Townhomes in Pringle Creek Whitby for sale
Agnes Buss Real Estate Sales Representative and Realtor serving you since 1999!
Whitby Heritage House - Centennial Building
Heritage houses, grand homes near Award Winning Whitby Public Library
Whitby's historic Anglican Church of saints in Historic part of Whitby
Victorian homes and boutique shops in downtown Whitby home neighbourhood
Brand new construction custom bungalow and 2 storey executive homes in Whitby, Durham, Oshawa, Pickering
This is the site to find free info on Durham region brand new homes, resale homes and properties, towns, bungalows, detached and semi homes and condos in Whitby, Pickering, Ajax, Oshawa, Coutrice and Bowmanville!
Agnes Buss real estate agent in Whitby specializing in new homes projects, Monarc, tribute, GreenPark and Homes in communities of Pickering, Ajax, Bowmanville, Historic homes and heritage properties. Staged homes in Durham region. Power of Sale Homes in Durham. House hunting free buyer incentives too.
Right at Home Realty Inc. REALTOR
895 Don Mills Rd., Suite 202 Toronto, Ontario M3C 1W3
895 Don Mills Rd., Suite 202 Toronto, Ontario M3C 1W3
Agnes Buss Real estate agent sales representative
free first time home buyers information about buying in the Greater Toronto Area, Toronto real estate resale homes purchase, listing agents, toronto buyer agents, estate homes and sales, toronto new houses, condo, condominiums, commerical properties, investment properties in the GTA.
Agnes Buss, B.Com
Sales Representative
free first time home buyers information, friendly agent
Feature Homes
Agnes Buss,
B.Com.
Sales Representative
Right at Home Realty Inc., Brokerage
Dream Home
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Getting the perfect Mortgage
Your mortgage agent can help you determine how much you can afford (perhaps even obtain a pre-qualified approval), and you`ve selected a Mortgage that`s right for you. This allows you to act quickly when you find the perfect home. As soon as your real estate agent draws up an Offer To Purchase between you and the vendor (this agreement sets the final price and all the conditions of sale), go back to your mortgage agent and your deal is almost complete.
Applying For Your Mortgage - A Checklist
1) A copy of the accepted Offer To Purchase and the land survey.
2) A salary letter from your employer.
3) Self-employed individuals need financial statements for the past 3 years as well as personal income tax returns.
4) Confirmation that your down payment came from your own resources (i.e. bank statements or a gift letter).
5) A list of all your assets and debts along with account numbers.
6) A copy of the Real Estate Listing if buying an existing home.
7) Condominium financial statements, if applicable.
If you are buying a home to be constructed, bring a picture of the property, a copy of the building plans and specifications, the land survey, plus your agreement with the builder.
2) A salary letter from your employer.
3) Self-employed individuals need financial statements for the past 3 years as well as personal income tax returns.
4) Confirmation that your down payment came from your own resources (i.e. bank statements or a gift letter).
5) A list of all your assets and debts along with account numbers.
6) A copy of the Real Estate Listing if buying an existing home.
7) Condominium financial statements, if applicable.
If you are buying a home to be constructed, bring a picture of the property, a copy of the building plans and specifications, the land survey, plus your agreement with the builder.
Arranging your mortgage doesn't have to be a baffling experience.
Buying a home today is an extremely attractive proposition. Interest rates are at their lowest in decades and the housing market is full of homes to suit just about any budget or family requirement. Still, you'll inevitably have to deal with financing and this will mean taking on a mortgage.
Sorting through the numerous mortgage options available to today's home buyers can be intimidating for everyone from first-time purchasers to long-time owners. The rules seem to change constantly and there's a smorgasbord of terminologies to learn.
Fear not--the basics are fairly simple and there are a host of real estate professionals more than willing to help, with your REALTOR and bank's mortgage specialist at the top of the list.
Buying a home today is an extremely attractive proposition. Interest rates are at their lowest in decades and the housing market is full of homes to suit just about any budget or family requirement. Still, you'll inevitably have to deal with financing and this will mean taking on a mortgage.
Sorting through the numerous mortgage options available to today's home buyers can be intimidating for everyone from first-time purchasers to long-time owners. The rules seem to change constantly and there's a smorgasbord of terminologies to learn.
Fear not--the basics are fairly simple and there are a host of real estate professionals more than willing to help, with your REALTOR and bank's mortgage specialist at the top of the list.
