Are you planning to buy a home for your family? Do you understand the current First Time Home Buyers Mortgage? Well, At Expert Financial Corp, we are here for you. Getting a mortgage for first time home buyers has become a challenge especially since the introduction of new mortgage rules which require each applicant to:
- Be ready to make a down payment of a minimum of 5% of the purchase price of the house
- Have proof of income and a good credit rating
- Complete your application for the mortgage
- You will need to pass a Financial Stress Test. It tests your ability to make the monthly payments on the house, at a fictional rate that is higher than the actual rate
- You will require to have a co-signer or come up with a bigger down payment
Whether you are looking for guidance or the optimal products that suit your needs, you can reach our team of experts at: 905-564-2266