Tuesday, May 31, 2016

Free Seminar - HOW TO GET A MORTGAGE



I have exciting news for anyone looking to understand the mortgage process that is interested in buying a new home.

Lorna Fraser and Curtis Frew  from Daytona Homes Master builder have offered to open their show home this Friday June 3rd to go over the steps to home ownership and I will stay after the seminar to pre-qualify you for a home on the spot.

Lorna and Curtis have a wide range of new homes to fit any budget that are ready for immediate possession or can built  just for you and come with amazing specials right now.

CLICK the LINK BELOW TO RESERVE YOUR SEAT!
 This is your link to your Home Ownership Dreams!


Thursday, May 19, 2016

Mortgage Free Faster - MAGIC!

My newest Birdhouse!
Below are a few tips I give my clients through out their mortgage term that I recommend to anyone who has a mortgage.  These simple tricks can pay your mortgage down much faster than you would think!


#1. Once you move into your home, give your self approx. 3 months to adjust to the payments, if they work for you, see if you could handle rounding the payment up to the nearest dollar - for example - if you are paying monthly at $1412.00 per month see if you could handle $1500.00 per month or even $1450.00.  It is a bit more money each month but it can take years off the term of your mortgage.

#2.  If you are on monthly payments, try to change your payment frequency to bi-weekly or better yet - weekly payments, again this can take years off your amortization and help you be mortgage free faster.  If you change to Semi monthly this will not make any difference as it just divides the monthly payment by two so the same amount of money is going down on the mortgage as if you were doing a monthly installment.

#3.  If it is possible,  take advantage of your pre-payment options that come with your mortgage. Lenders typically allow you to put down 10% - 20% of the mortgage amount down each calendar year directly onto principle, now you are saving a bundle on interest and you guessed it - on the road to being mortgage free faster!

For more tricks or to ask any questions in regards to mortgages, contact Amy Wilson - yourmortgagegirl, anytime!

Amy Wilson
amy@yourmortgagegirl.ca

Tuesday, May 17, 2016

For Those Affected By The Fort McMurray Fires

Here is what you need to do if you are affected by the Fort McMurray fires and don't know where to start with regards to your mortgage. . .

Down payment and your mortgage

HOW MUCH MONEY DO I NEED TO PUT DOWN TO BUY MY HOME?



This can be a loaded question in which there are may different answers to fit any scenario but below I will give you the basics! 

1. In order to purchase your first home you will be required to put down a minimum 5% down payment.  This is 5% of the purchase price of the home.

So if you are looking to purchase a $400 000.00 home you will need to have $20 000.00 to put down.  You can use RRSP's, savings, gifted funds from immediate family etc.

However:  In Canada if you put less than 20% down you will need to pay for mortgage default insurance and the percentage changes based on the amount you put down - so if you put down 20% most lenders will not charge you any fee, but if you put 5%, 10% or 15% you pay a fee for the mortgage default insurance  - click the link for more information. Mortgage Default Premium

2. If you are purchasing a rental property or vacation property you will need a minimum down payment of 20%,  so on a $400 000.00 home you will need $80 000.00 to put down.

Standard qualification will apply to the above situations and there are many grey lines depending on credit and product qualifications.  Contact Amy Wilson today to discuss your mortgage plan.

Have a fabulous day,
Amy Wilson
E: amy@yourmortgagegirl.ca
W: Amy's Website