Reena Visani Mortgage Agent

The end of the year brings no greater joy than the opportunity to express to you season’s greetings and good wishes. May your Holidays and New Year be filled with joy.

Mortgage Term Thursday: Loan-To-Value Ratio is the ratio of your mortgage loan to the value of the property. It is calculated by dividing your borrow amount by the purchase price. For example if you borrow $200,000 to purchase a $250,000 home, your LTV ratio would be 80%. #mortgageagent #mortgagetermthursdays #firsttimehomebuyers #homefinancing #homebuyers #purchase

A question that often comes up with clients is about permitted sources of down payment for a mortgage. Here's a list: 1) Personal Savings - Chequing/Savings accounts, TFSA, GICs, Stocks or any other types of investments 2) RRSPs 3) Non-repayable gift from immediate relative 4) Proceeds from the Sale of Another Property ... 5) Divorce Settlement 6) Inheritance Amount 7) Existing equity in a different property via HELOC (Home Equity Line of Credit) #mortgageagent #homefinancing #firsttimehomebuyers #mortgagetips #homeowners #creditscores #homebuyers #purchase

Mortgage Term Thursday: P.I.T.H is an abbreviation for principal, interest, taxes and heat. P.I.T.H. is also known and referred to as a monthly housing expense. This information is taken into consideration when calculating how much an individual can qualify for. #mortgageagent #homefinancing #firsttimehomebuyers #homebuyers #homeowners #mortgagetermthursdays

The end of the year brings no greater joy than the opportunity to express to you season’s greetings and good wishes. May your Holidays and New Year be filled with joy.

An amortization period is the amount of time that you will be given to fully repay your mortgage. This time period will depend on the size of your down payment and the length of time that you are eligible to choose. Here are some factors to consider: 1) Shorter amortization periods are typically associated with higher payment amounts, while the opposite is true for longer periods. 2) Shorter amortization periods are appealing because they allow borrowers to pay off their mor...tgages sooner rather than later. They’re also attractive because the overall amount of interest paid is much less than with longer amortization periods. The longer the payment period, the more interest you’ll have to pay, and vice versa. Do you need help choosing the right mortgage and terms for your home? Call me at +14165612454 #mortgageagent #homefinancing #purchase #firsttimehomebuyers #mortgagetips #homeowners #homebuyers See more

Mortgage Term Thursday: A high-ratio mortgage has a principal greater than 80% of the property value. If you have a high-ratio mortgage, you need mortgage default insurance because this is a high-risk loan. If you default on the mortgage, the insurance pays the lender for certain losses. #mortgageagent #mortgagetermthursdays #homefinancing #firstimehomebuyer #homebuyers #purchase

Mortgage Term Thursday: Loan-To-Value Ratio is the ratio of your mortgage loan to the value of the property. It is calculated by dividing your borrow amount by the purchase price. For example if you borrow $200,000 to purchase a $250,000 home, your LTV ratio would be 80%. #mortgageagent #mortgagetermthursdays #firsttimehomebuyers #homefinancing #homebuyers #purchase

When it comes to saving money to buy a home, you’ve probably been focused on the down payment. However apart from the down payment, you’ll also need to plan for closing costs. Closing costs are the fees associated with the purchase of your home in addition to the actual price. These can include - appraisal fees, title insurance, legal fees and disbursements, land transfer tax, and PST on mortgage default insurance (applies if down payment is less than 20%), home inspection and etc. Generally speaking, buyers should budget between 2-5% of the purchase price of a home to cover closing costs. Have any additional questions, please feel free to contact me. #mortgageagent #homefinancing #firsttimehomebuyers #mortgagetips #homebuyers #gta #ontario

A question that often comes up with clients is about permitted sources of down payment for a mortgage. Here's a list: 1) Personal Savings - Chequing/Savings accounts, TFSA, GICs, Stocks or any other types of investments 2) RRSPs 3) Non-repayable gift from immediate relative 4) Proceeds from the Sale of Another Property ... 5) Divorce Settlement 6) Inheritance Amount 7) Existing equity in a different property via HELOC (Home Equity Line of Credit) #mortgageagent #homefinancing #firsttimehomebuyers #mortgagetips #homeowners #creditscores #homebuyers #purchase

Mortgage Term Thursday: P.I.T.H is an abbreviation for principal, interest, taxes and heat. P.I.T.H. is also known and referred to as a monthly housing expense. This information is taken into consideration when calculating how much an individual can qualify for. #mortgageagent #homefinancing #firsttimehomebuyers #homebuyers #homeowners #mortgagetermthursdays

Mortgage Term Thursday: What is a credit report? A credit report is a record of your credit history. Data includes current and past financial debts, up to 7 years, and a record of debt payment. A lender uses a credit report, among other details, to decide whether to accept or deny your mortgage application. Lenders get credit reports from credit bureaus, like Equifax and TransUnion. #mortgageagent #homefinancing #purchase #firsttimehomebuyers #homebuyers #homeowners #mortgagetermthursdays

In Canada, your credit score is a number between 300 900. The minimum credit scores needed to get approved for a mortgage is 650, though it would be more accurate to say that anywhere between 620 and 680 would be considered a minimum, depending on the lender. Different lenders might have their own specific credit score requirements. When we talk about minimum credit scores required to get approved for a mortgage, we’re talking about conventional lenders, such as big banks. But what if your credit score falls below the minimum as stated above? Does that mean your dreams of homeownership are quashed? Not exactly. We have alternate lenders that can help you. Have questions about your credit? Let's chat! #mortgageagent #homefinancing #firsttimehomebuyers #mortgagetips #homebuyers #purchase

Mortgage Term Thursday: What is mortgage principal? When you start making mortgage payments, you’ll notice that it splits into two portions: interest and principal. The interest is the cost of borrowing money, but the principal refers to the actual amount of the loan. As monthly mortgage payments are made, the mortgage principal is reduced. #mortgageagent #homefinancing #homebuyers #mortgagetermthursdays #homeowners #firsttimehomebuyers

How does a lender determine what you can afford? Lenders look at two ratios when determining the mortgage amount you qualify for, which indicates how much you can afford. These ratios are called the Gross Debt Service (GDS) ratio and Total Debt Service (TDS) ratio. GDS is the percentage of the borrower’s pre-tax income that will cover housing costs (including mortgage principal and interest, property tax, heating expenses and 1/2 of condo fees if applicable). This should not exceed more than 35-39%. TDS is the percentage of the borrower’s pre-tax income that will cover any outstanding personal debt (including mortgage, car payments, credit card debt, lines of credit, etc.) and this should be no more than 42-44%. #mortgageagent #firstimehomebuyer #mortgagetips #homeowners #homebuyers #purchase

A testimonial from a happy homeowner. Purchasing a new home should be a celebration. Whether you're a first-time homebuyer, purchasing an investment home or refinancing a current home, I'm here to guide you through every step of your home financing journey. #homebuyer #mortgage #clientappreciation #clienttestimonial #purchase