Higher home prices & higher interest rates

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Higher Home PricesHigher home prices & higher interest rates

What people looking to be homebuyers can expect from the current home market headlines in the mass media?

Now that higher home prices & higher interest rates (slightly) than last year’s are becoming rout news, and while the Bank of Canada has kept interest rates with no changes (for now), some people who are currently looking to become home buyers may feel some level of distress even to look deeper into their real financial situation and learning about their possibilities to be approved for the much-needed financing to purchase their home and finally stop renting.

To understand that distress, one needs to consider that salaries and general income have not increased in the same proportion as the home prices in the Greater Toronto area, yet understanding may not be enough to help people become homebuyers, more needs to be done.

Higher Interest RatesAs the mortgage interest rates are also climbing, when being factored, this is perhaps the one factor that should worry the least for now since even after their increase, they still remain very low.

The distress turns from mild to moderate or perhaps severe when is known that renting a home is not cheaper and that available inventory is not even there to satisfy all the needs at a convenient rate for a hard worker two income family who sees that years pass by along with their dream of homeownership

What can certainly help people in this huge financial distress is knowledge,

Media coverage of home prices and affordability are meant to be headlines and run on average tilting at times to stress on the highest levels of the home sales transactions, a sense of impressionism has to be included in that coverage to satisfy ratings that certainly lead to help advertising sales.

Not every family’s financial situation is the same, in fact, every family’s financial situation is unique, is different; Knowing exactly what is or not affordable, what is or not approvable, what is or not convenient, is what matters and what can remove this kind of distress in this kind of situation.

SolutionThe knowledge of the real possibilities to become a homebuyer can be obtained through the practice of a mortgage assessment which is offered free of charge with the intention of building a customer-service relationship.

A decision of whether to continue renting or to buy a home should not be taken lightly and certainly not without fundament nor fear.

Exploring the possibilities regardless of credit should not be considered a waste of time.  The importance of mortgage assessments in the process of home purchase and financial peace of mind, but they are distributors or content, so here is their content

Will opportunities to become a homeowner be better or worse in a few years from now?

The importance of mortgage assessments in the process of home purchase and financial peace of mind is huge, and more people should know it. share it if you will.

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Ontario Land Transfer Tax

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Ontario Land Transfer Tax

Ontario Land Transfer TaxOntario Land Transfer Tax is charged to the homebuyer and applies whenever a land or an interest in land in Ontario is purchased,

The applicant buyer pays the Ontario’s land transfer tax at the time of purchase, the term “land” includes any buildings, buildings to be constructed, and fixtures (such as light fixtures, built-in appliances, and cabinetry).

Land transfer tax is normally based on the amount paid for the land, in addition to the amount remaining on any mortgage or debt assumed as part of the arrangement to buy the land.

In some cases, land transfer tax is based on the fair market value of the land, for example, where:

  • The transfer of a lease with a remaining term that can exceed 50 years
  • The transfer of land is from a corporation to one of its shareholders, or
  • The transfer of land is to a corporation if shares of the corporation are issued.

Current Ontario Land Transfer Tax rates as of January 1, 2017

Current Ontario Land Transfertax RateFirst-time homebuyers rebate

Up to December 31, 2016, first-time homebuyers qualify for up to 2,000 land transfer tax rebate.

Ontario Land Transfer Tax rates as of January 1, 2017

Ontario Land Transfer Tax Rate

From January 1st, 2017 onwards, the new Ontario Land Transfer Tax for first-time home-buyers will be exempted on the first 368,000 of a land purchase price and first-time home-buyers will also be eligible for up to a 4,000 tax rebate on the non-exempted amount.

Also from January 1st, 2017 the new Ontario Land Transfer Tax rate increases on properties which purchase price exceeds 2 Million, the increase is to 2.5% from a 2%.

An appraisal of the properties before the purchase is most likely going to be ordered.

Your opinion is welcomed at the bottom of the page.

Contact me if you have a question or need my services as your mortgage agent

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Region of Waterloo affordable home ownership

The Region Of WaterlooRegion of Waterloo affordable home ownership offers to allocate for families and individuals with the 5% down payment in a forgivable loan to help them purchase a home with the intention of living in it.

The residential property must be:

  • In the Region of Waterloo
  • A maximum purchase price of $243,300
  • Approved by the region of Waterloo

To be eligible to qualify for this program families and individuals must:

  • Qualify for a mortgage
  • Have a maximum household income of $73,050
  • Be at least 18 years old and currently renting
  • Not own or have an interest in a home
  • Not owe money to a Community Housing landlord
  • Be a legal resident of Canada
  • Intend to have this home as your one and only residence

This is a limited time, limited funding mortgage product.

