Before you buy Real Estate in Toronto, make your Mortgage Process Stressfree!

Contact a Mortgage Representative or Broker, or if you don't know of one, call me and I will suggest a few.


1. Know what your Real Estate Budget is, so when you see a Property For Sale In Toronto, you will know what you can afford.

2. It's always a good idea to check your Credit Record just so there are no surprises when you want to buy Toronto Residential Real Estate! For less than $20, EQUIFAX will send you your Credit Report. This is the same information Financial Lenders will receive. By getting a copy of your Credit Report BEFORE you apply for a Mortgage, you'll get a first look at any problems or discrepancies (if any) that have sprung up.

To order your Credit Report, or get your Credit History cleaned up, contact EQUIFAX by phone (1-800-465-7166) or online www.equifax.ca

3. Gather the following Information ahead of time and organize it so that it's on hand for you to review with your Mortgage Representative or Broker especially if you are considering buying Toronto Canada Real Estate: Complete copies of your past Two or Three Tax Returns; a current Pay Stub; Letter of Income from your Employer, or a current Profit and Loss Statement if you're Self-Employed.

4. Know the different types of Mortgages Available so you will know exactly what you want to commit to once you buy Property For Sale in Toronto:

CONVENTIONAL MORTGAGES require a Down Payment of 25 Percent of the Home's Appraised Value. The Advantage is the more Down Payment, the less your Mortgage will be and the lower your Payments will be. Also, you will NOT have to pay the CMHC Fee.

NOTE: CANDA HOUSING AND MORTGAGE CORORATION (CMHC), offers a FIVE PERCENT DOWN Program which allows the First-Time Buyer to put as little as 5 Percent as a Down Payment of the Purchase Price (depending on where the Property For Sale in Toronto). These Mortgages must be Insured, and while you can choose any term you wish, your income must be able to meet the payments required under a Three Year Term.

HIGH RATIO MORTGAGES (5 Percent Down Payment of Purchase Price), must be Insured by Canada Mortgage and Housing Corporation (CMHC). This is protection for the Lender and the Mortgage Insurance can range up to 2.5 Percent of the Value of the Mortgage. The entire Mortgage must be Insured, not just the amount that is above 75 Percent of the Purchase Price. Most Lenders will let you roll the Insurance Premium into your Mortgage, however, you will end up paying a good deal of interest on the Insurance Fee as a result. This lets more people enjoy owning Real Estate in Toronto.

One advantage to this type of Financing is that CMHC-Insured Mortgages become Open after 3 Years. All that's required to pay off your Mortgage at that point, is to pay a penalty of 3 Months' Interest. (An Open Mortgage means you can pay it off or refinance at current rates at any point.)

5. Qualify your Lender because not all Lenders are created equal. Loan Products, Services, Style, Personal Attention and Accessibility vary greatly. Look for a Mortgage Representative or Broker that is best qualified to meet your needs, wants, personality, is well trained and knowledgeable in the Mortgage type you want to use. Someone who is seasoned in the business and can guide you through with a practiced hand. As for my Job, when helping you Buy Toronto Condominium Real Estate, or Waterfront Toronto Condos, or Forest Hill Real Estate, or any other Property For Sale in Toronto, it's better if I can get ahold of your Mortgage Representative or Broker quickly. Most Offers are negotiated after Hours and on Weekends, so consider if your Lender is available to us during those times.