Sunlite Solutions to Buying A New Home in Canada

When to comes to buying a new home in Canada, there’s no doubt that the phrases, “mortgage process”, “bad credit mortgages”, and “how to qualify for a mortgage,” may seem intimidating.

That’s why we, the people at Sunlite Mortgage, are committed to providing you with a stress-free, custom made, mortgage approval process. This way, buying a new home in Canada won’t be as bad as you would think. 

Care to find out how that works?

Step 1: Find the Right Home

To some people, finding the right home means finding the cheapest home that’s closest to your new workplace. However, for some, it’s finding the little castle that’s perfect for protecting your kids against strangers at night.

Regardless, make sure that your new home is something that you will enjoy for years to come. 

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Step 2:  Figure Out What Your Current Credit Score Is

For the most part, if you’re already paying rent, then you should already have this figured out.

However, if you don’t know what your current credit score is, either contact your local bank or download a free credit checking app like Credit Karma.

Otherwise, feel free to contact us for a free consultation if you want to know more about how your current credit score can affect your mortgage experience.

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Step 3: Research Local Mortgage Options

Depending on which mortgage company you go to, different companies offer different types of mortgage options based on your credit history(and other factors).  

Here at Sunlite Mortgage, we offer the lowest mortgage rates in Toronto based on how good your credit score is(among other factors). So if you’re looking to buy a new home that’s right for you, then check out our fixed rate or variable rate mortgage options.

Otherwise, if you want to learn more about mortgages in general, then check out our free article, Mortgages: An Overview.

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Step 4: Take Advantage of Local Offers and Resources

Since buying a home is pretty expensive, it is important for new homebuyers especially to know what their options are in case nothing goes according to plan.

Here in Canada, new homebuyers can take advantage of two types of benefits: The First Time Home Buyers Tax Credit benefit and the Home Buyers Plan. While the First Time Home Buyers Tax Credit benefit helps new buyers recover closing costs such as legal expenses and land transfer taxes, the Home Buyers Plan allows new homebuyers withdraw money from their Registered Retirement Savings Plans (RRSPs) tax-free using prescribed forms.

Regardless as to which option(s) you choose, it’s important that you understand how these benefits affect your mortgage buying experience.  So in addition to checking out our article, First Time Home Buyers Tax Credit, be sure that you also take advantage of our Sunlite Mortgage Calculators. 

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Step 5:  Consult a Mortgage Broker and Make An Offer

Now that you have a pretty good idea as to what kind of mortgage you want, now is a good time to consult a professional mortgage broker so you know for sure what is that you want. 

By the way, you’re a new homebuyer who’s also new to Canada, then check out our New to Canada mortgage option.

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Step 6: Welcome to Home Ownership

Congratulations, new homebuyer! You’ve just purchased your first home. Are you ready to take on the next step(s)? 

In that case, feel free to check out our options as to how you can finance your home with us in the near future.

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Okay, so where should I go from here?

If you’re interested in figuring out whether or not investing in a mortgage from us is right for your home, please either call us at 1-877-385-6267 or make an appointment on our website. We would love to hear from you.

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