Mortgage terms are contracts and it is rare that you can break a contract without a penalty so it is important to really consider why you have to and the original terms you agreed to. There are times you can break it early, incur a penalty and have the new Mortgage pay for the penalty in savings.

Don’t be house rich and cash poor. We live in a beautiful country so
use your budget to ensure you have means to enjoy Canada after your mortgage is paid monthly.

The general rule of thumb is to allow approximately 32% of your
household monthly income before deductions to cover your monthly mortgage payment (including property taxes, heating costs and half of any strata fees).

Did you know? A great credit score includes keeping a balance on
credit cards at any given time that is below 30 percent of the total
card limit – and paying it off monthly.

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.

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 need to make sure you have personal condo insurance to cover any gaps!

Buying a home for the sole intention of residing in the dwelling
yourself can have big rewards! There is even room for a rental
component (mortgage helper), but it is key for the purchaser
to live in it! You may borrow up to 95% of any price for an
owner-occupied purchase in most urban areas. For investment
properties, the maximum loan is 80% and will have higher
insurance premiums

You were told that your minimum down payment was 5%. You
have that. However, did you know that you are also required to
show that you have an additional 1.5% of the purchase price
saved to cover closing costs such as legal fees?

Call/Email me to learn more
(647) 901-7948
info@modomortgages.ca

Did you know? Every 10% increase in payment shaves three
years off the amortization (life of mortgage) of a five-year variable mortgage term,
so every bit extra matters and can make a difference

Did you know? Renewal time is the perfect time to make a lump
sum payment on your mortgage because there are no prepayment
limits.