Purchasing a Home is a big financial decision especially if you are not sure how long you will be posted in one certain province of Canada.
Make sure you have the Right mortgage which will allow you to Sell your home with minimal to no mortgage penalties due to a Military Posting. We can help!
Buying a home is an exciting time! You're about to take a big step so you'll definitely need some advice from a mortgage professional. We'll give you the facts your bank won't tell you about financing your next purchase. With access to multiple lenders, we'll help you find the best rates and best mortgage options to help you buy your dream home. Our best advice? Begin a conversation with a Mortgage Broker who specializes in Military Mortgage Financing.
Purchasing a Home - The process
1. Mortgage Application - You will need to know what your Credit Score is and How much you will qualify for. Brokers are paid by the bank /Lender. Pre- Approvals are good for 120 days and will hold your interest rate during that time. There are no fees to the client for Residential Purchases. Contact a Broker or Fill out a Mortgage Application
2. REALTOR® - Choose a Realtor who will help you find the perfect home. Check out a list of REALTORS in your area who specialize in Military Real Estate. There will not be a fee to work with a Realtor® when you purcahse a home.
3. House Hunting - With the help of your Realtor® you are going to view properties
4. Preparing the offer- Your REALTOR® will wrtie an Agreement of Purchase and Sale with you. This document is presented to the seller for acceptance. This is where you will indicate the price and closing date amoung other details.
In Canada you can purchase with as little as a 5% downpayment for an owner occupied home. Mortgage default insurnace is required by all banks and lenders in canada if your downpayment is below 20%. Click here to find out about Mortgage Default Insurance ( This is not life insurance or property insurance). If you are purchasing a home over $500,000 you will need at least 10% down payment.
Sources of funds may include:
- Investments such as RRSP, Tax Free Savings Account, Non Registered Investments - click here to read about the First Time Home Buyers Plan using your RRSPs
- Gift From an Immediate Family Member
- Borrowed down payment from personal credit such as a line of credit
Wanting to do some Improvements to your new Property? Check out the Purchase Plus Improvements Mortgage
****It is really important that you find out how much you can afford before you go househunting! This will keep you focused on shopping for homes within your price range. If you qualify for a preapproved mortgage, you'll be certain of the size of mortgage for which you qualify and guaranteed a rate for a specific period of time. If you don't qualify for a pre-approved mortgage, we will be able to help you estimate a mortgage-qualifying amount.****