Mortgage loans have made purchasing a home in Newfoundland much simpler than before. If you are a first time home buyer or investor looking to purchase their next commercial or residential real estate, you should look towards applying for a mortgage loan with one of the companies we’ve vetted and listed for you below. An approval for a mortgage loan is quick and simple in Newfoundland. You will never have to wait in line and fill out a bunch of paperwork. Prospective applicants would only need to fill out an online application to then see their Newfoundland mortgage loan within a few days. Here at Smarter Loans, we’ve made it our duty to make the process seamless for you. Below you will find a list of trusted lenders that can provide you with a Newfoundland mortgage. If you explore through the options and compare them, you will be able to see the
8Twelve Mortgage is a leading national mortgage brokerage dedicated to simplifying the home financing process across Canada. With direct access to 65+ lenders and over 7,000 tailored mortgage solutions for purchases, refinancing, and renewals, they ensure fast approvals, competitive rates, and unparalleled customer service. Their team of experts is committed to helping you achieve your financial goals with ease and confidence.
Homewise is one of the easiest ways to get a mortgage. Homewise makes the process very easy and fast, with a 5-minute online application. Then, they negotiate for borrowers with over 30 banks and lenders to find them the best mortgage that is specific to each client’s unique needs. Homewise also sets clients up with an unbiased Advisor from their team to help them at each step from approval to move-in. Homewise makes mortgages stress-free and can help borrowers save time and money.
Looking to get a mortgage for a new home, refinance, switch or get pre-approved, it’s as easy as three steps?
– Apply online in 5 minutes
– Get set up with a personal unbiased Homewise Advisor who negotiates for you with over 30 banks and lenders
nesto is Canada’s first digital mortgage platform. They are an exclusive mortgage solution offering new purchase, renewal and refinance mortgages, with advisors from across the country. Based out of Montreal, nesto received their $76 million Series B in June 2021 to scale their operations across Canada. nesto is committed to offering clients a positive, empowering & transparent property financing experience, simplified from start to finish.
Frequently Asked Questions About Mortgages in Newfoundland
How do I qualify for a mortgage in Newfoundland?
Qualifying for a mortgage in Newfoundland means clearing some basic financial hurdles. This includes:
A credit check. Most lenders have a minimum required credit score of 600 (although options are available for those with lower scores).
Gathering together at least a 20-25% downpayment.
Providing proof of income and proof of employment status.
Passing financial health tests that measure your existing debt levels against your income.
Although traditional lenders, like banks, have fairly uniform and stringent financial requirements for their mortgages, online lenders and alternative lenders have plenty of options with more flexible prerequisites.
I’m self-employed. Can I still get a mortgage in Newfoundland?
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Written by:
Amy Orr
Amy Orr is a professional writer and editor with over 10 years of experience in the Canadian, U.S. and U.K. financial markets. She has written for numerous publications on topics as diverse as economic literacy, corporate finance, and technical analysis of numerical data. Prior to transitioning to full-time writing, she worked in the hedge fund sector. Her academic background is astrophysics, and she has a Masters in Finance from the University of Edinburgh Business School.
Reviewed by:
Jenna West
Jenna West is Smarter Loans' in-house financial writer and content director. She has been covering the Canadian FinTech and finance industry since 2017, including financial trends analysis, industry surveys, regulatory updates and changes in Canadian consumer behaviour when it comes to finance.
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