Rate Relief From 3.99%
Have you got the first-home bug? Here are some questions to ask yourself, just to be completely sure:
If you answered yes to one or all, then you're probably already thinking about taking the plunge and buying your first home. Whether you've started the process, or are about to, here are some great tips to consider.
Here are the main things to know about a mortgage: down payment, rate, type, term, amortization, and payment frequency. For more terms and definitions, check out our Mortgage Glossary.
Mortgage stress-test. Recent federal regulations have made qualifying for a mortgage a little bit tougher. Regardless of low rates offered, you'll need to qualify for yours, to ensure that if mortgage interest rates go up, you'll still be able to afford your payments. Use our Afforability Calculator for an idea of what your numbers may be. And, at True North Mortgage, we can offer your best rates, to help ensure that you save as much as possible on your first home.
Your credit and income. Have you started to build up a credit score? Plus, you'll need to provide proof of a steady source of income. Our brokers can help answer questions on both topics, and outline any steps you can take.
Your mortgage broker. Having a great, highly-trained broker at your side will not only make your first mortgage experience a smooth and happy one, you'll save stress and money with your best rate and the right mortgage product — from the right lender. Our brokers check with all lenders on your behalf, and are salaried for completely free, unbiased advice.
Ultra-ultra low rates. Whatever the 'Internet' offers, be careful that the ultra low rate you see is actually one that you'll qualify for, or that it comes with a mortgage that will work for you in the future. You'll especially want to avoid a bona-fide sales clause (unless this type of restriction works for you). We have the lowest rates around because of our unified, salaried brokers and volume discount — but we also make sure you have the right rate and mortgage product for your situation and goals.
Try our really cool Compare & Save calculator to see how our rates stack up.
The right mortgage. Right off the start, we'll help you get the mortgage you need, for flexible options or even a Home Equity Line of Credit (HELOC) if you'll need to renovate in the near future. There are pre-payment privileges and penalties you need to be aware of.
Realtor and real-estate lawyer. It's important to have the right professionals when house-hunting and to help you finalize the legal and sale-related stuff. Do the research, look at online reviews, and ask for past client references. Need a referral? We can help with that too — our referrals are based on our long-standing, trusted relationships within the industry.
Closing costs. Don't forget about these costs — they're in addition to your home price. Some additional costs are: home inspection, moving expenses, utility hookups, land transfer taxes (where applicable), property taxes and legal fees. Lenders typically like to see that you have at least 1.5% (sometimes as much as 4%) of the purchase price as additional savings to cover these costs.
Your mortgage renewal reminder. Okay, maybe it seems too soon, but you'll be surprised how quickly your term comes up for renewal. It's important to take that time to review your rate and terms, to see if you can get an even lower rate or a mortgage that fits your changing needs.
Get a helpful renewal reminder!
Entrepreneurship is one of the most rewarding choices you can make, though it comes with its own risks. There are lenders and programs that may be right for you as a self-employed entity or business owner looking for your first mortgage.
We recommend sitting down with one of our brokers to review your financial situation. From there, we'll help determine your mortgage qualification and the best fit for your situation, including whether you qualify for any first-time home buyer programs or rebates.
No matter what mortgage help you need throughout your life — we'll always have spot-on advice, unbeatable service and the best rates for your mortgage renewal, refinance, vacation home or rental property purchase.
But don't just take our word for it. We're proud to have the most 5-star reviews in the industry. Check out what our clients have to say.
A government program to help you get into the market with an interest-free loan.
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