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07/29/2021

Below are four tips on what to do and prepare to qualify for a home purchase:
* Know your credit score and do necessary credit repair and improvements. Looking to your past will help mortgage lenders know what to expect in the future. Are you able to pay your bills on time? Have you had late payments, disputes in the past with creditors, etc.? For large banks and credit unions, typically anything above 680 is considered good. For smaller banks and other lenders, a lower credit score is accepted.
* Find out what you can comfortably afford by using our mortgage calculator to calculate down payment, monthly mortgage costs, etc. A borrower’s capacity to pay the mortgage is one of the lender’s main focuses. There are a variety of factors that help determine borrower capacity which includes income, assets, and liabilities. Tip: reduce your debt.
* Work stability is a key consideration in your eligibility for a mortgage. The more consistent your income, tenure, and stability in your employment the better. New employment is fine as long as your income is guaranteed. For most non-salaried employment, such as self-employment, a lender will use an average of the last two years of your income.
* Get Pre-Approved! Learn what documents you’ll need to get a mortgage pre-approval.

07/16/2021

Homeowners who missed out on ultra-low interest rates earlier this year may have another chance.
The average interest rate on a 30-year fixed-rate mortgage fell to 2.88%, according to Freddie Mac, the lowest level since mid-February and the third consecutive weekly drop. The 15-year fixed-rate mortgage dropped to 2.22%.

"Since their peak at 3.18% in April, mortgage rates have declined by thirty basis points," said Sam Khater, Freddie Mac's chief economist. "While this decline is not large, it provides modest relief to borrowers who are purchasing in a market with strong home appreciation

What is a mortgage preapproval?When you’re shopping for a mortgage, you can compare options offered by different lenders...
06/24/2021

What is a mortgage preapproval?
When you’re shopping for a mortgage, you can compare options offered by different lenders.

Mortgage lenders have a process which may allow you to:

know the maximum amount of a mortgage you could qualify for
estimate your mortgage payments
lock in an interest rate for 60 to 130 days, depending on the lender
The mortgage preapproval process may be divided in various steps. It may also be called mortgage prequalification or mortgage preauthorization. Different lenders have different definitions and criteria for each step they offer.

During this process, the lender looks at your finances to find out the maximum amount they may lend you and at what interest rate. They ask for your personal information, various documents and they likely run a credit check.

This process does not guarantee your approval for a mortgage.

06/21/2021

Is it better to overpay mortgage or reduce term?

The lower, the better. Overpaying reduces the amount you owe and therefore may enable you to remortgage at a better deal – use the mortgage best buy comparison to see what's available for you.

06/17/2021

Rent Vs. Mortgage
When you lease, you pay off your landlord's mortgage; when you own, you pay off your own mortgage. If you live in an area where real estate isn't over-priced and you plan to stick around for at least six years, buying saves you money. Also, stay away from subprime mortgages. These are loans offered at rates greater than the prime to individuals who usually can’t qualify for prime rate loans. The extra interest and fees adds up and undermines the financial benefits of homeownership. It often makes more sense to rent for an extra year or two to get your credit in shape, and then apply for a regular mortgage.
What It Costs
Appliances break down, plumbing backs up, roofs leak. If you rent, the landlord foots the bill. If you own, you do. In fact, you'll probably spend about 1 percent of what you paid for your home each year on maintenance, according to personal finance expert and author, Eric Tyson. Before you buy, make sure that you have both enough cash flow and savings to deal with day-to-day upkeep as well as major emergencies.
Tax Savings
Owning a home is a mixed-bag, tax wise: You'll have to pay property taxes, but you can deduct them along with your mortgage points and interest payments from your income tax. Home improvements aren't tax-deductible, but the interest on a home improvement or home equity loan is. Additionally, Congress sometimes passes other tax credits that you can take for things like installing energy-efficient appliances.
Staying Put
If you buy a place, plan on staying put for awhile. Sure, you're building equity in your home, but that takes awhile and if your area experiences an economic downturn, you won't necessarily be able to sell or turn a profit. Plus, if things get really bad and you lose your job, homeownership means you'll have a harder time relocating to find new work.

06/13/2021

Closing costs, ranging from 1.5 to 4% of the purchase price, are the legal and administrative costs you will need to pay when your house closes. In addition to closing costs, there are other expenses and/or events that may require a cash outlay before, on or after your house closes. We will outline these in detail to ensure these often unexpected costs do not sneak up on you.

Mandatory closing costs covered by the home buyer
The following is a list of closing costs that are incurred by the home buyer
* Land Transfer Tax. Calculated as a percentage of the purchase price of your home, all provinces have a Land Transfer Tax (LTT) payable on closing, with the amount varying in each province. Some cities, such as Toronto, also have a municipal LTT.
* Legal Fees and Disbursements. You can expect to incur a minimum of $500 (plus GST/HST) on legal fees, which account for the preparation and recording of official documents. Find a residential real estate lawyer with MyClosingCosts.ca.
* Title Insurance. Today, most lenders require title insurance to protect against losses in the event of a property ownership dispute. This is purchased through your lawyer/notary and costs $100 - $300.
* PST on CMHC insurance. Though CMHC insurance itself is financed through the mortgage, PST on the insurance must be paid in cash at the time of close.

06/08/2021

A HELOC (home equity line of credit) is an alternative way to borrow. With a HELOC, your home’s equity becomes collateral to provide you with a supply of credit. You decide how much credit you need, when you need it, then repay it when you can. There is never a penalty to pay off your balance. A HELOC is flexible the way a loan isn’t. Once approved, a line of credit can be accessed any time, for any amount up to your limit. With a loan, you need to re-apply every time you want more funds. HELOCs have low interest rates (as low as Prime Rate +0.50%), making them less costly than credit cards and personal loans. Butlermortgage.ca has access to more than 45 Canadian lenders who offer a wide range of home equity products for all types of borrowers.

05/29/2021

Hiring a mortgage broker is one of the simplest parts of the home buying process, and yet, according to a survey by the Mortgage Professionals Association of Canada, 39% of first-time home buyers have a poor understanding of what brokers do and their role in the mortgage process. Once brokers’ services are explained, the likelihood of respondents to use one jump from 36% to 59% (and even higher as understanding increases). If you don’t know about the role that mortgage brokers play in the process of getting a mortgage, you could be leaving thousands of dollars on the table. Here are seven reasons why you should use a mortgage broker – even if you’ve never heard of them before.

Effective June 1st, 2021: Insured and uninsured must qualify at an interest rate of the greater of 5.25% or the contract...
05/26/2021

Effective June 1st, 2021: Insured and uninsured must qualify at an interest rate of the greater of 5.25% or the contract rate + 2%. ⠀⠀⠀⠀⠀⠀⠀⠀⠀
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The qualifying rate has been 4.79%. This means that you will qualify for a lower mortgage amount after June 1 with some lenders. ⠀⠀⠀⠀⠀⠀⠀⠀⠀
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If you plan to buy a home, refinance your mortgage or if your mortgage is up for renewal soon, message us to learn how this change affects you!

                                         

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Richmond Hill, ON
L4B, L4C, L4E, L4S

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