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
Stress Test Best Practices Tool Kit
With the new Office of the Superintendent of Financial Institutions stress test rules firmly in place since January, Canadian homebuyers have learned they need to arm themselves with practical information on how they can ensure they are stress-test ready.
The following is a guide and best practices tool kit for those about to embark on securing their new or next mortgage:
Make a financial plan
Any time a big purchase is at stake, laying out a financial plan is always the best first step to take. By creating a plan, home buyers can protect themselves from increased interest rates and ensure they are staying on budget.
Have a contingency fund
Without question and now more than ever, home buyers need to establish contingency funds. Its incredibly important to have funds set aside when unexpected costs such as property repairs arise. An established contingency fund also looks good to financial lenders.
Pay off debts and increase downpayment
The most important tool in the Best Practices Tool Kit is to pay off debts as quickly as possible and maximize your down payment. If you already have a mortgage, increase the frequency of payments by taking advantage of what the financial institution offers such as accelerated bi-weekly payments.
Broaden search parameters
Although you may have an ideal neighbourhood in mind, it is important to also consider broadening those search parameters. Often there are homes in other neighborhoods that could be a perfect choice if you are willing to commute a little longer.
Im here to help you
I can help you to navigate confusion surrounding the stress test. Ultimately, being stress test ready means being ready for future increases in rate so that you can afford your next home comfortably on your budget.
Preventing Falls on Stairs
Accessible housing refers to homes that are designed or modified to enable independent living for all residents, including seniors or persons with disabilities. Accessibility can be achieved through architectural design and also by integrating accessibility features, such as lowered light switches, grab bars, walk-in bathtubs, lowered shelves and cupboards, modified furniture or by installing electronic devices in the home.
Stairs in the home can be dangerous and can be a barrier to accessibility unless they are designed or modified to reduce the risk of falls. If residents have limited mobility, it may be necessary to install ramps, home elevators or stairlifts to make the home safe and accessible.
A high percentage of Canadians who visit hospitals after a fall on or from stairs or steps in their homes are seniors (men and women 65 years or older). When seniors fall, the consequences can be severe and long-lasting.
Most falls on stairs can be prevented. Prevention starts by keeping in mind that there are risks in using stairs. Good planning and simple strategies can help prevent falls and injuries.
Click here for more information https://www.cmhc-schl.gc.ca/odpub/pdf/63637.pdf?fr=1441901329905