Title
Related Posts
Andrew Mckay
Sales Representative
705 441 3179
Contact Me
Follow Me On:
Categories
- 365 Things to do in Wasaga Beach
- Neighbourhood Photos
- Videos
- Market Updates
- Listings
- Stonebridge Town Centre
- Open Houses
- New Build
- Financing
- The World Of Real Estate
- Investment Opportunities
- MLS® Photo Disasters
- I Feel Good
What's Going On At The Beach?
Wasaga Beach Guide
First Time Buyers
Working with a REALTOR®
- Understanding Agency Relationships
- Buying A Home
- Selling Your Home
- Ontario Real Estate Forms Explained
Calendar of Events
| S | M | T | W | T | F | S |
|---|---|---|---|---|---|---|
| 29 | 30 | 31 | 1 | 2 February 2, 2012x | 3 February 3, 2012x | 4 February 4, 2012x |
| 5 February 5, 2012x | 6 February 6, 2012x | 7 February 7, 2012x | 8 February 8, 2012x | 9 February 9, 2012x | 10 February 10, 2012x | 11 |
| 12 | 13 February 13, 2012x | 14 February 14, 2012x | 15 February 15, 2012x | 16 February 16, 2012x | 17 February 17, 2012x | 18 February 18, 2012x |
| 19 February 19, 2012x | 20 February 20, 2012x | 21 February 21, 2012x | 22 February 22, 2012x | 23 | 24 February 24, 2012x | 25 February 25, 2012x |
| 26 February 26, 2012x | 27 February 27, 2012x | 28 February 28, 2012x | 29 February 29, 2012x | 1 | 2 | 3 |
Blogroll
4 Questions A First Time Buyer Should Know About Mortgages
Buying a home is exciting but first time buyers shouldn’t forget the realities of home ownership like the mortgage
Dropmyrate.ca provides this information for first time buyers:
How Much Down Payment Do I Need?
You only need to have a 5% down payment to purchase a home. You should also make sure that you have a little extra for closing costs; for example Land Transfer Tax, your Lawyers Fees, etc.
The 5% can be withdrawn from an RRSP. It can also be borrowed from another source, i.e. a credit card or line of credit. Your downpayment could also come from a Gift from a family member or friend.
What is a Pre-Approval?
A Pre-Approval is when your Mortgage Broker processes a Mortgage Application for you and gets you pre-qualified to purchase a home. This is beneficial in so many ways most importantly:
-tells you how much you can afford so you know what price range of home you should be shopping for
-gives you a competitive edge when placing an offer over another bidder who is not pre-approved
What is the First Time Home Buyers Tax Credit?
Visit the Government of Canada website for more information and speak to your Tax Accountant to see if you qualify
What type of Mortgage should I choose?
Speak to your Mortgage broker about the benefits of each type of mortgage. You probably will have a choice between a Fixed Rate Mortgage, and a Variable Rate Mortgage. With some lenders a Variable Rate mortgage can be converted at any time to a Fixed Rate, so you can have the benefit of both. Many first time homebuyers feel more comfortable with a Fixed Rate Mortgage, so they can easily budget their monthly payments.
