Handling a first-time home buyer mortgage is challenging for most home buyers. The lengthy paperwork, financial terms, and math quickly get to your head and become confusing. Arming yourself with adequate knowledge makes it easier to understand the first-time home buyer process. If you think you’re ready to apply for a first-time home buyer mortgage in the Ontario Area, Contact me with your needs!

Pre-approval confirms the first-time home buyer mortgage you qualify for. Your mortgage broker reviews your application and evaluates your finances including your credit.

Before getting your first-time home buyer mortgage, you will need to go through a prequalification process. Mortgage brokers check your creditworthiness, income, debts, and assets to calculate how much you will be approved for.

With mortgage interest rates with the lows, it is a great time for first time home buyers to take the leap into the market. But there are some considerations and preparations to be made before starting the process.

A higher level of bank inspections has come into play now that the governance of CMHC has been shifted to the Office of the Superintendent of Financial Institutions (OSFI). The banks have been jumping through hoops to meet stricter lending policies and so must potential mortgage borrowers.