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Appraisal rebate

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Appraisal rebateAppraisal rebate is an excellent opportunity and limited time offer that can help you save after we consider the reality that there are a number of additional costs when buying a home.

This special appraisal rebate offer is valid through your mortgage agent

May I help you with your Mortgage?

For a limited time (valid only until July 31st, 2015) Equity Financial Trust is passing on to borrowers with bruised credit unique savings, this $300.00 appraisal rebate are valid on new deals on purchases and refinances in the following:

Lending Areas:

Urban & suburban marketable properties in Greater Toronto, Golden Horseshoe, Greater Ottawa, Kingston, Belleville, London, Kitchener, Cambridge, Waterloo and Guelph areas

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Residential Construction Mortgages

Residential Construction Mortgage

Faster approvals and easy advances

For you who are looking to start a new project and looking for financing options, why not getting faster approvals and easy advances, simply the best lending solution.

Residential Construction Mortgages details: 

  • For builders or borrowers wanting interim financing for a new construction project, for renovating an existing structure and for land acquisition
  • Loan commitments are made at the time of approval and may not exceed 85% of budgeted costs, up to 75% of the land value and may not exceed 65% of Pro-forma appraised completion value
  • Draw advances are easy with support from our Construction Specialist and can be made up to 5 times though the project
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Stop renting this year

Rent or home ownership

It may be the difficulty of moving out of a comfort zone the reason why many people are still renting, and by comfort zone I don’t mean a geographic zone, but a mind set zone.

There is without question a great deal of people that are committed to paying the same amount of money as a rent for their home or apartment that has been sheltering them for a long while, exposed to rent increases out of their control, leaving in smaller unit, owning zero of that property and yet not making an attempt to own their own home.

The amount of rent coming out of their paycheck is about the same as what a mortgage payment would be since we still have this all time low interest rates that by the way may increase during this year

There are a great deal of benefits when purchasing a home such as wealth building, through home equity, cheaper borrowing, government incentives for first time home buyers, living in comfort and financial discipline

The obligation is however, to help those with the interest in learning the way to home ownership, so that the time of renting becomes a chapter in a book of history and not a concern for the future.

As we live in a complex society, obstacles to home ownership are develop by us, when we choose our lives style and the way we conduct ourselves, the way we manage our wealth by the way we prioritize our needs.

However, there will always be factors that can discourage or strengthen our will to own or not to own our home. but obstacles can be removed from the way clearing the path to home ownership that in most cases is a good life changing event. Factors like low credit score, no down payment savings or others can be removed from the way.

These obstacles can be clear with a set of good advices from your mortgage agent, the help of mortgage lenders and the resolute will of the home buyer starting by calling to arrange a simple and short mortgage assessment. If the will to home ownership is in your mind, delaying to call now may result in giving way to another year of renting whether you are an employed or self employed.

Call today and request your free mortgage assessment

Owner occupied rental

Owner Occupied Rental

The owner occupied rental mortgage offers the flexibility needed to own a property while renting a fraction of it to someone else, so you can use the rental income to help repay your mortgage.

The owner occupied rental mortgage is normally used by small but growing families when their own income alone may not be sufficient to qualify for the property you need.

This type of mortgage gives you the advantage to qualify for a bigger property than what you can afford with your income

Not all properties and not all rental agreements may qualify for this type of mortgage, ask me before buying the property.

The owner occupied rental is available for purchases or refinance.

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Non owner occupied rental mortgage

Non Owner Occupied Rental

The non owner occupied rental mortgage loans help you qualify by adding the monthly rental income to your current income. As a result you are able to purchase or refinance a rented property and let the property pay for itself with the rent

Scenario: You currently have a steady job or business, a decent credit score, some savings but no time to start another business or job, and you would like to earn residual income from a real estate property.

The non-owner occupied rental mortgage is designed for those who would like to become real estate investors.

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Mortgage

MortgageMortgage is a registered agreement in a land titles office where security interest in a specific real property is held by a lender as a security for debt repayment by the borrower, a debt pledge

Each mortgage is a claim against the property; should the property be sold or foreclosed each claim is satisfied in order

What kind of mortgage can I help you with?

MortgageSecond MortgageRefinance
Reverse mortgageHome Equity Line of CreditCommercial Mortgage

First mortgage: is the first loan registered in the title against the property

Second Mortgage: Is the loan that is registered second in time in the title against the property, is normally used to trade high credit card debts that carry high-interest rates for a low mortgage rate that eventually will reduce the cost of borrowing making it easier to eliminate that debt

A Mortgage can be conventional or high ratio
Conventional mortgage: Usually when a borrower contributes a 20+% of the value of the property
High ratio mortgage: Usually when a borrower contributes less than a 20% of the value of the property

A Mortgage can be open or closed:
Open: Allows the borrower to repay all or part of the principal at any time without penalties
Closed: Does not allow any prepayments or early repayments of the mortgage

There are different types of mortgage loans because they try to satisfy different needs according to the borrower’s lifestyles and affordability.

