home purchase ottawa



A home purchase in Ottawa is an exciting experience. Finding the right location, the perfect home, planning all the additions for them, all-in-all sums to one of the most amazing experiences of all time. But it is one of the biggest investments you will make in your life. It is better to go about a home purchase Ottawa with extreme care and acumen.

home purchase ottawa

These few tips can help you to make the perfect home purchase in Ottawa:

  1. Decide your budget:

    The most important thing to keep tabs of in your entire process of purchase is to make sure you know what you are willing to invest in the home purchase project in Ottawa. As a result, it helps if you research and make an informed decision. The area, the home, and the neighborhood have to be known to build an estimate.

  2. Get a pre-approval:

    The surer you are of your budget, the better choices you can make. It is simple to get a pre-approval. Knowing your budget can make you aware of the choices you have and help you narrow down your search tremendously. It can also help you seem like a serious buyer to your seller, thereby giving you the edge you need over your competitors. It is now being considered as the first step for any home purchase process in Ottawa.

  3. Be reasonable:

    If you want better rates and a better deal on your home purchase in Ottawa, you need to be agreeable with the seller on some points at least. The closing date can be decided by the seller to help you stand out among the multiple buyers. This would mean getting your house quicker, but it could make the difference you need.

  4. Be ready to make large deposits:

    Having a larger down payment when compared to your competitors can help you get the rates you need on your home purchase in Ottawa. It could also help you to get a loan which is for a lesser amount, thereby enabling you to pay it off faster and more easily.

  5. Hire a mortgage agent:

    A person who knows the market, the current trends and everything which can help you get better rates and options is definitely a valuable asset in your arsenal. Hiring a mortgage broker can have multiple benefits. They can also help you get a great deal and help you search for houses.

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Did You Know, You Can Buy a Mortgage for a Property That is Already on a Mortgage?

A Second Mortgage service, which was not very popular a few decades ago is a mortgage service that lets you avail more credit or to say another mortgage on your house along with your primary mortgage. The service scheme which when availed can offer you up to an extent of 80% of your home equity less the primary mortgage principal of your house. The basic condition to avail is that your home should have at least 20% equity. It is necessary to obtain approval from your primary mortgage lender to get a second mortgage. Your primary mortgage lender could also be your second lender.

second mortgage service

How Second Mortgage Works and How It Can Help You

The lenders of the primary mortgage are preferred over the second mortgage lenders for repayment in case you default your payments. These mortgage loans generally are available at a slightly higher rate of interest compared to your primary mortgage unless the banking rates have gone down. The reason for the higher rate of interest is the higher risk posed to the second mortgage lender for being the second priority. There are many service providers and the competition has only been increasing. You are most eligible if you have a better or same credit score than when you availed the primary mortgage and a constant source of income. Also, a higher credit rating may lower your interest rate for the second mortgage.

It is very useful in case of financial emergencies such as health care, as they are readily available secured loans, provided that you are eligible for it. Also to cover financial obligations like credit card repayments which bear a higher rate of interest or penalty in for default, you can make use of your home equity. A hidden benefit to the second mortgages is that you can use them to pay off your primary mortgage debt that means when the market rates fall and the available second mortgage rates have higher margin compared to your primary mortgage rates then it is mandatory for a wise person to opt for a second mortgage service.

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 to opt for the first time home buyer mortgage 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 as in first time home buyer mortgage, 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 mortgage

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

To get the first Time Home Buyer Mortgage, 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.