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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Dufferin County Homeownership

Dufferin County HomeownershipThe Dufferin County Homeownership Component program is designed to provide moderate income individuals and families with an interest-free down payment assistance loan to help them in purchasing their own home.

The Dufferin County Homeownership is an affordable housing program and might provide you with an interest-free down payment assistance loan of up to five percent (5%) of the cost of an eligible home, to a maximum of $20,000.00.

 To be eligible for down payment assistance you must be a renter household and meet the following criteria:

  • Combined gross household income at or below $88,000
  • Must not currently own a home or have a legal interest in a property
  • Must be buying a sole and principal residence within the County of Dufferin
  • Have assets of no more than $20,000.00
  • Must not owe any social housing arrears, including damages
  • Be a minimum 18 years of age
  • Be able to secure financing on the property

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Reverse Mortgage

Reverse MortgageAbout reverse mortgage

Reverse mortgage has experienced an extraordinary 26% increase demand compared to last year.

Reverse mortgage is a financial instrument that allows seniors to access at very convenient terms the equity in their home

The funds are available to the homeowner in a very short time after the application, and all the process can be done from the comfort of their home.

The purpose of the funds is up to the homeowner but, here below we enlist some common reasons.

91% of Canadian Boomers do not want to sell their home

  •         A study by CBC found that 91% of Canadian Boomers do not want to sell their home.
  •         As home values continue to rise in Canada, many senior women have tapped into the equity in their home.
  •         Low-income seniors that do not qualify for a traditional mortgage or secured line of credit often are placed into private loans with higher interest rates, high closing costs and annual renewal fees.

How can you help yourself?

If you know a senior that fits into the low income category, have a conversation with me about HomEquity Bank’s Line of Credit – with option to make payments, or simply defer payments

Is reverse mortgage good?

The Reverse mortgage is simply fantastic, for a number of reasons, but most of all, because it provides easy and secured the access to funds through the equity that is already owned

How is the mortgage loan repaid?

The mortgage rates have always been lower than the rate of the equity increase and homeowners do not have to make periodic payments to the mortgage. The loan and interests will be repaid when the house is sold or inherited to other owners.

It is simple and very affordable. *Free personal consultations* are available, no pressure to commit, just detailed information is provided at the meeting to show you the reverse mortgage fees and qualifications. Get your reverse mortgage application now.

What are homeowners with reverse mortgage using their funds for?

  • Enjoy some traveling
  • Need to improve your health
  • Make some home improvements
  • Help your family financially
  • Increase your cash flow
  • Investing

If you are 55+ Home Equity Income Advantage can help you get the piece of mind you are looking for to continue with your life and plans without worries of un-eligibility.

Here are the highlights of the Home Equity Income Advantage:

  • Exclusively for homeowners 55 and older
  • There are no credit or income qualifications
  • You can access up to 50% of the value of your home
  • You receive the money tax-free
  • You can take the money as monthly cash flow and as a series of lump sums
  • No payments are required while you or your spouse live in your home
  • You maintain ownership and control of your home
  • You keep all the equity remaining in your home
  • Your estate is well protected
  • You can save on taxes

Home Equity Bank

We offer the Home Equity Income Advantage in partnership with Home Equity Bank.

HomEquity Bank is a schedule I Canadian Bank and is the only national provider of reverse mortgages to homeowners aged 55 and over

HomEquity Bank’s product line is now officially endorsed and recommended by CARP as a trusted financial solution!

How much can you borrow on a reverse mortgage loan?

Click here to try a free pre-approval reverse mortgage calculation and find out how much funds you ca access from your own equity

Free reverse mortgage calculation

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Home sale prices in Ontario

Home sale prices in Ontario

Is it really worth it to buy a house? That is a question that some renters that I have come across with have or had, like John and Sue (not real names) from Toronto, who were renting because they never thought that they could buy a house considering their financial situation. After our first meeting at that corner coffee shop (it was very crowded by the way), they felt comfortable enough to take the next step

The next step was, to decide whether to start their mortgage assessment or not, they decided to go ahead as they had nothing to lose and now they own a condo on a 15th floor that is more comfortable than the apartment they were renting and in a safer area; their mortgage payments are currently lower than what they were paying as rent.

The following chart from CHMC, illustrates in a simple way the average home sale prices in Ontario, includes a forecast for the years 2013 & 2014.

What you as a borrower can take from this is that, those who in the past years, were able to invest in a real estate and capable of keeping their investment, have now benefited by the growth of their equity, even through the slow economy that we lived in the past few years.

In the graph, as we observe a steady increase in home sale prices, we should also consider the savings resulting from low mortgage rates (not expressed in the chart below).

The growth of wealth in equity offered by the residential real estate industry, should be considered as a clear message, and an invitation to those who are currently renting, to invest securely and buy their homes now, rather than later.

Situations that prevent renters from buying a home like, low credit, no initial down payment, low income and others can be overcomed with a clear and solid strategy and here is where I can help you.

Home Sale Prices in Ontario

Source CHMC

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 Contact your mortgage agent

Line of credit for floodings

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Line of credit for flooding

Underwater car on Wilson Ave. in Toronto

Emergency funds are one example of good use of a line of credit.

In the link to video below we have an example of unpredictable events against which we should keep monetary provisions like a line of credit.

Recuperating from this losses is easier when having already a open equity line of credit when you only pay interests on the borrowed amount “when” you need them and at rates that are a lot lower than credit cards.

Be smart!, Set up now a line of credit even if you have a low credit score and you are prepared for contingencies that may occur in the future!

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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Mortgage News

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Mortgage News

Mortgage NewsMortgage News is intended to inform you and help you and add a space for comments and opinions on the news.

Being a Toronto Mortgage Agent, most of the mortgage news to be posted will be those that immediately affect the mortgage market in Toronto.

Bank of Canada conventional mortgage rate for 5 years stays at 5.24%

Housing starts Stats in Ontario registered a 10%+ increase in the total of new housing start during the month of September 2012 compared to the same month in 2011 according CHMC

Quarterly house price survey in Toronto on the third quarter of 2012 in a two-storey shows a 5.4% increase compared to the same period in 2011 to an average price of 660,115 and a 5.9% Increase on detached bungalows to a new price of 558,900

 

 

 

Mortgage Agent

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

We 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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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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