Detached House – $1,000,000

Location: Oakville, Ontario

Minimum Down Payment (20.00%) – $200,000 | Monthly Mortgage Payment – $3,670

BREAKDOWN

Home Price – $1,000,000

Minimum Down Payment – $200,000 (subtract from home price)

Total Mortgage Balance – $800,000

damilola.azeez@cleartrust.ca | www.damilolaazeez.ca | +1-416-668-4943

Helping Canadians finance their dream homes | First-Time Buyers | Refinancing | Reverse Mortgages | Spousal Buyouts

Based in Ontario | Licensed Mortgage Agent #12806

Available Anytime | Access to Multiple Lenders

damilola.azeez@cleartrust.ca | www.damilolaazeez.ca | +1-416-668-4943

MYTH: You need perfect credit to get a mortgage.

FACT: While better credit gets you better rates, you don’t need perfect credit. In Canada, most lenders want a minimum credit score of 600-680, though some alternative lenders go even lower. If you have past credit issues like bankruptcy or collections, you can still qualify after a waiting period and with a larger down payment.

damilola.azeez@cleartrust.ca | www.damilolaazeez.ca | +1-416-668-4943

Helping Canadians finance their dream homes | First-Time Buyers | Refinancing | Reverse Mortgages | Spousal Buyouts

Based in Ontario | Licensed Mortgage Agent #12806

Available Anytime | Access to Multiple Lenders

damilola.azeez@cleartrust.ca | www.damilolaazeez.ca | +1-416-668-4943

What is Refinancing?

Refinancing is the process of replacing your current mortgage or loan with a new one, often to take advantage of lower interest rates or improved loan terms.

The Pros of Refinancing

• You can lower monthly mortgage payment and interest rate.
• You can convert an adjustable interest rate to a fixed interest rate, gaining predictability and possible savings.
• You can acquire an influx of cash for a pressing financial need.

damilola.azeez@cleartrust.ca | www.damilolaazeez.ca | +1-416-668-4943

MYTH: You need a 20% down payment to buy a home

FACT: While 20% down helps you avoid mortgage insurance, many programs allow much less. In Canada, you can put down as little as 5% on homes up to $500,000 (though you’ll pay CMHC insurance).

damilola.azeez@cleartrust.ca | www.damilolaazeez.ca | +1-416-668-4943

Condominium – $450,000

Location: Mississauga, Ontario

Minimum Down Payment (5.00%) – $22,500 | Monthly Mortgage Payment – $2,043

BREAKDOWN

Home Price – $450,000

Minimum Down Payment – $22,500 (subtract from home price)

CMHC Insurance – $17,955

Total Mortgage Balance – $445,455

damilola.azeez@cleartrust.ca | www.damilolaazeez.ca | +1-416-668-4943

Mortgage Tips for Front-Line Workers

1. Shop Around for Rates: Don’t settle on the first offer; compare rates and terms from multiple lenders.
2. Budget for More Than the Mortgage: Don’t forget to budget for taxes, insurance, and potential HOA fees.
3. Read the Fine Print: Understand all terms, conditions, and fees involved in your mortgage agreement.

damilola.azeez@cleartrust.ca | www.damilolaazeez.ca | +1-416-668-4943

What is a Reverse Mortgage?

Reverse mortgage is a refinancing process based on the equity of your home rather than your income.

Who is a Reverse Mortgage for?

• For a person who has significant equity in their property.
• For a person who is 55 years or older.
• For a person who is a low income earner.
• For a person who cannot afford to make any payments towards the mortgage.

damilola.azeez@cleartrust.ca | www.damilolaazeez.ca | +1-416-668-4943