Posts Tagged ‘Featured Articles’
Closing Costs – What You Need To Know
Mortgage Closing Costs Explained More often than not first time homebuyers neglect to set aside enough money for their closing costs. They assume they can use all of the money they have saved for their mortgage down payment and are usually not aware there will be closing costs that will need to be covered on closing day. Closing Cost Advice The rule of thumb is to set aside 1.5% of the purchase price of your home or condo for closing costs. In fact most lenders will require you to prove that you have this amount in liquid assets ready to go on closing day. Most first time homebuyers in Ontario will get a portion if not all of their land transfer tax back, but the lender still requires you to have this cushion in case any unforeseen expenses arise. You will have to provide three month's worth of bank or investment statements showing you have these funds available....cash from a shoebox will not be considered acceptable. What is included in closing costs? Closing costs are made up of several items and depending on the ...
Why Use A Mortgage Broker – Part 1
I was meeting with some First Time Homebuyer clients of mine over the weekend and it really reminded me of why people should use a Mortgage Broker when looking for their mortgage financing. There are several reasons....and I think I will do a few more posts high-lighting all of them, but the ones that seemed to be most obvious this weekend is flexibility and convenience. Unlike most banks, your mortgage broker is probably working 7 days a week when and where it is convenient for the client. I don't have set office hours and most of the time I am meeting with clients outside of my office at a location and time that is most convenient for them. There is no need to take time off work or use your lunch break to receive professional mortgage advice and low mortgage rates. The banks are catching on and now have mobile mortgage sales forces that work similar to a broker....but they can still only provide mortgage options provided by the bank they work for. So next time your mortgage comes up for renewal and you want a ...
