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Why settle for second best? Thankfully, when it comes to mortgage apps, you don’t have to because Faris Team’s Canadian Mortgage App is the number one mortgage app in Canada – and for good reason. Many of us are excited about buying or selling a new home, but usually less so about calculating the costs and figuring out what you can afford. That can be intimidating, especially if math is not your strong suit. Not to mention the daunting task of shopping around for a mortgage and trying to understand what you are practically signing your life away to.

If you’re looking for an app to save you time and frustration, go straight to the top: Faris Team’s Canadian Mortgage App provides a wide array of tools and tips to help you calculate expected costs, loan borrowing fees, and so much more. Here’s what this app can do:

Mortgage Wiki

Click here to download the app or download it from your Apple or Google Play app store. Open it, and then create a user profile. This app calculates expected costs of living, helps you explore mortgage options, includes an affordability calculator, and best of all, connects you to some of our trusted mortgage partners. Our app also helps answer some of the many finance-related questions home buyers may have such as: What will the land transfer tax cost? What rules apply for a minimum down payment? What are the affordability rules?

Calculation Wizard

You’re now ready to start experimenting with costs and calculations. Toss your calculator aside – this must-have app does all the math for you! It’s simple and user-friendly, and by following the “Next” slide bar, it guides you through each step. Enter a home purchase price, an estimated cost for monthly fees (utility bills, living expenses, etc.), add any rental income you may receive, and the estimated property tax.

You can play around with how much money you are considering as a down payment. By selecting the province you live in, it automatically calculates the land transfer amount. As you change any of the values, keep an eye on the top right corner to see how your monthly expenses vary.

Shop Smarter

At the top of the page, select the Rates tab to view a comprehensive list of financial institutions and mortgage providers. A breakdown is provided for each form of mortgage whether it is a fixed term or variable term and based on the amortization period. When you have found a rate that looks appealing or suitable, you can jump back to the Tools tab to enter your mortgage rate and terms to see how it affects your cost value.

Save and Compare

For each scenario you create, you can save your options for a quick referral later on. This allows you to manipulate the values without losing sight of what you had previously calculated. The save option is perfect when shopping and comparing one home to another or when determining the maximum home price you might be able to shop for.

Help is on the Way

If at any time this process seems overwhelming, fear not. The app has a live chat function that allows you to chat with a pro who can walk you through the calculation process. Or, reach out to us with one click of the Contact button and we would be more than pleased to assist with any of your home buying questions or concerns. Or, from the calculation screen, click Apply and then Get Started to be connected with one of our trusted licensed mortgage partners dedicated to offering you a premium service. You’d be amazed at how fast someone will get back to you.

It's only fair to share...