Pravin Nadanasivam Mortgage Agent
113 Main Street North L3P 1X9 Markham, ON, Canada

How the math works* Let’s say your annual income is $100,000, comfortably under the government’s $120,000 cap. According to calculations provided by rate-compar...ison site Ratehub.ca, the most expensive home you could hope to buy with the incentive would be worth $421,053. For a five per cent down payment, you’d have to have around $21,000 in cash at hand. Assuming you were buying an existing home, the available five per cent FTHBI would provide another $21,053. Your mortgage would be $378,948 ($421,053 ($21,053*2)), smaller than the $400,000 it would have been without the government top-up. This will also reduce the amount of your mortgage insurance premium, which works out to $11,748 in our example. Thanks to the smaller mortgage and insurance premium, your monthly mortgage payment would be $1,910, instead of $2,033 you would have had to pay without the incentive. That’s a difference of $123 a month, or $1,476 a year. If you have any questions feel free to ASK ME! #pravinmortgages #mortageagent #firsttimehomebuyer #realestate #buyyourhomenow 647-9044225

2021 Real Estate In its latest housing market forecast, RBC predicted that the national benchmark price will grow by 8.4% to reach $669,000 this year. Lo...w housing supply is the main factor driving prices up, RBC said in its report. By the end of 2020, the number of average listings had plummeted by between 50% and 61% relative to the ten-year average in Ontario, Quebec and most of Atlantic Canada. . Call me for any questions or inquiries 647-904-4225 #2021realestate See more

Although this is a difficult and uncertain time, it’s a great idea to make sure you’re well informed about your options. Here are some key things you need to know! . Message OR ... 647-904-4225 FOR MORE INFO. See more

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