Before you arrange your mortgage loan, make sure you know what you can afford to borrow.
Find out what you can afford to borrow with our affordability calculator.
How to find your ideal loan
We’ll help you to make an informed decision on the mortgage you want with our online mortgage calculator.
See if you qualify for a mortgage
Find out if you can qualify for a mortgage with our mortgage affordability calculator.
Apply for your loan
You’ll need to make an application to your lender. You can apply online or by phone.
If you choose to pay your mortgage through your credit card, you’ll need to apply as an instalment lender.
To help you get started, we’ve written a guide to making your first mortgage application.
When you’re ready to make the decision to borrow, talk to your lender about your loan options. You might be able to get your mortgage for less than you could at first glance.
If you find a better deal, use our cost comparison tool to see the difference. Ask your lender for a guarantee If you don’t get an answer from your lender on your loan application, you can ask your lender to make you a loan guarantee. This will allow you to take out a mortgage without getting a mortgage guarantee. For a mortgage of 400,000 with a fixed rate of 3.5% and a standard 5-year term, you could pay 50,000 after loan guarantee repayment. That’s a 50,000 reduction from the price of the first mortgage you got. A loan guarantee covers 50% of the loan amount for two years (up to a maximum of 80% of the loan amount). The lender may also offer a different mortgage term, such as five years or 10 years, in which case you will need to agree to a separate two-year or five-year mortgage loan guarantee, depending on the term you choose. A loan guarantee can be more expensive than a mortgage. You may be able to get a lower mortgage guarantee if you qualify for a low-down-payment mortgage and qualify for a lower interest rate. For example, the government would typically lend at least 4% of a home’s value (not including the property tax, homeowner’s insurance, or mortgage interest) in loan guarantees.
If you apply for a loan guarantee, the lender may require you to get a special form. This form certifies your income and that you qualify for a lower mortgage amount. If you’re getting a mortgage, you will be asked to get an income verification letter from your employer. Your loan lender is not required to verify your income. You will need to show proof of income for each month you receive the government loan. These documents can include your pay stubs, bank statements, or wages you’ve received in the past year.
The government has created mortgage programs in order to keep home ownership affordable, but it has no obligation to make sure these programs are working for most homeowners. Many loan programs are