First Time Home Buyer Mohamed Mahmoud 8 Dec
Don’t be house rich and cash poor!
Allow approximately 32% of your household monthly income before deductions to cover your monthly Mortgage payment (including property taxes, heating costs and half of any maintenance fees).
Mortgage Tips Mohamed Mahmoud 7 Dec
Did you know?
Making a double mortgage payment once per year can shave over four years off the mortgage?
Ensure you get the best prepayment privileges.
It’s your mortgage so you deserve to double your payment without penalty! Doubling up your payment on average will save many years off your mortgage for 5 figure savings.
The My Mortgage Toolbox app can show you how
https://www.dlcapp.ca/app/mohamed-mahmoud?lang=en
FAQs Mohamed Mahmoud 3 Dec
In addition to your mortgage payments, you need to be prepared for:
1) Property taxes.
2) Home (fire) insurance .
3) Utility bills.
4) Condominium fees.
5) Routine repairs and maintenance.
First Time Home Buyer Mohamed Mahmoud 1 Dec
The ideal down payment for purchasing a home is 20%. However, I know in today’s market that it’s not always possible. Therefore, if you have less than 20%, you must account for default insurance.
Did you know?
If the purchase price is less than $500,000, the minimum down payment is 5%.
If the purchase price is between $500,000 and $999,999, the minimum down payment is 5% of the first $500,000, and 10% of any amount over $500,000.
For properties valued at or over $1M, you must have a minimum down-payment of 20%.
