Nadia Sinclair

If this is the year in which you resolved to buy your first house, youre about to enter a period in your life that is both exciting and nerve-wracking. With so many factors to consider before you sign the dotted line, the financial experts from Desjardins Group have some tips and suggestions to help get you started. First, can you even afford a house? Although interest rates are low now, its important to remember that they may increase in the future. Typically, mortgages are amortized over 25 years and are offered in six-month, five- or even ten-year terms. Be honest with yourself about what you can afford because your life and financial priorities will change. Second, secure your down payment Experts advise that prospective home owners should down a down payment of up to 20 percent of the houses value. One option is to borrow against your RRSP. Each person is eligible to withdraw $25,000 or $50,000 per couple. If you havent enough in your account, its possible to take a top-up RRSP loan to reach the right amount. Once you have bought your home, youll have 15 years to repay the amount to your RRSP. Another option is to put down 10 percent and to accept a higher mortgage loan insurance amount. Third, fixed or variable rate? A fixed interest rate offers stability and predictability, but you lose out on lower interest rates should they become available. The payments with variable interest rates also remain constant but there is the risk that interest rates may go up. This means more goes to your interest payment and less to your principal. If you cant choose between the two options, a split mortgage offers you the best of both worlds. Another idea for first time home buyers is to consider qualifying for a pre-authorized mortgage. This process evaluates your financial situation to determine the maximum financing amount for which you are eligible. That way when you start looking at houses you will know which ones fit your budget. Fourth, have enough to close Avoid closing sticker shock by knowing ahead of time what other fees and taxes youll need to pay, such as: Inspection fees: If you decide to purchase an existing home, this detailed report will focus attention on any hidden defects that will require repair in the short- and long-term. Appraisal fees: Your financial institution will request that an appraiser evaluate and determine the true value of the property you wish to acquire. Legal fees: You will be responsible for hiring a lawyer who will prepare, sign and register the various legal documents related to the purchase of the property. Additional taxes and fees: Transfer tax, property tax, school taxes, electricity and natural gas bills are due at sale closing. Mortgage brokers are an important part of buying owning a home. I am a knowledgeable advisor that can help you ensure you have the right mortgage at the best interest rate available. For more information about mortgages, feel free to contact me. Blog:https://www.mortgageweb.ca/en-US/NadiaSinclair/Blog/4260 Source:www.newscanada.com

I cannot think of a better time to be entering the world of mortgages. Anyone who knows me, knows that I am a born problem solver. I am extremely analytical and hardships have never scared me off. My aim is to always find the very best way. I enter the world of Mortgages with 20 years of accounting and entrepreneurship experience. Whether you are looking to purchase your very first home, to refinanceyour current mortgage, to purchase that rental property, or cottage financing, I will help you to find a way. There are currently a lot of resources being placed on the table, coupled with lowering rates. I will continue to keep abreast to know how they will affect my clients. As a member of an established brokerage firm, I have access to a large poolof active lenders, which includes: banks, credit unions, trust companies and private lenders, that will compete for your mortgage financiang. This can be done at no cost to you. I have intentionally placed myself in this position so that I can negotiate the very best mortgage for my clientele. With my background in accounting, my aim is to always work out a situation that will be best for you both in the short and the long term even in times of uncertainty. I have always done it for myself and now I am qualified as a Mortgage Agent to do it for you. If you seek a mortgage or loan that willbe best suitedfor your unique circumstance,viewed from both a short and long term perspective, I am your agent. I can be reached at (416) 301-3942 and I welcome your call.