Jemar Morris - Mortgage Agent

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Canada
Toronto, ON
Jemar Morris - Mortgage Agent

Contact information, map and directions, contact form, opening hours, services, ratings, photos, videos and announcements from Jemar Morris - Mortgage Agent, Mortgage brokers, 200-111 Gordon Baker Road, Toronto, ON.

03/17/2022

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03/11/2022

The following is a list of closing costs that are incurred by the home buyer:

* Land Transfer Tax. Calculated as a percentage of the purchase price of your home, all provinces except for Alberta and Saskatchewan have a Land Transfer Tax (LTT) payable on closing, with the amount varying in each province. Some cities, such as Toronto, also have a municipal LTT.

* Legal Fees and Disbursements. You can expect to incur a minimum of $500 (plus GST/HST) on legal fees for a residential real estate lawyer, which account for the preparation and recording of official documents.

* Title Insurance. Today, most lenders require title insurance to protect against losses in the event of a property ownership dispute. This is purchased through your lawyer/notary and costs $100 - $300.

* PST on mortgage default insurance. Though mortgage default insurance itself is financed through the mortgage, PST on the insurance must be paid in cash at the time of close.

03/10/2022

"Mortgage lenders will use your credit score to gauge your financial trustworthiness and ability to repay your debts. The higher your credit score, the more likely you’ll be offered the lowest mortgage rates in Canada. Ideally, you want your score to be at least 680, but higher is always better. In addition to your overall numerical score, your credit report will also contain information about late payments, the number of accounts you have open, your overall debt levels, and the length of your credit history. Making loan and bill repayments on time and not using too much of your available credit will generally leave you with a higher score."

03/04/2022

"Home equity is the current market value of your home minus the remaining balance of your mortgage. Essentially, it's the amount of ownership of a property you've built up through both appreciation and the reduction of your mortgage principal.

For example, if your home is worth $400,000 and you owe $150,000 on your mortgage, you have $250,000 in home equity. As you pay off your mortgage and build equity in your home, a HELOC gives you the ability to reborrow a portion of these funds."

03/03/2022

"Whether you’re buying, selling or refinance, you need to hire a lawyer who can facilitate your entire real estate transaction. A real estate lawyer’s job is to make sure all of your paperwork and transactions are filed accordingly, from reviewing your offers and agreements, to conducting a title search on your home, registering the title in your name and making sure all of your payments are made in-full and on-time."

03/01/2022

"The Home Buyers' Plan (HBP) isn't a credit or rebate. Instead, the HBP allows first-time homebuyers to use their tax-sheltered savings in a Registered Retirement Savings Plan (RRSP) for their down payment. As a first-time homebuyer, the HBP lets you withdraw up to $35,000 for your downpayment, which must be repaid into your RRSP within 15 years. There are some additional conditions to be aware of, and there's a risk you may cannibalize your long term savings by using funds from your RRSP today - be sure to do your research before using this program."

02/28/2022

"A home equity line of credit (HELOC) is a revolving line of credit that allows you to borrow the equity in your home at a much lower interest rate than a traditional line of credit. By taking out a mortgage with a HELOC feature, you’ll have access to a pre-approved amount of cash within your mortgage.

You can use HELOC funds at your discretion for renovations, debt consolidation, higher education or anything else you need. "

02/15/2022

Mortgage Approval

"Not to be confused with a mortgage pre-approval, a mortgage approval comes after you’ve submitted an Offer to Purchase, the seller has accepted and you want to secure financing to purchase the home. At this stage, you submit your completed mortgage application and wait to find out if its been approved."

02/10/2022

"Insurable mortgages (i.e. mortgages for homes valued at less than $1 million with a down payment of less than 20% of the purchase price) in Canada have a maximum amortization period of 25 years. Regardless of the price of your home, if you make a down payment of at least 20%, you are able to access a mortgage that allows a longer amortization period, such as a 30-year period. While longer amortization periods will usually result in a lower monthly payment, they can come with a slightly higher interest rate. Moreover, by taking longer to pay back the mortgage, you will pay more in interest overall than you would with a shorter amortization period."

Address

200-111 Gordon Baker Road
Toronto, ON
M2H 3R1

Website

https://mortgagesbyjemar.com/

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