Questions about the Mortgage process?
General Mohamed Mahmoud 30 Mar
Feel free to reach out 647 901-7918 info@modomortgages.ca https://calendly.com/info-36037/30min?month=2022-03
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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 […]
Read MoreCan I make a large purchase after I’ve been approved for a Mortgage?
FAQs Mohamed Mahmoud 18 Mar
I do not recommend it! A lender can pull their credit at any time prior to closing if the original information on the approval changes. Making big financial commitments like a car or financing furniture can result in your approval being declined!
Read MorePurchasing 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.
Read MoreClosing Costs could be anywhere between 1-4% of the purchase price.
First Time Home Buyer Mohamed Mahmoud 10 Mar
I hear about default insurance, what is it and what does it mean?
FAQs Mohamed Mahmoud 4 Mar
If you’re putting anything less than 20% down when purchasing a home, Mortgage default insurance is mandatory in Canada and allows consumers to purchase homes with a minimum of 5%.
Read MoreRRSP
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?
Read More2022 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 […]
Read MoreMortgage 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 […]
Read MoreWhat is title insurance, and do I need it?
FAQs Mohamed Mahmoud 25 Feb
When you purchase a property, whether a single family home, condo or cottage, you buy the title. The registration of that title confirms that you’re the rightful owner. Most transactions include a lender’s title insurance policy which protects the loan and helps the deal close faster, but only an owner’s policy will offer you protection […]
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