Mortgage Debt

A mortgage is both a debt and an investment in your financial future. It's a debt that you must pay, but it is also an investment through which you add to the equity in your home with each payment.

Mortgage Your Home not Your Future
How much home can you really afford?

When it comes to mortgaging a home, there is much more to think about than just the 'sticker' price.

Be certain that your monthly housing costs (mortgage principal payments plus interest, taxes, heating expenses, and applicable condo fees etc…) are no more than 32 percent of your household's gross monthly income.
Be certain your monthly debt load (monthly housing costs plus all other loans or required monthly payments, including car loans and credit card payments, does not exceed 40 percent of your household's gross monthly income.
Be prepared for extra expenses such as appraisal fees, property taxes, survey fees, property insurance, land transfer tax, legal fees, service charges, home inspection fees, mortgage loan insurance premium and application fee, moving costs, renovations, repairs.

Mortgage Pre-approval
We suggest that you be pre-approved before you go out shopping to determine how much of a mortgage you would qualify for. This amount is based upon your current income, current debts, job stability and credit rating.

Mortgage Rate
The factors to determine the mortgage rate would be your credit rating and the style of home you are buying. We then look at what you are available to put down for a down payment or whether you have one at all.

Once all of these factors have been determined, we would then get in writing the amount you would qualify for and the rate available. This could then be locked in for anywhere from 60 ­ 120 days, so you could go shopping for a home with the peace of mind that you are already pre-approved. Once the contract for the purchase had been written up, it is then given to the lender along with an appraisal (if necessary).

Mortgage Consultation
When you go to see the mortgage consultant for the first time, I suggest that you bring with you the following information:

Job letter
Last pay stub
Proof of down payment (bank statement)
Last 2 years of income tax return
This will make the process much quicker to finalize once you have found your home. With the help of a professional mortgage consultant, it is a smooth process and one that most people can enjoy.

Best Mortgage
What type of mortgage is the best mortgage for you?

The term of a mortgage, the interest rate, the amortization period and the payment frequency all have a direct impact on the size of your monthly payments and the overall cost of your mortgage. As a general rule a shorter amortization period is financially beneficial, as is the flexibility to increase your payment frequency or to make yearly lump sum payments without penalty.

Mortgage Down Payment
How much down payment do you need?

The larger your down payment, the lower you monthly mortgage payment can be, and the sooner you will be able to pay off your mortgage. The traditional down payment of 25 percent of the cost of the home, but you can get a 'high ratio' mortgage that allows you to put down as little as zero percent (although you'll need mortgage loan insurance for this type of mortgage). There are additional programs available for first time home buyers.

Mortgage Broker
Why choose a mortgage broker?

In today's volatile mortgage market, lenders are falling all over themselves competing for your business. Interest rates are fluctuating sometimes daily, new mortgage offers are springing up like wild flowers making it difficult to stay abreast of the times. For most home buyers, searching for the right mortgage is complicated and time consuming, therefore most rely on mortgage brokers who can readily identify the lender best suited for your specific needs.

A mortgage broker has a professional knowledge of the mortgage industry and will provide you with objective financial advice. Mortgage brokers have access to many lending institutions and therefore are capable of offering a full range of financial options.

They specialize in negotiating with financial institutions. Once your mortgage broker has identified your objectives and understands your needs, they will provide you with unbiased advice and options.

Mortgage brokers work for you, not the lender, though generally speaking the mortgage broker gets paid by the lender. The lenders provide a business referral fee to the mortgage broker for introducing you to and negotiating with the lender. In some instances a broker fee may be applicable. A mortgage broker's job is to look after your best interests.




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