Q: Should we be pre-qualified before looking for a new home?

A: Yes! It’s actually easier to buy a home if you know in advance that you will be approved. Call a professional Havill’s Home Consultant today to help you with this process. Click here to complete our assessment form online.

Q: How large of a down payment do I need?

A: There are mortgage options now available that only require a down payment of 5% of the purchase price. The larger the down payment, the less you have to borrow, and the more equity you'll have. When considering the size of your down payment, consider that you'll also need money for moving expenses, and possibly for decorating or new furniture.

Q: How much of a difference does a large down payment make?

A: The amount of down payment will affect your monthly payment and the type of loan product that will best meet your needs. Contact a Havill’s Home Consultant today, to determine the monthly payment that works best for your financial situation.

Q: What is a good faith deposit, and how does it help me?

A: It's an indication of commitment that Havill’s will require at the time of signing a purchase agreement.  This financial deposit will not only secure your chosen home site and delivery date, but will also show a sign of responsibility and commitment to the lender, which will help to get you the very best mortgage terms and rates. The good faith deposit will be applied towards your down payment.

Q: Must I wait to buy a home if I currently have debt?

A: Not at all! There are four major factors when considering a mortgage application: your employment and income, your assets, your credit record and the value of the home you wish to purchase.  All these factors are considered when making a credit decision and as long as your income supports your current debt, as well as the new home mortgage payment, any existing debt should not prevent you from qualifying for a new mortgage. Please do not hesitate to apply today. Not sure what your debt ratio is? Let Havill’s help, click here to complete our online assessment form.

Q: How much money will I need at closing?

A: Your closing costs will depend upon the sale price, the amount of your down payment and the various fees connected with the purchase of your home.  Some people may not incur any closing costs, while others may require site preparation costs, attorney’s fees, etc.  Contact Havill’s today to see what, if any, closing costs you can expect for your new home purchase.

Q: Why do mortgage interest rates go up and down so dramatically?

A: Although interest rates usually have long periods of decline or increase, there are many days when rates may jump up or down dramatically.  Factors such as the strength of the Canadian dollar, and the general health of the current economy are just a few of the factors that influence mortgage rates.  Call Havill’s today to find out if you qualify for any interest rate protection.

Q: Is there anything we should know about new construction financing?

A: Your loan will be approved well in advance and you will want to be prepared as your home progresses and you prepare to close. The following is a list of helpful hints:

• Be sure you understand and can comply with all of the conditions of your loan approval.
• Let your lender know of any changes to be made to your home’s size, location, price or any delivery date.
• Do not make any changes to your financial position without consulting your lender first. For instance, it may not be wise to buy a new car before closing your mortgage, as it may affect your loan approval.
• Save copies of all major paperwork that might influence your loan.