Mortgage Arrangements Made Easy
Nonetheless, you'll want to at least familiarize yourself with the mortgage process, how to arrange one and the different financing strategies involved.
First, it's necessary to know exactly which kinds of institutions will lend you money. Banks and trust companies lead the pack, but credit unions and private lenders also offer funds.
There's also an option to consult a mortgage broker. Brokers have access to a wide variety of lending sources, including domestic banks and trust companies, but they can also employ other alternatives such as pension funds, real estate syndicates and foreign banks.
You may also find yourself in a situation where you can 'assume' an existing mortgage held by the seller. Advantages of assuming a mortgage are that you can speed the buying process due to reduced paperwork and save money in lower legal fees and closing costs. A disadvantage is that the current lending rate may be less than that of the assumed mortgage.
Now that you have an idea who will lend you money, you'll need to know the different kinds of mortgages that are offered. The most common by far is the 'conventional mortgage.' Lenders will loan you up to 75 per cent of the appraised value or purchase price of the property (whichever is lower), and you must come up with the remaining 25 per cent yourself. Many people save specifically for this purpose, but in some cases, alternate or 'secondary' financing maybe available.
A 'high-ratio' mortgage is one alternative if you don't have the 25 per cent down payment. These are available for up to 95 per cent of the appraised value or purchase price of the property (whichever is lower) to a maximum set by government regulation. The proviso is that high-ratio mortgages must be insured, and the cost, from one to three percent of the mortgage amount, falls to you.
'Variable-rate' mortgages are usually offered for both conventional and high-ratio mortgages. Typically, your monthly payments remain fixed for the term, while the interest rate fluctuates with economic conditions. This means that if interest rates climb, you'll be paying more per month in interest. If rates drop, you'll then be paying more off your principal. Conversely, 'fixed rate' mortgages maintain the same rate of interest over the entire negotiated term.
There are some other concepts to become familiar with that will impact your mortgage and financial well-being.
Amortization refers to the time period in which the mortgage is assumed to be paid. A common amortization period is 25 years. This means interest and principal payments are set as if you were paying the amount borrowed over a 25 year payment schedule. Obviously, the shorter the amortization period, the less interest you will pay.
Prepayment privileges are very important for borrowers to consider. These arrangements allow you to pay money against the principal, reducing the total amount of interest you'll ultimately pay.
Open mortgages generally denote those that allow prepayment with few restrictions, while closed mortgages carry no prepayment options.
Don't be daunted by the many concepts and terms regarding mortgages. Arranging one isn't that difficult--all it takes is a little brushing up on your part and the experience and advice of a good REALTOR or mortgage professional.
First, it's necessary to know exactly which kinds of institutions will lend you money. Banks and trust companies lead the pack, but credit unions and private lenders also offer funds.
There's also an option to consult a mortgage broker. Brokers have access to a wide variety of lending sources, including domestic banks and trust companies, but they can also employ other alternatives such as pension funds, real estate syndicates and foreign banks.
You may also find yourself in a situation where you can 'assume' an existing mortgage held by the seller. Advantages of assuming a mortgage are that you can speed the buying process due to reduced paperwork and save money in lower legal fees and closing costs. A disadvantage is that the current lending rate may be less than that of the assumed mortgage.
Now that you have an idea who will lend you money, you'll need to know the different kinds of mortgages that are offered. The most common by far is the 'conventional mortgage.' Lenders will loan you up to 75 per cent of the appraised value or purchase price of the property (whichever is lower), and you must come up with the remaining 25 per cent yourself. Many people save specifically for this purpose, but in some cases, alternate or 'secondary' financing maybe available.
A 'high-ratio' mortgage is one alternative if you don't have the 25 per cent down payment. These are available for up to 95 per cent of the appraised value or purchase price of the property (whichever is lower) to a maximum set by government regulation. The proviso is that high-ratio mortgages must be insured, and the cost, from one to three percent of the mortgage amount, falls to you.
'Variable-rate' mortgages are usually offered for both conventional and high-ratio mortgages. Typically, your monthly payments remain fixed for the term, while the interest rate fluctuates with economic conditions. This means that if interest rates climb, you'll be paying more per month in interest. If rates drop, you'll then be paying more off your principal. Conversely, 'fixed rate' mortgages maintain the same rate of interest over the entire negotiated term.
There are some other concepts to become familiar with that will impact your mortgage and financial well-being.
