General Mohamed Mahmoud 28 Apr

At the palm of your hand:

Get an idea of how much you can qualify for, and calculate different scenarios depending on your situation!

Download the Mortgage app here

Leverage Your Equity!

Mortgage Tips Mohamed Mahmoud 26 Apr

You worked hard for that equity. Maybe it’s time you make that equity work for you.

Refinancing your mortgage can be a great way to leverage equity in your home to balance debt, do renovations or to support kids going off to college.

Through refinancing you can tap into 80 per cent of the value of your home but are required to re-qualify under the current rates and rules.

What documents do I need once my purchase offer is accepted?

FAQs Mohamed Mahmoud 22 Apr

Documents needed differ depended on the client, but generally, lenders are looking for documents to confirm the following:
1) Income
2) Credit
3) Down payment
4) Subject property
Feel free to reach out for more details
647 901-7948
info@modomortgages.ca
https://calendly.com/info-36037/30min?month=2022-04

2022 Third Bank Of Canada Rate Announcement – Apr 13, 2022

General Mohamed Mahmoud 13 Apr

The Bank of Canada today increased its target for the overnight rate to 1% from 0.5%.
This means for those of you with Variable rate Mortgages, rates would increase by 0.5%
This translates to an approximate monthly increase of $26 per $100,000 Mortgage balance.
So if you have a Mortgage balance of $500,000, this would mean an increase of around $130 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.
Static payments are offered by lenders such as TD and HSBC.

There are eight announcements per year.
Next announcement is on Wednesday Jun 1, 2022

Variable rates are linked to the Bank Of Canada overnight rate. The timing and pace of further increases in the policy rate, will be guided by the Bank’s ongoing assessment of the economy and its commitment to achieving the 2% inflation target.

Fixed rates on the other hand are linked to the bond market, which has already been on the rise since last year.
Please feel free to reach out for further information pertaining to your specific Mortgage situation.

647 901-7948
info@modomortgages.ca
https://calendly.com/info-36037/30min?month=2022-04