In Canada, Toronto(GTA), Vancouver, Calgary and Montreal are only 4 big cities where there is majority of population resides unlike 50 states in USA.
There are 3 bedroom detatached houses (20 year old) in good condition in Brampton. My friends just bought recently. It's better to buy 400K townhome than this 425K detatched.
No nned to pay rent if you can afford 1500$ per month for 425K detached house.
Just search on the East of Chingcousoy Road...many good detatched houses old ones but good LOT compared to the townhomes on west of Chingcousy Road.
Location: God's own country
Posted on: 04-07-15 04:00:34
Property Tax - 300
Utility - 300
Insurance - 100
Maintenance charge - 200
Interest on mortgage - 600
There is no maintenance charge on free hold townhouses. That is the advantage of freehold as compared to leasehold.
Murali
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I am a Gents and not a Ladies.
Quote:
Originally posted by AshwaniG
When I bought my first home job was very unstable and being single earner in family I kept a good cushion in bank . I did paid CHMC fees but when included that in mortgage it added dimes in mortgage installment . I din't trade my piece of mind for extra few dollors .
IMO there is no right or wrong choices as each situation is unique when it comes to mortgage . Don't forget to explore STEP Mortgage ( product of Scotia ) and its benefits before you finalize.
Quote:
Originally posted by MAK3
Friends
We are was looking to buy new home, (Planning phase) I am thinking it is good idea to avoid CMHC by making 20% DP. However based on different views. Is it really good to put all your money just to remove CMHC insurance ( by downing 20%) and then have little or short of money for any emergency funds eg : closing costs/furnitures/moving etc. or any other personal emergencies.
I was thinking in misssissauga or milton freeholding townhouses. any thoughts/suggestions.
Hi Ashwani,
The rules have changed a lot after you bought your house. Scotia STEP, though a good product, but may not be useful for all and also in order to fully utilize the benefit of the same, you need to have an equity of 35% in the house. The reason being, the banks now can not give you HELOC (Home Equity Line of Credit or Secured Line of Credit) for more than 65% of the appraised / purchased price of the house. Of course, you can have the STEP product with 20% down payment, wherein the bank will limit the LOC limit to 65% only and the remaining 15% have to be amortized. So, LOC would remain useless till you completely pay off the amortized portion. I know a bit complicated but for the OP it would not make sense, at least for now as he is debating whether to even put 20% down payment or not.
To OP, I would suggest to have a meeting with the mortgage specialist at his / her bank or see a couple of mortgage brokers to understand the whole process in details and then get him/her self pre approved / qualified before start looking for a house in an area of his/her choice.
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Pramod Chopra
Senior Mortgage Consultant
Mortgage Alliance Company of Canada
Location: Western Hemisphere
Posted on: 06-07-15 14:01:57
Pardon me for using this to test my post. I am unable to create a new thread. It goes into an SQL error when I push submit.
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Dimple2001
@ Pramod Chopra G .Thanks for the update . Sorry didn't realize that my situation could be outdated so fast .
Undoubtedly one can get the best and precise information only through the professionals .
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Growing Old Is Mandatory ..Growing UP is Optional
What is the best current mortgage interest rate for non-newcomer?
Quote:
Originally posted by Sakt
What is the best current mortgage interest rate for non-newcomer?
This is a very general question as the mortgage rates depend on a number of factors such as;
1. Verifiable income.
2. Credit.
3. Down payment. Whether putting less than 20% or more.
4. Type of property you want to buy. Principal home, rental property or a cottage. Similarly, the rates could be different for purchase, refinance or switch.
5. Time to closing. Whether closing in 30-45 days, 90 days, 120 days or more.
6. Mortgage product and term. Whether looking for variable or fixed rate.?3 year variable would be different than 5 year variable. Similarly there could be 1,2,3,4 or 5 year fixed (or 7 or 10 year term). Rates for NO FRILLS mortgage could be a little better but the restrictions on pre payment or penalties could be more than normal product.
So broadly speaking, depending on borrowers qualification and choice, down payment, time to closing and the product, the best rate in each situation could be different. So, what ever rates you see on various sites may or may not be available to each borrower. One need to discuss ones individual situation with a professional and find out the best product (instead of best rate) suited for oneself.
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Pramod Chopra
Senior Mortgage Consultant
Mortgage Alliance Company of Canada
