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Buying a home can be one of the largest investments you will make during the life. Picking out the perfect home is fun. But, securing the right financing is quite complex. Whether you are familiar with the mortgage process or a first-time homebuyer, our mortgage agents, at GN Mortgages.ca, know it can be a bit of a hassle. That’s why, we offer mortgage recommendations based on your needs.

We will help you secure the best mortgage option that enables you to buy a home sooner with a minimum down payment. And GN Mortgages.ca is there with you always — with information before, during and after your home purchase.

Buying a home – What can you afford?

While you may qualify for a certain mortgage amount, make sure you consider the impact of the mortgage on your lifestyle and other things that are important to you. Think whether you will be able to continue with your current lifestyle with the mortgage payment you are considering. Be honest in deciding your affordability.

Calculate your household expenses, monthly debt payments and total monthly expenses. In addition to purchasing the home, other significant expenses will include utility bills, property taxes, home maintenance as required. You can also look for ways to curtail your monthly expenses and consult credit counselors to minimize your debts.

Buying a home – What can you afford?

While you may qualify for a certain mortgage amount, make sure you consider the impact of the mortgage on your lifestyle and other things that are important to you. Think whether you will be able to continue with your current lifestyle with the mortgage payment you are considering. Be honest in deciding your affordability.

Calculate your household expenses, monthly debt payments and total monthly expenses. In addition to purchasing the home, other significant expenses will include utility bills, property taxes, home maintenance as required. You can also look for ways to curtail your monthly expenses and consult credit counselors to minimize your debts.

Finding a Mortgage That’s Right For You

  • Mortgage Pre-Approval

    When you are pre-approved for a mortgage, a lender has made an actual commitment to provide you the loan. Mortgage pre-approval should be your first step when you really want to buy a home.

  • Pre-Approval Process

    During the pre-approval process, you and your mortgage specialist discuss your financial goals, mortgage amount, down payment and purchase price, etc. Borrower learn about various mortgage options and determine which of them best suit the needs. With your consent, the broker will take an application having all the required information, including income, assets, down payment and other liabilities. You must meet the conditions of the pre-approval process.

  • Mortgage Options

    There are various characteristics of a mortgage product that you must know to determine exactly how much you need to pay – both monthly and over the life of the mortgage

Traditional and Collateral Mortgages

  • Traditional Residential Mortgage

    Traditional residential mortgages are meant to set out things, including the principal amount, interest rate, term, payment amount, etc. You may need to enter a new mortgage loan or refinance the existing loan, to borrow more money.

  • Collateral Mortgage

    A collateral mortgage provides an opportunity to use your home as security for a loan and borrow additional funds. This way borrowers are allowed to change loans and other credit agreements without registering to a new mortgage.

Closed, Open and Convertible Mortgages

  • Closed Mortgage

    Closed term mortgages are an ideal option for those who are not planning to pay off their mortgage in the short term. Interest rate in this type of mortgage is generally low. It provides an opportunity to save on interest costs and pay off your mortgage faster. You will need to pay a prepayment charge to pay off the loan earlier or for renegotiating the interest rate.

  • Convertible Closed Mortgage

    In a convertible closed mortgage, borrowers can convert to a long term mortgage option at any time without any prepayment charges.

  • Open Mortgage

    Open term mortgages are ideal for those who wish to pay off the mortgage in the near future. They can be paid either in part or in full at any time without any prepayment charges. Borrowers are allowed to convert the mortgages to any other term, at any time. However, the interest rates for open mortgages are higher than a closed mortgage.

Mortgage Payment

There are different mortgage payment options available including – Monthly, Bi-weekly, Accelerated Bi-weekly, Weekly and Accelerated Weekly. Borrowers need to make the payment option choice carefully. Consider your mortgage amount, amortization period, additional monthly costs to determine the payment option.

We, at GN Mortgages.ca, will help home buyers determine what is right for them. Our mortgage agents will walk you through the various mortgage products and features, helping you select the best option to meet you housing needs in Toronto and its surrounding areas.

Planning to buy a home? Call our mortgage agents to know the best mortgage options available.
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