A password will be e-mailed to you
The costs banks and mortgage companies charge usually include the following:
Â
Every lender or broker should be able to give you an estimate of their fees. Many of these fees are negotiable. Some fees are paid when you apply for a loan, and others are paid at closing. In some cases, you can borrow the money needed to pay these fees, but doing so will increase your loan amount and total costs. “No cost” loans are sometimes available, but they usually involve higher rates.
The credit score is calculated by a statistical process and provides a guideline for lenders to extend credit (and if so, how much) to a borrower. Mortgage companies, banks, and insurance companies determine the interest rate they will charge based on the borrowers credit score. The credit scoring process encompasses both your pay history and the amount of credit you currently have. The credit score is a substantial portion of the entire credit report.
Low Credit Scores will result in higher payments on loans, credit cards, and insurance.
The credit score is sometimes called the FICO Score, which is an acronym for the creators of the FICO score, F air I saac C redit O rganization
Below is a table showing different score ranges
Score Range | Rating |
780+ | Perfect |
720 – 780 | Excellent |
675 – 720 | Average |
620 – 690 | Fair |
Below 620 | Low |
Don’t assume that minor credit problems or difficulties stemming from unique circumstances, such as illness or temporary loss of income, will limit your loan choices to only high-cost lenders. If your credit report contains negative information that is accurate, but there are good reasons for trusting you to repay a loan, be sure to explain your situation to the lender or broker. If your credit problems cannot be explained, you will probably have to pay more than borrowers who have good credit histories. Ask how your credit history affects the price of your loan and what you would need to do to get a better price. Lenders now offer several affordable mortgage options, which can help first-time homebuyers, overcome obstacles that made purchasing a home difficult in the past. Lenders may now be able to help borrowers who don’t have a lot of money saved for the down payment and closing costs, have no or a poor credit history, have quite a bit of long-term debt, or have experienced income irregularities. There are companies who specialize in consumer credit repair.
Mortgage Loan Calculator
Use this calculator to determine your monthly payment and amortization schedule.Â
Land Transfer Tax Calculator
Determine the amount of land transfer tax you will have to pay. Note that land transfer tax is applied on the sale price only.
Mortgage Affordability Calculator
Can you buy your dream home? Find out just how much you can afford!
CMHC Premium Calculator
A tool to help you estimate the premium payable when you are purchasing a home. Simply enter the purchase price, down payment and the amortization period.
A password will be e-mailed to you
Use the form below to contact us!