All loans are subject to credit and underwriting approval. Further documentation may be requested from you. Canadian Cash Solutions is not a lender but a lead referral company and may be compensated for its referrals. Loans range from $300-$2.1 million (additional for mortgages) with terms of approximately 2 months to 72 Months (additional for mortgages). APRs range from 2.5% to 29% and will be dependent upon our partner's assessment of your credit profile. For example, on a $1200 loan paid monthly over 12 months, a person may pay $114.05 per month for a total of $1368.64 over the course of the entire loan period. This amount includes our partner's optional loan protection policy. In the event of a missed payment, you are subject to an insufficient funds fee from about $30-$70 (dependent on the lender). Once a loan is in default, your payment plan will be terminated. Different collection methods may be employed to collect your remaining balance. Failure to pay will result in possible legal action and any outstanding debt may be pursued by the full extent of legal options. Our lenders employ fair collection practices.
Note: Canadian Cash Solutions and its affiliates will never ask or charge you any pre-qualification or application fees. Canadian Cash Solution is not a lender but a leading referral company in the finance industry. Canadian Cash Solutions and all of its financial partners adhere strictly to Canadian laws and regulations. To protect yourself, read more on this topic here.
Guide to buying your first home
Buying a home can often be very intimidating, especially if you are not very experienced.
Here we have a complete guide to help you buy your first home.
Start by saving for a down-payment
Being able put down a significant amount as down payment plays to your advantage in the long run.
For starters, if you have a good sum of down payment, you will be able to avail much better mortgage deals. We suggest you start saving up for a down payment, the minute you decide that you would like to the owner of your own home.
There are many tools readily available for first time home buyers. They are offered some very special deals that are often worth considering. Additionally, the government too has initiatives that are specially designed to help first time home owners. We suggest that you do ample research before you start shopping for homes.
Be honest with what you can afford and what you cannot. Get your finances in order and see how much mortgage you qualify for. Experts suggest that you ensure that your mortgage, insurance and taxes all take up no more than 25-30 percent of your entire salary. Next, understand your needs and decide if you need to be looking for a single-family home, a duplex, a townhouse, a condo, a co-op (housing cooperative) or a multi-family building. Once you have this decided, we suggest that you create and stick to a list of absolute must haves in your new home. This plays a huge role in narrowing down the listings and will help you decide on a house, when the time comes.
Find a Realtor
Finding the right house is not at all as easy as finding the right shoe. Once you have determined your spending limits and you needs, you should definitely consider finding a good realtor. However, you should make sure that your realtor truly listens to you and understands your needs. Find a realtor that is open to looking at several different options and is an expert ta negotiating terms that you are happy with.
Don’t rush, request a home inspection
We don’t go around changing our houses every few months and we sure that you are looking for a home that you would live in for many years to come. Therefore, it is very important for you to step a home inspection to review the current conditions of the home. The home inspector looks for hidden problems and the inspection allows you learn about any issues that may in fact prevent you from purchasing the house. Perhaps there mold problems, termites or perhaps the foundation a sinking? You need to know allow of these things before you decide you purchasing the house and allow you to request the seller to make the necessary repairs or discount the selling price.
You’ve finally found a house, make an offer!
Once you are finally satisfied with a house of your choosing, we suggest that you don’t delay making an offer. Speak with your real estate agent and come up with a number that works for all parties. Your agent will then present the offer to the seller agent. Now starts the game. The seller’s agent may either accept the offer or counter the offer.
If you and your realtor are able to work out a deal with the selling party, congratulations! You have one last step.
Closing usually involves signing a whole bunch of paperwork and praying that nothing wrong happens.
In this stage, you get your home appraised, a title search is performed and, mortgage insurance, surveys and credit reports are obtained.
Congratulations, you are owners of your first house
So, you have survived through it all and are now the proud owners of your very first home.
We encourage that you celebrate this achievement, all while remembering to manage your expenses much more carefully. Home ownership costs extends beyond your mortgage payment and we suggest that you manage your finances carefully.