First Mortgage – Orange Mortage

First

Mortgage

Embark on your homeownership journey confidently with our First
Mortgage Options. Get expert guidance for a smooth and successful home purchase experience.

Orange Mortgage Company in Ontario provides an exemplary first mortgage service, offering tailored solutions for prospective homeowners and buyers. Our expertise lies in guiding our clients through the intricate process of securing their first mortgage in Ontario. With a deep understanding of the local market, Orange Mortgage ensures personalized advice, competitive rates, and favourable terms. Our commitment to transparency and client-centricity shines through in our seamless assistance, while empowering our clients to navigate the complexities of securing their first mortgage with confidence. Orange Mortgage stands as a trusted partner, dedicated to helping our client in Ontario and nationwide achieve their dreams of homeownership with a reliable and efficient first mortgage experience.

Mortgage Options

Purchase a property with less than 20% down-payment.
Purchase with only 5% down payment, price not exceeding $500k.
25 Years to 40 Year amortization options available to suit affordability.-
Conventional mortgages with credit scores as low as 550.
Gifted Down-payment and Co-ownership programs to assist with primary home purchase.

While these calculators may include existing debts like auto loans or student loans, they often omit monthly expenses like water, electricity, internet, and phone services. Additionally, you may want to make upgrades to your new home, such as raising ceiling height, installing hardwood flooring, or opting for granite kitchen countertops. These costs add to the overall expense of purchasing your home and can be covered either in cash or by adding them to your mortgage.

Utilizing a mortgage calculator helps you estimate how much you can borrow at different interest rates, but it’s essential to consider the extra costs associated with homeownership, particularly when saving for a down payment.

Here are some of the expenses you'll encounter when securing your first mortgage in Ontario:

CHMC (or default) mortgage insurance premium

Lenders often require mortgage insurance if your down payment is less than 20% of the property’s purchase price. The insurance premium is added to your mortgage balance. Amount of premium you’ll be charged will be proportionate to down-payment you make, discuss this cost with your broker.

Land Transfer Tax

In Ontario Land transfer tax is payable on every conveyance of land tendered for registration and every unregistered disposition of a beneficial interest in land, unless specifically exempt under the Act or regulation. Tax amount can be between 1% – 3% of purchase amount and typically borrower has to provide these funds from their own sources, make sure you take this cost into consideration.

Associated Fee

Your mortgage loan can be subject to other fees such as Lender fee, Broker fee and Legal fee. Make sure you’re aware of these costs associated with your loan and are prepared with funds at time of closing, discuss all details with your broker and legal representative.

Appraisal fee

Your mortgage lender will engage an approved appraisal company to assess the property’s value and its compliance with lending criteria. Fee for appraisal will have to be paid by borrower.

Bridge financing

In cases where your new home purchase is finalized before the sale of your current property, you may need to cover the purchase cost until the sale is completed using Bridge Financing. There will be costs associated with Bridge Financing, so consider discussing alternatives with your broker.

Status Certificate

This is particularly relevant for condominium or strata units and involves documentation of the condo corporation’s legal standing and financial health. Borrower should ensure this cost in considered during their financing arrangements.