At Heritage Savings, we love to assist first time home buyers, making it possible for our member to purchase their first home.
The purchase of your first home is an exciting and confusing process. Our friendly staff are able to help guide you along in securing your mortgage, helping you understand the different types of mortgages available, as well as option for repayment.
If this is your first time purchasing a home, make an appointment to speak with somebody in our loan department to see if we can pre-arrange your mortgage, allowing you to:
- Determine your maximum debt load
- Understand payment options
- Secure a guaranteed rate for 90 days
In order to secure your mortgage, we need to complete an application that includes questions about your employment history, income, savings, investments, debts, and any other financial obligations. Gathering this information helps us determine your maximum mortgage amount.
Once your mortgage as been pre-arrange, you are able to begin house hunting without worrying about seeking approval from your financial institution.
Our experience in providing residential mortgages has allowed us create a list of suggestions to protect you during the home buying process:
- Always ensure a home inspection is completed by an independent and qualified agent who is experienced in determining the overall health of the home.
- Ensure your offer is conditional on financing
- Obtain an existing survey, or ask the current owners to provide a survey, as it is required later int he mortgage process
- Consider obtaining legal advice regarding particular details that are relevant to the offer to purchase.
When completing a mortgage application, here are the types of questions you will be asked and the documentation that may be required of you:
- Current employer along with letter of employment
- Length of employment?
- Yearly income along with your Notice of Assessment and recent paystubs?
- Proof of savings, investments and RRSPs?
- What debt and other financial obligations you carry?
- Is CMHC financing required? (If your downpayment is less than 20% of the purchase price)
Mortgage Protection
In the event of an untimely death or life changing accident, we offer Monthly Premium Mortgage Life & Disability Insurance, ensuring your loved ones and your estate is protected.