Homebuyers Presentation

Get a Pre-Approval
Get a mortgage pre-approval
Complete verification
Know what you can afford
Available Financing
Every potential home buyer should get a
pre-approval before going home shopping.
A pre-approval will give you the confidence of knowing that financing is available.
Can give you negotiation advantage against other home buyers who aren't pre-approved.

5% Down Program Designed for those who don't have 20% set aside for a down payment. The 5% down program is for principal residences only (cannot be rental property). Must provide proof of down payment plus 1.5% of the purchase price for closing costs. Wide variety of payment terms!

Incentive Programs
The 2009 Federal budget:
Money for those who wish to purchase their first home or renovate their existing home.
First-time buyers receive tax rebate toward closing costs or can withdraw up to $25,000 from their RRSPs for a down payment – tax & interest free.
Home renovations are eligible for ecoENERGY Retrofit grant or credit.

RRSP First-time Buyers Program
Maximum $25,000 tax-free withdrawal
Must be first-time buyer
Must intend to occupy the home as a principal residence within 1 year.
Minimum repayment schedule is 15 equal annual installments.
The funds must have been invested into the RRSP for 90 days.

Self-Employed Program Programs for Self-Employed & Commissioned Sales Borrowers
There are many programs for self-employed &
those with unverifiable income to qualify for a
mortgage with a low down payment.
Purchasers must have a minimum of 5% down
Purchasers must be able to demonstrate that
have been self-employed for 2 or more years.
Self-employed purchasers must provide most recent tax year’s Income Tax Notice of Assessment confirming that they have filed income tax returns.
Self-employed purchasers must have a very good credit rating

Closing Costs Description Amount Appraisal $350 Home Inspection (approx.) $350 Legal Fees (approx.) $900 TOTAL: $1,600 Survey, Tax Adjustment, Interest Adjustment & Property Transfer Tax fees may apply. Additional costs involved above the minimum down payment, include:

What is a Credit Score? A credit score is a rating used by a lender to help determine whether you qualify for a particular credit card, loan, or service. Based on information in your credit file, the credit reporting company analyzes your information using a complex mathematical model to yield your credit score. Most credit scores estimate the risk a company incurs by lending you money or providing you with a service, specifically, the likelihood that you'll fail to make payments in the next two to three years. The higher the score, the less risk you represent. Your score is calculated by a mathematical equation that evaluates many types of information found in the credit file.

What is a Credit Score? What Factors Affect a Score and by How much?
Past Payment Performance – 35%
The fewer late payments, judgments, liens or collections the better.
Credit Utilization – 30%
Low balances on several cards is worse than high balances on a few cards.
Balance should be at or below 30% of your available credit.
Credit History – 15%
The longer that accounts have been open and in good standing, the better.
Avoid ‘credit surfing.’ Opening new accounts and closing established accounts will lower a credit score.
Types of Credit in Use – 10%
Finance company accounts score lower than traditional banking or retail accounts.
Deferred payment options funded by finance companies impact the score accordingly.
Inquiries – 10%
Looking for new credit over a short period of time can be indicative of higher risk.
Promotional or administrative inquiries (i.e. credit grantor updates) will show on the report but do not affect the credit score.

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Homebuyers Presentation

by Dominion Lending Centres Inc. on Sep 04, 2009

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Homebuyers Presentation — Presentation Transcript