We are one of the most respected brokerages in the Winnipeg area and our goal is to provide first time home buyers across Manitoba with some of the best mortgage solutions anywhere in the province.
Wide Range of Options
As Winnipeg Mortgage brokers, we offer access to numerous lenders, including those not available to the public, ensuring you find a mortgage product that perfectly fits your financial needs.
Expert Guidance
With our mortgage expertise, we provide personalized advice to navigate complex mortgage terms and conditions, helping you make well-informed decisions.
Cost and Time Efficiency
We are able compare various mortgage deals to secure competitive rates and terms, potentially saving you money and simplifying the application process to save you time.
Ongoing Support
From start to finish, mortgage brokers such as ourselves, offer continuous assistance, handling paperwork, resolving issues, and ensuring a smooth mortgage application process.
We get lots of questions from new home buyers when it comes to how to get a mortgage. Below are just a few of the most common items and as always, we are glad to answer any questions you might have.
The first step is usually getting pre-approved for a mortgage. This gives you an idea of how much you can afford, helping you narrow down your home search to properties within your budget.
The required down payment varies, but in Canada, it’s typically 5% of the home’s purchase price for properties less than $500,000. For homes over $500,000, you’ll need 5% for the first $500,000 and 10% for the portion of the price above $500,000.
Consider factors like the interest rate, term length, flexibility in repayment options, and whether a fixed or variable rate suits your financial situation better. We can help you navigate these choices and find the best mortgage for your needs.
Beyond the down payment, be prepared for closing costs (like legal fees, land transfer taxes, and home inspection fees), which can range from 1.5% to 4% of the purchase price, as well as ongoing expenses such as property taxes, home insurance, and maintenance.
If your down payment is less than 20% of the purchase price, you’ll need mortgage loan insurance. This protects the lender in case you default on the loan and typically adds to the cost of your mortgage.
In Canada, there are several programs to assist first-time buyers, such as the First-Time Home Buyer Incentive, which offers 5% or 10% towards your down payment, and the Home Buyers’ Plan, allowing you to withdraw up to $35,000 tax-free from your RRSP to buy or build a qualifying home.
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