9 Steps to Buying A Home - Buyer's Guide

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Contents Why use a mortgage professional? i What to expect from this guide ii Contents iii Section 1. Qualification Guidelines 1 Income 2 Down payment 3 Equity 4 GDS Ratio vs TDS Ratio 5 Section 1. At a Glance 6 Section 2. Credit 7 Credit rating 8 Are you financially ready? 10 Paving the way for mortgage approval 12 Section 2. At a Glance 14 Section 3. The Approval Process 15 Pre-approval 16 The approval process 17 Your mortgage agreement 18 Why use me as your mortgage professional?19 Section 3. At a Glance 20 Section 4. Mortgages and Insurance 21 Mortgage types 22 The mortgage term 22 Mortgage interest rates 23 Payment frequency 24 Mortgage Default Insurance 26 Other costs to consider 27 Section 4. At a Glance 28 Section 5. Now That You’re a Homeowner 29 Your financial responsibility 30 Home insurance 31 Home maintenance 31 Section 5. At a Glance 32 Section 6. How to Save 33 Money saving strategies 34 At a Glance 38 Section 7. Resources 39 Words to know when buying a home 40 9 steps to buying a home 44 Homebuyer’s Guide At a Glance 45 Monika Tarnik-Jedrusiak 416.822.7357 ext. Lic# M13000687 monika@mortgagepal.ca iii
Section 1. Qualification Guidelines This section will give you an idea of what to expect based on traditional mortgage qualification guidelines. Remember that these are just guidelines and everyone’s situation is unique. To pre-qualify or get pre-approved for a mortgage, there are three essential components: your income, your equity and your down payment amount. As a mortgage professional I’m here to help you reach your home ownership goals. If you have any questions about this section, please reach out to me and I’d be happy to help. Monika Tarnik-Jedrusiak Mortgage Agent License No: M13000687 MortgagePal Inc. 416.822.7357 ext. Lic# M13000687 monika@mortgagepal.ca www.bestrates.ca
Page 1 and 2: HOMEBUYER'S GUIDE Revised July 2017
Page 3: What to expect from this guide This
Page 7 and 8: down payment Down payment A down pa
Page 9 and 10: Gross debt service ratio and total
Page 11 and 12: Section 2. Credit Credit is a criti
Page 13 and 14: What is a credit bureau? A credit b
Page 15 and 16: 2. Calculate your monthly debt paym
Page 17 and 18: Home Buyers’ Plan The Home Buyers
Page 19 and 20: Section 3. The Approval Process Onc
Page 21 and 22: the approval process 7. Once we hav
Page 23 and 24: Why use me as your mortgage profess
Page 25 and 26: Section 4. Mortgages and Insurance
Page 27 and 28: mortgage interest rates When you ap
Page 29 and 30: Example Most lenders allow several
Page 31 and 32: other costs to consider Mortgage Li
Page 33 and 34: Section 5. Now That You’re a Home
Page 35 and 36: home insurance As home ownership is
Page 37 and 38: Section 6. How to Save The key to s
Page 39 and 40: 2. Monthly Prepayments By making ex
Page 41 and 42: 5. Renewing with a Mortgage Profess
Page 43 and 44: Section 7. Resources Monika Tarnik-
Page 45 and 46: Term Conventional Mortgage Countero
Page 47 and 48: Term New Home Warranty Program Nota
Page 49 and 50: Homebuyer’s Guide at a glance Sec

9 Steps to Buying A Home - Buyer's Guide

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