Mortgage Guide for the First Time Home Buyer in Ottawa

Buying a home can be a tedious job no matter how many times you have done it. As the transaction value is too high and there are many government regulations that are to be considered, buying a home is always a big task. Especially for first time home buyer in Ottawa, it can be an overwhelming task to shortlist your options into home-ownership. Other than the location rates there are many dimensions of viewing a deal subject to the market scenario, home analysis, mortgage rates and opportunity costs. We understand a first time home buyer as well as the mortgage lending options in Ottawa very well and can help you have the best mortgage rates.

Mortgage Pre-approval for the First Time Home Buyer in Ottawa

First Time Home Buyer in Ottawa can opt for mortgage pre-approval as it helps you shortlisting and also locking your rates. A Mortgage Pre-approval is nothing but an evaluation by a mortgage lender of how much you can afford and at what rate. By getting your mortgage pre-approved you simply get an idea of the maximum value of a home that your current income can support. First time home buyers in Ottawa can get their mortgage pre-approved and also get eligible for a pre-approved rate. By fixing the rate, you can be covered from any future upward fluctuations in the rate as well as get benefited from any future decrease in rates. If a first time home buyer gets a pre-approval from a mortgage lender, the rates are fixed only for that particular lender and are not applicable for other mortgage providers.

first time home buyer

Tips to get Best Rates for a First Time Home Buyer Mortgage in Ottawa

Being a first Time Home Buyer, it is necessary to know some small steps that can make a big difference in your mortgage eligibility and offer you a variety of penny-saving options. More than 90% of the homes in Ottawa are owned through a Mortgage. Usually, a minimum of 20% of the value of the home is paid as a down payment and 80% of it is mortgaged. As you pay off your mortgage payments at the pre-decided rate, you increase your equity in your home.

To get yourself the best rate you need to allow the maximum down payment that you can afford. By doing so you not only buy a smaller mortgage, but also save a huge amount flowing towards interest. Longer your mortgage more the dollars represent interest payments. Being a home owner for the first time can be overwhelming, but avoid regretting for paying extra dollars by opting for an expensive mortgage deal. Platinum Mortgages Ottawa serves you best with home purchase – from first time buyers to seasoned investors. Platinum mortgages gets the options and products available to those who are looking for mortgages save time and money. For those who are self employed and for clients with bruised or no credit, we provide the possible solution.

2 replies
  1. Derek Dewitt
    Derek Dewitt says:

    My wife and I have been thinking about getting our first house together but we aren’t sure where to start. I like that you talk about meeting with a mortgage lender to lock your rate and get pre-approved. This sounds like a great way to figure out what kind of budget we have to work with when looking for a home. Thanks for the help!

    Reply

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