Buying a home is an exciting time and is one of the most important financial decisions you’ll ever make.  Finding the right mortgage for your individual or family situation can save you money.  In reality, this perfect fit can make owning a home affordable.

At The Chris Pennycook Team, we have access to mortgage brokers who are more than happy to answer any questions you may have.  All of the consultations are free and you will never have to pay the mortgage broker or us.

Pre-Approval

A mortgage pre-approval is an important first step in obtaining a mortgage for two reasons:

1. A pre-approval gives you a good idea of how large a mortgage you can afford.
2. A pre-approval provides you with a rate guarantee for up to 120 days, protecting you from the possibility of rate increases

Your mortgage pre-approval will be based on the information you provide as well as your supporting documentation.

The most important factors lenders consider when deciding whether to qualify you for a mortgage are your:

• Income
• Debts
• Employment History
• Credit History
• Property Value

This peace of mind means that you can take your time shopping for your new home, knowing that the discussed payments are guaranteed for four months.  The best part of working with a professional broker is that while you concentrate on finding your home, the mortgage broker will monitor fluctuating rates offered by various lenders and advise you of changes and offer suggestions should better options arise.

Down Payment

Today, there are many flexible options for down payments.  Yours can include funds from your own savings, investments, the sale of property, or gifts from an immediate family member.  You may even qualify for no down payment where up to 5%  can be paid by your lender.  A mortgage with a down payment that is less than 20% is considered a high ratio mortgage and must be insured by either CMHC or Genworth Financial.  The larger your down payment, the less CMHC/Genworth insurance premium fees that you will pay.  One of our goals is to keep you educated as you progress in the mortgage process and help you budget accordingly.

Closing Costs

It’s important to remember that there are additional costs to purchasing a new home, these may include land transfer taxes, lawyer fees, and moving expenses.  Part of our service is informing you to budget a minimum of 1.5% of the purchase price to cover the closing costs.

To get pre-approved call Vertuity Mortgage at 204.888.4663 or click www.vertuity.ca