MYTH: Once you’re approved, you can buy whatever you want.

FACT: Pre-approval is conditional and can be revoked. Lenders verify your financial situation again before closing, so don’t: open new credit cards, take on new loans (car, personal), make large purchases on credit, change jobs or quit your job, miss any bill payments, or make large unexplained deposits. Any of these can jeopardize your approval. Stay financially stable from pre-approval through closing.

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

Detached House – $500,000

Location: Hamilton, Ontario

Minimum Down Payment (5.00%) – $25,000 | Monthly Mortgage Payment – $2,270

BREAKDOWN

Home Price – $500,000

Minimum Down Payment – $25,000 (subtract from home price)

CMHC Insurance – $19,950

Total Mortgage Balance – $494,950

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

Mortgage Tips for a First-Time Buyer or Newcomer

1. Understand Loan Options: Learn about different types of mortgages and what they mean.
2. Check Your Credit Score: A higher credit score can help you get better mortgage terms.
3. Get Pre-Approved: It strengthens your buying position and helps narrow your home search.

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

MYTH: Your bank will give you the best mortgage rate.

FACT: Banks often offer higher rates than what’s available elsewhere because they count on customer loyalty and convenience. Mortgage brokers can access multiple lenders (banks, credit unions, trust companies, private lenders) and often secure better rates because they create competition. Even if you prefer your bank, getting quotes from brokers and other lenders gives you negotiating leverage.

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