Are you looking for your first home?

Whether you are starting your family, starting a new life with your family, or starting a new chapter in your life, it is always exciting to think of buying your new home! This is a huge step to take as an adult, and you definitely need to be sure as you make every move and decision.

Don’t worry because there are experts and professionals around willing to help you. Mortgage brokers like Saif Abdulah will guide you in choosing the best home mortgage for you, given your current situations, needs, and available resources. We will provide you the facts that you need to understand that your banks might not tell you regarding financing your next purchases. We have access to multiple mortgage lenders, which will help you find the best bank for a mortgage and the best mortgage options. This will help you decide on which is the most suitable for you in buying your dream home.

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(416) 312-3546

Need a mortgage pre-approval checklist before you go home shopping?

It is important for you to find out how much you can afford before starting your house hunting adventure. When you know your budget and price range that you can spend, it will help you keep your focus on shopping for homes. It will help you manage your expectations. You’ll be certain of the size of the mortgage for which you qualified and guaranteed a rate for a specific time once you qualify for a pre-approved mortgage. On the other hand, if you don’t qualify for a pre-approved mortgage, our professional and expert mortgage professionals will help you estimate an amount that is mortgage qualifying.

As early as now, we’ll give you our best advice. Contact us and begin a conversation with Saif Abdulah, one of the top mortgage brokers in Canada!

Saif Abdulah services areas in Toronto, North York, Scarborough, Pickering, Oshawa, Ajax, Whitby, Etobicoke, Thornhill, Richmond Hill, Markham, Stouffville, Uxbridge, Vaughan, Concord, Woodbridge, Mississauga, Oakville, King City, Caledon, Nobleton, Milton, Aurora, Newmarket, East Gwillimbury, Keswick, Bradford, New Tecumseth, Georgina, Innisville, Guelph, Barrie, Ottawa, Orangeville, Collingwood, Kitchener, Hamilton, Cambridge, Waterloo, St. Catharines, Niagara Falls, London, Peterborough, and Ontario.

Ready to get started?

Speak to a Saif for a free consultation

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(416) 312-3546

Mortgage Selection Tips.

  • Read every detail of the fine print on loan portability

    Are you thinking of selling your first home during the mortgage term? If yes, consider a mortgage that is portable. With a portable mortgage, you may take your mortgage with you and not incur a high mortgage penalty when you buy a new one.

    Just remember to read the fine print carefully. There is a portability clause that is more generous than others.

  • Standard or Collateral Charge

    Make sure to ask your mortgage agent if your plan comes with a standard collateral charge. Your first or second mortgage with a collateral charge is proof that you have the capability to take out a home equity line of credit soon. Yet, it makes it harder to move your mortgage as you renew it.

  • Closing costs must also be included in your budget

    Closing costs include a wide array of expenses such as land transfer tax, real estate lawyer fees, home inspection, and more. Most people who are first-time homeowners tend to forget to include this in their budget. Banks will not typically cover them. As buyers, you are responsible for them, and your mortgage agent should remind you of this. Typically, your budget for this is 4% of closing costs.

  • Remember that it is not just about who has the lowest rate

    To find the ideal mortgage product is not just about finding who offers the lowest rate. The lowest rate does not always equate to a good deal. Often, this is the reverse. Since mortgage products with the lowest rate may be very inviting, there is no guarantee for it. It is important to factor in the payment, mortgage penalties, profitability, among others.

  • Not all pre-payments are created equal

    Examine your goal. Is it to pay off your mortgage or HELOC as quickly as possible? You’ll most likely need to choose a product with generous payment options. Pre-payments are considered extra payments that you can make more than your regular mortgage payments without a mortgage penalty. There are lenders that are very generous, while there are others who aren’t. Some lenders will give you 20% as pre-payment of your loan balance as a lump sum on any of your existing and regular mortgage payment dates for the whole year. But other lenders will only ask you to pre-pay 10% once a year on your anniversary date.

    If you find this applicable to you, you may discuss this with your agent to help you choose a lender with more flexible pre-payments.

  • Consider varied loan penalties

    If you are a first-time homebuyer or refinancing a mortgage, or buying a property as an investment, you have to consider the mortgage penalties. Understand that ignoring the penalties is a huge mistake.

    Most Canadians whom I worked with choose the five-year fixed-rate mortgages because they consider their safety and security. Despite that, they often come with the highest mortgage penalties. Huge financial institutions like banks, among many, tend to have the highest penalties.

  • Don’t put your mortgage application in an unsure situation.

    Do not do things that will put your application in jeopardy when applying for a mortgage, especially if this is your first time. What can hurt your mortgage application and even lead you to a declined application includes quitting your job without a new job right after in the middle of the application process, or even making a big purchase using your credit card or taking another huge loan such as an auto loan.

    According to studies, those activities will directly affect your income and credit- the two major factors that lenders consider in your loan application.

  • Shop and look around with a mortgage broker

    A local bank branch is an ideal first stop as you shop and look around. But if you want, you may want to shop around with a mortgage broker. They can help you shop the market for different mortgage prices. This is more cost-effective and more importantly, will protect your credit score.

  • Monoline lenders

    People tend to be hesitant to use a lender outside of huge financial institutions such as banks. But you may consider monoline lenders. They can help you save thousands of money in the interest over the life of your loan product. The mortgage penalty may also be lessened if you end up discontinuing your mortgages.

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Home Buyer’s Guide

A complete guide to help you learn everything about buying a home.

Download PDF Guide

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