Katya Ells Dominion Lending Centres The Mortgage Source
208 Moffatt Street K7C 3K8 Carleton Place, ON, Canada

Calling anyone who wants to own a home in their future Now is a great time to gear up for the spring market! Whether it’s this spring or next spring, be prepared on what you can expect throughout the process and what it required when buying your first home DM me to secure your spot ... #firsttimehomebuyer #buyerseminar #mortgageagent #realtor

Costs to buy a home 1. Down payment: The minimum down payment you can have is 5%. Now there are other down payment assistant programs, or flex down payment programs you can consider if saving has been an issue for you. When putting a down payment less than 20% default insurance is automatically added to your mortgage loan. 2. Deposit: This is a cost that occurs when you have found a house and your offer is accepted. When creating an offer to purchase a home, you offer a dep...Continue reading

1. Get a real pre-approval. Have a call, a meeting, a zoom conference with a mortgage professional. Go over the documentation required understand what lenders are looking for, this pre-approval will tell you your maximum affordability, your potential monthly or bi-weekly payments and the next steps! You will either be ready to start house hunting or know what you need to do next to get there! 2. Know your numbers & be prepared. ... When you are house shopping it so important to know your number & costs associated with buying and maintaining. For first time buyers it isn’t common to have a mass amount of cash flow, but this makes it even more important to get the home inspection, or septic inspection. If you are using every last penny to make this purchase, then it turns out something is majorly wrong with the house structure, or needs a new septic ASAP, you’re going to wish you had spent the extra $500-700 vs. $30K after you own it. 3. Don’t stress about 20% down Many seem to be resistant to get into the market until they have the 20% down payment. When putting les than 20% down the default insurance is required and depending on the percentage you put down it will add another 2.80-4% onto your mortgage loan automatically. However; you will be offered better interest rates, helping you save on your monthly payments, pus you’ll be able to get into the market sooner. With the exponential growth the market has been having, the best time to buy is now no matter what the down payment. 4. Consider your Future. Buying a home is a commitment. Do you see your self living in this home for the next 5 years? In this town/city for the next 5 years? how much room is in your budget Not only for maintenance purposes but for still going out occasionally, treating yourself to coffee every now and then, or the big question: Do you want kids in the next 5 years? If you had a child with your current mortgage payment, would day care be affordable? Considering your future is important, you don’t want to max out your budget completely to find your future is house poor. 5. It’s okay to ask for help. I don’t know about you, but I am pretty stubborn- and independent. Sometimes it’s easy to let that get in the way of asking for help. Buying your first home can be challenging, even with stable income and good credit, saving up the down payment is typically the hardest part. Especially in this market, as house prices continue to increase, it may feel as if your target of saving 5, 10 or 20% is constantly being pushed away. Often, we see help from the bank of mom and dad. If that is a possible resource, it may be the key to get you into a home .

ONE WEEK until the CMHC changes are in place. If one of the changes are affecting your affordability or qualifying, do not worry. There are two other mortgage insurers that we can request instead that have announced they will not be changing their guidelines. If you have questions about buying a home, please don't hesitate to ask! I am here to help anyway I can.

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CMHC Mortgage default insurer is changing it's policy for insured/insurable mortgages: Effective July 1, the following changes will apply for new applications for homeowner transactional and portfolio mortgage insurance: Limiting the Gross/Total Debt Servicing (GDS/TDS) ratios to our standard requirements of 35/42;... Establish minimum credit score of 680 for at least one borrower; and Non-traditional sources of down payment that increase indebtedness will no longer be treated as equity for insurance purposes. See more