mortgage first time home buyers, milton ontario

Mortgage Agent #M10001503

First Time Home BuyersWhat to

expect as a first time buyer!

Warwick JohnstonMortgage Agent Brokerage #12358

Who Qualifies?If you or your spouse have never owned a home, or have not owned a principle residence for the last 5 years*, you qualify as a first time buyer

* If you have owned a home more than 5 years ago, you will not qualify for the Land Transfer Rebate. You will still be treated as a first time buyer again

First Time Home Buyers Guidelines

Mortgages Originated as a Licensed Agent of Mortgage Allies #12358. License #10001503

Call Direct: 647-274-6029www.MortgageSource.biz

http://www.MortgageSource.biz/


What are you eligible for?1) Ontario Land Transfer Tax Rebate of up to

$2,000. This rebate is only applicable if you have never owned a home

2) Ability to loan up to $25,000 from RSP's with no tax implications3) Mortgage up to 95% of the value of the home. The 5% down payment can be gifted to you from immediate family members

First Time Home Buyers Guidelines cont…




Mortgage Terms

For more information visit our First Time Home Buyers page

Down Payment: The amount you put down to buy your first home. Minimum 5%. A mortgage is then taken to fund the rest

Loan to Value (LTV): how much the mortgage loan is relative to the value of the property

Fixed Mortgage Rate: The annual interest rate is fixed for the mortgage term

Variable Mortgage Rate: The mortgage interest fluctuates up and down as the prime lending rate moves up and down



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Mortgage Terms cont…


Conventional Mortgage: A mortgage loan up to and including 80% LTV

High Ratio Mortgage: A mortgage exceeding 80% LTV

Mortgage Term: Is the initial time period that you contract with the mortgage lender

Amortization: This is the time period used to calculate what your monthly payment would be to pay off your mortgage over that time






Mortgage Rates: This is the interest rate that you are charged for borrowing the mortgage

Pre-payment Privilege: Determines how much extra you can pay on your mortgage a year without a mortgage penalty

Payment Options: How frequently you want to make your mortgage payments

Convertible Mortgage: The ability to change the term and or the repayment schedule without any costs or penalties







Mortgage Closing Costs: Costs incurred to close your mortgage. There are a number of them:

Land Transfer Tax – Government cost of property ownership. Calculated as a % of the value of the home

Legal Fees – Charged by the lawyer to transact the mortgage

Title Insurance – Insuring you have title to the property

Disbursements – Incidental costs incurred by lawyer







Mortgage Insurance: Government insurance for high ratio mortgages to protect the lender in the event that you default on your payments. Can be added to your mortgage or paid as a lump sum. Premium depends on the LTV of your mortgage

Portable Mortgage: The ability to move your mortgage to your new property if you were to sell and buy another property





Mortgage Application Process



• Educating you and answering all your questions ensuring you are completely comfortable• Gathering of initial information• Determining affordability• Sourcing the best mortgage option• Submitting the application• Assisting you with the document process through to closing




Client Testimonials



Banks make money SELLING you money…I make money SAVING you money

My focus is to ensure that everyone of myclients are so satisfied with my service

that they refer me to others

Here are some client mortgage testimonials




http://www.mortgagesource.biz/mortgage-testimonials.php


I do the WORK!My Services are FREE! - the banks pay meContracts with over 28 banksFind the mortgage that is right for you.

Mortgage’s Made Simple



Let The Numbers Do the Talking

For a Free Mortgage Analysis

simply call 647-274-6029Serving Milton, Oakville, Mississauga,

Burlington, Georgetown, Toronto and surrounding GTA areas in Ontario.

[email protected]

Warwick JohnstonYour “Mortgage Source” Mortgage Agent #M10001503

Brokerage #12358

mailto:[email protected]

http://www.mortgagesource.biz/

mortgage first time home buyers, milton ontario

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