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Mortgage Agent

Mortgage broker Toronto with quick personalized service, access to lenders offering their lowest mortgage rates through Mortgage agent Jesus del Rio

Mortgage AgentWe can save you thousands of dollars on your residential mortgage, complete your online application, click on the top right banner now

From your TMortgage Broker - Mortgage Edgeoronto mortgage agent, you have quick personalized service and get your mortgage loan approved.

Don’t worry about your credit, submit your online application and let’s get it done now!

If you already own a property, request a property value & comparable sales report when you complete your online mortgage assessment

If you have questions about what type of mortgage you need, learn about the following mortgage products

MortgageSecond MortgageRefinance
Reverse mortgageHome Equity Line of CreditCommercial Mortgage

Whether you are looking for a mortgage to purchase a home, refinance your existing mortgage and your other loans or credit cards in order to pay less interest, or if you are looking for a commercial mortgage to finance your business, you can call me to help you get that financing that you seek.

Let us help you

Request your *mortgage assessment free*, apply online and get a free one on one meeting

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New To Canada Mortgage

 

New To CanadaNew to Canada Mortgage is for people who have immigrated or relocated to Canada within 60 months, offers credit record or history flexibility, lower down payment required than a conventional mortgage.

The New to Canada  mortgage is for the new immigrants that have obtained landed status and have not already owned a house It presents the opportunity to start owning a home instead of renting.

The following are some borrower qualifications for the New to Canada Mortgage:

  • High ratio secured mortgage loans with only 5% Down payment from own resources; For LTV’s less than 95%, the remainder may be gifted from an immediate family member or from a corporate subsidy. (3 years landed immigrant)
  • Or Conventional unsecured mortgage loan with 35% Down payment or more from own resources.
  • Amortization up to 30 years in Conventional & 25 years insured mortgages
  • No 3rd party/Guarantors

  • Number of units, Max 2

  • Must provide valid work permit or verification of landed immigrant status

  • International Credit Report or 2 alternative sources of credit

  • Bank reference letter or 6 months bank statements
  • 3 months minimum full-time employment in Canada (borrowers being transferred under a corporate relocation program are exempt)
  • All debts held outside of the country must be included in the total debt servicing ratio (Rental income earned outside of Canada is to be excluded from the GDS/TDS calculation)
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Cash Back Mortgage

Cadh Back MortgageCash back mortgage is a convenient mortgage loan use to purchase a home and get additional financing for other purposes at low mortgage rates, that are generally lower than the rates on the credit cards

Different percentages of cash back (1%, 2%, 3%, 4%, 5%) are offered by different lenders, some mortgage lenders allow you to use your cash back to purchase new furniture for your new home, home remodeling or restorations, some for legal fees and some even for down payment.

With a cash back mortgage, you extend the repayments through your mortgage amortization period making it easy to repay

Cash-Back MortgageIn a cash back mortgage, the mortgage rates may not be as low as in a conventional mortgage where at least a 20% of the purchase price of the property has to be invested upfront by the borrower, however, the rates are much lower than other financing channels like credit cards or personal loans.

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Zero down payment mortgage

Zero down paymentZero down payment mortgage is a Mortgage loan offered by only some lenders that offer a 5% cash back, that can be used towards the down payment.

It helps realize the dream of home ownership even before the down payment has been saved.

If you are currently renting and prefer to own your own home, but you haven’t been able to save enough for your down payment, this is your chance call now

To qualify for a Zero down payment mortgage you to have good credit (read below), a steady source of income that can show your capacity to repay the loan, (we’ll do the math together) and savings of about a 1.5% of the value of the property that you are seeking to purchase

These mortgage loans are not available for borrowers that:

  • Are prior bankrupts, consumer proposals, collections or repossession
  • Have high credit cards or other consumer loan debt with no assets and no evidence that they can save
  • Have no assets to show for the length of their working career

 Visit also low credit score mortgage 

* Subject to availability

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First mortgage

First MortgageFirst mortgage is the first loan registered on the real estate title.

Looking to buy your first home?

Save thousands on your first mortgage, know your options & get approved

Other mortgage loans can also be registered on the same property title, they would be called second or third mortgages

Reading the following will help you get approved when applying for your first mortgage

You are excited about buying your home and wouldn’t like disappointments, if this is the case read the following:

  • Is smart to have your mortgage assessment practiced before you start viewing homes, that way you’ll know what you can or can’t afford.
  • Learn about the unique advantages you are entitled to if you are a first time home buyer
  • Learn about your credit and mortgage loans and credit score
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