For purchasing your first home, Vertuity Mortgage will create a budget for you to determine what price range of home you can afford. Before you can go ahead and invest in a home from somebody like retter & company sotheby’s international realty, there are a lot of financial precautions that must be sorted. Once the preapproval is complete Vertuity can lock in an interest rate for you, for up to 120 days. This peace of mind means that you can take your time shopping for your new home, knowing that the discussed payments are guaranteed for four months. The best part of working with a professional broker is that while you concentrate on finding your home, Vertuity will monitor fluctuating rates offered by various lenders and advise you of changes and offer suggestions should better options arise.
Getting the Right Help When Purchasing Your First Home
There’s a lot to learn when purchasing your first home. Vertuity Mortgage has helped hundreds of people in purchasing a first home. It’s one of life’s major events. You’re going to want help with the process. There’s a lot to learn and even more to do. Your going to want professionals who know the business to work with you. In addition to our experts at Vertuity Mortgage, we’re going to recommend other professionals who are associated with our first. Other professionals include realtors, lawyers, insurance agents and more. Like us, they are professionals with a history of success. They are the right people to work with when purchasing your first home.
Choosing a Realtor
Purchasing your first home can be difficult. Finding the right home is often a challenge. Using a professional realtor will save you time, energy and most importantly money. Vertuity Mortgage has built relationships with various trusted realtors. We will be more than happy to introduce you to one of our realtors who have taken excellent care of our clients in the past.
Down Payment
The down payment is often a major obstacle for purchasing your first home. Today, there are many flexible options for down payments. Yours can include funds from your own savings, investments, the sale of property, or gifts from an immediate family member. A mortgage with a down payment that is less than 20% is considered a high ratio mortgage and must be insured by either CMHC or Genworth Financial. The larger your down payment, the less CMHC/Genworth insurance premium fees that you will pay. At Vertuity, we will give you an estimate of what these fees will cost. One of our goals is to keep you educated as you progress in the mortgage process and help you to budget accordingly.
Closing costs
It’s important to remember that there are additional costs to purchasing a new home, these may include land transfer taxes, lawyer fees, and moving expenses. Part of our service is informing you to budget a minimum of 1.5% of the purchase price to cover the closing costs.