Buying a Home
Let us help you each step of the way.
There's a lot to know when it comes to buying and owning a home. We’d like to be your partner each step of the way, from helping you understand your options, to mortgage pre-approval, to the final stages of closing your mortgage.
Our Member Service Advisors are highly skilled and knowledgeable about the competitive mortgage marketplace, the features and benefits of the home financing products we offer and will listen to your unique needs.
Let’s get started by helping you learn more about this biggest financial commitment in your life so you can make informed decisions on your home-buying journey.
Whether you’re a buying a home or refinancing, here are the basics of what you need to know about Canada’s mortgage rules:
All new home buyers with a down payment of 20% or more are now subject to stricter qualifying criteria implemented by the Government of Canada in 2018 (also known as a "stress test") that determines whether a homebuyer is able to afford their principal and interest payments should interest rates increase. We think a better name for the test is ‘affordability assurance’ as it helps minimize any worries about the future affordability of your home. This test uses either the 5-year benchmark rate published by the Bank of Canada or the member’s mortgage rate plus 2% - whichever is higher.
The new rules don’t apply if you’re renewing your current Tandia mortgage. The new rules only apply to new mortgage loan agreements.
We can help make sure you are prepared with the knowledge you need to make your mortgage product choice most compatible with these rules.
A High-Ratio Mortgage is available for members who have less than a 20% down payment, often first time home buyers.
With a High-Ratio mortgage:
It can be a challenge to come up with the down payment you need to purchase a home. 20% of the purchase price is ideal but not always possible for many. The CMHC Purchase program allows you to use various traditional and non-traditional sources for your minimum 5% down payment, including any one or combination of the following:
Our Member Service Advisors are happy to meet with you for advice and putting together a plan to pull your first down payment together. You can apply for a mortgage pre-approval at the same time and start shopping for your first home with confidence.
The HBP offered by the CRA allows you to withdraw up to $35,000 (as of March 20, 2019) from your registered retirement savings plans (RRSPs) to help buy or build a qualifying home. Withdrawals that meet all conditions do not have to be included in your income and there is no withholding tax.
Repayment of the funds back to your RRSP must be made within a period of no more than 15 years. Generally, in each year of your repayment period, you have to repay 1/15 of the total amount you withdrew until the full amount is repaid.
Your repayment period starts the second year following the year in which you made your withdrawals. If the required amount is not repaid in a year, that year's repayment amount will be added to your income and taxed accordingly. Repayment can occur earlier if you wish.
Our Member Service Advisors are happy to meet with you. We can help you put together a plan put your first down payment together. You can apply for a mortgage pre-approval at the same time and start shopping for your first home with confidence.
Balancing financing and expenses is a constant challenge. Use our Mortgage Calculator to figure out what the costs are. It's quick, accurate and easy to use. Let us do the math.
MeritLine home equity line of credit
Using the equity in your home to secure this pre-approved line of credit (minimum $50,000) guarantees you one of the lowest rates available for credit. A companion MeritLine Account is your key to convenient access. .
Welcome to an easy-going life with a Tandia Mortgage.
Here at Tandia, we’re proud to offer a comfortable mortgage experience and at a pleasantly low rate. We will work with you to ensure that your home financing suits your unique needs, while allowing the flexibility you want for the future.