Mortgage Agent #M10001503
First Time Home BuyersWhat to
expect as a first time buyer!
Warwick JohnstonMortgage Agent Brokerage #12358
Who Qualifies?If you or your spouse have never owned a home, or have not owned a principle residence for the last 5 years*, you qualify as a first time buyer
* If you have owned a home more than 5 years ago, you will not qualify for the Land Transfer Rebate. You will still be treated as a first time buyer again
First Time Home Buyers Guidelines
Mortgages Originated as a Licensed Agent of Mortgage Allies #12358. License #10001503
Call Direct: 647-274-6029www.MortgageSource.biz
Call Direct: 647-274-6029www.MortgageSource.biz
What are you eligible for?1) Ontario Land Transfer Tax Rebate of up to
$2,000. This rebate is only applicable if you have never owned a home
2) Ability to loan up to $25,000 from RSP's with no tax implications3) Mortgage up to 95% of the value of the home. The 5% down payment can be gifted to you from immediate family members
First Time Home Buyers Guidelines cont…
Mortgages Originated as a Licensed Agent of Mortgage Allies #12358. License #10001503
Call Direct: 647-274-6029www.MortgageSource.biz
Mortgage Terms
For more information visit our First Time Home Buyers page
Down Payment: The amount you put down to buy your first home. Minimum 5%. A mortgage is then taken to fund the rest
Loan to Value (LTV): how much the mortgage loan is relative to the value of the property
Fixed Mortgage Rate: The annual interest rate is fixed for the mortgage term
Variable Mortgage Rate: The mortgage interest fluctuates up and down as the prime lending rate moves up and down
Mortgages Originated as a Licensed Agent of Mortgage Allies #12358. License #10001503
Call Direct: 647-274-6029www.MortgageSource.biz
Mortgage Terms cont…
For more information visit our First Time Home Buyers page
Conventional Mortgage: A mortgage loan up to and including 80% LTV
High Ratio Mortgage: A mortgage exceeding 80% LTV
Mortgage Term: Is the initial time period that you contract with the mortgage lender
Amortization: This is the time period used to calculate what your monthly payment would be to pay off your mortgage over that time
Mortgages Originated as a Licensed Agent of Mortgage Allies #12358. License #10001503
Call Direct: 647-274-6029www.MortgageSource.biz
For more information visit our First Time Home Buyers page
Mortgage Rates: This is the interest rate that you are charged for borrowing the mortgage
Pre-payment Privilege: Determines how much extra you can pay on your mortgage a year without a mortgage penalty
Payment Options: How frequently you want to make your mortgage payments
Convertible Mortgage: The ability to change the term and or the repayment schedule without any costs or penalties
Mortgage Terms cont…
Mortgages Originated as a Licensed Agent of Mortgage Allies #12358. License #10001503
Call Direct: 647-274-6029www.MortgageSource.biz
For more information visit our First Time Home Buyers page
Mortgage Closing Costs: Costs incurred to close your mortgage. There are a number of them:
Land Transfer Tax – Government cost of property ownership. Calculated as a % of the value of the home
Legal Fees – Charged by the lawyer to transact the mortgage
Title Insurance – Insuring you have title to the property
Disbursements – Incidental costs incurred by lawyer
Mortgage Terms cont…
Mortgages Originated as a Licensed Agent of Mortgage Allies #12358. License #10001503
Call Direct: 647-274-6029www.MortgageSource.biz
For more information visit our First Time Home Buyers page
Mortgage Insurance: Government insurance for high ratio mortgages to protect the lender in the event that you default on your payments. Can be added to your mortgage or paid as a lump sum. Premium depends on the LTV of your mortgage
Portable Mortgage: The ability to move your mortgage to your new property if you were to sell and buy another property
Mortgage Terms cont…
Mortgages Originated as a Licensed Agent of Mortgage Allies #12358. License #10001503
Mortgage Application Process
Call Direct: 647-274-6029www.MortgageSource.biz
For more information visit our First Time Home Buyers page
• Educating you and answering all your questions ensuring you are completely comfortable• Gathering of initial information• Determining affordability• Sourcing the best mortgage option• Submitting the application• Assisting you with the document process through to closing
Mortgages Originated as a Licensed Agent of Mortgage Allies #12358. License #10001503
Client Testimonials
Call Direct: 647-274-6029www.MortgageSource.biz
For more information visit our First Time Home Buyers page
Banks make money SELLING you money…I make money SAVING you money
My focus is to ensure that everyone of myclients are so satisfied with my service
that they refer me to others
Here are some client mortgage testimonials
Mortgages Originated as a Licensed Agent of Mortgage Allies #12358. License #10001503
Call Direct: 647-274-6029www.MortgageSource.biz
I do the WORK!My Services are FREE! - the banks pay meContracts with over 28 banksFind the mortgage that is right for you.
Mortgage’s Made Simple
Mortgages Originated as a Licensed Agent of Mortgage Allies #12358. License #10001503
Let The Numbers Do the Talking
For a Free Mortgage Analysis
simply call 647-274-6029Serving Milton, Oakville, Mississauga,
Burlington, Georgetown, Toronto and surrounding GTA areas in Ontario.
Warwick JohnstonYour “Mortgage Source” Mortgage Agent #M10001503
Brokerage #12358