If you are looking to buy a home on rent-to-own and want to find out more information on how payments are structured, contact the mimortgage.ca team today. To get pre-approved today, apply now through our secure online website or speak to one of our agents at (866) 452-1100.
If you want to choose the home you are looking to buy for rent-to-own and would like more information, contact the mimortgage.ca team today. To get pre-approved today, apply now through our secure online website or speak to one of our agents at (866) 452-1100.
If you have found a home to buy for rent-to-own and need advice on down payment options, contact the mimortgage.ca team today. To get pre-approved today, apply now through our secure online website or speak to one of our agents at (866) 452-1100.
If have found the home for rent-to-own and need advice on setting the end price, contact the mimortgage team today. To get pre-approved today, apply now through our secure online website or speak to one of our agents at (866) 452-1100.
If you have a stable monthly income and also have money towards a down payment but unable to get a mortgage due to bad credit, you may still qualify for the rent-to-own program.
If you are considering rent-to-own and would like more information, contact the mimortgage team today. To get pre-approved today, apply now through our secure online website or speak to one of our agents at (866) 452-1100.
Are you looking to buy a home but having difficulty in getting a mortgage? Rent-to-own might be an option that is better suited for you.
If you have found the ideal home for rent-to-own and would like more information, contact the mimortgage.ca team today. To get pre-approval today, apply now through our secure online website or speak to one of agents at (866) 452-1100.
First-Time Home Buyers
A frequent question that we get asked from potential home buyers is “if there are tax credits for First-Time Home Buyers?” The federal government has introduced a tax credit initiative for first-time home buyers that will grant these buyers up to $750 in tax relief. More information pertaining to the first-time home buyers’ tax credit initiative can be found at Canada’s Economic Action Plan and Canada Revenue Agency.
Also did you know that a survey conducted by TD Bank has revealed that 44% of first-time buyers used mortgage brokers? This could be due to mortgage brokers taking on the role of a trusted adviser in guiding first-time buyers towards the most suitable mortgage option, in the recent past.
We hope the information on first-time buyer tax credit initiative has been helpful. When it comes to first-time home buying contact our team at (866) 452-1100 or via email for a free assessment.
Kim Parlee Vice President of TD Wealth and host of moneytalk@bnn interviews woman that empower other woman in business.
Kim Parlee Host of Moneytalk@bnn
Imagine 4 woman, a lawyer, a teacher, a financial planner and a graphics manager creating a company that sells their product worldwide in 97 countries as Mabel’s Labels. They went from a basement operation to a warehouse and 40 full time employees. And even more amazing after 10 years in an on-line business they went retail through Walmart Canada and Target in the US.
Women are building wealth of their own faster than at any time in history. Find out how Julie Cole and her partners filled a simple need to create a multi-million dollar business with labels.
Victoria Turner, first of Kim’s guests is a personal coach. She has devised ways to help you reach your personal wealth goals faster! In her interview Victoria has offered access to her Free Goal Setting Tool, so we are sharing it here with you now.
This is a three part series so grab a coffee and watch what might be a life changing video.
As much as looking to buy a home might be exciting, looking around for mortgages for money to purchase can be quite a daunting process. You will come to realize very soon, that you do not really know much about mortgages. A study conducted by Yale Law Journal has revealed that at least 33% of the participants, even after signing their mortgages did not thoroughly comprehend the terms and conditions stated in their mortgages.
Here are a few steps that will be helpful to understanding how the process works:
Step 1: Deciding on the property
Are you looking for a new build and custom build? There are mortgages available for those of you, who are looking to build a house from scratch or buying a newly built property. Builder and construction mortgages are available to facilitate your funding requirements. By speaking to a mortgage broker ahead of time will help you to understand if you qualify for a mortgage.
If you are looking to buy home that has already been built, you may want to consider if house or a condominium, best suits your purpose.
Step 2: Pros and cons of condominiums
A condominium is convenient and offer security. If a condominium is the way forward, you will need to consider the additional monthly charges of condo fees that you incur, along with your mortgage payments and property taxes. The advantage of condo fees is that maintenance of the building will be the responsibility of the property management company. The fee in certain condominium buildings may include heating and water bills.
Whereas if you own a residential property you are liable to mortgage payments, property taxes and utility bills. However, any damages to the residential property will be an added cost to you.
Step 3: Setting a housing budget
Just as much as the location of your home matters when you are looking to buy a home, it is equally important to set yourself a realistic budget for your monthly payments such as mortgage payments, property taxes, utility bills and other monthly incidental expenses. The point is to ensure that you do not take on a hefty mortgage that you are unable to maintain as time goes by.
Starting to put aside extra cash in to a savings account in anticipation of these payments or staying on in rented accommodation until you improve your financial standing will be a smart move. Speaking to friends and family who are homeowners will be a great way to gather information on the buying a home and to get an indication of monthly payment amounts.
Steps 4: Down payment and other expenses
Depending on the property and your financial standing, the down payment requirement may vary from little as 5 percent up to 20 percent on the 
mortgage. A down payment of 20 percent and the mortgage applicant being able demonstration high income will be beneficial towards getting high insurance premiums on the property waived off. This will also result in the smaller interest payments on the principal and will not have a big impact on the payments, should there be an increase in interest rates.
The escalating housing prices can be a dampener on your attempts to save towards a down payment. In addition to the down payment, mortgage applicants are required to have money in their account for all other ancillary fees such as legal fees and disbursements, property transfer taxes, appraisal fees, inspection fees and other fees as these payments are not covered by the mortgage.
Step 5: Planning savings
Inquiries on the process of obtaining an approval on a mortgage should be done in advance and planned accordingly. Apart from saving money, some potential applicants may need to plan out how they can improve their credit scores. First-time buyers may have the option of withdrawing the down payment from an RRSP and arranging the repayment over a period of time.
Mortgage Intelligence provides competitive rates, advice on mortgage approvals and solutions to their clients.
Read the full article for more information:
Original article by Golden Girl Finance
We hope the above steps are helpful and informative. When it comes to home buying, call the team at (866) 452-1100 a free assessment and let us assist you.
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