Closing Costs

First Time Home Buyer Mohamed Mahmoud 19 Jan

I’ve put together an estimate of different costs associated with buying a home, other than the down payment.

This is what’s known as ”closing costs”, and the lender will want to make sure you have a minimum amount available for closing costs over and above the required down payment.

Usually a minimum of 1.5% of the purchase price needs to be available and proven to the lender.

Please note this is only an estimate, and the amount will be more or less depending on several factors.

Here is a link to learn more about your own Closing Costs.

https://dlcapp.ca/app/mohamed-mahmoud/report/33O-7jPooDIvXWdgCzSb?lang=en-ca

What should I consider if I’m refinancing?

FAQs Mohamed Mahmoud 14 Jan

Great question!

It’s important to know that you can only tap into 80% of the value of your home. Minus your owing balance and associated costs.

Also, you would have to re-qualify under the current rates and rules

How does my credit affect my Mortgage rate?

FAQs Mohamed Mahmoud 7 Jan

Yes, your borrowing power is increased with a higher credit score, and in many cases most lenders offer better products.

Most lenders will generally require a score over 680.
The score on your consumer report may differ from the one your Mortgage Professional and lender pull, which is usually more detailed and has more risk measurements

Make sure to consult you Mortgage Professional to have a good idea where you stand in terms of your credit score.

2022 BOC (Bank Of Canada) pre-scheduled rates

Market Trends Mohamed Mahmoud 6 Jan

For those of you with Variable rates who want to keep an eye on its movements.

8 announcements are made by the Bank Of Canada each year to determine the BOC (Bank Of Canada) rate, which will affect Variable rates.

Take a look at the 2022 pre-determined schedule.

GST/HST?

First Time Home Buyer Mohamed Mahmoud 5 Jan

GST/HST:

This tax is only charged on brand new homes or substantially renovated homes. If a property is valued at $450,000 or less, and will be your primary residence, you may be eligible for a partial rebate but certain conditions may apply.

Contact your lawyer/ notary for more detailed information.

Mortgage Life Insurance

Mortgage Tips Mohamed Mahmoud 4 Jan

Life happens. Protect your family and the family home to ensure that it will always be there, no matter what life deals you.

This is an optional term insurance which ensures that if there are multiple borrowers, and one passes away, the remaining mortgage will be covered and paid out.

Life I