Insurance...Mortgage vs. Individual

I had the pleasure of meeting and talking with Mike a few weeks ago at one of my open houses. We discussed the difference between Mortgage Insurance and an Individual Policy (Life Insurance). 

Many people know that they need insurance of some sort...but most are not aware of the different types available and their pros or cons. Mike provided me with this great chart explaining the difference between Mortgage Insurance and an Individual Policy with Desjardins. 

Take a look over this chart and give him a call if you have any questions!

Why Use a Mortgage Broker?

There are many things to think about when you decide it's time to purchase a home. Getting your finances in order is the most important part of the process -- without financing, you cannot get the home that steals your heart.

There are many different options for financing, but with all these options come many rules, regulations and sub-options…not to mention all the clauses and fine print. To help you navigate through the financing of homeownership, why not consult an expert. Here are some of the many reasons and advantages to using a Mortgage Broker/Agent.

They work for YOU…Mortgage brokers/agents are not tied to a certain bank or company. The options they have available to them include EVERYTHING that is available (Banks, Credit Unions, Trust Companies, Lending Companies, and more). They are able to find the BEST financing for YOU!

Get your credit checked ONCE -- it actually hurts your credit to have it checked multiple times. When shopping around, you are having your credit checked at every stop -- by the time you find the mortgage you like, you might not have the required credit score.

TIME is precious -- save YOUR time for house hunting and not researching and looking for the perfect mortgage. This is exactly what a mortgage broker does…they search all the options for you.

Leave the NEGOTIATIONS to the experts -- they have the knowledge and know how to negotiate competitive rates as well as terms and conditions that suit you…things that your bank may not be able to offer you. There are also add-ons or special deals that may be attractive to you or possibly only available to brokers.

UNDERSTAND your mortgage -- A mortgage broker will be able to help you understand all the financing jargon and be able to explain it to you in plain language. Your home is a huge investment - you want to ensure that you fully understand all the terms and conditions as well as the fine print on your mortgage.

QUICK & EFFICIENT -- Once you have made an offer on a home, things can move very quickly. A mortgage broker works quickly and efficiently to ensure that your financing is right for you and secured in time to meet conditions. They also ensure that the mortgage transaction happens on-time and without flaw on closing day.

So…yeah there are lots of advantages to using a mortgage broker…but at what CO$T??!? NOTHING out of your pocket!! They are paid by financial institutions a commission like your real estate agent. They only get paid once you are happily in your new home!

How to Save Money as a FIRST TIME Home Buyer

Buying a home will be one of the largest investments you will ever make. It can be a very costly adventure if you are not prepared and know some helpful money saving tips!

1 – Be Prepared. Take some time to look into what money you will need, and know your own financial situation.  Look for ways to save, and most of all be prepared for additional costs.

2 – Understanding a “mortgage”. Oh “mortgages”, a very important and necessary component of buying a home, yet probably the most misunderstood. Be sure to ask questions of various professionals as well as understanding all the lingo.  Know exactly what you are comfortable spending and do not waiver.

3 - Know your costs. We are not just talking about what you will spend monthly on your mortgage. There are a lot of other costs such as deposits, down payment, house inspections, lawyer fees, title insurance, taxes, utility transfer/set up fees, moving costs, insurance, changing locks, small repairs/updates, furniture/appliances, monthly utilities, and paint/decor.

4 – Finding Savings. Although there may be many costs, there are many ways to save money—as a First Time Home Buyer. To receive your copy of “Saving Money as a First Time home buyer” email  jharris@royallepage.ca  with the subject line “Saving Money as a First Time Buyer” and I will send you this free, no obligation PDF guide.  Don’t miss out on an opportunity to save as you make one of the largest investments of your life.  Remember absolutely no obligation—100% free—“Saving Money as a First Time Buyer”.