land survey of the property.

Expiration date and time indicates when the offer becomes null and void.

Your Real Estate Representative will guide you through this process, if you don't already have one, we can assist you with getting one of the best in the industry to look after your needs and protect your interests.

Closing the Deal and Moving

Make a smooth transition to your new home by taking care of all the small details ahead of time.

Closing is a process during which all the legal and financial obligations stated in your Offer to Purchase will be met. Your real estate representative or lawyer should keep you informed of the steps involved, but here’s an outline of what to expect.

Show your lawyer (notary) the agreement.

A copy of the signed Offer to Purchase is sent to your lawyer, who will examine any conditions of sale and note the closing date. You’ll also tell your lawyer how you, and any other co-buyers of the house, will be registered on the title to the property.

All conditions of your offer are met.

During closing, all conditions in the Offer to Purchase must be satisfied by the stated dates. For example, you may have made the sale conditional upon a home inspection. This inspection should be completed before you continue closing.

A land survey is done. (If Required)

You’ll have to arrange for an up-to-date land survey on the property. Your lender will insist on this survey so, if you did not receive one from the vendor, you’ll have to pay to have one done.

Your lawyer (notary) searches the title.

Once all specified conditions have been met, your lawyer will search the title to the property. This ensures that the vendor does really own the home and that you can purchase it without any legal problems.

Check into taxes and liens.

Your lawyer will also be checking into government regulations and other legalities. These include ensuring that the property taxes on the house are up to date and that there are no liens on the chattel, that is the personal property the vendor has agreed to sell with the house.

Mortgage details are finalized.

Your lawyer or lender will also draw up and finalize your mortgage documents. If you are using financing options, such as a vendor take back mortgage, you’ll need your lawyer to prepare this document too.

Arrange your utilities.

It’s up to you to make arrangements for final payments of utilities at your old home and to begin service at your new home. Now is also the time to make arrangements for moving.

It’s all over but the signing of the cheque.

Your lawyer will prepare a Statement of Adjustment, which will confirm the selling price, the amount you have to pay the vendor, the balance of the down payment and adjustments. A certified cheque for this total should be made payable to your lawyer in trust. You’ll also owe your lawyer for legal fees, which include closing costs and disbursements.