Monday, October 21, 2024 / by Evelyn Lopes
If you're preparing to buy a home, you may believe you've accounted for everything in your budget. But have you factored in all the fees associated with closing?
In a recent survey, many Canadian homebuyers reported being caught off guard by unexpected closing costs. Let’s break down these fees so your closing day goes as smoothly as possible.
1. First let's talk about High Ratio Mortgage Fees
For many homebuyers, High Ratio Mortgage HST on fees is a big surprise.
The actual High Ratio Insurance premium which is payable on mortgages that have less than 20% as downpayment equity, are required to insure the mortgage on behalf of the lender. The buyer pays that insurance premium which is added to the overall loan amount, however the HST tax on the insurance premium is due up front and may home buyers are unaware of this cost- it's a surprise.
Always ask your lender about the cost for the mortgage insurance premium, which will be dependent on the amount financed, but d ...
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Monday, July 24, 2023 / by Evelyn Lopes- Klarine
CLICK THE IMAGE TO LISTEN TO THE FULLL PODCAST EPISODE
Unlocking the Value of Your Home: A Deep Dive into Reverse Mortgages in Canada
As Canadians, we treasure our homes - they hold our memories, our dreams, and a significant chunk of our wealth. If you're aged 55 or older, did you know you can tap into the value of your home without selling it? Welcome to the world of reverse mortgages - a financial tool seeing annual growth rates of over 28%.
Unraveling the Reverse Mortgage
In simple terms, a reverse mortgage is a loan that allows homeowners to convert up to 55% of their home's value into tax-free cash, providing an avenue to unlock equity built over the years. The loan is secured against the value of your home, with repayment required only when you decide to move or sell. One of the most attractive features is the flexibility in payment options - you can choose to make monthly payments or opt for a no payment option.
Reverse Mortgage Benefits
Reverse mortgages present a ...
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Tuesday, April 25, 2023 / by Evelyn Lopes- Klarine
PRE CONSTRUCTION UNITS_ Investing & Financing Tips
Are you considering investing in builder pre-construction units but not sure where to start? Look no further! In this blog, we'll be sharing valuable insights and tips from a mortgage specialist and discussing important considerations you need to know about investing in pre-construction units. We'll cover the potential benefits, the risks involved, and how to mitigate them. Plus, we'll dive into the financing options available so you can make an informed and strategic decision.
Investing in pre-construction units can be a great way to grow your investment portfolio and build long-term wealth. As we've discussed in this blog post, there are potential benefits and risks involved in this investment strategy, and it's crucial to have the right guidance and information to make informed decisions.
One of the primary benefits of investing in pre-construction units is the flexibility of deposit structures, allowing investorsm ...
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Tuesday, April 11, 2023 / by Evelyn Lopes- Klarine
MORTGAGE RENEWAL TIPS What you need to know
If you're a homeowner, navigating the world of mortgages can be overwhelming. But fear not, as we've got you covered with some expert tips and best practices for mortgage renewals and refinancing.
First up, let's talk about mortgage renewal. When your mortgage term comes to an end, it's important to shop around and find the best rates available. Don't simply accept the first offer from your current lender. You may be able to negotiate a better rate or terms with another lender, or even with your current lender. Keep in mind that you are looking for the best rates as well as the most favourable terms that will be a benefit to your particular situation. It is not just about the rate. It's always worth taking the time to explore your options and make an informed decision.
Refinancing and lines of credit are two options for homeowners who have equity in their home and want to optimize their cash flow or take advantage of the equity in th; ...
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Monday, March 27, 2023 / by Evelyn Lopes- Klarine
Refinancing, Mortgages & Money
Welcome to another episode of Realty Bytes - Conversations on Real Estate and Lifestyle.With your host, Evelyn Lopes, and today’s special guest, mortgage agent Walid Mutahar. In this episode, they discuss mortgage financing and specifically, the topic of refinancing.
Refinancing can be an excellent option for homeowners looking to lower their monthly mortgage payments, access their home equity, or even shorten the term of their loan. But why would someone want or need to refinance? Well, there are several reasons. One of the most common reasons is to take advantage of lower interest rates. If you can lower your interest rate by even a half a percentage point, it can save you thousands of dollars over the life of your loan.
Another reason people refinance is to access their home equity. Home equity is the difference between the current market value of your home and the amount you owe on your mortgage. Refinancing can allow you to tap int ...
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