Wagner  da Silva

Wagner da Silva

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Rosa  da Silva

Rosa da Silva

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Wagner  da Silva

Wagner da Silva

Sales Representatives

Coldwell Banker - R.M.R. Real Estate, Brokerage *

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Mortgage / Home Loans

In order to buy a house, you will probably have to get into your biggest financial commitment, a mortgage.  So when you are purchasing your first home, a larger house or an investment property unless you have lots of cash, you will need some type of finance and that is when we start talking about a mortgage.

In a mortgage you essentially you are borrowing money from a financial institution to buy your home and your house is going to hold as a collateral for that loan.   You will find a very good explanation about What is a Mortgage in this link.

In a previous posting "Dreaming of homeownership" I wrote about how can you prepare to build a monthly budget and improve your credit history.    Now is that time when are you qualifying for a mortgage.

Do you know how much you can afford to spend on your home?

How about doing some exercise: click on this link to use our

                   "Mortgage Affordability Calculator" 

It is fun and will help you a lot. It will give you lots of information about this process. Please confirm your specific situation with a mortgage lender. Off course you need to find out a Mortgage specialist at a Bank or a Mortgage Broker. If you have 20% or more for down payment that is the best scenario because you are not going to require CMHC  insurance* which is required when you have less that amount.  

The good news is that you can get a mortgage with as little as 5% down but you will have to pay this additional insurance. We also have a CMHC Premium Calculator to help you estimate the premium when you are buying a home.

                  "CMHC Premium Calculator"

Now let's simulate how much your monthly payment will be, go to:

                 "Mortgage Calculator"

You will be able to play with numbers, starting with the asking price, then different scenarios with downpayment options, amortization period**, select a rate you can opt for 5-year variable or 5-year fixed rate. Our website will provide actual information about some lenders or you can type your own rate provided by your lender.  

"Voilà" Now your have your Total Mortgage Payment, but you can also choose a different frequency of payment. We also help with additional information like Land Transfer Tax, just choose the location.  Required Cash Expenditures, other cash considerations, Monthly Expenses and some additional information about your mortgage remaining at end of the term.

You can even go beyond that point, simulate your Amortization Schedule to the end until your balance is paid out. There are some tips for you to pay your mortgage in less time but this is subject for another post.

*Mortgage default insurance, commonly referred to as CMHC insurance, protects the lender in the case the borrower defaults on the mortgage. Mortgage default insurance is required on all mortgages with down payments of less than 20%, which are known as high ratio mortgages. Mortgage default insurance is calculated as a percentage applied to your mortgage amount.

**The length of time it will take a homeowner to pay off his/her mortgage. In Canada, the maximum amortization period for insurable mortgages is 25 years. Longer amortization periods allow homeowners to make smaller monthly payments but equate to more interest paid over the life of the mortgage.


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