Getting First Mortgage

Let us help you make buying your first home and getting first mortgage an enjoyable experience from start to finish.

We will walk you though all the ins and outs of the mortgages that suit your needs and together we will select the best option.

We will also assist you on how to gather your paperwork and the required documents to satisfy the lender’s requirements so you are prepared and ready for the closing date.

You will feel comfortable that you made a great decision from someone you can trust.

Once you review the various programs and select the one that best fits your position call us at 780.982.5181 for your Free 20 Minute Analysis.

This program is where the bank gives you the 5% that is required to purchase your home. The Bank is able to recoup the 5% down payment through the interest gained in the first 5 year term of the mortgage. You must have good job stability, a strong credit score, and the ability to make future payments.

Cash Back

This product is perfect if you have enough for the down payment but want to save money to buy furniture or perhaps make some initial renovations to the home. You will receive up to 5.5% of the mortgage amount as cash back to freely make purchases.

Flex Down Borrowed

This product suits you if you are having difficulty coming up with the 5% required to purchase a home but still want the strongest rates possible. This product allows you to borrow the down payment from outside of your own personal resources. This means you borrow from a line of credit to use as a down payment. You will receive the financial institution’s best rate and not the posted rate which is generally higher. However, the lender must see that you have enough income to cover the new debt that the loan will bring as well as your monthly mortgage payment.

Using RRSP for Down Payment

The Home Buyers’ Plan (HBP) is a program that allows first time home buyers to withdraw funds from your registered retirement savings plan (RRSPs) to buy or build a qualifying home for yourself or for a related person with a disability. You can have a one time withdrawl up to $25,000.

Your RRSP contributions must remain in the RRSP for at least 90 days before you can withdraw them under the HBP, or they may not be deductible for any year.

Generally, you have to repay all withdrawals to your RRSPs within a period of no more than 15 years. You will have to repay an amount to your RRSPs each year until your HBP balance is zero. If you do not repay the amount due for a year, it will have to be included in your income for that year.

If you have moved to Canada in the last three years you may experience the challenges to getting a mortgage. Part of the reason is some financial institutions struggle with programs for “New to Canada” residents because it is often hard to prove your credit and job history. However, we have available programs in place that can help you succeed with getting a mortgage.

These programs allow you to use an international credit bureau or alternate sources of credit history. This may include as little as 12 months confirmed rent payments and a bill payment with no late payments or 12 months of two bill payments (car insurance, utilities, childcare) with no late payments. This allows someone who has done all the right things but is just new to Canada to get the mortgage they deserve.