1st Time Home Buying FAQ

In most cases you will need a minimum of (not including closing costs) *:

$500,000 or less – 5% of the purchase price

$500,000 to $999,999 – 5% of the first $500,000 of the purchase price – 10% for the portion of the purchase price above $500,000

$1 million or more – 20% of the purchase price

In most cases:

· Registered Retirement Savings Plan: The Home Buyers’ Plan allows you to use your RRSPs as a down payment up to a maximum amount of $35,000 and is not subject to income tax if repaid within a specific time period.
· Gift from immediate family
· Accumulated savings
· Sale of existing home

Costs incurred are:

· Legal costs (Usually between $800 – $1200)
· Insurance on the property and mortgage applicant
· In some cases an appraisal is requested

How long does it take to complete a mortgage transaction?

If all the information requested by the lender (i.e. income verification, down payment verification, and property details)

is given to the broker in a timely matter the transaction can be completed in as little as 3 days.

Yes. Our lenders offer pre-approvals from 60 to 120 days. This will allow you to hold a great interest rate while you shop for a home.

Qualifying guidelines vary depending on the lenders criteria and products available. To find out exactly what you can qualify for, please submit your application for a pre-approval. To get an estimate, try our mortgage calculator.

Canada Mortgage and Housing Corporation is a federally owned and operated institution that evaluates the client and property to allow the borrower to purchase a home with a lower down payment requirement. This corporation insures the mortgage on behalf of the bank, through a premium added to your mortgage. This allows banks and lenders to provide mortgages to their clients even if they have less than a 20% down payment.

We only work for you. We are not affiliated with any one single bank or lender; thus allowing us to shop around for the best mortgage rates in Canada

We specialize in mortgages and only deal with lenders who can compete against the local branches for better rates, terms and service. Our only job is to find our clients the absolute best mortgage product to fit their needs.

We use mortgage lenders nationwide, so we are not tied to one single lender. In addition, the mortgage lenders that we use do not have local branches in each city or town, and therefore they have no large overhead and are in the business of lending money for mortgages only. This, combined with their large volumes, allows them to discount the rates far better than your own bank can provide. We work with a variety of lenders including traditional banks, institutional lenders, credit unions, and private lenders.

There are absolutely no hidden fees. Any costs related to a 911 Mortgage Brokers mortgage are fully disclosed. Any costs incurred would be the same as if you went through a bank and in most cases LESS with 911 Mortgage Brokers. We are here to earn your business today and in the future!

Yes you can! We have lenders that will lend to past bankrupt clients and those with bruised credit or previous consumer proposals. These lenders will lend in major urban centers and require a minimum of 20% down.