ALL YOUR MORTGAGE NEEDS WITHOUT LEAVING HOME

The short answer is that you should reach out as soon as you have a property goal in mind. Whether you are just exploring your options and want to know what you can afford or you have a goal already in mind, you will benefit from speaking to an agent. Your goals could be able buying your first home, investing in a property, consolidating debt or even freeing up some cash flow. Contact me to talk about your options.

Mortgage agents provide a one-stop shop for their clients. I have access to over 40 potential lenders with only one credit inquiry impacting your score. Agents are able to find the best rates and get you approved quickly. We work with major banks, B lenders, insurance and trust companies, and private lenders. We are specialists and know what different lenders have to offer. As an agent, I am also able to arrange a mortgage for those having trouble getting approved by a bank, such as self-employed people and those with poor credit histories. Unlike major banks, I will also work around the clock, not just 9 to 5, in order to accommodate you.

The Home Buyers' Plan (HBP) is a program that allows you to withdraw funds from your Registered Savings Plans (RRSPs) to buy or build a qualifying home for yourself or for a related person with a disability. The HBP allows you to pay back withdrawn funds within a 15-year period. You can withdraw funds from more than one RRSP as long as you are the owner of each RRSP account. Your RRSP issuer will not withhold tax on withdrawn amounts of $35,000 or less. Some RRSPs, such as locked-in or group RRSPs, do not allow you to withdraw funds from them. Certain conditions must be met in order to be eligible to participate in the HBP, including the following: - you must be considered a first-time home buyer - you must have a written agreement to buy or build a qualifying home, either for you or for a related person with a disability - you must be a resident of Canada when you withdraw funds from your RRSPs under the HBP and up to the time a qualifying home is bought or built - you must intend to occupy the qualifying home as your principal residence within one year of buying or building it. If you buy or build a qualifying home for a person with a disability, or help a related person build or buy a qualifying home, you must intend that the related person with a disability occupies the qualifying home as their principal place of residence

One of the most common mortgage myths is that you need 20% down in order to get approved for a loan. I am here to tell you that is incorrect. The minimum amount you need for your down payment depends on the home's purchase price. If you are purchasing a home that is $500,000 or less, you only need 5% of the purchase price. If your home is between $500,000-$999,999, you can put 5% down on the first $500,000 and 10% for the other portion of the purchase. Any homes that are priced at $1 million and above will require 20% of the purchase price. If you are self-employed or have a poor credit history, your lender may require an additional down payment.

- Appraisal Fees: this will confirm the value of the property and typically costs between $325 and $425 - Closing Costs: these generally refer to the legal fees, property tax and utility adjustment costs, and land transfer taxes. You should generally budget around $5,000 to $7,500 - HST: on the price of the home from the builder or on the commission payable on resale homes. The amount will vary depending on the purchase price. - Home Inspection: the condition of a home inspection is included to identify any existing or potential underlying problems in a property. This will generally cost $350 to $500 - Home Insurance: most lenders will insist that you have enough home insurance to cover the total cost of the property (since the property is their security for the loan). This cost will vary depending on the price of your home. - Interest Adjustment: this is the calculation of interest from the closing date, to the date the first mortgage payment is calculated from. This cost will vary depending on the mortgage amount and date of transaction. - Condo Fees: if you are buying a condo, townhome, or a home within a gated community, you may be charged a monthly fee to cover the costs of common area maintenance and operations. This can cost around $500 but can be more or less depending on the size of the unit and property. - Title Insurance: this protects you against title defects, liens against the title, title fraud, encroachment problems and other issues related to the title. This cost is a one-time fee, typically a few hundred dollars, but worth the peace of mind.

The answer is NO! For most lenders, you'll need credit scores between 620 and 680 as a minimum for a mortgage. That being said, you may still qualify for a mortgage with a 600 credit score with certain private mortgage lenders. That's why you come to a mortgage agent for help! We have access to B lenders and private lenders that are still willing to look at your application. A qualified mortgage agent (like me!) will also teach you how to improve your credit score in order to qualify for better rates.

The services of a mortgage agent are completely free, most of the time. The only fees you need to cover are the appraisal and legal fees. If you're not paying a fee, how does the mortgage agent get paid? Usually, an agent earns a finders fee for introducing you as a client to a mortgage lender. Most lenders offer similar finders fees which means you are getting unbiased mortgage advice at no cost.