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Your First Home Mortgage


When you’re in the middle of a hectic search for the right home, it’s important that you don’t buy a property that’s more than you can afford.

There are some time-tested strategies that home buyers can use to make sure they don’t overextend.

When getting a mortgage there are a few tips to follow to boost your affordability:

  • You should get a mortgage pre-approval so you know what you can afford.
  • If you are looking to get a fixed-rate mortgage, you should get a rate hold to protect against rate fluctuations while you house hunt. A mortgage broker can usually arrange a 120 day rate hold.
  • You should think about increasing the size of their downpayment. With a larger than 20% downpayment, you will avoid “high ratio” mortgage insurance fees.
  • The federal Home Buyers’ Plan allows you and your spouse to withdraw up to $20,000 each from your RRSPs to buy or build a qualifying home without tax penalties.
  • You should make pre-payments on your mortgage to reduce interest costs over the life of the mortgage. Even small prepayments near the beginning of the mortgage can have a big impact on how much interest you pay over the life of the mortgage.

A mortgage advisor can let you know about other ways to make sure that your mortgage debt is manageable.

For more information contact The Wilson Team or call 613-695-9250

  • Terms
  • Posted Rates
  • Our Rates
  • Variable Rates
  • 3.95%
  • 2.75%
  • 1 YEAR
  • 4.04%
  • 3.59%
  • 2 YEARS
  • 3.74%
  • 3.29%
  • 3 YEARS
  • 3.89%
  • 3.19%
  • 4 YEARS
  • 3.94%
  • 3.34%
  • 5 YEARS
  • 5.59%
  • 2.94%
  • 7 YEARS
  • 5.80%
  • 3.54%
  • 10 YEARS
  • 6.10%
  • 3.59%

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