Shop Your Own Mortgage realizes that finding a mortgage can be stressful and time consuming. Who wants to spend their time making phone calls and meeting with bank representatives? We understand that your time is valuable. That is why we designed our platform to do the work for you! Complete our 3 minute application, upload your docs and kick back while we get the job done! We not only save you time and money but our qualified experts can inform you on all of the questions that you may have when purchasing a home.

Here are some frequently asked questions and answers from our home buyers:

How much of a down payment is required?

In the US, there are some programs in the market that require as little as 3% down and if you are a veteran there are programs with 0% down payment. In Canada, a down payment of 5% is required but if you have less than 20% you will be required to have mortgage insurance which is built into the total loan value.

Do I have to have perfect credit to buy a home?

No, we have programs for a wide range of credit scores. In general, the better your score the better your rate, but don’t let that deter you. The sooner you can get into the real estate market the better.

What other monthly payments should I consider when purchasing a home other than the principal and interest on the mortgage?

Property taxes, homeowner’s insurance and homeowner’s association dues if applicable. Also consider utilities on the property such as gas, electric, water and maintenance on the property.

Should I use a realtor? Do you have realtors that your company recommends?

A realtor is educated on the complex laws and regulations that affect a real estate transaction and can give you advice to help ensure your interests are protected. Yes, we have many affiliated partners that we work with to assure that your entire home buying process is seamless. Contact us for a referral in your area.

How long will it take me to pay off my mortgage?

The average loan term is approximately 25 years. There are shorter terms available but it could mean that your minimum monthly repayment is higher. We can show you options from the lenders on the different terms. Whether you chose a 10 year, 15 year or 30 year term we will help you make the right decision for you.

What should I know about the area where I am looking to purchase?

It is always a good idea to know how the municipality functions in your area. Also look to see where the schools are and what they are rated. It’s good to know what stores, restaurants and parks are accessible to you as well.

I just graduated from college. Can I qualify to buy a home even though I have only been at my job for 3 months?

Yes. There are many programs for graduates that just entered the workforce.

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