Where We Build
Shane Communities Development
Trusted Mortgage Partners.
When homebuyers are connected with trusted mortgage partners, they will understand how rates affect them and the many options available to help them purchase their dream home.
Homewise
Homewise is a Canadian digital mortgage brokerage that is focused on providing homebuyers and owners with an easy, fast and transparent way to get their best mortgage. Homewise searches the market for over 30 banks and lenders, negotiating to secure the best rate and features available, while providing a free Advisor to guide borrowers each step of the way.
MortgageTree
At MortgageTree, we know that financing real estate isn’t just about securing a traditional mortgage; it’s about what happens between the time you decide to make a purchase and when you close on the property.
As the mortgage landscape evolves at an ever-increasing pace, you can have full confidence that your MortgageTree advisor is with you every step of the way, working on your behalf to secure a mortgage that meets your unique needs.
What NOT to do before you move into a new home.
Avoid these 7 common mistakes before you move in and close on your mortgage:
Do not make any large purchase, including a lease or loan – wait until after you move in!
Quit or leave your job within 6 months of possession
Spend the money you need for a down payment on closing costs
Do not do anything that will hurt your credit
Do not take on your own or co-sign/guarantee someone else’s mortgage or loan.
Do not transfer/deposit funds in the account used for your down payment that aren’t normal/required.
Do not unnecessarily submit multiple mortgage applications
Interest rates shouldn’t intimidate.
Frequently Asked Questions
You can get pre-approved for a mortgage by submitting an application through a mortgage broker like Homewise or MortgageTree. They will assess your financial situation and provide you with a pre-approval letter that indicates the loan amount you qualify for.
Typically, you will need proof of income, employment verification, credit history, identification, and details about the property you wish to purchase. Specific requirements may vary depending on the lender. These documents help in securing a construction loan or traditional mortgage.
There are a few different incentives and programs available for first-time homebuyers in Canada.
The Home Buyers’ Plan (HBP) allows first-time homebuyers to withdraw up to $60,000 from their Registered Retirement Savings Plan (RRSP) to buy or build a qualifying home. Couples can withdraw up to $70,000 combined. The amount must be repaid to the RRSP within 15 years.
Additionally, the First-Time Home Buyers’ Tax Credit (HBTC) provides a non-refundable tax credit for eligible first-time homebuyers in Canada. For the 2022 and subsequent tax years, the amount has increased to $10,000, resulting in a tax credit of up to $1,500.
Provincial programs may also offer further support, such as land transfer tax rebates or other financial assistance. It’s important to check with your mortgage advisor to see which programs you may qualify for and how they can benefit you.
The mortgage approval process can vary but generally takes anywhere from a few days to a few weeks. The timeline depends on the complexity of your application and the responsiveness of all parties involved.
