Category: First Time Home Buyer

Getting your down payment ready

Buying a house? If you don’t buy property regularly—and most people don’t—you may need a refresher on the rules for mortgages and down payment sources. Not only will you need to prove that you can afford the mortgage, you’ll need to show your lender where you’re getting the money for your down payment. DOWN PAYMENTS […]

BEYOND YOUR DOWN PAYMENT: PREPARING FOR CLOSING COSTS

Saving to buy a home is so much more than putting together a down payment. Down payments receive all the attention as you save to buy a property. If you take some time to plan for other expenses related to closing on your property, you won’t be surprised by the actual amount you should have […]

What is the difference between an “Adjustable Rate” mortgage and a “Variable Rate” Mortgage?

ARM (Adjustable Rate Mortgage: ·Payments automatically change and go up/down with the Prime Rate to ensure you maintain the original amortization schedule of the mortgage ·Lender sends out a monthly reminder when payments change ·8 Bank of Canada rate announcements per year VRM (Variable Rate Mortgage): ·Payments remain fixed for the duration of the term […]

7 Questions to ask yourself before taking the home-buying plunge

7 Questions to ask yourself before taking the home-buying plunge Are you really ready? 1. How Healthy Is My Credit Score? A mortgage can be one of the biggest financial obligations you’ll ever take on, so why add to that burden by paying a high interest rate?Fact: The lower your credit score, the higher your […]