Additional Calculators
Want to find out how much it costs to buy and sell a home?
Try our online estimators. Note that if you have a pop-up blocker, you may have to hold down your "CTRL" key while clicking these links.
Land Registration Fee Estimator - Figure out fees by province
Buying Cost Estimator - Legal, mortgage, and land registration fees.
Selling Cost Estimator - Real estate, legal and mortgage fees.
The Top Mistake You Can Make Before Applying For Your Next Mortgage
NOT CHECKING OWN CREDIT REPORT
Statistics say that more than 65% of all credit reports have some incorrect or even misleading information in it and that more than 99% of home buyers do not review their credit file before applying for new mortgage. I don't know about you, but I would want to know what type of information has been collected about me and I can't understand why most people don't care about checking into it before applying for their mortgage.
I strongly recommend that you review your credit report at least once a year as building and maintaining a good credit history involves more than paying bills on time. It involves careful inspection of information that has been collected on you. Slight inaccuracies reported by your creditors to your credit file can be the difference between good or poor credit, but also between being approved and receiving a decline letter.
100% Financing For People Which Don't Fit The Bank Mould!
If you are lacking the down payment and have past credit issues - don’t be wasting your time applying at your local bank or trust company.
Banks and trust companies are not permitted to lend more than 95% of the purchase price which is the main reason why they can’t provide you with 100% financing. I am sure I don’t have to tell you that if you had slow payments, collections, judgments or bankruptcy discharge in the past 2 years, your chances of obtaining any type of high ratio financing at any bank is zero. Canadian banks and trust companies will lend up to 95% of the purchase price only on perfect credit which means that you need to come up with 5% down payment, but if your credit is not perfect - you may be required to come up with an even larger down payment.
Today, there are only two or three alternative mortgage lenders in the country who specialize in helping people which don’t fit the bank mould. These alternative mortgage lenders also offer “true” 100% home purchase financing which allows you to buy a new home without any down payment even if you had past credit problems, but… they don’t do pre-approvals.
Alternative mortgage lenders receive hundreds if not thousands of inquiries from potential clients on a daily basis and to receive your approval you need to do more than just apply - you need to do a little bit of legwork otherwise they will not even look at your request. Before you can even think of purchasing a home without a down payment you need to make sure that you have a stable employment.
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