Mortgages 101: What you need to know before looking for a home
For many Canadians, the quest to buy their first home begins and ends at one place: theA mortgage is a particular kind of loan that uses the property itself to back the financing. Since few people have enough cash on hand to buy a home outright, this is the most common way for prospective buyers to finance the purchase.But the process of securing what, for many homeowners, will be the biggest loan of their lives is not exactly straightforward.
Symons argues that brokers and agents can help you compare mortgage rates from a variety of sources to make sure you’re getting the best deal, or a product that fits your specific needs. “We really want to educate first-time homebuyers … to start their homebuying process with the mortgage specialist, get that pre-approval and then be confident in your search with your realtor to know exactly what you can afford,” she says.Inquiring with a mortgage agent can also be a low-stakes way to figure out whether homebuying is right for you, because in most cases, you don’t have to pay them.
You can do this both with a broker and some online rate comparing sites to get a sense of some sample mortgage rates and amounts.But this is just based on taking your word on your income and other information — in order to get pre-approved for a mortgage, you’ll need to actually submit proof of income, banking information and other pieces of verification to your mortgage.
When you’ve found that perfect property, make a successful bid and sign the purchase agreement, the next step is to get conditional approval from the lender itself, which involves sending through a few more documents to secure the exact mortgage amount you’ll need to complete the deal.
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