Mortgage Tips Mohamed Mahmoud 31 Aug
Did you know? If you’re new to the world of credit, consider the 2-2-2 rule. Lenders want to see two forms of resolving credit (ie: credit cards) with limits no less than $2,000 and a clean payment history for two years.
Read MoreFAQs Mohamed Mahmoud 27 Aug
You could get a lower interest rate, consolidate your debt, change your term or get a different mortgage or tap into your home equity to finance those renovations you’ve been dreaming about.
Read MoreMortgage Topics Mohamed Mahmoud 26 Aug
Most First Time Home Buyers are aware of down payment costs, but are not aware of closing costs. These are costs that go towards your legal fees, title insurance, and a few other costs that amount to anywhere between 1-4% of the purchase price of your new home. It is worth noting that when applying […]
Read MoreGeneral Mohamed Mahmoud 24 Aug
Life happens to families. If one income in the family is hindered not only does the family suffer but so can your mortgage. Protect your estate, your assets and your family and take a moment to hear about mortgage insurance. If you think mortgage protection is too expensive, think again! Mortgage insurance is vital to […]
Read MoreFAQs Mohamed Mahmoud 20 Aug
Great question! 1) It’s important to know that you can only tap into 80% of the value of your home. 2) You will need to pay a prepayment penalty, discharge, and legal fees, as this is considered a new Mortgage, and you will need to requalify for that Mortgage. 3 You can use a refinance […]
Read MoreDr. Sherry Cooper Mohamed Mahmoud 19 Aug
Canadian Existing home sales fell 3.5% on a month-over-month basis in July, marking the smallest of the four consecutive declines since March. The Slowdown In Canadian Housing Continued in July Today the Canadian Real Estate Association (CREA) released statistics showing national existing home sales fell 3.5% nationally from June to July 2021–the fourth consecutive monthly […]
Read MoreMortgage Tips Mohamed Mahmoud 17 Aug
Strata Management is KEY for the long term investment of a strata property. Elect a good council and be involved! Read the minutes, attend the meetings and give a voice. Don’t cheap out on future planning! If you’re purchasing a condo or townhouse within a strata you will have certain coverage under the strata but […]
Read MoreFAQs Mohamed Mahmoud 13 Aug
Yes, your borrowing power is increased with a higher credit score, and in many cases most lenders offer better products and rates. Generally, a score more than 680 is desirable to get the best options. Any score lower than that would a case by case scenario depending on the lender and strength of borrower. It’s […]
Read MoreMortgage Topics Mohamed Mahmoud 12 Aug
When talking budget, it is important to consider the purchase price budget, as well as your cash flow budget. Being house rich and cash poor makes for a no-fun home! The home price based on your cash flow budget may be dramatically different than the budget home price you qualify for. The benefit of a […]
Read MoreFAQs Mohamed Mahmoud 6 Aug
A fixed rate means you are locked in for a term (usually 5 years) and know your monthly mortgage payment. Variable rates are often lower than a fixed rate and fluctuate with the Bank Of Canada posted rate. However, there are lenders that offer variable rates with stable monthly payments, which means you get the […]
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