Most Frequently Asked Mortgage Questions

In this episode, Scott Dillingham answers the most frequently asked mortgage questions. He covers topics such as interest rates, down payments, CMHC, finding a good realtor, avoiding bidding wars, obtaining a notice of assessment, improving credit, and getting a down payment if you don't have one.
  • (00:00) - Introduction and Personal Journey
  • (01:02) - Understanding Mortgage Interest Rates
  • (04:17) - The Role of CMHC in Home Buying
  • (06:41) - Finding a Good Realtor
  • (10:01) - Strategies to Avoid Bidding Wars
  • (13:17) - Obtaining a Notice of Assessment
  • (15:11) - Tips for Credit Improvement
  • (16:38) - Getting a Down Payment Without Savings
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Takeaways
  • Interest rates cannot be accurately quoted without a pre-approval, as they depend on factors such as credit score and debt-to-income ratio.
  • Down payment options in Canada start as low as 5%, but the rules have changed and now 5% down only applies to the first $500,000 of the purchase price.
  • CMHC (Canada Housing and Mortgage Corporation) allows home buyers to purchase a home with less than 20% down, but there is a fee added to the mortgage.
  • To find a good realtor, start with referrals from friends and family, or ask a mortgage brokerage for recommendations based on personality and age group.
  • To avoid bidding wars, work with a good realtor who can negotiate on your behalf before the offer presentation date, or look for properties that have been on the market for a couple of weeks.
  • Obtain your notice of assessment from the Canada Revenue Agency to prove you have no taxes owing and to confirm your income.
  • Improve your credit by getting your credit report, disputing any errors, and following the advice in the dedicated episode on credit improvement.
  • If you don't have a down payment, consider options such as the CMHC flex down program, an RSP loan, or a gift from a family member.
  • For personalized assistance with your mortgage pre-approval, contact Scott Dillingham at 519-960-0370.

If you're looking to access the best financing for Real Estate Investors in Canada & the U.S.A., then I suggest you Book A Free Strategy Call with a specialist on my team.
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