At Source Mortgage Centre our team is pleased to assist our clients with all types of real-estate purchases. Whether you are a previous home owner, first time buyer or are purchasing a vacation home or rental property we have a mortgage that can help.
If you have purchased a home before you might be surprised to learn that a lot has changed in the mortgage landscape and qualification rules in Canada just since 2015. Thus, it’s important to get pre-approved before you consider listing your home and looking for a new property as your purchasing power may have been impacted regardless of the down payment you have available. Our team of licensed mortgage professionals will not only work to explain these changes and how they impact you but will shop the market for the lowest rate and best mortgage product to suit your financial goals with home ownership. You may also be surprised to know that future home purchases can be made with as little as 5% down, this low-down payment product is not just for first time buyers. There are also other mortgage products available such as cash back and flex down which can help you to renovate your new home purchase or pay off other higher interest debts at the time of your move.
First Time Buyers
Buying your first home can be both an exciting and nerve racking experience. Our team of professionals will walk you through the process so you know what to expect and ensure your experience is positive. First time buyers are able to benefit from the first-time home buyers plan (HBP) offered by the Canadian government where by RRSPs can be used for a down payment without being taxed on your withdrawal up to $25,000. Minimum down payment on your home starts at 5% for a standard mortgage product, and can be borrowed if you plan to do a flex down payment.
Have you thought about buying a second home for recreational use or personal use? A second home can include any additional property you purchase that you intend to be owner occupied. This might be a vacation home or perhaps you have a child attending university and wish to purchase a home for them, or a home for an elderly parent to live in. As long as yourself or one of your immediate family occupy the property it is considered a second home purchase. You may be surprised to find out that a second home can also be purchased with as little as 5% down and at the standard rates offered on other owner occupied mortgage products.
Owning a rental property may be more in reach then you thought. We can assist with obtaining the mortgage to purchase a revenue property and even getting you the down payment if required. Minimum down payment starts at 20% and rates will be slightly higher than for an owner-occupied property. We have lenders who also allow unlimited number of rentals if you are an investor who has a large portfolio of properties