First Time Home Buyer
At TR Mortgages, first-time home buyers are our favorite clients!
We love helping newcomers kick off their home ownership journey.
Here's our comprehensive guide to get you started
01.
Establish a Budget
We can help you create a realistic budget.
02.
Educate Yourself
Learn about the home buying process. Give us a call for a chat!
03.
Set Your Goals
Define what you want in your new home.
04.
Gather Your Documents
Check out our document checklist below
05.
Meet with a Mortgage Professional
That's us!
06.
Ask Questions
No question is too small or too big.
07.
Get Pre-Approved
Secure your mortgage pre-approval or develop a plan to get there.
08.
Start the Plan
Implement the steps to reach your goal.
09.
Begin Home Shopping
Look for homes within your budget.
10.
Make an Offer
Write an offer contingent on financing.
What is a Mortgage Pre-Approval?
A mortgage pre-approval means we've reviewed your credit score, income, assets, and liabilities to determine the amount you can borrow. Having a pre-approved mortgage offers a significant advantage when searching for a home, allowing you to confidently narrow your search to homes within your price range and negotiate more effectively.
Programs for First Time Home Buyers
We offer a variety of programs tailored for first-time home buyers, including:
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RRSP Withdrawal Program
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First Time Home Buyer Incentive Program
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Metis Housing Down Payment Program
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Built Green Program
Understanding High Ratio vs. Conventional Mortgages
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High Ratio Mortgage: If your down payment is less than 20% of the home's value, you’ll need default mortgage insurance. The insurance cost is added to your mortgage amount. Despite this, high ratio mortgages often have the lowest rates available.
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Conventional Mortgage: With a down payment of more than 20%, you avoid default mortgage insurance and have the option to extend your mortgage term up to 30 years, reducing monthly payments. This option is popular among buyers who have built equity over time.
Experienced Home Buyer
Navigating the purchase of a new home while managing your current mortgage can be challenging. Here are some key considerations:
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Renting Out Your Current Home: Are you planning to keep and rent it out?
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Porting Your Mortgage: Can you transfer your current mortgage to your new home?
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Bridge Financing: Do you need short-term financing to bridge the gap between transactions?
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Mortgage Rate Evaluation: Are current mortgage rates lower? Do you need a more flexible product?
At TR Mortgages, we conduct a comprehensive pre-purchase review to outline your options before you make your move. We evaluate your current mortgage, compare your rate to market rates, and if beneficial, we calculate the penalty to restructure. We aim to save you money and can work directly with your current lender to facilitate porting if needed.
Bridge Financing Solutions
Bridge financing can be complex. We've partnered with lenders who can provide bridge financing within 24 hours, ensuring a seamless transaction even if your mortgage remains with your current lender.
Becoming a Landlord
If you’re planning to keep your home and rent it out, rely on us! We're excited to guide you through the process of becoming a landlord.
For more detailed information and personalized guidance, contact TR Mortgages today!
780.340.1482