FIRST TIME HOMEBUYERS

If you are looking to purchase your first home in Regina, then you have come to the right place! I absolutely love answering questions and helping first time home buyers understand what mortgage financing is all about. I will walk through the process with you and make sure you feel comfortable with the details of your mortgage contract and that it meets your financial needs. If you have not done this before, it can feel like there is a lot of paperwork…and yes there is paperwork as you’re entering a legally binding contract, that is for what is likely the biggest purchase you will make! However, the Ryan Boughen team will give you a list of the documents we need from you and how to get them. Our goal is to make this process as smooth as possible for you, so you can rest easy, and focus on finding the perfect home. Find out why my clients tell their friends Ryan Boughen Is Your Best Regina Mortgage Broker!

Couple Dancing in New Home Mortgages Regina

Frequently Asked Questions

Why do I need to see a mortgage broker? Can’t I just go to my bank?

Yes, you could just go to your bank, and I understand how that can be confusing. Working with a mortgage broker means you get access to a variety of lenders and mortgage solutions. Banks typically work with the products they provide and my team and I work to find you the best rate and options across several lending options.

What is an Employment Letter and why do I need that?

Your employment letter (aka job letter) is written by your employer to verify your position within the company, tenure, and income.  This is a very important component of qualifying for a mortgage. You need this to verify to the mortgage lender that you are employed, making a certain income, so the lender can assess your ability to meet the terms of your mortgage.

What is a Notice of Assessment?

A Notice of Assessment, or NOA, form is usually a 1 or 2 page form that Revenue Canada sends back to you as a summary of your received Tax Return.  It will either contain a refund cheque or a bill for your outstanding taxes for the previous tax year.  It will include the date, your full name, SIN number, tax year and tax centre clearly indicated in the top row of the page.  This is needed for a few reasons:
 
1. To confirm if there are any outstanding taxes owed to Revenue Canada.
2. To confirm your taxable income as per line 150.
Tax arrears could be placed on the title of your home and take priority over any mortgage financing in a sale of the property.  The lender will require the tax arrears to be brought up to date before advancing mortgage funds.

If you don’t have this document or aren’t sure where to get it, our team can help guide you through your income tax papers or direct you with information to request it from Revenue Canada.

CONTACT RYAN BOUGHEN TODAY

Consider this my invitation to contact me with your questions, I would love to work with you and help you figure out a plan not only to get you a mortgage but to help you get rid of it. Talk soon!

CONTACT RYAN