Why use a Mortgage Professional?

• Power of professional negotiating expertise.

• One stop convenience for access to numerous mortgage products.

• Unbiased knowledgeable advice.

• Access to unadvertised rates.

• Work for you, not the Bank.
  

What should I expect for closing costs?

Closing costs are approximately 1.5% of the Purchase Price. The following are approximate costs:

• Appraisal Fee: $200.00

• CMHC FEE (if applicable): $165.00

• Survey Certificate (if applicable): $250.00

• Home Inspection $250.00

• Legal Fees (approx): $750.00

• Tax Adjustment (if applicable)

• Interest Adjustment (if applicable)

• Property Transfer Tax (if applicable)
  

What is the minimum downpayment needed to purchase a home?

The minimum down payment required to purchase a home in Canada is currently at 5% for homes valued at $500,000 or less.

What type of income proof do I have to provide?

In most situations, lenders require a comfort level that the borrower has sufficient income and cash flow to service the mortgage as well as any other obligations that they may have. The higher the Loan to Value (ie mortgage amount vs. purchase price) the more important this becomes as the lender is placing less reliance on the value and equity in the property and more on the earning power of the borrower. The following is a summary of what Lenders require depending on what type of job you have: