Mortgages With Viktor

08/15/2021

I totally get it! Buying a home is a huge deal. Plus, making sure you have a budget established, your credit in check and all of your documents in order feels like a daunting task. That’s where we come in! Our team (I) will help you crunch the numbers so that you have the confidence you need and a competitive edge when submitting offers.

Call us today to get the guidance you need in today’s market!

08/09/2021

There is a big misconception that you need 20% down. There are other programs that allow you to have a smaller downpayment. Contact me to discuss what options may be available to you.

08/08/2021

I have talked to a lot of people this month about how to start preparing to buy. A common question that comes up is: "what should I start doing now if I want to buy in the next year?"

The truth is, if you're thinking about buying now, we should have a conversation to see if you're ready now!

Remember, you don't need to have 20% down -- although it can help. The first thing you should do is pay down debt, then check your credit score. From there, you'll want to get pre-approved.

Once you're pre-approved, we can start the search. The best thing about searching for your first home is that there is absolutely no pressure on you to make a decision: it might take one month to find your dream home, or it might take a year. I will be there with you every step of the way!

08/07/2021

So you’ve made the decision to buy a home but you’re not sure how much of a down payment to save? Depending on the type of loan you qualify for will determine your down payment. Call me today to start the process!

08/06/2021

With almost 9,400 sales reported in July 2021, demand for ownership housing remained well-above average for the time of year despite being below the record July result set a year earlier. Market conditions actually tightened relative to July 2020, with sales accounting for a greater share of new listings compared to last year. The sellers’ market conditions sustained a double-digit annual rate of price growth.

“Demand for ownership housing has remained strong despite a pandemic-related lull in population growth. Of specific note is the condominium apartment market, which has seen a marked turn-around in 2021 with sales up compared to last year. First-time buyers, many of whom were slower to benefit from the initial recovery phase, remain very active in the market place,” said TRREB President Kevin Crigger.

Greater Toronto Area REALTORS®️ reported 9,390 sales through TRREB’s MLS®️ System in July 2021 – down by 14.9 per cent compared to July 2020 result of 11,033. On a seasonally adjusted basis, July sales were down by two per cent compared to June.

The MLS®️ Home Price Index Composite Benchmark was up by 18.1 per cent compared to July 2020. The average price for all home types combined was $1,062,256 – up 12.6 per cent compared to July 2020. The detached market segment led the way in terms of price growth, driven by sales in the suburban regions surrounding Toronto. On a seasonally adjusted basis, the average price was up by 0.9 per cent compared to June.

“The annual rate of price growth has moderated since the early spring, but has remained in the double digits. This means that many households are still competing very hard to reach a deal on a home. This strong upward pressure on home prices will be sustained in the absence of more supply, especially as we see a resurgence in population growth moving into 2022,” said TRREB Chief Market Analyst Jason Mercer.

08/06/2021

The most important step in the home buying process is to get pre-approved. If you have any questions on how to find a lender, I'd be happy to assist you.

07/09/2021

As you may have heard, the Bank of Canada recently changed the stress test rules as of June 1, 2021. With these changes, now both insured and uninsured mortgage borrowers will be subject to a stricter stress test when qualifying for their mortgage.

The new qualifying rate on uninsured mortgages – where the down payment is 20% or more – is now the contracted rate plus two percentage points or 5.25%, whichever is higher.

This means that any buyer whose down payment on a home is one-fifth of the purchase price or higher must show they can afford the mortgage payments if the interest rate was two percentage points higher than what the bank is offering, or the new five-year benchmark rate per the Bank of Canada.

