Abdullah Shafique

09/21/2022

Based on a true story!
A lot of people prefer going straight to the bank.

Little do they know, there is no harm in contacting a mortgage broker also.

A mortgage broker will present you with many options, and you can still have the choice with either getting a mortgage through your bank or making use of the cheaper options available to you through the broker.

09/21/2022

Based on a true story!
A lot of people prefer going straight to the bank.

Little do they know, there is no harm in contacting a mortgage broker also.

A mortgage broker will present you with many options, and you can still have the choice with either getting a mortgage through your bank or making use of the cheaper options available to you through the broker.

06/29/2022

Always working in the client's best interests

05/09/2022

05/01/2022

Some of these tips will help you understand a mortgage better.

04/16/2022

A few general requirements that qualify you for a CMHC Mortgage Insurance.

1.Maximum Purchase Price: The maximum purchase price of the property should be below 1 million dollars.

2.Minimum Downpayment: If the property value is under $500,000, then minimum downpayment is 5%.

If the property value is over $500,000, the downpayment is 5% of the first 500k, and then 10% on the remaining portion of the property value.

3.Source of Downpayment: Source of funds also plays a vital role. The funds should come either from your own resources or from an immediate relative as a gift. Note: Only acceptable for properties with maximum 4 units.

4.Location of Home: The property should be located in Canada. Properties outside Canada are not eligible.

04/07/2022

"Toronto is a kind of New York operated by the Swiss" - Peter Ustinov

Settling in the Greater Toronto Area is a dream of many newcomers in Canada. Infact, it is the most populous metropolitan area in Canada with home to 6.5 million+ people.

With a crazy housing market, numerous tourist attractions and a stunning skyline, the area has a lot to offer.

However, it is increasingly becoming difficult to afford housing in this area.

This is where mortgage brokers come into the picture. To help the public secure loans at affordable rates and providing professional advice to make their housing dream a reality.

Reach out to me today for a free consultation regarding your next purchase. 😊

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03/28/2022

Is interest rate the only factor in determining the superiority of a mortgage product?

Is a low-rate mortgage always better than a high-rate mortgage?

The answer is no. Let's have a short example from a fellow agent.

A couple decided to go with a mortgage that offered a very low rate, but it was closed.

Three years down the line, the wife got sick, and the husband had to refinance the mortgage to afford her medical bills.

As it was a closed mortgage, they had to pay up to $9000 in mortgage penalties.

By comparison, they would have only paid $2000 more in interest charges if they decided to go with a higher interest, open mortgage, which is free from pre payment penalties.

Life is unpredictable. Choose a mortgage agent that helps you make an informed and smart choice regarding your mortgage

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03/13/2022

What is default insurance?

The minimum down payment on a property without the need for insurance is 20%. If you wish for your down payment to be less than 20% (minimum of 5%), mortgage default insurance is required by law.

Reason: Default insurance minimizes the lender's risk, which results in better offered interest rates.

The insurance premium can be either paid upfront, or it can be added to the total loan amount.

Putting down a 5% payment is ideal for investors who wish their upfront costs to be minimum while purchasing a property.

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02/14/2022

"It's always better to gift a home than a flower bouguet."

Not the most romantic thing to say? Yes.
More practical and secures a future for your family? Also, yes.

In Canada, finance is one of the leading causes of divorce, according to many researches.

Financial stress takes a toll on many relationships, especially when it comes to raising children and the ever increasing living costs that are far ahead of the yearly increase of wages.

Also,
The networth difference between a home owner and a renter is staggering.
In the U.S., the average home owner has a networth of 255,000$ while an average renter has just $ 6300

While other individuals delay home-buying in hopes of timing the market. This strategy is proven to not work. It's always best to enter the housing market as soon as you can and secure a better future for your family.

Please reach out to me today for a free consultation regarding your next purchase or refinance. I would be glad to help!