Purchasing a Home

At Clear Trust Mortgages, we strive to find you the BEST rate for your financial needs. The lowest rate for each case will differ depending on many factors such as: income, beacon score, credit history, debt ratio, property type, and type of ownership. Our goal is to work with you to understand your financial situation, and find the rate and product that best fits your needs.

You can buy a home with a minimum down payment as low as 5% if it is insured by CMHC, Genworth or Canada Guaranty. However, mortgage insurance premiums will apply and be added onto your total mortgage amount. Contrarily, conventional mortgages require a minimum of 20% down payment and do not have insurance premiums. Keep in mind that each lenders’ products and requirements vary.

Clear Trust Mortgages currently works with over 30 different lenders. Due to the sheer abundance of lending products available, the options are boundless. Depending on your situation, we will find the product that best fits YOUR financial needs and desires.

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There are two types of Mortgage Insurance:

Lender Mortgage Insurance:
The decision on this type of insurance is dependent on you and the lender. If you are applying for a high-ratio mortgage (less than 20% down payment) it is required that you purchase mortgage insurance. This insurance protects the lender in the even of default, but will not protect the borrower from foreclosure. Lender insurance is waived for a conventional mortgages (more than 20% down payment).

Borrower Mortgage Insurance:
This type of insurance is entirely up to you as an individual–it is not required. Personal mortgage insurance protects the borrower in the event of disability or critical illness. It is important to understand the benefits of insurance, and the risks you may undertake by waiving it.

During our first initial meeting, the information I will require from you are: identification, gross income, estimated down payment, source of down payment, location of purchase, and type of purchase (rental, owner-occupied, or leasehold). All information provided is kept confidential, and will only be used for the purpose of the mortgage financing.

Our services are free! In fact, it is our legal obligation to disclose what the lender will pay us for our services.

It’s important to understand how much you can afford before shopping for a home. This will save you time and allow you to make realistic decisions. Expenses you should consider are: property taxes, heating costs, maintenance, and other debts in relation to your gross income. This will help you determine the type of mortgage and property you are able to afford. Talk to me and I can you get you a pre-approval before you even begin shopping!

Standard pre-payment privileges are usually around 10-15% of your original mortgage amount per year, but it will depend entirely on the product, term and lender you choose. We will present all the options for you upfront and allow you to decide the best fit.