Head Office
1223 31 Ave NE
Calgary, AB, T2E 7W1
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With Greatway Mortgage, we will work for YOU! It is in our best interest to get the right mortgage product that suits your needs. We provide the “one-stop-shop” that relieves the pressure of shopping around for a mortgage from every bank. We will give you our best rate up front; no need to negotiate! Our compensation comes from the banks and non-bank lenders in the form of a finder's fee. This means that our services are FREE to you!!! Use our services as much as you like, thru email/text/phone/messenger.
YES! Getting pre-qualified (pre-approved) is an important part of searching for your new home. It determines your affordability.
First, it helps you determine what you can get approved for. That way you know the price range you should be looking for.
Second, it can help you in negotiation process. Some sellers might be more inclined to settle on a price if they know that you are pre-qualified.
A PRE-APPROVAL IS NOT GUARANTEED!!! I cannot stress this enough. This does not mean that the mortgage is 100% yours. You still need to go through the full approval process. During this period, make sure you do not make any large financial decisions unless you don’t care about losing the pre-approval.
Please take note of the following:
a. DO NOT quit your job. If you find a new job, run the scenario with Greatway Mortgage Team and they can let you know how it will affect your potential new mortgage.
b. DO NOT transfer money between accounts like it was your part time job. Transferring money between accounts can make tracking the down payment messy. The Government of Canada requires lenders to track a paper trail of the down payment.
c. DO NOT take on more debt. Your pre-approval was based on your debt load at that time, so if this changes, so does your approval.
Typically, a minimum credit score (beacon score) of 600 will qualify you for a mortgage. Most lenders will require the primary applicant to have at least 650 beacon score. As a rule of thumb, however, a credit score below 650 will make getting a mortgage a little more challenging.
You will have a higher probability of getting approved if your beacon score is 680 and above. Having a score of 680 and higher for both applicants will most likely give you higher room for pre-qualified buying power based on current income and liabilities.
Applicants can get their credit scores from one of two major credit bureaus, namely Equifax or TransUnion, for a fee.
5% is the minimum required.
It can come from the following sources:
- own bank savings (with 90 days of history),
- gifted funds (by immediate family - parents and siblings),
- borrowed money (from line of credit, personal loan, credit card)
- government grants (need to qualify and must have your own 5% down first).
You should be prepared to pay for the closing costs, home inspections, and home appraisals.
Closing costs - comes at the end before your home possession date (funding date). This is estimated at 1.5% of the purchase price of the property. These includes lawyer fees, title insurance, title transfer, etc.
Home inspections - recommended when purchasing a home. You will want to know the condition the home is in before you commit to purchasing the home. This is highly recommended especially if the property is a re-sale home.
Home Appraisals - sometimes required by lenders to make sure you are not overpaying for a property. The buyer is responsible for these costs. This could cost around $200 to $400.
This is NOT a Mortgage Life Insurance. This is a common misconception.
When you buy a property with a down payment of less than 20% of the purchase price, that mortgage must be insured with mortgage default insurance, often known as CMHC insurance. It is a one-time insurance premium calculated as a percentage of the mortgage's total amount.
There are three default insurance providers in Canada: the Canadian Mortgage and Housing Corporation (CMHC), Sagen (formerly Genworth Canada), and Canada Guaranty.
Mortgage default insurance protects lenders in the event a borrower stops making payments and defaults on their mortgage loan. CMHC insurance premiums are paid for in full by the borrower at the start of their mortgage. This is added to the total loan amount of the borrower. For a typical 5% down payment the insurance premium is currently at 4% of the remaining balance after subtracting the 5% down payment from the purchase price of the property.
Mortgage insurance will be most likely required by lenders and banks (even if you have an existing life insurance coverage). If you are a plan holder of one of Greatway Financial's providers: Ivari, Equitable Life of Canada, IA, BMO etc., then you do not need to get a mortgage insurance from the bank and lenders. If your current coverage is not enough to cover your mortgage loan, your Greatway Financial Advisor can help you with that.
Mortgage application is a process and there is a lot of factors that can come into play.
Click here and we will let you know exactly what we can do for your mortgage needs.
Greatway Mortgage Inc. works with a variety of lenders to find the mortgage that is right for you. Here are the few of the lenders we work with.
REGIONAL LENDERS
FOR "B" LENDERS
*(thru lender hub) means Greatway Mortgage Inc. is co-brokering the deal with other Mortgage Alliance Broker for a fee.
Due to the volume we are currently receiving, please give us 24 to 48 hours turn around time. We will call you, send you an email or send you a text message to set up a zoom meeting or a call interview to discuss your concerns with your pre-qualification. If you do not hear from us, please call our admin team @403-407-2403 ext. 919 or email: admin@greatwaymortgage.com.
1223 31 Ave NE
Calgary, AB, T2E 7W1
© Copyrights reserved for Greatway Mortgage