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Our team of tech-powered mortgage experts search through mortgages across multiple banks, lenders and credit unions to find the best deals for you.
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Unlike the banks and classic brokers, we aim to provide you with options from lenders that meet your unique needs.
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Your personal Homewise Expert will work with you and the lender to get your mortgage finalized.
The Ultimate Mortgage Guidebook
Whether you have already purchased or are looking to buy soon, being prepared is very important and will save you money. With so much to look forward to, it is important that you make the proper financial decisions during the mortgage process, as it could be one of the largest financial decisions you make in your life. This Mortgage 101 post will help you understand some of the basics to start your learning process on your way to a great mortgage. You can also view more posts here, or reach out to our team at any time with questions using our contact info.
How Does My Debt-To-Income Ratio Affect My Mortgage Affordability?
When you apply for a mortgage, lenders will take a variety of factors into account to determine whether or not you’re eligible for approval. One of the most important factors to consider is your debt-to-income ratio. A debt-to-income ratio is also used to determine how much you’re eligible to borrow from the lending institution, which then determines the type of home or neighbourhood you can buy in.
How You Can Prepare to Buy a Home as Prices Increase
As competition and home prices are increasing, it’s normal for buyers to feel overwhelmed and a little hesitant about entering the market. If you’re planning to buy a home during this time, here are some ways you can better prepare for this purchase.
How much money do you need for your home down payment?
A down payment is the amount of money that a home buyer is paying towards the purchase price of a home. For example, if you are buying a home for $800,000 and you have saved $160,000 to put towards the purchase price, the $160,000 is your down payment. Important: your down payment should not take up all of the money you have allocated to your home purchase, there are other closing costs (land transfer fee, real estate lawyer, etc) that you will need to account for. To lean more about closing costs, click here.