Onyx Realty

WHAT IS A MORTGAGE BROKER

A mortgage broker is a trained professional who has access to many different lenders with a variety of loans (some with exclusive interest rates). Mortgage brokers can essentially find the right mortgage for your needs.

When they receive your mortgage application, your mortgage broker will shop it around to their lenders to see which lender will give you the best interest rates, conditions, and terms. Brokers either work solo or within a larger broker network.

MORTGAGE BROKERS
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PRE QUALIFICATION

To find out how much you qualify for you will need to submit these documents to your Mortgage Broker:

  • Application Filled Out (provided by Broker)

  • Job letter from employer ( include start date, position, wage/salary and hours)

  • most recent pay stub


Collect Rental Income, CTB, Pension:

  • 1 -2 years T1 Generals

Work Overtime:

  • 2 years T4 Slip


*Self Employed:

  • 2 years Business Financials

  • Intern Financials

FIRST TIME HOME BUYER

As a first-time homebuyer, you’ll want to be familiar with various programs that apply to your situation. There are a number of government programs which can save you money as a first time home buyer.

Here are a few programs :

  • The Home Buyers' Tax Credit currently works out to a rebate of $750 for all eligible first-time home buyers.

  • The Canadian government's Home Buyers' Plan (HBP) allows first-time home buyers to borrow up to $35,000 from your RRSP for a down payment, tax-free.

  • If you buy your home before it’s built, or if you substantially renovate an existing home, you could qualify for a rebate for a portion of the sales tax. The GST/HST new housing rebate amount you can qualify for depends on the purchase price of the home, and can only be claimed if the net purchase price is $450,000 or less.