Tips for Getting Successfully Approved:

  • Good income

  • Stable employment history

  • Good credit rating

  • Downpayment savings ready

  • —> Fill in the form ABOVE and we’ll give you the Best Home Mortgage in Canada right NOW.

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Buying a home for sale in Sault Ste Marie and getting a safe secure mortgage is an important time in your life.  It can also be a rewarding experience if you have the right people on your team to help with fast hassle-free approvals.

A Sault Ste. Marie mortgage specialist is one of the best people to help you with Sault Ste Marie real estate.  We can also advise you regarding a TD Canada Trust mortgage, RBC Royal Bank, Scotia Bank, HSBC, Bank of Montreal, or CIBC mortgage.  We have some of the most flexible payment options so you can pay off your mortgage faster, and we help guide you through the entire process.

Our specialists are available for step-by-step personal assistance throughout the mortgage process, and at all times after your mortgage is approved. There are a lot of choices and options when applying for a home mortgage in Canada and when looking for Sault Ste Marie houses for sale.

One of the first steps is to obtain a pre-approved mortgage. With a pre-approved mortgage you will know how much you can afford, and can limit your house search to affordable choices.

You will also know what your monthly payments will be, and you can lock in your interest rate at the time of application, guaranteed for 90 days usually. Obtaining pre-approval for a mortgage also demonstrates to the realtor that you are a serious buyer and this can help with your negotiations.

A normal home mortgage in Canada requires a down payment of at least 20%, and you can acquire a fixed interest rate or a variable interest rate. These types of conventional mortgages have the lowest costs because they do not have to be insured.

Another type of mortgage is a low down payment insured mortgage for both new and resale homes.  This type of mortgage usually allows for lower down payment requirements - even as low as 5% sometimes. However these low down payment mortgages must be insured to cover potential default. So your monthly costs will be higher than a conventional mortgage because they include the monthly cost of the insurance premium.

You can also use your RRSP as a down payment under the Federal Government’s home buyers plan. First-time homebuyers are eligible to use up to twenty five thousand dollars in RRSP savings per person - in other words $50,000 for a couple - towards the down payment on your home.

The withdrawal is not taxable as long as you repay it within a fifteen year period.  You must make annual payments back to your RRSP plan, although you do not have to make these payments.  It’s just that you will be taxed at your normal tax rate on the expected payment amount each year.

Just make sure you fill in the form ABOVE and get the Best Mortgage in Sault Ste Marie, Ontario right NOW.

Filed under: Best Sault Ste Marie Mortgages