It PAYS to shop around.
Many Canadian homeowners pay too much for their homes because they are not getting the best mortgage financing available in the market.
The mortgage process can be intimidating for homeowners, and some financial institutions don't make the process any easier.
But I’m here to help!
I’m a VERICO Mortgage Advisor and I’m an independent, unbiased, expert, here to help you move into a home you love.
I have access to mortgage products from over forty lenders at my fingertips and I work with you to determine the best product that will fit your immediate financial needs and future goals.
VERICO mortgage specialists are Canada’s Trusted Experts who will be with you through the life of your mortgage.
I save you money by sourcing the best products at the best rates – not only on your first mortgage but through every subsequent renewal. So whether you're buying a home, renewing your mortgage, refinancing, renovating, investing, or consolidating your debts — I’m the VERICO Mortgage Advisor who can help you get the right financing, from the right lender, at the right rate.
Rent vs. Buy - Five Year Scenario
No matter your situation, one of the main necessities in life is having a place that you, and possibly your family, can call home.
Given this assumption, it is probably safe to assume that the Rent vs. Buy debate is something you have thought about or discussed with family,friends and colleagues.
As a Mortgage Professional I like to let the numbers do the talking. Take a look at these two Five Year Plan scenarios:
Purchase Price of home: $250,000
Min. down payment required: $12,500
Five year fixed rate as of Feb. 21, 2014: 3.19%
Mortgage Amortization: 25 years
Monthly Principle and Interest Payment: $1,178.79
Estimated Monthly Property taxes: $200
Total Monthly Payment: $1,378.79
Estimated Annual Appreciation of Home (3% based onaverage for HRM):
$250,000 * .03 = $7,500
Estimated Value of home at the end of your Five year term(not compounding):
$250,000 + ($7,500 * 5) = $287,500
Balance owing after Five years based on Monthly payments:
Equity accumulated after Five years:
Monthly Rent: $1,000
Monthly Rent paid over five years: $60,000
Monthly Rent: $1,200
Monthly Rent paid over five years: $72,000
Monthly Rent: $1,400
Monthly Rent paid over five years: $84,000
I am sure we can all make the conclusion that we would rather have several thousands of dollars in Equity, as opposed to paying several of thousands of dollars to cover someone else’s mortgage.
However some of you may be saying to yourself this is great, and I can easily afford the mortgage payment, but the main obstacle to achieving this five year plan, is coming up with the start-up funds (i.e. down payment,Closing costs).
This is where setting up a consultation with an experienced Mortgage Professional can help get the ball rolling. There are different options available,depending on your qualifying details, to get you on track to purchase sooner then you may think.
So whether you feel like this is your time to buy, want to setup a plan, or are just interested in gathering information and options, I work for you and am here to help!
C – (902) 237 4472
10 Things to consider before your Mortgage Renews
When it comes time to renew your mortgage, it is very important to review all of your options. Roger and myself typically begin these talks anywhere from 1 year to 6 months prior to the renewal. Here are 10 things to maybe think about.
1- Have you explored all your options?
Once you receive your mortgage renewal statement, there's nothing easier then simply signing on for another term. But while this may make sense in many cases, your family or financial situation may have changed over time. We look for opportunities that could better meet your needs right now.
2 - Are you comfortable wit your payments?
If you've been feeling financially strapped each month making your mortgage payments, this could the time to reduce them to a more easily managed level. On the other hand, if you are earning more, why not pay down your mortgage faster and save thousands of dollars in interest over time.
3 - Do you need cash flow for other things?
Your priorities may have shifted since you first bought your home, and your cash flow needs can shift too. Things like paying for a child's university education, planning a career change, or a major purchase such as a vacation property may call for spending money on things other than your home. You may be able to refinance your mortgage to take this into account.
4 - Can you handle fluctuating rates?
Some homeowners are nervous about any hikes in interest rates. While others are comfortable to go with the flow. Rates are tough to predict. It's best to base your decision on your personal situation, not what you read in the news, and tailor your mortgage renewal around your needs. We can help you decide whether to opt for fixed or variable rates - and we don't want you to lose any sleep over your decision.
5 - Will you sell soon?
If you are likely to sell soon, consider a shorter-term mortgage or one that has flexible terms so you’re not penalized if you sell your house before the mortgage comes due.
6 - Are you thinking about a major renovation?
You know that projects such as a new kitchen or an addition can make your home more valuable, but the cost of having the work done can tie up a lot of money. Before you renew, look at all your financing options, which may include getting an additional line of credit or keeping your monthly mortgage payments low so you have money on hand to finance the renos.
7 - When do you want to be mortgage free?
If you’re planning extended time away from work or perhaps an early retirement, it may make sense to pay down your mortgage sooner rather than later. While increasing your payments will raise your monthly costs now, you’ll ultimately save on interest in the long term and can prepare for that fabulous, mortgage-free lifestyle.
8 - Could you use your home equity to fulfill other goals?
Refinancing a mortgage can be one way to free up cash you need for other things, which could even include buying another property. Mortgage renewal time is an ideal occasion to review all your options.
9 - Have your insurance needs changed?
If your financial situation has changed since you first took out your mortgage, review whether you need the same level of insurance in place to cover mortgage obligations.
10 - Are you getting the best rates and terms?
In a competitive mortgage environment, your good credit history can make refinancing work to your advantage. We have access to a very wide variety of lenders across the country, allowing us to always know where the best interest rate/term package can be found.