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First Mortgage


While the term “first” often leads to confusion, it’s very important to know that first mortgage refers to the position of the lien against the property, not the first house the home buyer has purchased. It is the primary lien against your real estate, taking precedence to all other mortgages.


It takes priority over every other claim on a property in case there is any default on payments, which also means that the first mortgage company receives its payment in full, way before other liens or mortgages associated with a property are paid off. So first mortgages services are lower risk.

What is required to obtain a first Mortgage?

Full time employment/proof of income

The bank isn’t going to give you a mortgage unless you have steady income that can support the mortgage. For employed first time Home Buyers, you need to be permanent and full time working for a minimum of 3 months and not on probation. If you’re permanent part time then you must have proof of income by way of Notice of Assessment and T1 Generals for at least 2 years.


Good credit rating

The banks usually requires pristine credit or they won’t even consider you as a mortgage candidate. If you have spotty credit, then it’s probably best to head to a mortgage broker instead. Most institutions require a credit or beacon scores of above 640-680 to qualify for a mortgage with the best rates and little down payment.


Verifiable down payment

The minimum down payment is 5% to purchase a home in Ontario, subject to maximum price restrictions. In addition to the 5% you must be able to confirm that you can cover costs incurred to close your mortgage. These costs may include legal fees, appraisal fees, survey certificates etc.


Online Approval of your Application

It is advisable to obtain a mortgage pre-approval if you plan on buying in the near future in order to secure an interest rate guarantee from the lender. The pre-approval process speeds your application process so that you can enjoy a smooth closing.


What would be the right of lenders, in case of a First Mortgage?

The lender will not own the property through a first mortgage, only retain a lien on the property. You are generally free to do with your property as you wish, but cannot usually transfer the property without the lender’s consent, unless you are paying off the mortgage. Because the first mortgage gets paid first in the event of default, you do not usually need the lender’s consent to obtain an additional or secondary mortgage.


We can help you to find best mortgage rates and ensures a smooth and painless home buying process through our VIP referral program. Our number one goal is to enhance your home financing, by protecting your interests and servicing you throughout the lifetime of your mortgage.
Looking for 1st mortgage service??? USE OUR VIP REFERRAL PROGRAM FOR THE BEST MORTGAGE OPTIONS!!! Our team would be more than happy to answer any questions you may have. Contact us today at 905-502-9944  [24hrs] for any queries on a 1st mortgage options. 



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