Thinking of buying a home but not sure where to start when it comes to finding a down payment? The minimum down payment in Canada is 5% of the home purchase price with the average range for most down payments being 5 to 20%. As of July 9th, 2012, all homes over $1 million dollars will require a 20% down payment.

With the availability of credit, you may have a car loan, credit cards, or other debt starting to mount, and maybe taking a toll on your budget. For some, it can be easy to max your credit card, get that new car loan, but then find it hard to keep your payments under control.

The first step in your home buying journey should be to obtain a Pre-Approval.

Over and above your down payment, there are always last-minute costs such as legal fees, appraisal fees, moving expenses, and house insurance to pay before you are finally a new homeowner.

Applying for a mortgage can be a nerve-wracking experience when you’re not sure what to expect. Before you go looking for credit, take a few minutes to understand what lenders are looking for

When it comes to the long list of important things you have to think about when buying a new home, insurance for your mortgage is likely nowhere near the top. But an unexpected accident, illness, or death can quickly change all that.

Understanding the process involved in obtaining financing for your home is important. As Mortgage Professionals, we handle everything from your pre-approval to securing the best mortgage rate that works for you.

So you’ve found the condo or house of your dreams and you want to make an offer. The Agreement of Purchase and Sale is the official document that includes the terms and conditions of your offer. Do you need a financing condition?

When you need a mortgage that is more than 80% of the purchase price of your home, mortgage loan insurance is required. In Canada, mortgage insurance is provided by either CMHC, a crown corporation, Genworth Financial, or Canada Guaranty, Mortgage insurance protects the lender and, by law, most Canadian lending institutions require it.

Did you know, more than 17 percent of the energy consumed in Canada is used to run our homes? Buying an energy-efficient home or making energy-saving renovations can offer big savings.

Just 60 short months ago, mortgage rates were double what they are now. That means payments on a 25-year mortgage of equal size were 36 percent higher than today.

If you are planning to get a mortgage in the near future, it is best to be prepared. Being prepared and having the right documents and information ready to present to your Mortgage Associate when you first meet can save tons of time, speed up the process and make things go smoothly.