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Designed to make home buying more affordable. Put 1% down, and Simply Mortgage covers an additional 2%.
This Red Desk episode explores market conditions, mortgages, the closing process and more.
A Home Loan Expert will review your information and get you an estimate of what you could spend on a home — all without affecting your credit.
Did you know you can qualify as a first-time home buyer if you haven’t owned a home in 3+ years? Our experts are here to guide you.
Your dedicated team will be with you every step of the way, answering questions and getting you the best loan options.
You can also get help from a Home Loan Expert.
Our mortgage calculator provides results based on the numbers you enter and is for estimation purposes.
Your numbers can (and likely will) change slightly between the time you apply and the time your loan closes. For example, we may need to change your loan amount after you find a home or after we get the appraisal report.
The best way to get a better idea of what’s possible is to talk to us.
A down payment of 20% or more used to be the standard but not anymore.
While a 20% down payment will probably get you the best interest rates and the most loan options, there are a variety of low down payment options available.
You may be able to buy a home with as little as 1% to 3% down. If you qualify for a VA loan, you may not have to put any money down, although you will be responsible for closing costs.
Your interest rate is the percentage you pay to borrow money from a lender.
There are several factors that determine your interest rate, including your loan type, loan amount, down payment amount and credit history. Interest rates are also determined by market trends and can change frequently.
A typical monthly mortgage payment includes four things: principal (or loan balance), interest, taxes and insurance. These are commonly referred to as PITI.
Principal/Loan Balance: The amount you borrow from your lender to buy your home. It’s factored into your monthly payment and paid off throughout the life of your loan.
Interest: The percentage you pay to borrow money from a lender. Your mortgage interest rate might be fixed or variable.
Taxes: The amount you pay in property taxes is based on a percentage of your property value, which can change from year to year. The actual amount you pay depends on several factors including the assessed value of your home and local tax rates.
Insurance: Lenders typically require you to purchase homeowners insurance. The coverage you’re required to purchase may vary by location. For example, if you live in a flood zone or a state that’s regularly impacted by hurricanes, you may be required to buy additional coverage. If you live near a forest area, you may need additional hazard insurance.
Note: This calculator doesn’t include mortgage insurance or guarantee fees. Those could be part of your monthly mortgage payment depending on your financial situation and the type of loan you get.
The best loan is the one that’s best for your situation. This will depend on a few things:
If you still have questions, our Home Loan Experts are here to help. They will work to find the best mortgage options for you.
In today’s fluctuating economy, Canadian homeowners are increasingly looking at refinancing their mortgages
In today’s unpredictable financial landscape, many Canadian homeowners find themselves facing the challenge of securing loans
For Canadian homeowners, leveraging the equity built up in their homes can be a powerful financial tool.
Simply Approved Mortgages is committed to providing top-notch mortgage solutions and exceptional customer service. Learn more about our services and team.
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