Apply Now

Residential Mortgage Information

Looking for a new home?

If you’re thinking about taking the leap into home ownership, do not wait to research study possible mortgage rates, start studying up now. Comprehending what to anticipate when obtaining a residential mortgage will streamline the process and reduce a ton of unnecessary stress.

Residential Mortgages

  • Few individuals have the ability to buy their dream home outright. That’s why numerous Canadian families have a mortgage.
  • A residential mortgage provides a home purchaser with the funds needed to purchase a home.
  • The mortgage lender loans this money to the prospective home purchaser and the purchaser is to pay back the money, plus interest, over an agreed upon time period.  

How is an inexperienced home purchaser supposed to obtain a good mortgage rate? With the help of a knowledgeable residential mortgage broker of course.

Why stress over your mortgage rate when a Family Lending specialist can find a residential mortgage that’s ideal for you?

What do I need to get a residential mortgage?

Obtaining a residential mortgage is simple. First, call a mortgage broker at Family Lending or complete our free, no risk mortgage pre-approval application. When you’ve done that it’s time to starting thinking of your existing financial situation. Your mortgage broker will need to understand:

1.  How much of a downpayment do you need?

  • If you have less than a 20% downpayment on your home you will need a Mortgage Insurance Premium. This helps protect the lender in case you default on your mortgage and a specialist will organize this for you.

2.  If you wish to go fixed or variable rate mortgage

  • Numerous residential home loans are based on a variable rates of interest. Variable rates of interest can rise or fall depending on the state of the marketplace, causing regular monthly mortgage dues to fluctuate. Alternatively, home buyers can choose a fixed mortgage rate for a more steady repayment strategy. A fixed rate mortgage stays consistent for the length of the mortgage.

3.  A general summary of your finances.

  • It’s your mortgage broker’s job to act as a liaison between the lender and you, the borrower. Your broker will have to have a good understanding of your financial history and present financial circumstance in order to secure you the very best rate.
  • Having your annual income statement in addition to any information on outstanding debts will help speed your residential mortgage pre-approval along and help your mortgage broker find a residential lender rate that works for you.

If you require assistance with your residential mortgage search, do not just ask a bank. The banks just have access to a limited number of residential mortgage products. A mortgage broker will be able to offer you with many more mortgage options.
Contact Family Lending today for more residential mortgage information!