Purchasing your home

Purchasing Your Home

Purchasing a home is the largest purchase in the lifetime of many Canadians. Azad Mortgages can help you achieve your dream.

We make sure our clients are aware of the different products and programs offered by the financial institutions and which covers first home buyers, investment properties, second homes or looking for refinance for good rate or for equity take out.

We have years of experience to help you- allowing you to enjoy a stress-free process. We have access to the very best products and rates available…give us a call… you’ll be pleasantly surprised!

Ready to look for a new home?

Pre-Qualifying For A Mortgage

When you are ready to look for a new home, ensure you are working with a mortgage expert from Azad Mortgages to get pre-approved. This will allow your rates to be secured for a period, typically 120 days. If interest rates decrease during this time, the rate that you secured will decrease as well, however, in the case that interest rates increase, your secured rate will remain the same. This leads to a smooth and seamless process, protecting you from any rate changes.

During the pre-approval process Azad Mortgages will request basic information to confirm your borrowing capacity based on your income and current liabilities, this will give you a better idea of the purchase price you should target you home search on. Azad Mortgages will review all the costs involved with owning a home, advise you on the best available mortgage options, and calculate what your payments on a particular mortgage will be.

Defining the appropriate strategy

Understanding Your Credit Report

As some of you may be aware, Trans Union and Equifax are the two main credit reporting agencies in Canada that track individual credit histories and detailed them in a report that includes all the financial activities of each person, and they associate a credit or ‘’beacon’’ score that can range between 300 & 900.

Applicants should have a higher credit score to qualify for a mortgage. Credit reports and scores help lenders assess applicants’ lending risk. The mortgage product and interest rates can be affected by having a lower credit score.

In case of a low credit score, Azad Mortgages will assist its clients in obtaining and reviewing their credit reports and define the appropriate strategy to repair their credit and improve their credit score.

Fixed Rate Vs Variable Rate

Clients have access to Fixed and Variable rates for their financing needs. Risk tolerance & ability to support increases and fluctuations in the monthly payments are major factors clients should consider when choosing between a fixed and a variable rate.

A fixed rate will ensure a stability in the monthly payment while it may fluctuate in the case of a variable rate. Azad Mortgages will ensure clients fully understand the pros and cons of each mortgage type based on their own needs and situation to be able to make the right choice.

Short Term Vs Long Term

Choosing the best mortgage term is not an easy task for clients. To maximize their savings, homebuyers should carefully choose their mortgage term. They can opt for a long mortgage term to ensure affordability to pay their monthly payment in case of rates increase and to accurately manage their incomes and expenses in case of an investment property; or they can opt for a short-term mortgage where they can pay it sooner.

Moreover, as homebuyers consider their personal situation and the financial markets to make their choice, they should also consider the mortgage conditions and how flexible they are in case of changes in their situations.

Finance or refinance your dream

Financing Solutions For Self-Employed

Self-Employed clients attempting to obtain financing can find the process challenging due to their inability to provide supporting documents to support their self employment income and ensure their income stability to lenders.

This is where Azad Mortgages can help. Our experienced mortgage experts will assist you as a business owner in getting financing for your dream home or refinancing your existing property while ensuring you get the best rate in the market. The mortgage products available for self-employed are designed to help you with your financing needs

We are only one phone call away, you are welcome to call our office at any time, our advice is free!