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A loan that you can take to buy your home, giving it priority over any other loans on the property. Instead of going to a single bank or credit union, working with a mortgage broker gives you access to multiple first Ontario mortgage rates, helping you find the best deal quickly and easily.
When buying your home, you can approach individual lenders or work with a mortgage broker. Going to a single bank or credit union limits you to their rates and options. A broker, however, gives you access to multiple first Ontario mortgage rates and the best first-time home buyer mortgage options all at once. This makes it faster and easier to compare deals and find the right mortgage for your needs.
When you take out a First-time home loan, the amount you borrow is called your loan. Comparing this loan to the value of your home gives you the loan-to-value (LTV) ratio.
If your LTV is over 80% (meaning your down payment is less than 20%), mortgage default insurance is required.
In Canada, where a suitable mortgage agreement is challenging, our expert team guides you to make the best deal within your budget. No hidden charges, no stress
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Because the burden to prove eligibility is greater on self-employed individuals, it pays to be well prepared before applying for a loan. The following should be considered before going into apply for a Self-Employed Mortgage:
One of the ways that having a mortgage is made a little easier is through tax benefits. The mortgage interest paid on your first mortgage is tax deductible, allowing you to subtract the interest paid from your taxable income. If you are a first time home buyer there are many additional incentives and programs you can take advantage of to make your first mortgage a little easier. Getting a first mortgage can be a stressful time, let Mortgage Squad Advisors Agents find a solution that is right for you.
The first mortgage is the primary, or first, lien against your property and has priority over all other liens. It is the mortgage agreement that you first borrow from a lender to purchase your home. In the event of a default your first mortgage is paid back before your second mortgage or any other liens.
You’ll need proof of income, employment details, credit history, a down payment, and identification. Self-employed buyers may need extra documents like tax returns.
