How Much House Can You Afford?

 Did you ever wonder how much home you can afford to purchase?

https://www.theamigo.ca/MortgageQualifier.html
If you would like more information, give me a call before you get a pre-approval. #buyingahome #mortgagecalculator #financingahome #mortgages #realestateagent #howtobuyahome #youramigoinrealestate #firsttimebuyer

OSFI will now put Stress Test to All Buyers

The government (OSFI: Office of the Superintendent of Financial Institutions) has decided to extend the " Stress Test" to include buyers with more than 20% down, as of January 1, 2018. What does this really mean? A small example would be that if today you qualified for a $600,000 mortgage plus your downpayment, after January 1st you would qualify for about $500,000 plus your downpayment. So if you are thinking of buying a bigger home, now is the time to do it. If you are thinking of selling your larger home and downsizing, run, now is the time to do it and you barely qualify for an area that you want to live in, run because you won't qualify after January 1, 2018. Call me for me if you have any questions or if I can help you achieve your real estate goals.

http://www.osfi-bsif.gc.ca/Eng/osfi-bsif/med/Pages/B20_dft_nr.aspx

Mortgage Rates might Drop

There seems to be pressure on mortgage rates moving downward. At our office meeting this morning we received information that we might see mortgage rates drop this year instead of going up as first predicted.

FREE DOWNPAYMENTS in Peel Region

FREE DOWNPAYMENT: The Region of Peel might once again be offering free downpayments to qualified applicants for 2015.

What is the Home in Peel Affordable Ownership Program?

The Home in Peel Affordable Ownership Program is designed to provide low-to-moderate income residents who are currently renting a unit in the Region of Peel (Brampton, Caledon or Mississauga) the opportunity to qualify for down payment loan assistance to buy a home in Peel Region.

This program will assist eligible applicants who have a total gross (pre-tax) household income of $80,000 or less to purchase a resale home in the Region of Peel that does not exceed a purchase price of $295,000.

Participant Eligibility

Applicants must be 18 years of age or older
Applicants must be a Canadian citizen or have permanent resident status
Applicants must not own or have an interest in another residential property in Canada or elsewhere
The home must be the sole and principal residence of the purchaser
The applicant must currently be renting in Peel and looking to buy a sole and principal residence
The applicant must have a total gross (pre-tax) household income not exceeding $80,000
The applicant must be able to obtain a mortgage pre-approval from a bank/lender that is approved and insured by a mortgage default insurer such as Canada Mortgage and Housing Corporation (CMHC) and must submit it with their application
Participants may not include anticipated rental income from a portion of the property in order to obtain a mortgage
The applicant must be able to pay all additional closing costs
The applicant must supply all necessary documentation to the Region of Peel within the required timeframe

http://www.peelregion.ca/housing/home-in-peel/apply/qualifications.htm

*** Currently the region is waiting for confirmation of funding to confirm that it will be available for 2015, They are expecting a response around March, it is on a first come first served basis, so interested parties need to be constantly looking at the web site.

Mortgage: Self Employed or Empolyee

Thinking of buying a house in the near future, and you have an option of either working self-employed or employee. Go for the employee option, self-employed (sub-contractor) is getting much more difficult to qualify for a mortgage with.

Fixed or Variable Rate Mortgages?

We are back in a time where you have to consider the variable rate and the fixed rate when choosing a new mortgage. Both now look interesting again.

Affordability is not for everyone!

Every day I look at people's incomes, and they have very good jobs and work very hard, but what they are getting paid is close what what students working p/t make. I have heard the same thing from friends in the banking industry and this morning on TV from Ralph Nader (re referred to the U.S.). The problem is that is looks like are middle class has a big gap in it, and many people are at the bottom. With these incomes, there are very very few places, even combined, that these people would be able to purchase their 1st home. The previous very affordable areas are now going up faster than everywhere else.

Free Downpayment from Peel Region

Peel Region is offer a free downpayment program for a limited time. Run this won't last long.

For more information contact me at cvergara@sutton.com or go directly to the link to Peel Region Program.

Have the Appraisal Done during the Finance condition period

If you buying a house, and it is very unique or in below average condition, confirm when the appraisal will be done, you might have to wait for it to remove the finance condition. Normally appraisals are done about 1 week before closing. Under recent market conditions this could cause problems on closing. 

Buy a house that feels right for you.

When I first started as a REALTOR in 1994, I would always advise clients to get the most for the money. The biggest, most upgraded or best area for the MONEY. As TIME went on and I saw different odd things happen and also seeing many cultures beliefs, I changed my tune. I now advise me clients, choose the home that FEELS RIGHT for you.