Financing Tips | Evelyn Lopes Realty Team_Blog

Thursday, October 19, 2023   /   by Evelyn Lopes

How to Use Your Investments for Easier Mortgage Approvals- BMO Savers Mortgage

Unlock Financial Flexibility with BMO's Saver's Advantage Program: An Overview
Navigating the maze of mortgage approval can be a challenge, especially if you find that you don’t fit neatly into standard lending criteria. Whether you’re a retiree, self-employed, or a high net-worth individual, BMO’s Saver’s Advantage Program may be the solution you’ve been searching for. In today’s blog post, we will provide an overview of this revolutionary program that leverages your investments and savings to make mortgage approval easier than ever.
What is the Saver’s Advantage Program?
The program is designed for those who may not meet standard lending conditions but have a strong portfolio of savings and investments. Instead of shutting the door on these clients, the Saver's Advantage Program offers a pathway to mortgage approval by acknowledging these assets.
The Power of Indirect Leverage
One of the cornerstones of this program is the concept of ...

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Monday, September 25, 2023   /   by Evelyn Lopes

From Agreement to closing- What happens after the agreement of purchase and sale is signed?

Ever wondered what happens after you sign the papers to buy a house? Buying a home is a big deal, and there are many steps to take before you get the keys. Let’s look at the process and break it all down into simple steps transitioning from accepted offer to the closing and move in day.
Step 1: Sign the Papers and Pay a Deposit
First, you and the seller will sign a contract called an "Agreement of Purchase and Sale." This document spells out in writing everything about the purchase of the house including, the legal description of the property, the agreed upon purchase price, the deposit amount, any conditions that are part of the agreement such as conditions on financing, home inspection, status review if it is a condo. Essentially, this paper says you agree to buy the house and how much you'll pay for it. It will also detail the closing date- or day on which you plan to move into or out of the home if you are the seller. After signing, you'll give some money as a deposit. ...

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Tuesday, May 23, 2023   /   by Evelyn Lopes- Klarine

The Canadian Mortgage Mystery: Why is my neighbours kid GETTING A BETTER MORTGAGE RATE than me?

Navigating the Canadian Mortgage Landscape: A Comprehensive Guide

 

Picture this: You're on your usual neighborhood walk, a time for calm and thought, when you overhear words like 'mortgage', 'rates', and 'policies, stirring a sense of curiosity in you.

Not long ago, you got your own home loan. You had saved up a sizable downpayment, your credit score was great, and your job was steady. Yet, the word on the street is that your neighbor's young son, only a few years into his first job, just got a home loan too. What's more, he's got a better interest rate than you do! Despite your financial stability and good credit, somehow he managed to secure a better deal. How could that be?

 

There's a new topic of conversation in town about changes in lending rules, which is causing a stir in the usually straightforward world of home loans. Apparently, lending rules have changed. "What's going on?" you wonder.

 

Today, we're going to dig into this puzzlin ...

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Monday, May 8, 2023   /   by Evelyn Lopes- Klarine

Mortgages Update and Co-Ownership Programs

Mortgages  Update and Co-Ownership Programs
Co-ownership mortgages are a financing option that is becoming increasingly popular among homebuyers, especially for those looking to enter the high cost housing market within the Toronto GTA, such as the first time home buyer. In this type of mortgage, home buyers come together with a co-equity partner and a lender in order to qualify for and purchase a property, sharing the costs and equity positions of homeownership.
So, what does a co-ownership mortgage look like? Some of the new co-ownership programs assist buyers with their down-payments and with some of the costs of purchasing a home such as land transfer taxes for a return in the equity of the property down the line. The co-owners will typically sign a legal agreement outlining each party's responsibilities and rights, such as how they will split expenses and how they will handle the sale of the property if one party wishes to exit the arrangement.  A co-ownership agreem; ...

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Tuesday, April 25, 2023   /   by Evelyn Lopes- Klarine

PRE CONSTRUCTION UNITS_ Investing & Financing Tips

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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Information is provided exclusively for consumers’ personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Data is deemed reliable, but is not guaranteed accurate by the MLS®. Copyright 2024 Last Updated April 16, 2024
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