Amortization refers to the time period in which the mortgage is assumed to be paid. A common amortization period is 25 years. This means interest and principal payments are set as if you were paying the amount borrowed over a 25 year payment schedule. Obviously, the shorter the amortization period, the less interest you will pay.
Prepayment privileges are very important for borrowers to consider. These arrangements allow you to pay money against the principal, reducing the total amount of interest you'll ultimately pay.
Open mortgages generally denote those that allow prepayment with few restrictions, while closed mortgages carry no prepayment options.
Don't be daunted by the many concepts and terms regarding mortgages. Arranging one isn't that difficult--all it takes is a little brushing up on your part and the experience and advice of a good REALTOR or mortgage professional.
Sign up for BEST RATES ALERT:
If the payments are about the same, you will be further ahead financially by making payments on a mortgaged home rather than paying rent on a house or apartment. Paying down your mortgage is like earning the interest that you are paying on it, tax free.
Making no attempt to repay a mortgage is the worst thing that a borrower can do.
The size of mortgage that you qualify for will be greatly affected by the level of your debt at the time of your mortgage application.
Making no attempt to repay a mortgage is the worst thing that a borrower can do.
The size of mortgage that you qualify for will be greatly affected by the level of your debt at the time of your mortgage application.
When renewing your loan or selling your house, look for options and features that afford you with the maximum amount of flexibility. The faster you pay down your mortgage, the sooner you will have extra capital for investments. Look for a mortgage that offers the best prepayment privileges. Increasing the frequency of mortgage payments will reduce overall interest costs.
As a general rule, you should not spend more than 30% of you gross combined family income on mortgage payments. When purchasing a home, always remember that the price is negotiable and that you can make a counter offer. Remember that flexibility allows a homeowner to exploit their cash flow and pay down the principal faster. The flexibility is negotiated before you sign on the dotted line, not after. Shop around for the lowest possible interest rate when purchasing a mortgage or any other loan.
As a general rule, you should not spend more than 30% of you gross combined family income on mortgage payments. When purchasing a home, always remember that the price is negotiable and that you can make a counter offer. Remember that flexibility allows a homeowner to exploit their cash flow and pay down the principal faster. The flexibility is negotiated before you sign on the dotted line, not after. Shop around for the lowest possible interest rate when purchasing a mortgage or any other loan.
Mortgage Tip #3
Beware of the mortgage pre-approval trap as it might have you paying too much for your dream home if you accept the mortgage before you sign the offer. Just because you can borrow a large sum of money doesn't mean that you should necessarily spend that much. Remember that if you are changing mortgage lenders, the same qualifying factors may apply. You may be facing both legal and appraisal fees so investigate all associated costs before you act.
Shop around for the best deal on a mortgage before getting the pre-approval in writing. You can reduce the amount of interest paid over the life of your mortgage by opting for a shorter amortization period. If you are guaranteed an appreciation rate that is a few points above inflation and the monthly costs of renting are the same as buying, it is a good time to purchase a home.
Shop around for the best deal on a mortgage before getting the pre-approval in writing. You can reduce the amount of interest paid over the life of your mortgage by opting for a shorter amortization period. If you are guaranteed an appreciation rate that is a few points above inflation and the monthly costs of renting are the same as buying, it is a good time to purchase a home.
Typically, lenders are looking for you to invest 20% of the appraised value as a down payment towards a home. They will normally advance the balance of 80%. If interest rates have fallen when the time comes to refinance your mortgage, continue the same monthly payment schedule to pay off the principal sooner than anticipated.
If your monthly mortgage payment is an odd amount, ask the lender to round it up. For example, paying an additional $21.92 per month on an $800 monthly mortgage payment may not seem like a lot but it amounts to several thousand dollars over the life of the loan.
Making weekly payments on your mortgage is an effective way of paying off the debt quickly.
When the interest rates of most lenders are at the same level, the only way for them to compete is through the terms and conditions of the mortgage.
If your monthly mortgage payment is an odd amount, ask the lender to round it up. For example, paying an additional $21.92 per month on an $800 monthly mortgage payment may not seem like a lot but it amounts to several thousand dollars over the life of the loan.
Making weekly payments on your mortgage is an effective way of paying off the debt quickly.
When the interest rates of most lenders are at the same level, the only way for them to compete is through the terms and conditions of the mortgage.
Mortgage Tip #4
Need more help?
Contact Agnes Buss today for a personal and confidential consultation about what type of mortgage is right for you.
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