We look out for your best interest!
Buying your home is an exciting financial investment that will determine where you live and the lifestyle you and your family live. It is a process that is based on your specific wants and needs which we will develop together. I will use this criteria to create your specific personal search for the Home of your dreams. Together we will take all the time necessary to make your dream a reality. My knowledge and experience will help you and guide you through this process.We will focus on your wants and needs, the market conditions, on recent sales/comparables and trends in the search neighborhoods. We will be successful and the experience will be positive and memorable. Please call me.
Some of the buyer incentives/ opportunities we offer our buyers include:
• Competitive mortgage options and advice from banks/mortgage brokers/private lenders
• Professional home inspectors to assist with your purchase
• Professional real estate lawyers to assist with your purchase
• Professional contractors I use personally to assist with any needs
• Access to all power of sales, distress sales and foreclosures
• Financing for self employed clients, as well as new immigrants and clients with limited or no credit history
Mortgages: Tips for Any Buyer
The Down Payment
The down payment is the money you put forward toward the price of a home – and is often the most challenging part of buying a home. The larger the down payment, the less your home will cost you in the long term. At the same time, it is important to be realistic about exactly how much you can afford as a down payment. Overstretching your finances to make a larger down payment can lead to you being cash strapped in the future, and hence having to borrow money on a credit card or a line of credit, at a higher interest. Think long-term when making this decision.
Making your Purchase More Affordable
Typically, lenders require mortgage loan insurance for anyone who wants to purchase a home with
less than 20% of the purchase price. The Canadian Bank Act prohibits most federally regulated
lending institutions from providing mortgages for amounts that exceed 80% of the value of the home
without mortgage loan insurance. Through your lender, CMHC Mortgage Loan Insurance enables
you to finance up to 95% of the purchase price of a home. The premium charged by the CMHC for
such loans decreases as the down payment increases.
The Mortgage Payment Schedule
When most people think of their mortgage payments, they think in terms of monthly installments.
However weekly or bi-weekly mortgage payments have been growing in popularity with home
owners across Canada, and many institutions now offer these payment options. Making weekly
or bi-weekly payments will save you thousands of dollars over the term of your mortgage. With
bi-weekly payments, for instance, you will make two more half payments per year towards your
mortgage. This might not seem like much, but it does add up. The end result is you pay off your
mortgage sooner and you save a lot money.
A second reason why making weekly or bi-weekly payments can be advantageous has to do with
employment income. If you receive your income on a weekly or bi-weekly schedule, then your
budget can be simplified if you similarly schedule your mortgage payments.
Mortgage Payment Plans
Privilege payment options are an essential component of a mortgage; they can lead to big savings
and thus they are a very important aspect to any mortgage. These payment options allow the
mortgage holder to make lump sum payments, usually on an annual basis. Exactly how these
payments can be made and when vary widely across financial institutions, so it is important to
understand your mortgage specifics. A privilege payment of 10%, for example, means you can pay
off 10% of your mortgage per year, in addition to your regular mortgage payments. In general, the
more flexibility in this payment option, the better. Even just paying off an extra $1000 a year will
shave off a lot of interest over the lifetime of the loan.
