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 […]
Read MoreFAQs 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
Read MoreFAQs 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 […]
Read MoreMarket 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.
Read MoreFirst 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.
Read MoreMortgage 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
Read MoreFirst Time Home Buyer Mohamed Mahmoud 29 Dec
You will hear the word ”insurance” more than once! To avoid confusion, here are the types of insurance you might encounter in your home buying journey. Note that not all of them are mandatory depending on specific circumstances: 1) Mortgage Default Insurance: This is mandatory if you’re paying less than 20% down payment, and protects […]
Read MoreMortgage Tips Mohamed Mahmoud 28 Dec
Your home is a source of savings. Every dollar you save now better protects your future and your kids. Smart Mortgage financing and home equity use will make this a not-so-distant future!
Read MoreMortgage Tips Mohamed Mahmoud 22 Dec
Cancelling healthy, active cards or accounts hurts more as the payment history is lost. The average Canadian has 10 credit sources. As long as they are paid on time and the balance remains below 30% of the available limit, it is contributing positively to your score.
Read MoreGeneral Mohamed Mahmoud 21 Dec
Purchasing a home with less than 20% down means you will need default insurance. This amount is calculated based on your loan-to-value ratio (mortgage loan amount divided by the purchase price). Typically: 5% or minimum down payment: Premium = 4% of Mortgage amount 10% down payment: Premium = 3.1% of Mortgage amount 15% down payment: […]
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