Buying your first home is a very exciting time, but it can also be an overwhelming experience. Our team of mortgage brokers are here to answer any questions you may have. We will make sure you understand all your options and recommend financing solution to suit your needs.
Our mortgage brokers work for you, to find you the best rate and product for your individual needs, and there is NO cost to you! We also work closely with real estate agents, lawyers, and insurance brokers in Regina to guide you every step of the way. Now let's get started!
How to Qualify
Learn what you need to qualify for your first mortgage
Income is required to ensure you can make the payments. A full time permanent position with no probation period is required in most cases but if you have worked in a part time position for at least two years we can also use that income to qualify. Income that includes over time, commission, bonuses or self employed earnings must have a minimum 2 year history in order to qualify. Your income level will determine how much you can spend.
You must be able to show you can manage money. A credit check will show us your score which is determined by how well you manage and pay credit cards, loans, and lines of credit. If you have late payments, collections, or other bad debts this will significantly hurt your chances at being approved. The lenders like to see a minimum 2 year history of credit with good repayment history.
A down payment is very important when buying a home. If you have very good credit it is still possible to purchase a home with as little as 5% down payment. If you have poor credit a much larger down payment could be required (example: 20%). The down payment can come from a number of sources including savings, investments, RRSP's (HBP), or even a gift from an immediate family member.
STEP 1 - Application
Our online application will take approximately 5 minutes to complete. Please try to complete it as accurately as possible, as this will help us process your application with no delays.
STEP 2 - Processing and Review
Your mortgage broker will then be in touch to review your application and discuss your specific needs before getting you approved for your mortgage financing.
STEP 3 - Approval and Documentation
When your mortgage application is approved, your mortgage broker will send you an approval letter along with a list of required documents. The approval must be signed and returned along with any other required documents which may include employment letters, pay stubs, bank statements, tax returns, etc....
STEP 4 - Closing and Possession
Once your mortgage is complete you will need to meet with your lawyer to finalize and register your mortgage to the title of your new property. The lawyer facilitates the transfer of title and money between the seller and you the buyer.
Let's Get Started!
The first step in the home buying process is to obtain a pre-approval from a bank or lender. A pre-approval is simply a rate hold, typically for 120 days. This allows you to shop for a home without the risk of interest rate changes. The pre-approval also provides you with a purchase price for which you can shop. A mortgage broker will help you acquire the pre-approval so you are confident you have the best product.