"We offer mortgage solutions crafted with care, experience, and perfectly matched to your needs"
First Time Home Buyer
This is your first home and most likely the most money you have considered spending , well EVER!! But don’t panic, this is an exciting time and you should enjoy it. Setting yourself up for success is important so taking a few basic steps can make all the difference in the world.
The first step in your home buying journey is to confirm your downpayment. How much you have set aside for the downpayment impacts how much you can qualify for. For many people the downpayment comes with a little help from family, a gift from a parent or perhaps an inheritance. Many have been saving through an RRSP program, maybe through work. Did you know you can draw from your RRSP’s and not claim as income at tax time? The money you withdraw can be paid back over time with no financial implication to you. There are many ways to uncover a downpayment. I can help you confirm and in some cases, add to your downpayment.
The second step in your mortgage journey is ALWAYS a pre-approval. It all starts with knowing how much you can afford. Getting a pre-approval is important to keep you focused and able to narrow down your list of “must have’s” and things that are “nice to have”. There is nothing worse than falling in love with a home and finding out you can’t afford it.
The third step is to get educated. The choice you make will have an impact on future financial decisions so it is important to understand what kinds of choices you will need to make as you go through the process. Insured or conventional? What kind of term and amortization do you want? Fixed rate or variable rate? If this is already seeming daunting, don’t panic that is why I am here. My job is to provide you with the education and answer all of your questions so you make the best choice for you.
During the discovery call I can explore your current financial picture, collect downpayment information and discuss what type of mortgage may best suit your life stage right now. After this discussion I will have what I need to get you a pre-approval with a suitable lender. You and your Realtor will have what you need to focus your hunt for the perfect home, knowing that you are working within your means.
Refinance
Leveraging the equity you have built in your home over time is more common than you may think. People choose to refinance for many reasons – pay off high interest debt and provide some wiggle room to save for retirement or other opportunities, pay for tuition for children heading off to university, increase the value of your home by renovating or landscaping. The reasons are as personal as the people choosing this path.
Refinancing means paying out your exiting mortgage and replacing it with a new one of higher value. In most cases you can mortgage up to 80% of the homes current value, freeing up cash to solve a financial problem or invest in something important. Considering this financial strategy can have a big financial benefit when done properly. Paying out high interest debt can save thousands in interest over time. No matter the reason it is important to consider all the mortgage options available to you.
Your home was a significant step in your financial picture on the day you purchased it and it remains one of your most important assets, so understanding what refinance looks like and if it is a good fit for you is worth the conversation.
What are you trying to achieve? Will your home provide the capital you are looking for? Why not connect and ask me how?
Business for Self/ Self Employed
Being self employed has a lot of advantages, better work/life balance, working at something you are passionate about, being your own boss and having more control over your potential income, to name a few. Being self-employed also comes with some disadvantages, most notably securing a mortgage can be more challenging in comparison to someone who is traditionally employed. Getting a mortgage is absolutely possible, at competitive rates. Like anything financial you do, it just requires a little more paperwork than the average financial decision.
Consider the following to create a clear path to home ownership: First Proof of Income – majority of lenders are looking for 2 years of financial documents, like tax returns and Notice of Assessments. Review these documents so you can give me a more accurate value to your income for qualifying purposes.
Down Payment is always a factor in mortgage lending and as a self employed person. Being prepared to put more than 5% down can increase your chances of securing a mortgage and a better interest rate.
Finally consider your current debt. While the majority of people have some kind of debt they are repaying, like a car loan, student loan or credit cards, as someone who is self-employed you may also be carrying debt related to your business. Be prepared to discuss your full financial picture so that I can better align the right mortgage to your needs and advocate for you where necessary.
You have worked hard to get where you are today, let me help you to the finish line on this goal. Connect and I can get started today.