FAQs Mohamed Mahmoud 29 Oct
Lenders look at 5 C’s.
1) Credit. (Your repayment history, age of accounts, credit utilization, credit inquiries, and mix of credit)
2) Capital (your down payment)
3) Capacity (your income to debt ratio)
4) Character (your income and type of employment. yes, they google you!)
5) Collateral (condition of the property, location, history, essentially the characteristics of the real-estate that will secure the Mortgage).
Latest News Mohamed Mahmoud 28 Oct
The Bank of Canada yesterday held its target for the overnight rate at the effective lower bound of 0.25 percent.
This means for those of you with Variable rate Mortgages, the rates will remain the same in the Bank’s projection, until sometime in the middle quarters of 2022
Next announcement is on December 8, 2021
Mortgage Topics Mohamed Mahmoud 27 Oct
Once you find your dream home and secure financing, you will need the expertise of a lawyer/notary to draw up the Mortgage documents and register them for you. This is the last step in the home buying process, but it is vital that it is handled with care.
Mortgage Tips Mohamed Mahmoud 26 Oct
Paying debt on credit cards is the most expensive means of carrying debt! Consolidating your debt will increase cash flow by lower rates and payments. Debt consolidation through refinancing can be a great option to pay off credit card debt, loans or a line of credit allowing you to manage a single monthly payment versus multiple payments.
General Mohamed Mahmoud 22 Oct
There are Monoline lenders who specialize in Mortgages. These types of lenders do not have branches and can be accessed through a Mortgage Broker. They have competitive products that can sometimes be better than your average bank and do not have any additional fees tied to them.
Mortgage Topics Mohamed Mahmoud 21 Oct
Pre-qualification with a Mortgage Professional helps verify your budget and allows your real estate agent to find the best home in your price range.
Quick Tip: Don’t forget about the closing costs! These range from 1 to 4% of the purchase price and should be factored into your budget.
Mortgage Tips Mohamed Mahmoud 20 Oct
While you might be able to house hunt on your own, there are many aspects of buying real estate that can be confusing to first time shoppers. A real estate agent provides an essential service that you can rely on for negotiating offers, organizing inspections and other details.
A good Realtors experience is valuable and can help guide you through the process. In addition, whatever money you might save on commissions could easily be spent on a botched offer or overlooked repairs that could be avoided with the help of an agent.
Mortgage Tips Mohamed Mahmoud 19 Oct
A Mortgage rate that is based on what’s called the ”prime rate”. This rate is also based on the Bank of Canada rate, which is announced eight times a year.
Variable rates offer the advantage of much lower prepayment penalties compared to Fixed rates, which in turn gives you the flexibility you need in case you need to make a change.
FAQs Mohamed Mahmoud 15 Oct
Closing costs are generally 1.5 % to 4% of the purchase price of your home.
It would be towards the lower end if your a first time home buyer, as you can get up to $4,000 rebate in land transfer tax. Or towards the higher end if you’re buying in the Toronto area.
Mortgage Topics Mohamed Mahmoud 14 Oct
To have the best success with your mortgage, it is recommended that you get pre-approved! This can be done through your Mortgage Professional to ensure that you get the best mortgage product FOR YOU, from the best rate to the best term agreement.
