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Zena Shekarabi & Associates’ network of lenders, appraisers, lawyers and investment advisors is remarkable. Our partners are valuable guides for first-time home-buyers unfamiliar with the mortgage process. Our network of dedicated individuals will apply their extensive knowledge to ensure your experience is the best it can possibly be. We’ll find you the best interest rate in the market place.

At Zena Shekarabi & Associates, there is no such thing as a stupid question. We answer any question you have clearly and ensure that you understand the answer in its entirety. With Zena Shekarabi & Associates, first-time home-buyers leave their mortgage experience with confidence and the ability to share their newfound knowledge with others. Here are some key factors of the home-buying experience explained:

1) Pre-Approval

Pre-approval is the first official step of mortgage application. One of our agents will help you with your mortgage application and then research the market to find out which Bank/Mortgage Lender offers what you need, how much you can qualify for and the best interest rates available to you. Our skilled team can get you an official pre-approval within hours. The strength of our relationships with lenders allows us to hold your interest rate at its lowest point for up to 120 days without rate increases.

2) Find a home – offer to purchase

A pre-approval does not lock you into a mortgage. It serves to outline your price range and to secure an interest rate while you find your home. Once you find your home, you submit an Offer to Purchase (your Real Estate agent will cover this). When your offer is accepted, your Offer to Purchase becomes conditional. The standard life span of a conditional Offer to Purchase is 5 days. During this period, the home purchaser(s) obtain a full mortgage approval, have the potential property inspected and ensure there are no underlying issues with the home.

3) Full Approval

Once you are confident you’ve found your home, our team locates a lender that will loan you the money to purchase the home at your pre-established interest rate. A full mortgage approval usually takes between 24 and 48 hours. Yes, it’s that fast, our relationships with the Banks and Mortgage Lender are for your benefit.

4) Appraisal and Down payment

An appraisal may be needed for Conventional Mortgages. A Conventional mortgage is when, as the buyer, you put 20% or more down on your home’s purchase price.

Don’t have 20%? Don’t worry. For buyers that don’t put 20% or more down on the purchase price, the mortgage is subject to CMHC or GE (Genworth) Insurance premiums that the Banks and Mortgage Lenders obtain for your mortgage.

This premium is intended to protect the lender from higher risk mortgage loans. As a first-time home buyer, you have the ability to put as little as 5% down, provided you meet the necessary qualifications. For more information, please call us – a mortgage consultant will outline your mortgage options.

This premium is intended to protect the lender from higher risk mortgage loans. As a first-time home buyer, you have the ability to put as little as 5% down, provided you meet the necessary qualifications. For more information, please call us – a mortgage consultant will outline your mortgage options.

5) Paperwork

Paperwork is an essential aspect of the mortgage process – you can’t avoid it. The amount of paperwork you’ll be required to complete will vary and depends on your mortgage type and your mortgage lender. Prior to signing, we will review in full detail all required paperwork. Necessary paperwork usually relates to employment, income and down payment confirmation

6) Lawyer

A Lawyer is required to represent you when you purchase a home. Your lawyer receives and pays out the money you borrow and closes your mortgage on the assigned date. Your lawyer informs you of your legal responsibilities in the mortgage process and manages your closing costs (i.e. transfer taxes and property tax set-up).

You will find that your first-home purchase both excites and overwhelms. Thankfully, we strives to make your mortgage experience positive and is by your side from the day you start through to the day you’re mortgage free.

Pre-approval is a strategic step in the home buying process because:

• The Mortgage Interest Rate is guaranteed up to 120 days, even if interest rates go up during that period, you are secured. If a better rate comes up in the meantime, you are automatically relocked into the lower rate. It’s a win-win situation.
• You are aware of the mortgage amount that you can borrow to purchase your home, so your real estate agent can show you homes that are within your price range.
• Sellers are more interested in offers from buyers who have their financing already lined up.

We at Zena Shekarabi & Associates know the importance of a Mortgage Pre-Approval, knowing precisely your mortgage payment and what amount you can afford saves you time when shopping for a new home. Let our 15 years of experience help you navigate through the pre-approval process.

The main point when purchasing multiple rental properties is understanding how rental mortgage lenders calculate the property income and expenses. By deducting the expenses of carrying the rental mortgage from the income generated from the property, your debt load (from a lenders point of view) will often be unchanged. This is compared to having the same income without the added expense of an additional property. This allows the average person with a decent income to purchase multiple rental properties. There are still insurance programs available for 20% down payment; (80% Loan-to-Value). We know the lenders who have an appetite for investment mortgages, let us put you on the right path to property investing.

Multi-Unit Purchases:

CMHC Mortgage Loan Insurance enables Approved Lenders to help borrowers purchase multi-unit properties with a minimum of 20% down. Borrowers can also access competitive interest rates for the life of the mortgage and enjoy reduced renewal risk.

Owning your own vacation or recreation property (cottage) doesn’t have to be a dream. Here in Ontario, we have some of Canada’s premier vacation and recreation real-estate available. With mortgage rates at incredible lows, you can capitalize before interest rates climb. We partner with the best Lending Institutions in Canada whose specialty is vacation and recreation property. You can purchase a Recreational Property with as low as 5% down through CMHC and Genworth Insured, given some strict conditions.

Ready for a weekend retreat or a year-round second home?
Zena Shekarabi & Associates will find you the best financing to make your dreams reality.