Find the right mortgage financing option for your needs
Purchasing your own home is very likely the biggest investment that you will make in your lifetime. Terry Kilakos & his team of mortgage brokers can help you get the most out of this important investment. Our trained consultants will help you through the whole process, provide advice tailored to your individual situation, and guide you to finding the perfect mortgage.
Owning vs. Renting? Ask Yourself the Following:
You are planning to purchase a home, when suddenly doubt strikes you. Is it the right time? How much will my mortgage payments cost?
Our mortgage calculator can help you to put your situation into perspective. Just enter some basic information and it will give you an estimate of your mortgage payments.
Here is what you need to know
Buying a home requires:
- A down payment of at least 5% of the purchase price plus an extra 1.5% for fees related to the purchase.
- You must prove that you can afford the related costs (notary, moving fees, etc.)
Saving up for a down-payment on a home can be very difficult, but we can help. In consideration of your budget, lifestyle and long-term financial needs, we’ll find a solution that will allow you to achieve your goal.
Get a Mortgage that Suits your Financial Position
If you are thinking of buying a home, then stop for a moment to consider the pros and cons. Create a realistic household budget that will not place any risk on your financial situation or lifestyle. Once you know your borrowing capacity, you will have a clear picture of how feasible it is to buy a home.
With a clear view of your financial situation, your broker will be able to help you find a mortgage that fits. We can also refer you to a real estate professional who will advise you in finding a neighborhood that suits your lifestyle and family situation.
When is the Right Time to Get a Mortgage Broker?
You should contact a mortgage broker at the very beginning. Terry Kilakos and his team will walk you through the whole mortgage financing process. They will find a mortgage product that is tailored to your needs, will explain the programs and subsidies that are available to you, and will point out any closing costs that you might incur during the purchase.
Why Should You Get Pre-Approved?
Pre-approval is the first step in buying a home. It allows you to:
- Know your borrowing capacity
- Set a budget for the purchase
- Protect you from increases in interest rate during the first 180 days, but still allow you to benefit if from rate reductions.
- Give you credibility and a stronger bargaining position in negotiations
Pre-Qualification: Protects you from interest rate increases, but does no include a credit check so it does not guarantee that you will be able to borrow the money that you need.
Pre-Approval: Gives you peace of mind and accelerates your mortgage application.