at Larry Uteck Blvd, Halifax Canada
I am an independent Mortgage Broker working under the Mortgage Managers brokerage.
85 FB users likes Carole Skelhorne Mortgage Broker Courtière hypothécaire, set it to 24 position in Likes Rating for Halifax, Nova Scotia in Bank/financial services category
If you are on the market for a mortgage, get in touch with me. I currently have a 5% cash back offer, valid until September 30, 2014
This is a note I received from clients this morning. This is why I got into the business :) "I want to thank you for everything that you have done for us, I truly didn't believe that this was possible. You have no idea how much of a difference you have made for us and our family and I cannot thank you enough for it. I will recommend you to anyone I know looking for a mortgage broker Thank you again"
Attended a great session with one of our leading lenders this morning....extremely informative!
Happy Canada Day to everyone!!
Learning so much new legal, credit and lender information this week. I'm loving this!
Thinking of getting your first mortgage? I can make buying your first home, and getting your first mortgage, easier by helping you through each of the following steps: • Why is getting pre-approved important? • What are all the costs of buying? • How much can I borrow? • Consider Purchase + Improvements • How much do I need for a down payment? • What are the first time home buyer incentives? Getting Pre-Approved Getting pre-approved or pre-qualified before shopping for a home is a very important first step in the home buying process. Finding out your credit rating, how much you qualify for based on your income and debt load, and if you have the proper income documentation are just a few of the key factors in making your home buying experience easier. Once you have finalized the purchase price and have signed a Purchase & Sale Agreement, you typically have 5-10 days to arrange your mortgage. If you try to arrange a mortgage at this point you will be under pressure to shop and apply for a mortgage, which often results in not finding the best mortgage for your situation or perhaps even not being approved because your debt ratio is too high, there an error on your credit report, or you cannot located the required paperwork. When this occurs, you may not be able to meet the financing condition within the required time. Therefore, you will likely lose the opportunity to purchase that home, and possibly your deposit. Costs of buying Some of the costs of buying a home may include: • Land Transfer Tax • Legal Fees • Home Inspection • Title Insurance • Fire Insurance • Life & Disability Insurance How much can I borrow? The amount that you can borrow depends on your Gross Income and your current Debt Load. Generally speaking, you can calculate the amount you can afford to pay monthly by multiplying your Monthly Gross Income by 40%. Then subtract your monthly loan and credit card payments. The amount remaining is the amount you can afford to pay for a monthly mortgage payment. Purchase + Improvements mortgage When you are buying a home, you may be able to add additional funds to do renovations or improvemetns to your new home. If you would like to finance these renovations, it is much easier and affordable to do when you are buying the home when you are allowed to finance up to 95% of the Purchase + Improvements. If you waited to try to finance the renovations when the mortgage is up for renewal, you will be disappointed to learn that you will only be able to finance up to 80% of the home's value. Often it will take 5 to 10 years to accumulate enough equity to access any cash under the 80% refinance rules. Down Payment Depending on your situation, you may or may not have a down payment. Generally, down payments are 5%, 10%, 15%, etc of the selling price. Not only does having a down payment give you more options, it reduces the amount you are financing and decreases the "high ratio" insurance premium. However, there are numerous reasons for someone not making a Down Payment on the purchase of a property, such as: • No Savings • Prefer to use cash to pay off other debts • Want to keep cash in other investments • Want to do improvements to the property after purchase • Will need to purchase furniture and appliances No Down Payment : 95% + 5% Cash Back: This Canadian Mortgage & Housing Corporation (CMHC) insured mortgage product is designed for clients with a good credit score and verifiable income. Under this program, the lender will "give" you 5% of the purchase price in addition to financing 95% on the mortgage. There is a small interest rate premium for this kind of mortgage. And, if you pay off the mortgage before the end of the Term, you would have to repay the 5% Cash Back on a pro-rata basis. Because this mortgage is CMHC insured, the lenders are able to offer very attractive interest rates. You will have to prove you have 1.5% (of the purchase price) in your savings account to be used towards your Closing Costs. However, in reality, you will need about 3% of the selling price to cover all of your closing costs. Home Buyer Incentives The Provincial & Federal Governments recently announced some additions & changes to the First Time Home Buyers programs. Federal Government Home Buyers Plan The Home Buyers' Plan (HBP) is a program that allows you to withdraw up to $20,000 from your registered retirement savings plan (RRSPs) to buy or build a First Time Home Buyers Tax Credit For 2009 and subsequent years, the budget proposes to introduce a new non-refundable tax credit, based on an amount of $5,000, for certain home buyers that acquire a qualifying home after January 27, 2009. First Time Home Buyers - New Home HST Rebate Available to buyers of newly constructed homes and is equivalent to 18.75% of the provincial portion of the HST (or 1.5 % of the purchase price), to a maximum of $3,000 per home where the agreement of purchase and sale is entered into on or after April 1, 2012. A maximum of $1,500 per home applies for agreements of purchase and sale entered into before April 1, 2012.
My heart goes out to the Moncton victims' families today and also to all police enforcement still out there. Be safe!
Attended Street Capital conference today. Extremely informative!