PURCHASE

Are you ready to purchase a property?

If you do not have the funds to purchase the property out right, you will need a loan. A mortgage is the type of the loan acquired to purchase a property. There are many details to consider when ssecuring a new home; affordability, income qualification, down payment, closings costs, required documentation and even the new ‘stress test’. The good news is DC Home Mortgages are here to help guide you through the process!

Frequently Asked Questions

The last thing you need when securing a property is more cost. The best part about our services is that the bank or financial institution we help select for you pays us so you don’t have to!

If the purchase price of your home is $500,000 or less:

  • Suppose the price of your home is $400,000. You’ll need a minimum down payment of 5%. The purchase price multiplied by 5% equals a total of $20,000.

If the purchase price of your home is more than $500,000:

  • Suppose the purchase price of your home is $600,000. Your minimum down payment will be 5% on the first $500,000, for a total of $25,000. On the remaining $100,000, your minimum down payment will be 10%, for a total of $10,000. Add both totals together and your minimum down payment would be $35,000.

If the purchase price of your home is more than $1,000,000

  • Suppose the price of your home is $1,100,000. Your minimum down payment will be 20%. The purchase price multiplied by 20% equals a total of $200,000.

Why go with DC Home Mortgages?

We Save You Time and Headache

Whether you are buying your first home, investment property or vacation home getting the mortgage is the most painful part of the process. We know your life is busy enough as it is and let’s be honest dealing with the bank is rarely stress-free. Dealing with a mortgage broker will save you time and headache, and most importantly ensure you are getting the best rate. Moreover, unlike bank reps, we treat you like a person, not a number or a sales target. We build relationships with our clients and look out for both their short and long-term goals and help them achieve it!