Enjoy a smooth and stress-free home-buying journey as we handle every detail from start to finish.
At Fortune Funding, we are committed to guiding you through every step of the homebuying journey, from pre-approval to closing day. We aim to make the process simple, stress-free, and focused on securing your dream home.
We begin with a comprehensive application and an initial phone consultation to assess your mortgage needs. After reviewing your financial situation and collecting necessary documentation, we secure your pre-approval. This provides a conditional mortgage approval, locking in competitive rates for up to 120 days while you search for your home, strengthening your offer position.
With access to a wide network of lenders, we help you choose the mortgage product that aligns with your goals. We also guide you through significant recent changes in the industry:
We ensure you benefit from every government incentive available, including:
We provide clarity on qualification requirements:
Maintain a good credit score over 680 in order to secure favorable mortgage terms
Establish stable income to show lenders that you can easily pay your monthly payments
Save for a down payment of a minimum of 5% for insured mortgages or 20% for conventional ones
Prepare your documentation including proof of income, bank statements, ID, and tax returns to streamline the approval process
Get pre-approved for a loan, giving you a clear understanding of your budget and strengthening your offer when purchasing a home
Find the right home that fits your needs and budget. Ensure it aligns with your pre-approved loan amount
A fixed-rate mortgage offers a locked-in interest rate for the entire mortgage term.
Why choose a fixed-rate mortgage:
Enjoy consistent interest rates with predictable monthly payments, making budgeting easier and shielding you from economic fluctuations.
Why it may not be ideal:
Fixed rates are often higher, and you won’t benefit from falling interest rates, potentially missing savings.
Have an interest rate that fluctuates with the lender’s Prime Rate, which is influenced by the Bank of Canada’s overnight rate.
Why choose a variable-rate mortgage:
There is potential for lower costs if interest rates decrease, offering an opportunity to save on interest over the life of your mortgage, with the added flexibility to switch to a Fixed Rate Mortgage during the term.
Why it may not be ideal:
There is potential for lower costs if interest rates decrease, offering an opportunity to save on interest over the life of your mortgage, with the added flexibility to switch to a Fixed Rate Mortgage during the term.
Requires a down payment of at least 20% of the home’s purchase price or appraised value and is not insured by the government.
Why choose a conventional mortgage:
With greater equity in your home from the start, access to tools like a Home Equity Line of Credit (HELOC), no mortgage insurance premiums to reduce monthly costs, and typically less paperwork and faster processing, you can enjoy a more efficient mortgage experience.
Why it may not be ideal:
Saving 20% for a down payment can be difficult, and there are stricter eligibility requirements compared to insured mortgages.
Exceeds 80% of the property’s value and requires mortgage insurance from providers such as CMHC, Sagen, or Canada Guaranty.
Why choose a high ratio mortgage:
Lower interest rates due to the insurance enable quicker entry into the real estate market or an upgrade in property.
Why it may not be ideal:
Mortgage payments are higher due to insurance premiums, which are often added to your payments, and this option is only available for homes valued at $1 million or less.
Enable you to repay all or part of your mortgage at any time without penalties.
Why choose an open mortgage:
With the flexibility to pay off the balance anytime without prepayment charges, the freedom to renegotiate terms as needed, and an easy transition to a closed mortgage, you have more control over your mortgage.
Why it may not be ideal:
This mortgage option has higher interest rates compared to closed mortgages, is typically offered for shorter terms, and often comes with variable interest rates, subject to fluctuations.
Cannot be prepaid, renegotiated, or refinanced before the term ends without incurring penalties. This is the most common mortgage type.
Why choose an closed mortgage:
With stable monthly payments for confident budgeting, lower interest rates, and longer terms compared to open mortgages, some options allow limited prepayment privileges, such as lump sums or doubling payments.
Why it may not be ideal:
Prepayment penalties apply if you pay off the mortgage early or refinance before the term ends.
Get detailed information, customized calculators, and tools to track your budget, calculations, and notes.
To be considered a first-time home buyer in Canada, you or your common-law partner must not have owned a home or investment property in the current calendar year or the preceding four calendar years. However, you can regain your first-time home buyer status if you have recently experienced a breakdown of a marriage or common-law partnership, provided you have lived separate and apart for at least 90 days.
The minimum down payment required in Canada depends on the purchase price of the home. For homes priced under $500,000, the minimum down payment is 5%. For homes between $500,000 and $1,499,999, the minimum is 5% of the first $500,000 and 10% of any amount over $500,000. For homes priced $1,500,000 or more, the minimum down payment is 20%
Besides the down payment, there are several other costs to consider:
We’ll help you gather the required documents, such as proof of income, employment, and credit details. Once your pre-approval is secured, we’ll guide you through reviewing your mortgage options to find the best fit for your needs. With your pre-approval in hand, you’ll have a clear understanding of your budget and a stronger position when making offers on your dream home. Reach out today to get started!
In addition to the down payment, there are several other costs to keep in mind. Closing costs, which typically range from 3% to 5% of the home’s purchase price, include expenses like land transfer taxes, legal fees, appraisal fees, and home inspection costs. It’s also wise to have emergency savings set aside for unexpected expenses, such as repairs or replacements of home systems, to ensure you’re financially prepared for any surprises.
After you submit the form, we’ll reach out to discuss your goals, address any questions, and provide customized, no-obligation quotes. Feel free to let us know if there’s anything else you need!
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After you submit the form, we’ll reach out to discuss your goals, address any questions, and provide customized, no-obligation quotes. Feel free to let us know if there’s anything else you need!
After you submit the form, we’ll reach out to discuss your goals, address any questions, and provide customized, no-obligation quotes. Feel free to let us know if there’s anything else you need!
After you submit the form, we’ll reach out to discuss your goals, address any questions, and provide customized, no-obligation quotes. Feel free to let us know if there’s anything else you need!
