First Time Home Buyers – Answering Frequently Asked Questions
First Time Home Buyers – Answering Frequently Asked Questions
Free Download - Find The Best Mortgage Rate With The Help Of Mortgage Broker By Marcus Arkan
This is an exciting time for first time home buyers! There are many things you need to know to get you started down the road to owning your own home. You should never enter the market with more questions than answers, so here are some answers to the most frequently asked questions concerning purchasing a home for the first time.
Many first time home buyers want to know what it takes to obtain a mortgage under their name for the first time. In most cases, you must be employed full-time or have some kind of stable income that you can prove. Or self employed for more than 2 years with proof of one of the following: two years worth of T1Generals, business licenses, or articles of incorporation. You have the option of filling out a mortgage pre approval application, which is highly encouraged, especially for first time mortgage acquisition. A good credit rating is encouraged, especially in obtaining a good interest rate, and you must be able to provide a down-payment. The question that instantly follows is what down-payments constitute. You could use a Registered Retirement Savings Plan (RRPS) up to $20,000 for a down-payment tax free! If you repay it within 15 years from the time withdrawn, thus it will not be subjected to income tax. If you have accumulated savings to prepare for this purchase, those funds could also be used. A down-payment for a mortgage could vary from 0% down up to 25% plus, which rates and fees differ depending on the down-payment.
The legal costs involved with obtaining a mortgage in Canada are usually between $600 and $1,000. Insurance and sometimes the cost of an appraisal go into it as well. First time home buyers who get everything that has been requested by the lender to them in a timely fashion could experience a transaction that is complete in a mere two weeks! Getting pre approved before you purchase a home is recommended as it will save you time and limit discouragement. Your qualification depends on the exact criteria of the lender. Looking into the federal institution known as CMHC (Canada Mortgage and Housing Corporation), G.E (Genworth Financial) or AIG (American International Group) can help you lower your down-payment requirements.
Many first time home buyers wonder how mortgage brokers can get them a better deal than the bank. Brokers tend to have no overhead fees and are strictly in the business of lending money to cover mortgages, allowing them to deliver better deals to their clients. Furthermore, Mortgage Brokers have access to array of 70 plus lenders to shop for the best rate and product that suits the clients financial needs. While banking institutions often have much higher overhead fees, such as branch cost, mortgage agent cost, advertising cost etc which those cost will be clawed back by the client through either rate or product limitations. Even though a Mortgage Broker works with these lenders, and places clients mortgage within their books, they are not employed by the financial institutions' or banks; they are hired by the client who is giving them the business. Thus, a Mortgage Broker works on behalf of the client, not the lender! More an above, on those who have bad credit or have filed for bankruptcy in the past, mortgage brokers often have much more resources to finance any credit situation vs. a bank would turn them down without any options. For answers to more of your home owner questions, please contact us today.
Staging Diva
Debra Gould, aka The Staging Diva®, is President of Six Elements Inc., an internationally recognized home staging company. Inspired by many requests from aspiring home stagers wanting to start similar businesses, Gould created the Staging Diva Home Staging Business Training Program. Gould has trained 4000+ students worldwide to start staging businesses. Buying decorating and selling six of her own homes in four years lead to an interest in real estate staging which she turned into a career with the launch of sixelements.com in 2002. Since then she has staged hundreds of homes in addition to teaching home staging training. Gould is the author of several home staging resources including a series of popular home staging guides made up of a Design Guide, Color Guide, Portfolio Guide and Twitter Guide. For more information about Debra Gould visit stagingdiva.com. - Visit Staging Diva's Website
Kalena Jordan
Kalena Jordan is the search industry’s first agony aunt, here to answer your tricky questions about search engines.
Kalena is Co-Founder and Director of Studies at Search Engine College, an online training institution offering instructor-led short courses and downloadable self-study courses in Search Engine Optimization and other Search Engine Marketing subjects.
She’s been marketing websites online since 1996 and blogging about search since 2002. For her full bio, view Kalena’s Linked In Profile.
When not working, Kalena likes to go geocaching, hiking or fishing. She also plays a mean darabuka. - Visit Kalena Jordan's Website
Marcus Arkan
Marcus Arkan currently serves as the President/Principle Broker of Syndicate Mortgages Inc. After working with a number of Canada's top financial institutions, the experience and knowledge he gained throughout his professional career combined with his drive and entrepreneurial spirit led him to develop his own company. The operation began in 2003 in the basement of his home and now has flourished into a successful corporation with a head office in one of Metropolitan Toronto's busiest sectors and 10 branch locations employing over 100 mortgage professionals. His organization is now one of Ontario's leading mortgage brokerages specializing in residential, commercial, and construction financing. He holds the designation of Accredited Mortgage Professional from the Canadian Association of Accredited Mortgage Professionals. This allows him to differentiate himself from other mortgage originators and demonstrates his commitment to the highest standards of industry performance. For more information on Mr. Arkan and his Syndicate Mortgages Inc., please visit www.syndicatemortgages.com. - Visit Marcus Arkan's Website
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Marcus Arkan currently serves as
the President/Principle Broker of
Syndicate Mortgages Inc. After
working with a number of Canada's
top financial institutions, the
experience and knowledge he gained
throughout his professional career
combined with his drive and
entrepreneurial spirit led him to
develop his own company. The
operation began in 2003 in the
basement of his home and now has
flourished into a successful
corporation with a head office in
one of Metropolitan Toronto's
busiest sectors and 10 branch
locations employing over 100
mortgage professionals. His
organization is now one of
Ontario's leading mortgage
brokerages specializing in
residential, commercial, and
construction financing. He holds
the designation of Accredited
Mortgage Professional from the
Canadian Association of Accredited
Mortgage Professionals. This allows
him to differentiate himself from
other mortgage originators and
demonstrates his commitment to the
highest standards of industry
performance. For more information
on Mr. Arkan and his Syndicate
Mortgages Inc., please visit
www.syndicatemortgages.com.
Marcus Arkan is a Platinum author on EvanCarmichael.com
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