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First Time Home Buyer Info

If you never had Ontario mortgage before the whole process of getting one can be overwhelming. First you think about finding the perfect house and presenting an offer to the sellers which will be accepted then comes the financing.

But maybe that order is not right? 

In my opinion and most other experts involved in real estate transaction financing think that the financing process should be started at the same time or even before you start looking for your perfect house. Why?

  • By getting pre-approved for your mortgage you will know exactly what price range you should be looking at. Quite often I see buyers who already have their offer accepted coming in to find out that the purchase price is too high and they are not able to secure mortgage financing for that property.
  • You will also show potential seller that you are serious buyer not just browser. Quite often seller will choose pre-approved buyer over one that does not have mortgage pre-approval because there is less chance that the deal will fall through.
  • In addition mortgage process requires documentation which needs to be gathered from various sources, depending on your employment tenure these might be tax assessments, employment letter, pay cheque stubs, etc. It takes time to collect these documents and by contacting your mortgage agent first you will make sure you know which documents are required and have them all in place and ready for quick closing.
  • Getting pre-approved locks in the interest rate for fixed rate mortgages. This means that your interest rate will not go up for next 120 days but if mortgage rates do go down, you will still receive the benefit of lower rate.
  • Once pre-approved for your mortgage you can enjoy the home buying experience. You don't have to guess how much you can afford or what documentation is required.

Obtaining mortgage is a complicated process. There are many options offered by different lenders and some of these options will benefit you more than others. I can show you how various options can be selected to complement your lifestyle and your personal situation.

Also review the Canada Home Purchase page for more information about buying home in Canada.

You can always contact me to get pre approved for your mortgage or just to find out more about the mortgage process.

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Walter Pawlowski Ontario Mortgage Agent M11002486