Buyers

Buyers

Let me help you every step of the way.

When purchasing a home, you are faced with a multitude of decisions! The primary one is whether you are actually prepared to purchase a home. Locating the perfect home is not always an easy task, and obtaining a mortgage loan can be a complex and tiring process. Although, once you have determined that you are ready to move forward with the required effort towards your home-purchasing goal, the rewards are unquestionable.

While at your side each step of the way, I will make the process of purchasing a home easier, more enjoyable, less time-consuming, and less expensive than if you undertook this challenge on your own. I will help you prepare so that sellers perceive you as a preferred buyer, help you locate and assess properties for sale that match your specifications, and help you through the myriad of details attending the actual purchase.

I am always familiar with the current homes on the market, and I know neighborhood values well, so I can help you determine which properties are fairly-priced and in good condition before you start your search.

Your First Step

Your first step to buying a home is to first ask yourself why you want to buy a home: to stop paying rent? To start building equity? To have a place of your own? To raise a family? To entertain business associates? To move up to a bigger house? Next, list what kind of home you'd like and where you would like to be. Be specific. Separate the "must haves" from the "want to haves."

Think of yourself as zeroing in on a target, going from the general to the specific. Consider area (city, suburban neighborhood, country); community (north, south, east, or west side); neighborhood (older and settled or sparkling new; a particular school zone; recreational facilities; and other community services such as transportation, day care, library, stores, entertainment). Ask yourself how many minutes you are willing to commute to work.

Think about home styles. How much space do you need? Does your situation require a one-level home, or are stairs acceptable? Consider size and kind of property. Do you want a newer home, or maybe an older one to fix up? Someday you or your heirs will want to sell. Consider how long you expect to live in this particular home.

Your Next Step: Loan Pre-Qualification

Once you have addressed the above needs, your next step in the purchasing process is to get pre-qualified with a mortgage company. This can be done over the phone or even online in a matter of minutes.

Call me and I will refer you to a mortgage professional that has an excellent reputation and track record for successfully acquiring loan approval for his/her clients.

I Will Find The Right Homes For You

Once you've been pre-qualified and know what price range you want to stay in, I can help you determine which properties fit your needs by using the (MLS) Multiple Listing Service system to locate them.

I have the best possible resources and communication systems available today to help you locate the homes on the market that match your specifications. You can even search my listings here at my website.

I Will Help You Every Step Of The Way

I will help you complete your financing and inspections, and close on the transaction. My top priority is to make sure that your home buying experience is pleasant, cost-efficient, and successful.

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New To Canada Program

Now qualified homebuyers who have immigrated or relocated to Canada can qualify for Genworth default mortgage insurance with as little as a 5% down payment.

Acceptable loan purpose

  • Purchase transactions

Loan-to-value ratio limits

  • Maximum LTV ratio - 95.00%

Max Loan Amounts

  • No Maximum Loan Amount

Eligible properties

  • Maximum two units where at least one unit must be occupied as the principal residence
  • New construction or existing properties

Terms

  • Fixed, standard variable, capped variable and adjustable rate mortgages are permitted

Amortization options:

  • LTV > 80%: Up to 30 years
  • LTV ? 80%: Up to 40 years

Premium Rates

LTV ratio Premium rate*
Up to 65% 0.50 %
65.01% - 75% 0.65 %
75.01% - 80% 1.00 %
80.01% - 85% 1.75 %
85.01% - 90% 2.00 %
90.01% - 95% 2.75 %
Premium is non-refundable.
* a .20% premium surcharge will be applied to the above premium rates for every 5 years of amortization beyond the traditional 25-year mortgage amortization period

Borrower qualification 

  • Must have immigrated or relocated to Canada within the last 36 months
  • 3 months minimum full time employment in Canada (borrowers being transferred under a corporate relocation program are exempt)
  • Must have a valid work permit or obtained landed immigrant status
  • For 95% LTV, down payment must be from own resources. For LTV's less than 95%, the remainder may be gifted from an immediate family member or from a corporate subsidy. 
  • All debts held outside of the country must be included in the total debt servicing ratio (Rental income earned outside of Canada is to be excluded from the GDS/TDS calculation)
  • Guarantors are not permitted.
  • GDS/TDS Guidelines: 

    Credit Score

    GDS

    TDS

    <680

    35%

    42%
    680+ No limit 44%

Documentation Requirements (To be kept on file by lender)

LTV

Documentation requirements*

All LTV's
  • Valid work permit or verification of landed immigrant status
  • Income Confirmation
  • Down payment confirmation
  • Purchase and Sale agreement

Up to 90%
  • Letter of reference from a recognized financial institution
    OR
    Six (6) months of bank statements from primary account

90.01 - 95%
  • International credit report demonstrating a strong credit profile
    OR
    Two (2) alternative sources of credit demonstrating timely payments (no arrears) for the past 12 months. The two alternative sources required are:
    • Rental payment history confirmed via letter from landlord and bank statements **
    • One other alternative source (hydro/utilities, telephone, cable) to be confirmed via letter from the service provider or 12 months billing statements

    NOTE: Alternative sources of credit must be obtained from a Canadian source.

* Genworth will no longer require the lender to submit the documentation upfront on every file, but may request that the lender provide a copy on a case-by-case basis.

** Letter from landlord must indicate the following: name of tenant, monthly rent, length of tenancy, payment history. Bank statements must support the amount of rent and timeliness of payments outlined in the letter.


Note: This program is not available to Diplomats or any other foreign political appointed individuals who do not pay income tax in Canada.

Portability

  • Our mortgage default insurance is portable, so buyers can take advantage of a lender's portability plan. Refer to Portability Feature Product Overview for further details.

Assumptions/Assignments

  • Mortgage is assumable subject to meeting lender guidelines.

Eligible Products **

  • Homebuyer 95 (max 2 units)
  • Purchase Plus Improvements

** For specific underwriting guidelines related to the above eligible products, please refer to the applicable product overview

Ineligible Products

  • Alt A
  • Cashback Equity
  • Cash-Out Refinance
  • Family Plan
  • Insured Progress Advance
  • Vacation/Secondary Homes

The insurance premium is payable once at the time of closing.  The insurance premium is not refundable and may be added onto the mortgage or paid in cash.

Source: Genworth Financial Canada