Qualification for a Mortgage in Toronto
To find out how big of a mortgage you qualify for in Toronto, please contact one of our mortgage specialists.
Toronto mortgage pre-approval is a no-cost and no-obligation process. Once approved, we guarantee the amount of money needed to buy your home based on information you provide (credit score, income, etc). After pre-approval for a mortgage in Toronto you can go shopping for a home with the best location, view and condition, knowing that you have purchasing and negotiating power with the seller. Show them you mean business.
We also freeze interest rates for 60 days whenever you want.
What affects your mortgage qualification in Toronto? Your income, credit score and downpayment have biggest impact on Toronto mortgage qualification. MortgagesCanada.ca approves most applicants since we have a network of more than 60 lenders to shop and offer different mortgages – such as first mortgages, no-credit or bad-credit mortgages and mortgages for self-employed individuals.
MortgagesCanada.ca has access to home-loan lenders in Toronto and across Canada. We can find Toronto mortgages with low rates and fees in order to help you save money on monthly Toronto mortgage payments and give you more cash for furniture, renovations, car payments and other expenses.
Bad-credit or No-Credit Toronto Mortgage Qualification
If you have poor credit or no credit, MortgagesCanada.ca can qualify you for a good mortgage in Toronto with fair rates and terms. MortgagesCanada.ca works hard to find the best lenders that offer moderate rates with favourable mortgage terms – something our competition can’t match. Please fill out thismortgage form if you have no credit or poor credit and currently need a mortgage in Toronto.
Get your first mortgage in Toronto at economical monthly payments, matchless interest rates and minimum mortgage fees.
MortgagesCanada.ca helps you purchase a home in a nice neighbourhood and with capacious square footage.
In order to find out how big of a Toronto mortgage you qualify for, please fill out our Toronto
After you are approved for a mortgage in Toronto, we will e-mail, fax or mail (by Canada Post) a document detailing the
maximum amount available to borrow. You can then go shopping for a home and make an offer
when you find a home that feels right.
What do I need to get a mortgage in Toronto? To get a mortgage in Toronto, you need to:
- Have full-time employment.
- Provide proof of income
- Have good credit
- Put 5% as a downpayment
What can I use for the downpayment? Minimum mortgage downpayment is 5%. If you do not have 5%,
use our no-down-payment mortgage with 100% financing. You can also use your Registered Retirement Savings Plan (RRSP),
provided by the Canadian government, to a maximum amount of $20,000 per person.
No credit or bad credit? Find a wealth of Toronto mortgages right here!
How much does it cost to get a home loan in Toronto? Our services are completely free. Just pay for legal fees,
appraisal and document preparation. Those costs can be covered by your downpayment,
but can be paid separately if you prefer.
What will my Toronto mortgage monthly payments be?
MortgagesCanada.ca has access to Canadian lender network including: major Canadian banks,
U.S. banks and private Canadian lenders. Combined power of choice is passed on to you with marked
down interest rates, chopped fees, friendly mortgage terms and moderate monthly payments –
so you can spend more money on furnishings, renovations, appliances and other essentials needed for your first home.
After you’re approved, we will walk you through, step by step, the process of completing your first home purchase.
MortgagesCanada.ca does the required paperwork, procedures and gathers financial information needed for successful
first-time home ownership. Let us advise you in this special yet crucial moment and match your needs with the best
possible mortgage in Toronto!
Toronto Mortgage Refinance (Mortgage Renewal/Transfer)
By refinancing your Toronto mortgage at a lower rate than your current interest rate, you save money on
monthly mortgage payments, free up more cash for the wallet and pay less in the long run.
You can also shorten the life of your Toronto mortgage (term, by choosing a shorter term (10 years, 15 years, etc).
How much can I save by refinancing? This depends on your current interest rates.
Savings can range from $90, $120, $230 and go up to $530 per month.
When should I refinance my Toronto mortgage? When interest rates drop 1.5% or more below your current mortgage rates.
