How Much Can I afford?

Mortgage Tips Mohamed Mahmoud 29 Mar

Budget should always come first before you qualify or are approved!
My Mortgage Toolbox app can help you determine how much you can afford!
This handy calculator can help to determine your total cost of owning a home, the minimum down payment you would need, the maximum loan you can borrow, an estimation of closing costs and calculate the results of a stress test for your mortgage to ensure you are covered.

https://www.dlcapp.ca/app/mohamed-mahmoud?lang=en

Purchasing a A Home with an income Suite

FAQs Mohamed Mahmoud 11 Mar

Yes, your income dictates the size of mortgage, hence a Mortgage helper adds income to your application and increases your Mortgage qualifying amount.

RRSP

First Time Home Buyer Mohamed Mahmoud 3 Mar

Did you know you can utilize up to $35,000 in RRSP for your down payment if you’re a first time buyer?

2022 Second Bank Of Canada Rate Announcement – Mar 2, 2022

Market Trends Mohamed Mahmoud 2 Mar

The Bank of Canada today increased its target for the overnight rate to 0.5% from 0.25%.

This means for those of you with Variable rate Mortgages, rates would increase by 0.25%

This translates to an approximate monthly increase of $13 per $100,000 Mortgage balance.

So if you have a Mortgage balance of $500,000, this would mean an increase of around $65 per month.

Also note that you if you have a Variable rate with static payments, your payments will remain the same, however the interest portion of that payment would increase.

Next announcement is on Wednesday Apr 13, 2022

Please feel free to reach out for further information pertaining to you specific situation.

647 901-7948
info@modomortgages.ca

Mortgage Tips Mohamed Mahmoud 1 Mar

Ask yourself these four questions to determine if you are ready to own a home:

1) Are you financially stable?

2) Do you have the financial management skills and discipline to handle this scale of purchase?

3) Are you aware of all costs and responsibilities as a home owner?

4) Are you ready to devote your time to regular home maintenance?