For first-time homebuyers who are trying to get into the housing market, keep reading!
In our Guide to Buying a Home, we cover the overall process of buying a home and the factors that are considered when you get pre-approved for a mortgage. The Mortgauge Home Buying Plan was created when we realized Canadians wanted a more streamlined solution to run scenarios and help them choose the right options based on their personal situation. We want to empower you to plan for your purchase with the right mix of professionals and do-it-yourself tools.
The Mortgauge Home Buying Plan simplifies the planning process for borrowers by taking into account all relevant components to show personalized insights. When you input your target property price range, we will calculate when you will qualify for that property and what currently is blocking you from being able to buy sooner. To help you reach your goal of homeownership faster, we analyze your situation and offer personalized solutions.
We’ll use Casey & Hannah as an example first-time home buying couple to illustrate the power of a Mortgauge Home Buying Plan.
Casey & Hannah had already estimated that it would take them that long to save 20%, so they weren't surprised to see that result. However, when they click “How can I buy sooner?” they discovered recommendations they hadn’t thought of.
After exploring different scenarios and recommendations, Hannah & Casey were able to buy their dream home sooner. Through cashback and borrowed funds, they could fund their purchase in the near future and avoid paying mortgage insurance to get to their downpayment goal of 20%. For this particular scenario, if you’re wondering why it would make sense to go through this hassle to avoid paying mortgage insurance, we wrote this article that outlines situations where mortgage insurance can end up being an extremely expensive decision that could have been avoided.
We realize that every Canadians situation is different and the Mortgauge Home Buying Plan is built to be personalized. Each Mortgauge user gets customized recommendations that address their specific shortfalls.
When you start your Mortgauge Home Buying Plan, we’ll connect you to a mortgage broker to go over your results with you once you’re ready. Your broker and the Mortgauge platform will help you work towards buying a home sooner than you thought was possible.