PDF Ebook The ComPlete Home Buyers’ Mortgage Guide
For most people, buying a home will be the largest purchase they will ever make. Besides being a necessary source of shelter for you and your family, it may also be an important investment for your future.
As mortgage brokers it is our job to find you the best possible mortgage financing for your own unique situation. The following is a list of just a few of the lenders we work with on your behalf:
• CIBC
• Citizen’s Bank
• Concentra
• First National
• FirstLine Mortgages
• GE Money
• GMAC
• HSBC
• Home Trust
• ING
• Maple Trust
• MCAP
• Merix
• National Bank
• North Shore Credit Union
• President’s Choice
• Scotiabank
• Squamish Credit Union
• TD/Canada Trust
• Xceed
We would be pleased to assist you with your home purchase. Application can be made by telephone, fax, or on-line. We even do house calls.
This guide has been developed to assist and guide you through the home buying and financing processes. It will provide you with the information necessary to make an informed decision about purchasing and financing your new home.
We are able to arrange 1st / 2nd mortgages for purchases and/or refinance for both residential and commercial property. Construction financing, transfers/switches, & lines of credit are also provided. In some cases broker / lender fees may be charged, but not without your consent.
CONTENT
A. INTRODUCTION
B. MORTGAGE QUALIFICATION PROCEDURES
B1. General Information
B2. Job Stability
B3. Sources Of Income
B4. Employment Income Verification
B5. Other Sources Of Income
B6. Credit History
B7. Source Of Down Payment
B8. Income And Expenses (GDS/ TDS Ratios)
B9. Property Information And Documentation
C. MORTGAGE AND PROPERTY DEFINITIONS
C1. Conventional
C2. High Ratio
C3. Freehold Ownership
C4. Leasehold
C5. Condominium
C6. Co-operative
C7. Joint Tenancy
C8. Tenants In Common Or Undivided Owner Ship
D. MORTGAGE OPTIONS
D1. Closed Mortgage
D2. Open Mortgage
D3. Convertible Mortgage
D4. Fixed Rate Mortgage
D5. Variable Rate Mortgage
D6. Payment Options
D7. Amortization And Payment Frequency Comparisons
D8. Portable & Assumable Mortgage
E. CMHC POLICIES & PROCEDURES
E1. What Is CMHC’s Role?
E2. CMHC Fees & Premiums
E3. The Flex Down Mortgage Product
E4. Extended Amortization Options
E5. High Ratio Financing For Self Employed Applicants
E6. CMHC Second Home Lending Program
E7. Interest Only Mortgages
F . OTHER GOVERNMENT INCENTIVES
F1. Using Your RRSP For Down Payment
F2. Property Transfer Tax Waiver
G. CLOSING THE DEAL
G1. Estimated Costs
H. MORTGAGE PAYMENT CALCULATOR
I. NON-RESIDENT LENDING
I1. Non-resident Lending
I2. Whistler Condo Financing
J. GLOSSARY OF MORTGAGE & REAL ESTATE TERMS
Posted in :
