First Time Home Buyer Advice | 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, August 22, 2023   /   by Evelyn Lopes

Worried about buying a home?_ How to Avoid the 7 biggest home buying mistakes and regrets when buying a house

Mastering the Art of Regret-Free Home Buying: Your Ultimate Guide
Are you a future homeowner ready to embark on a journey towards finding your dream home? Exciting as it may be, buying a house comes with its fair share of challenges, pitfalls, and potential regrets. But fear not! In this comprehensive guide, we're spilling the beans on how to navigate the real estate market like a pro and achieve a regret-free home buying experience.
The Quest for a Regret-Free Home Purchase
Imagine walking into your new home with a smile of satisfaction, knowing you've made the right decision. That's the feeling we're here to help you achieve. Whether you're a first-time buyer or have been down this road before, our expert insights are designed to empower you with the knowledge and strategies needed to avoid common home buyer regrets.
Spending Wisely to Secure Your Future
In this chapter, we dive into the first crucial regret to avoid: spending more than necessary. We'll explore the ins and o; ...

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Tuesday, May 16, 2023   /   by Evelyn Lopes- Klarine

TIPS on How to OWN A HOME in high priced Toronto GTA- 5 Unique Approaches

TIPS on How to OWN A HOME in high priced Toronto GTA- 5 Unique Approaches 

Affordable Homeownership Strategies for Toronto GTA Communities! ????
Are you dreaming of owning a home in the vibrant Toronto GTA communities of Peel, Halton, Dufferin, or Wellington? We know that skyrocketing home prices can make it seem impossible, but fear not! We're here to share some creative and practical strategies to help you afford your dream home. From house hacking to tapping into your network for funding, we've got you covered. Let's explore these exciting options together! ????
House Hacking: Unlock the Potential of Your Home! ????

House hacking is a brilliant real estate investment strategy that allows you to generate income and offset your expenses by renting out a room or a basement apartment within your home. This extra income can even help you qualify for a larger mortgage, making homeownership more accessible. You can also explore unique opportunities like making your home avai; ...

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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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