Homeland Mortgage Corp.

A mortgage broker can find you a lower mortgage interest rate than banks and other financial institutions. Because mortgage brokers network with a number of mortgage lenders, they can shop around and negotiate on your behalf . Since mortgage brokers are paid by lenders, they can always offer their services for free. If you deal directly with a financial institution and your mortgage is not approved, you must begin the application process all over again. When working with a mortgage broker, your broker can simply forward your application to another lender.

Because lenders pay mortgage brokers, there is no charge for mortgage broker services. The exception is if you have a very poor credit and your application requires submission to private or non-traditional lenders. In that case you may be charged a brokerage fee.

Lenders will use a lesser of the following calculations to determine how much you can afford per month for mortgage payment, property taxes, heating costs and strata fees (if applicable).

The minimum down payment is generally 5% of your purchase price + close-up costs.

A pre-approved mortgage tells you how much you can afford when buying a home and what your maximum monthly payments will be . The benefit of using a pre-approved mortgage is you secure an interest rate for 90-120 days and, should interest rates rise, you will be able to keep your pre-approved rate. Should rates fall, you can take a lower rate.

Some lenders offer financing to individuals who have declared bankruptcy. Contact a Homeland Mortgage professional.

If your down payment is less than 20% of your purchase price, your mortgage is considered ‘high ratio’. High ratio mortgages require mortgage loan insurance to protect the lender against the default.

On completion of the deal you are to pay Lawyer fee, property purchase taxes etc. For more details please contact a Homeland Mortgage professional.