Get Pre-Approved

Getting Pre-Approved

Probably the most important aspect to take care of before you consider a new home or property.  If you have purchased numerous properties in the past, you probably already have a very good idea of your credit rating and ability to qualify.

If you are considering buying a revenue property or a second home, the qualifying criteria can be a little gray. It is best to call Nikki first and discuss your unique situation and needs.  Her extensive experience as a mortgage professional will allow you to get all of your questions answered and be able to confidently move forward knowing exactly what to expect.

For those of you that are buying your first home, you may have no idea where to begin.  Please start by visiting Nikki’s mortgage website – and feel free to contact her with any and all of your questions.  She can typically tell you within minutes if you qualify – and for how much!  Simply fill out her online application form and it will be submitted to her for approval.

Keep in mind that your credit must be strong, you cannot owe any money over and above your minimum payments and you cannot have outstanding collections.  If you need assistance with the proper steps to credit repair, Nikki can help you with that as well.

Fixed Rate Mortgages Vs. Variable Rate Mortgages

Fixed Rate Mortgages: Fixed rates are great for people on a fixed income, when they are buying their first or second home and their income does not change. A fixed rate mortgage allows you to keep the same payment for the entire term of your mortgage.

Variable Rate Mortgages: Variable rate mortgages can be wonderful for people who have variable INCOME. If your income increases all the time or if you have a good solid investment portfolio, this is the product for you. If prime goes UP, you can easily ride out the higher rate without it drastically affecting your life. Over the long term, variable rate mortgages will normally save you more money in interest, however it really depends on your level of risk.

Keep in mind that if you choose to lock into a fixed rate once you see Prime going higher (click here to see how Prime gets raised or lowered), you normally will be locking into a rate that is higher than you would have had access to when you first negotiated your mortgage.

Make sure you specifically ask your Mortgage Professional to explain the difference, if you want a pre-approval and don’t stipulate rate, your mortgage professional will always pre-approve or approve you into the safest, fixed rate available.

Buying and Down Payment Options

Saving For a Down Payment

Provided by Genworth Financial Canada

If you are considering Home Ownership but have questions about the down payment, this article will clarify some of the commonly asked questions.

How Much Money do You Need to Make a Down Payment?

You can buy a house for as little as 5% down, but remember that the larger the down payment, the easier the other expenses will be to manage. We encourage you to calculate what you can afford to work out what’s best for you. Once you’re ready to put an offer on a property you’ll need part of your down payment as a deposit, so remember to keep some funds easily available and accessible.

Will the Size of Your Down Payment Affect the Type of Mortgage You Get?

If you make a down payment of 25% or more, of the lending value, you may qualify for a conventional mortgage. If you are making a down payment of less than 25%, the mortgage must be insured. The insurance protects the lender against borrower default. Your lender will arrange for mortgage default insurance.  >>> Read More