Get a desi newspaper and contact a desi mortgage broker who does mortgages and all, leading banks will not help much as you have a very short history, take up a mortgage forinitial 3 years at the lowest rate available. Once you have established that 3 years you are good to go.

As someone suggested you will need around 1500 max for lawyer fees vagera vagera... and the GST for the sale to be paid for government is to be paid in cash to the lender. Do a lot of research, banks are very pushy when you go to sign on the dotted line.

in my opinion contact a broker and they do not charge any commission or fee but you must ask them first before they send your case for credit check

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Every one has their own personality so do not comment on others. You will know better with time if you have patience.

don't forget each time you appraoch a lender for loan , a credit check is done and eveyr credit check done, ur credit score goes lower. my opinion just discuss your case with the broker and if you feel ur not ready yet then do not do for the application with the credit check

years ago people were caught with doing just that....inflating prices on private sales. Your're only kidding yourself though. Basically...zero down comes at a price...the CMHC insurance will drive the price of your home higher. Bottom line....save a good enough down payment....25% before doing anything. Yes...you can get a home for little down but it takes years to build equity. IF the market tanks...u are caughtholding a big debt. don't listen to a lot of real estate sales people who jsut want to make a sale....talk t a professional about your situation. With home owner ship y ou have lawyers fees, land transfer tax, lawyers expenses, insurance, ongoing maintanence...etc....

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zen

Yes I do agree to Zen guy . donot listen to real estate guys and be in full control of the lawyers expenses and other add on's. Yes the 25% down rule was very much right and one could not build much of equity years ago when the interest rates were high and property not appreciating much. but the way the the real estate market has been booming in the last 3 years even with a 5% down people have built equity to cover up the 25% down. Well it is good to have as much down as possible but if one would purchase a house 1or 2 years ago with a low down would not be at a loss. property pundits feel prices are going to come down end of 2005 but surely the market will not crash.

this is a risk just like how we take all the other risks in life. I would still say if one has a 10% down, all lawyers charges taken care of, stable job, 6 months mortage payments can be taken care of in case a windfalls, then ur good to go.

Hello! Cherryl and Zen, we know that this an open forum and we live in a free country. You cannot just start to blame the real estate professionals just because of some bad apples.

A professional Realtor or Mortgage broker in Canada normally help a single client to buy and sell property more than 3-4 times in their life time. This is a serious referral business and is based upon past satisfaction and good advice. People have made fortunes in real estate by choosing a good Realtor and work with them for good. How can one build a realtionship on bad and unethical advice?

A sane person will only borrow if one is confident to re-pay the loan. Banks or lenders will calculate the gross debt service ratio (GDS) before giving the loan. The idea is not to live home-poor. Home buyer should understand that it is not how much less one can pay down and borrow but how soon and how easily he can re-pay his debt. To find out how much you can afford, click here:

http://www.cmhc-schl.gc.ca/calculator/mortgage_calce.cfm

As far as escalating the house price and getting the money back from the seller is concerned, it is absolutely illegal. If caught it can result in serious legal action against all the parties including the buyer, seller, mortgage broker, lawyer and realtor.

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Amit Kalia, Broker, REALTOR®
RE/MAX Real Estate Centre., Brokerage
independently owned & operated
100 City Centre Dr, Unit 1-702
Mississauga, ON L5B 2C9
Phone No.: 905-339-5111
Website: https://www.realestate-ontario.com/
Condo Blog: https://condopundit.com/blog/

I fully agree with Amit. Inflating house price in collusion with the seller is illegal and can have bad consequences for all parties concerned and no real professional would indulge in that.

Also, We can not blame all professionals in the same field if we have had a bad experience with one person in the same field.

Here in Canada, all the realtors and mortgage brokers and other professionals work under the law and are bound by the 'ethics code' of their own industry and are liable to be sued or lose their license for any wrong doing.

BTW, the lawyers expense for any real estate deal are to be paid directly to the lawyer and not to a realtor or mortgage broker and one should confirm from the lawyer about their service charges and the services they are going to provide for any real estate deal.

Of course, every credit enquiry has some affect on your credit rating (both negative and positive) but if you ask for your 'free credit report' from the Equifax, then it does not affect your credit at all but you do not get your 'credit score' with free report as you have to pay for getting a full report with score.

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Pramod Chopra
Senior Mortgage Consultant
Mortgage Alliance Company of Canada