This way you not only save on monthly mortgage payments, but on interest payments over the life of your Toronto home loan.
How much does it cost to refinance a mortgage in Toronto? To refinance a mortgage in Toronto, just pay for the document
preparation, legal fees and appraisal. At MortgagesCanada.ca we work hard to reduce those costs to a minimum and
make sure you begin saving cash quickly after refinancing your Toronto mortgage! You can also include the fees in
the total amount you borrow.
How soon can I refinance a mortgage in Toronto? If you have a mortgage longer than one year, there shouldn’t
be any problems. Contact MortgagesCanada.ca and we will take care of all the details.
MortgagesCanada.ca offers a comprehensive line-up of flexible mortgage refinance options in Toronto.
We do not work with one bank or one institution, but shop over 60 lenders in Toronto and throughout
Canada in order to offer reduced monthly payments and unrivalled mortgage terms to our Toronto customers.
Let us earn your business through faithful lending practices and open relationships!
Mortgage for the self-employed in Toronto
MortgagesCanada.ca and our competitive lender network finance mortgages in Toronto up to 95% of the property value.
We do not require income and tax verification. Simply state whatever your income is and forget about tax forms.
A self-employed Toronto mortgage applies to business owners, consultants, contractors, seasonal workers, freelancers
and commission salespeople.
In order to qualify for a self-employed mortgage in Toronto you will need to:
- Have a good credit history (no late payments, no foreclosures, no bankruptcies)
- Be self-employed for at least 2 years.
- Provide proof of incorporation or HST account number
The biggest factor is your credit rating. Having a clean record will get you lower mortgage interest rates in Toronto.
When filling out a Toronto
declare what you earn and we will match you with the best possible Toronto mortgage.
If you can provide 25% or more downpayment, you get a “no documentation loan”
where credit rating and other information
has no impact.
Getting a competitive deal on a Toronto mortgage as a self-employed person is a matter of contacts and knowledge of
who to ask and where to go. Once you know that, don’t be surprised to find that you’re offered normal interest rates and
terms. Let MortgagesCanada.ca do our research and come up with a Toronto mortgage with rates that don’t bite – but
actually suit your real income!
Rest assured, we will find a lender that provides low-documentation or a no-documentation Toronto mortgage – and do
all the required paperwork as well. The service comes at no cost. You get lower interest rates, more cash each month and
larger savings in the long run.
Save money for renovation, furniture and home appliances by getting a 100% No-Downpayment Mortgage in Toronto!
You may have just finished school without getting a chance to save, or just want to keep your saved
money for other purposes. Maybe you just want to settle down? No Problem!
In order to find out how big of a No-Downpayment Toronto mortgage you qualify for, please fill out
Toronto mortgage application.
To qualify for a 100% No-Downpayment Mortgage in Toronto you need to:
- Have good credit (no late payments, bankruptcies, foreclosures).
- Be 2 years in the same line of work and work a minimum of 6 months with a company.
- Pay for legal fees, appraisal and document preparation.
- Choose a property located close to or in the Greater Toronto Area (GTA):
Toronto, York Region, Markham, Richmond Hill, Vaughan, Mississauga,
Oakville, Newmarket, Aurora, Pickering, Ajax, Whitby, Oshawa, Clarington, Brock, Scugog,
Uxbridge, Peel Region, Hamilton, Halton Region and other GTA areas (that may not be listed here).
Start building home equity right away by getting a 100% No-Downpayment Toronto mortgage with MortgagesCanada.ca.
Our congenial and experienced staff will take care of your home mortgage application and let you know the amount you
qualify for. After we approve you for a 100% Toronto mortgage, you can go shopping for your new home, knowing
we’ve got your back covered.
100% No-Downpayment Mortgage in Toronto!
A No-Downpayment Toronto Mortgage is perfect if you want to switch from rent to home ownership and actually put
the money paid every month to work for yourself. You will make slightly higher monthly payments, but the rewards are
immediate home equity and your very own place that will bring warmth, comfort and fulfillment for years to come.