First Time Home Buyers London Ontario

02/29/2024

Not only is it my goal to help you secure a mortgage and achieve home ownership, but I also want to make sure you have everything else covered too.

Here's a list of just a few other things to consider once you're settled in

- Property Taxes
- London Hydro (Electrical + Water)
- Union Gas (now Enbridge)
- Mail Forwarding
- Garbage Collection

Reach out today to receive a copy of my free guide that provides you with phone numbers, links and contact information to get you set up.

Applicable for the London area!

09/08/2022

Begin with your pre-approval. Working with a licensed mortgage professional will provide you with unbiased, expert advice. When you work with us, this also means a fully reviewed/underwritten pre-approval as well as guidance and education through the mortgage process (discussing things like employment, credit, income) through to the funding of your mortgage and beyond. You can count on us to be here for all your mortgage needs. Let’s get started!

09/06/2022

In a world where you can be anything…be kind, be gracious and also be a homeowner ;) We can help make your dreams of homeownership a reality. Let us show you the possibilities while guiding you through the mortgage application process.

08/05/2021

Acquiring a mortgage in Canada is possible for both permanent and non-permanent residents with as
little as 5% down payment. Contact us today for full details. Let’s make your dream of home-ownership
in Canada a reality!

03/05/2020

10/25/2019

Location! Location! Location!

One of the most important things to look for when buying a home is a community where you will feel safe and comfortable and which is convenient for you and your family.
Here are a few tips on how to choose a location that works for you:

One major factor in choosing a location is where you work. If you don't want to spend a lot of time driving and enjoy hitting the snooze button like many of us, you want to make sure you choose a location that is close and suitable for you and your family.

If you have children, look for a neighbourhood that is close to a good school as well as recreational facilities such as community centres, playgrounds and public parks.

If you don't have a car, find a neighbourhood that is close to public transportation, medical and dental care as well as a shopping centre and grocery store.

Lastly, get familiar with the neighbourhood before you decide to settle down. Take some time to drive or walk around the area both during the day and at night to see if its a good fit for you!

10/21/2019

New to the mortgage scene? Here are a few common terms frequently used when buying a home.

Fixed vs Variable Interest Rate Mortgage
A fixed mortgage rate is a mortgage that is locked-in meaning it won't change during the term of the mortgage. A variable mortgage is where the interest rate fluctuates based on the current market conditions. The payments will generally remain the same, but the amount of each payment that goes towards the principal or the interest on the loan changes as the rates fluctuate.

Amortization
The period of time required to completely pay off a mortgage if all conditions are met and all payments are made on time.

Conventional vs High Ratio Mortgage
A Conventional mortgage loan is equal to or less than 80% of the value of the property, meaning the down payment is at least 20%. A High Ratio mortgage loan is more than 80% of the value of the property (down payment is less than 20%). A high-ratio mortgage usually has to be insured against default with mortgage loan insurance.

Closing Costs
The legal fees, transfer fees, disbursements and other costs that must be paid when buying a home. These are in addition to the down payment and the GST, PST and HST if applicable. Closing costs are due on the day the buyer officially takes ownership of the home, and they usually range from 1.5% to 4% of the purchase price.

Commitment letter (or “mortgage approval)
A written notification from a lender to a borrower that says a mortgage loan of a specific amount is approved under specific terms and conditions.

10/18/2019

Purchasing your dream home on a budget can be a stressful task. With the Purchase Plus Improvement program, you are able to redesign and renovate a home within your price range, all while keeping additional costs down. Whether its a new floor, kitchen, roof or deck, this program allows you to include the cost of your renovations into your mortgage!

10/18/2019

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Land Transfer Tax
An incentive for first time home buyers is a $4,000 instant rebate. This will be fully covered for purchases up to $368,000. For any purchase above $368,000 you will be charged approximately 2% of the amount above $368,000.

Realtor Fee
Another perk of being a first time home buyer is that there are no fees to work with a realtor. They are paid from the sale of the home that you purchase.

Mortgage Agent/Broker
More great news! You should not be charged a fee from a mortgage agent/broker when purchasing your first home. They are paid from the lenders to bring your business to them.

It is important to have this conversation with your Mortgage Agent when purchasing your home. They will help prepare you for these expenses and ensure that you have enough funds available aside from the down payment to cover these costs.

10/18/2019

"As a first time home buyer, what kind of expenses can I expect when purchasing a home?"

Purchasing your first home can be overwhelming thinking about the unexpected expenses that may come along the process.

Down Payment
Minimum of 5% is required. An initial deposit is often required ($1,000+). This deposit will be deducted from your down payment.

Legal Fees - $1,500 (approximate)
You will require a lawyer to ensure all previous home owners have been removed from the title and to ensure you are properly registered as the new owner.

Home Inspection - $400+ (depending on size of home)
It is recommended to have a qualified professional assess the property. As a home buyer, it is important to have peace of mind knowing the structure of your new home is safe for you and your family.

Appraisal - $300+ (depending on size of home and location)
An appraisal will help confirm the value of your home. This is often required from lenders to ensure the home they are lending on is worth the same amount you purchased it for.

Tax (PST) on Default Insurance Premium - 8% of premium
The default insurance fee will be rolled in with your mortgage and paid back over the duration of your mortgage. However, 8% of that premium will be required up front.
For example - $350,000 purchase price. 5% down payment ($17,500). Total mortgage amount of $332,500. With 5% down, you will be charged a 4% default insurance fee on the borrowed amount ($13,300). Of that $13,300 you are required to pay $1,064 upfront (8% of fee).

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