With market conditions consistently changing it is important to get a mortgage that is aligned to your financial situation and real estate goals.
One of the first steps in the process of buying your home is finding out how much you can afford. Contact us for help identifying potential lenders, pre-qualifying for your loan, and gaining access to our network of Licensed Mortgage Brokers.
Mortgage brokers want to be your source for mortgage advice providing help, advice, and ongoing guidance.
For mortgage advice and help with purchasing your dream home, contact us to get started.
The legal contract between a purchaser and a seller. A professional REALTOR® has the knowledge and experience to best protect you with the most suitable clauses and conditions.
The number of years it takes to repay the entire amount of the financing based on a set of fixed payments.
The process of determining the market value of a property.
What you own or can call upon. Often used in determining net worth or in securing financing.
A legal document signed by a buyer that requires the buyer to assume responsibility for the obligations of an existing mortgage. If someone assumes your mortgage, make sure that you get a release from the mortgage company to ensure that you are no longer liable for the debt.
Equal payments consisting of both an interest and a principal component. Typically, while the payment amount does not change, the principal portion increases, while the interest portion decreases.
CMHC is a federal Crown corporation that administers the National Housing Act (NHA). Among other services, they also insure mortgages for lenders that are greater than 80% of the purchase price or value of the home. The cost of that insurance is paid for by the borrower and is generally added to the mortgage amount. These mortgages are often referred to as ‘Hi-Ratio’ mortgages.
A mortgage that cannot be prepaid or renegotiated for a set period of time without penalties.
The date on which the new owner takes possession of the property and the sale becomes final.
An asset, such as term of deposit, Canada Savings Bond, or automobile, that you offer as security for a loan.
A mortgage up to 80% of the purchase price or the value of the property. A mortgage exceeding 80% is referred to as a ‘Hi-Ratio’ mortgage and the lender will require insurance for that mortgage.
A system that assesses a borrower on a number of items, assigning points that are used to determine the borrower’s credit worthiness.
A loan where the balance must be repaid upon request.
A sum of money deposited in trust by the purchaser on making an offer to purchase. When the offer is accepted by the vendor (seller), the deposit is held in trust by the listing real estate broker, lawyer, or notary until the closing of the sale, at which point it is given to the vendor. If a house does not close because of the purchaser’s failure to comply with the terms set out in the offer, the purchaser forgoes the deposit, and it is given to the vendor as compensation for the breaking of the contract (the offer).
The difference between the market value of the property and any outstanding mortgages registered against the property. This difference belongs to the owner of that property.
Serving all of South Western Ontario from Owen Sound, Markdale and Tobermory to Collingwood, Wasaga Beach and Barrie. Including Grey & Bruce Counties, Simcoe County and Dufferin County.
Our team is ready to assist you with any and all of your Real Estate needs, including:
Provides you with a detailed written report that includes:
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