Overall, the implementation of these tougher stress test rules will reduce buying power by roughly 4-5% for borrowers. To help illustrate how this change affects you, consider the following scenario with $100,000 gross income:

The previous stress test at 4.79% would give this individual the ability to borrow $469,530 (based on good credit score with max GDS/TDS qualifications at 39/44%). Now, with the current scenario of 5.25% stress test rate, the they can now only borrow $448,880 (based on good credit score with max GDS/TDS at 39/44%). This is a difference of $20,650 which reduces your home options

To ensure you are searching in the right price range and budgeting accordingly, it is important to consider this stress test change. If you are looking to purchase your first home or move, please don’t hesitate to contact me today for a better undertstanding of the rules and what you qualify for.

📲 437.777.8914
✉️ [email protected]

07/07/2021

🚨ATTENTION FIRST TIME HOME BUYERS🚨

As a first-time buyer, I am here to give you some tips on homebuyer mistakes to be on the lookout for so you can avoid them for the best experience possible!

Thinking You Don’t Need a Real Estate Agent

You might be able to find a house on your own, but there are still many aspects of buying real estate that can confuse a first-time buyer. Rely on your agent to negotiate offers, inspections, financing and other details. The money you would have saved on commission can be quickly gobbled up by a botched offer or overlooked repairs.

Going With The First Real Estate Agent You Find

As much as not having a real estate agent can be a disadvantage, having the wrong one can also make the process more difficult. You don’t want to get halfway into house-hunting before realizing your real estate agent is wrong for you. Ideally, you want to source an agent from a friend or family referral. However, if you are stuck or looking for more options, I would also be happy to provide some referrals as your mortgage professional.

Getting Your Heart Set on a Home Without Doing Your Homework

The house that’s love at first sight may not always be what it seems, so it is important to keep an open mind. If you jump in too fast you may be too quick to go over budget or you might overlook a potential pitfall. Taking the time for proper inspections, budget comparisons and long-term family planning can go a long way in ensuring your first home is the right home!

Committing to More Than You Can Afford

This is one of the most common mistakes that first-time homebuyers can run into, but to ensure your future financial security it is imperative to truly consider your budget. You don’t want to sacrifice retirement savings, an emergency fund or potential holiday for mortgage payments. You need to stay nimble to life’s changes and overextending yourself could put your investments—including your house—on the line.

Fixating on the Lowest Interest Rate

A reasonable interest rate is important, but not at the expense of heavy restrictions and penalties. Make a solid long-term plan to pay off your mortgage and then find one that’s flexible enough to accommodate life changes, both planned and unexpected. I would be happy to discuss all of your mortgage options with you to ensure that you get the best overall mortgage product with an affordable rate that suits YOU!

Choosing a Fixer-Upper Simply for the Cheaper Listing Price

That old character home may have loads of potential, but it is vital to be extra diligent during the inspection period. What will it really cost to get your home to where it needs to be? Negotiating a long due-diligence period will give you time to get estimates from contractors in case you need to back out.

Diving Into Renovations as Soon as You Buy

Whether or not you choose a fixer-upper or simply want to update some things in your new home, it is important not to rush into them. While renovations may increase the value of your home, overextending your credit to get upgrades done fast doesn’t always pay off. Take time to make a solid plan and the best financial decisions. Living in your home for a while before renovating will also help you plan the best functional changes to the layout.

Not Researching the Neighbourhood

It may be the house of your dreams, but annoying neighbours or a nearby industrial zone can be a rude awakening. Spend some time in the area before you make an offer and talk to local business owners and residents to determine the pros and cons of living there.

Opting Out of Mortgage Insurance

Your home is your largest investment and it is imperative that you protect it. Mortgage insurance not only buys you peace of mind, it also allows for more flexible financing options. Plus, it allows you to take advantage of available equity to pay down debts or make financial investments. If you are ready to search for your first home, don’t hesitate to reach out to me today for expert advice, referrals and mortgage solutions that are right for you!

06/30/2021

Why Choose A Mortgage Professional?

Banks only provide products from their own institutions, while Mortgage Professionals have access to multiple products and solutions from a wide array of lenders.

Contact Me To Learn More:

437.777.8914
[email protected]
www.viktorc.ca

Why Use a Mortgage Professional?