THE ULTIMATE GUIDE FOR FIRST TIME HOME BUYERS TO HELP GET YOUR HOME FOR LOWEST PRICE POSSIBLE!

It is easier for you to buy a new home if you have the information needed to guide you through the process. Download this E-Book now and get the information you need to make this process as easy as possible!

OUR FIRST TIME HOME BUYER MORTGAGE SOLUTION

Buying a home is an exciting time. You’re about to take a big step so you’ll need some expert advice to ensure your mortgage needs are met with the best solution.
Citadel Mortgages will give you the facts that your bank won’t tell you about financing your new home. With access to multiple lenders, we will help you find the best rates and best mortgage solutions so you can buy your dream home.
See the Difference for Yourself, Get Approved Today!

OUR TRUSTED LENDER PARTNERS

Whether you are a first time home buyer or buying your next home, selecting the right financing for your home is of MAJOR IMPORTANCE. In today’s market, there are many different lenders and products for you to choose from, and on top of that, the lending rules and regulations are constantly changing. Therefore, the task of finding the most suitable rate and terms for your new mortgage can become a challenging task.

With the recent mortgage rule changes, now more then ever it is essential to work with a trusted mortgage agent or mortgage broker to ensure your approval for the best mortgage rate and mortgages terms, regardless of your credit, income or being self-employed or new to Canada.

Citadel Mortgages has the best mortgage solutions to match your needs. See the Difference for Yourself, Get Approved Today!

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If you haven’t already done so, you should get pre-approved before you start your home hunting. The reason is simple; you will know how much you are approved for so that you save time searching for homes that are within your reach. Additionally, having a pre-approval gives you power in negotiation as both the seller and real estate agents know that you are a serious buyer who can close.

Our Pre-approval for your mortgage is valid for up to 120 days, with some of our pre-approvals valid up to 365 days if you are buying a new condo or home build from a developer. Ask us here at Citadel Mortgages how we can ensure your next mortgage is a smooth transaction!

Even if you have 15 to 20% of the property value for a down payment, it may not be enough to qualify for a loan, under the new rules, from a traditional lender such as a bank. As of January 1, 2018, new regulations were put in place, which makes it harder for first-time home-buyers and even experienced home-buyers to secure the loan they need.

  • You do not meet the regular bank-lending criteria and need to work with an alternate lender
  • You are now required to qualify at an above-contract level
  • You have 20% down payment or want to refinance your home
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What are the New Rules and What’s the Impact?

The rate will be the greater of the five-year benchmark rate published by the Bank of Canada OR the lender contractual mortgage rate +2.0%. For example:

OLD RULES

  • 20% down payment
  • 5-year fixed mortgage rates of 3.24%
  • 25-year amortization

A family with an annual income of $100,000 can afford a home worth $579,438.09

NEW RULES

  • Applying the new “stress-test,” the family must qualify for the mortgage using the greater of 5.14 % and/or 5.24% (calculated as 2% + 3.24%).
  • Therefore, with 20% down payment, a 5-year fixed rate of 5.24%, and a 25-year amortization, the family can now afford a home worth $494,045.76

The difference is that under the new rules, the family’s affordability has dropped by $85,392.33. As you can see, the new rules impact the mortgage you qualify for, with a proper mortgage agent form Citadel Mortgages we can help you understand how the rules impact and get you approved today!

See the Difference for Yourself, Get Approved Today!

New Mortgage Rules FAQ

The most significant impact will be on the amount for which the home buyer will be able to qualify. Previously, the home buyer qualified at the contract rate offered by the lender. While the actual mortgage payment will still be paid at the contract rate, a higher calculation will be used for qualification purposes.

Yes, homeowners will still have the ability to refinance up to 80% of the value of their property. You will have to pass the same stress test, which is the higher of the Bank of Canada five-year benchmark rate OR the contract rate from the lender plus 2%.

Mortgage lenders (excluding credit unions and private lenders) are prohibited from arranging with another lender: a mortgage, or a combination of a mortgage and other lending products, in any form that circumvents the institution’s maximum LTV ratio or other limits in its residential mortgage underwriting policy, or any requirements established by law. This is often referred to as “bundling” or “bundle partnership.”

What does this mean?

For example, a client applies for a mortgage with an 80% LTV, and the lender can only approve 65%. The lender then partners with a second lender for the additional 15%. The original lender then “bundles” the 15% LTV mortgage with the original 65% mortgage to form the complete 80% LTV loan. This is no longer permitted as per OSFI.

Find out how much home you can afford

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Calculate how much you’d spend each month to buy a home or renew or refinance your mortgage.

Start thinking about how much you spend each month, create a budget, and start saving up for your home.

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  1. In order to receive upto 1,000 Miles you must be a registered and provide a valid AIR MILES Collector Number to the Citadel Mortgage agent at the time of application; your mortgage must close and fund with Citadel Morttgages. Miles will be credited to your Collector Account within 30 days after all conditions have been met.

2. All rewards are offered subject to the Terms and Conditions of the AIR MILES Reward Program, are subject to change and may be withdrawn without notice. To redeem for Travel and/or Merchandise Rewards, you must have accumulated sufficient AIR MILES Reward Miles in your Dream Balance. Some restrictions may apply. Quantities may be limited. Collectors must pay applicable surcharges, fees and taxes on air, hotel and car rental Rewards. Travel Rewards may be subject to a minimum advance booking and availability from participating Suppliers. Merchandise Rewards include all taxes, shipping and handling costs. No cancellations, exchange or refunds for tickets, certificates or merchandise once booked or ordered. Manufacturers’ warranties apply to merchandise Rewards. LoyaltyOne, Co. makes no representations or warranties, express or implied. For complete details, see current Program Terms and Conditions, available at airmiles.ca or the AIR MILES Customer Care Centre at 1-888 AIR MILES (or in Toronto call 416-226-5171).

3. Use Miles in the Cash balance of your AIR MILES Collector Account in-store in increments of 95 Cash Miles for $10 towards purchases at participating AIR MILES Partner locations and online at airmiles.ca/cash in increments of 95 Cash Miles for every $10 value from participating Reward Partners to a maximum of $750 per day. eVouchers can be used at participating Reward Partners’ locations in Canada only. See specific eVoucher reward page for details and any restrictions. Visit airmiles.ca/cash to learn more. You must have accumulated sufficient Cash Miles in your Collector Account in order to use Miles towards in-store purchases and eVouchers. All Rewards offered are subject to the Terms and Conditions of the AIR MILES Reward Program, are subject to change and may be withdrawn without notice. For complete details, visit airmiles.ca.

4. A short haul flight is a return flight with origin and destination within the same flight zone having a departure date during low season of January 8 – February 28; April 1 – May 31; September 16 – December 15.

5. Flight examples shown are for illustrative purposes only. Examples represent the number of AIR MILES Reward Miles required during low season of January 8 – February 28; April 1 – May 31; September 16 – December 15. The required number of Miles is determined by the departure date. Miles required are the “starting from” rates for round-trip travel in economy class per traveller.

6. Mortgage applications are subject to meeting Citadel Mortgages and our lenders usual credit criteria.

7. All mortgages must close and fund with Citadel Mortgages, this offer is vaiild with any new or renewal mortgage and offer can change at any time without notice.

8. AIR MILES® Bonus Miles are suject to a closed mortgage that fund with Citadel Mortgages. The AIR MILES® Bonus Miles will be added to the account 30 days after mortgage closes,.

Please note all terms and conditions can change at anytime.

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You agree to these terms and conditions.

Visit airmiles.ca/WhereCanIFly to help you calculate the number of Miles you need to fly to your selected location.

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