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Buying first home can be one of the most exciting experiences in your life. For couples, it will become an important step toward building a life together. For other people it's the most enjoyable investment they'll ever make. But getting the financing for your First Mortgage, on the other hand, can also be a little bit scary. Don't worry! A team of dedicated professionals from CENTURY 21 Leading Edge Realty Inc., and Ray Rahman, are here to make your Canadian first time home-buying experience pleasant and rewarding. 
Yes there are mortgage companies in Canada that will allow you to finance 100% of a properties value. No strings attached; no money down required ! The only costs required to purchase your next home are: an appraisal and legal fees; you may be closer to home ownership than you think!
Here is a breakdown on how you can be approved for this great product: No Money Down: 0% Down payment option mortgage: If you are having trouble saving for a down payment then this mortgage may be for you!
q You must have a good credit: Nothing worse than one month late payment on any credit cards in the last two years.
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q 2 years in the same line of work and minimum 6 months with new company with qualified income. That is it !
You can also use this mortgage for debt consolidation, imagine having the ability to refinance your property up to 100%. You can use the extra funds for investments, other revenue property purchases and even a vacation.
Turn Your Rent Payment into Home Ownership!
No late payments on any loans or mortgages. No Bankruptcies in the last 7 years and no orderly possessions. |
Additional Cost: 
You should be aware of:
q DEPOSIT: The deposit is part of the Purchase Price but you need it the day your offer is
accepted. In Toronto, five to ten percent is the expected amount. Not everyone has the
money in an accessible account so a split deposit - part now and the rest at a later date is often acceptable.
q HOME INSPECTION: A home inspection has become standard in the freehold and condominium townhouse purchase. The inspection costs between $250 and $350 for most houses but increases with the cost of the house over $300,000. The companies that we recommend all charge a base price of $300 to $400
q HOUSE INSURANCE: The house must be insured prior to closing. The annual premiums are fluctuating. Many insurance companies won't insure or charge an extra premium for houses with less than 100 amps service or with the old style "knob and tube" wiring, which is present in many older homes. The insurance companies are changing the rules all the time. Shop for a good insurance broker early in the process.
q SURVEY: A survey that shows the lot dimensions and the location of any structures is good to have but is no longer mandatory to get a mortgage. Title Insurance can protect you from the problems that a survey might find. The usual cost of a survey is between $1,000 & $1,200 (occasionally more).
q MORTGAGE COSTS: There is usually an interest adjustment calculation to adjust for the time between your closing date and the date that the mortgage company wants you to make your regular payments, usually the 1st of the month. The costs of arranging a new mortgage which can include application and appraisal fees. and CMHC premium etc., based on Conventional or CMHC insured Mortgage. With most second mortgages and some first mortgage too, there is a brokerage fee and/or Lender?s involved. The amount depends on the size of the mortgage. Get a firm quote.
q LEGAL FEES: You need a lawyer to search the title and cover all the legal matters. Rates vary greatly, starting at about $450.00. This amount is for the lawyer's time. In addition you must pay for the disbursements that the lawyer pays on your behalf. The disbursements are often equal to or greater than the lawyer's fee. Get a quote !
q TITLE INSURANCE: Title insurance is a standard part of your legal package and should be included in the quote from your lawyer.
q REAL ESTATE TAXES: If the Vendor has paid the City Taxes in advance, you must reimburse him. This is part of the "adjustments".
q OIL: If the property is heated with oil, convention dictates that the Seller must fill the tank for closing and then you reimburse him on closing. NB: If you are switching to gas then make sure that your lawyer and the Seller know well in advance of closing so the tank isn't filled. This is part of the "adjustments
q GST: Good news!! There is no GST payable on resale homes unless the owner has been carrying on a business in the home and applying for tax credits, in which case the GST is the Seller's responsibility.
q LAND TRANSFER TAX : The Buyer needs to pay the Land Transfer Tax as applicable, Payable on closing. Its calculation is a multi-tiered formula shown as above, It is a major expenses on closing the purchase. LAND TRANSFER TAX Payable on closing. It is a multi-tiered formula:
q CLOSING ADJUSTMENTS : Then there are closing adjustments with the seller; Realty-Taxes, rental income, condominium maintenance, and some utility charges.
Avoid any surprises by having choosing me as your real estate professional, I will guide you through the necessary steps. Rely on my expert advice to keep you well informed and prepared. It's just one more way that I will starve to take the anxiety out of buying your dream home. Count on my Skills, Experience and Outstanding Performance.
You are thinking of a Real Estate Transaction, No matter what locations or budget you may have in your mind and you are interested in, we are here, a team of competent professionals, extend our expertise, connections, power and services to your benefit. You may have many questions to be answered. Please browse all the other links and respective pages to justify more facts and findings to your advantage at time of your buying or selling a Real Estate in Canada.
I F Y O U A R E B U Y I N G: Please Click: Buyers_Page : Property_Buyers_Requisition
I F Y O U A R E S E L L I N G : Please Click: Sellers_Page : Property_Sellers_Requisition
