Victoria Spinelli - Process, Systems & Efficiency Expert

02/15/2024

Waiting to buy your dream home might cost you in the long run.

Instead, enter the market and start building equity more quickly.

Through natural appreciation, mortgage pay down plus your initial down payment, you will be able to upgrade to something closer to your dream home much sooner.

For example: in order to afford a $500,000 home all you need is a $25,000 down payment. If instead you tried to buy your dream home for a million dollars, you would need down payment of $75,000.

How long would it take you to save $75,000 versus $25,000?

This is something to take into account.

It might make more sense to purchase the $500,000 home with a $25,000 down payment, take advantage of the natural appreciation, mortgage pay down and your initial down payment to use towards upgrading to your dream home in the future.

01/24/2024

Ouch!

Though not unexpected, the Bank of Canada held rates steady leaving mortgage holders and those with renewals continuing to hold their breath in hopes of a rate cut sooner than later.

Those with variable rates or upcoming renewals continue to take a beating in their bank accounts.

Hold tight and cross your fingers for some better news at the next interest rate announcement on March 6.

01/18/2024

Getting a mortgage approval for a certain amount doesn't necessarily mean that you can afford the payment associated to the mortgage.

The banks don't consider your personal budget when providing you with that final approval number so it's up to you to make sure that you're comfortable with the mortgage payment that you agree to.

That said, if you work with a good mortgage broker they will review your personal budget and help you determine a mortgage payment that makes sense for you.

This could mean that you search for a home that's actually worth less than what your maximum mortgage approval is.

Alternatively it could be an opportunity to revisit your personal expenses and cut some unnecessary costs in order to afford a higher mortgage payment.

The choices is yours but be sure to review your budget before committing to a mortgage payment to make certain that you're comfortable with your mortgage payment obligations.

11/27/2023

Attention First-Time Homebuyers!

If you don't know about the First Home Savings Account, check out this blog post. It provides a great overview of this new registered savings plan and how you can use it to accelerate your down payment savings.

Feel free to reach out if you have any questions.

Owning a home is a dream for many. Unfortunately it seems that more and more that dream is moving further away from becoming a reality. However, in March of this year (2023), the Canadian government introduced a new registered savings plan specifically targeted at helping first-time homebuyers. This...

11/21/2023

Learn how to maximize the First Home Savings Account to build your down payment while taking advantage of some amazing tax benefits!

Feel free to reach out if you have any questions.

For many families, the dream of homeownership seems to be feeling more and more out of reach. But, with strategic planning and the creative use of financial tools like the new First Home Savings Account (FHSA), turning this dream into reality becomes not only feasible but also financially savvy. In....

11/13/2023

Did you know that Rent to Own is an alternative homeownership strategy if you're unable to qualify for a mortgage?

If you're reading this blog post, you likely have heard about Rent to Own as an alternative strategy to getting into homeownership, and you want to know how Renting to Own works. I promise I'll get to that in a moment, but first, if you don't know what Rent to Own is - I'll briefly describe it. What...

10/25/2023

The Mortgage Stress Test in Canada

What is it?
What is it's purpose?

In this current market, do you still think the stress test is needed? Let me know in the comments below.

Broker License #13183

10/20/2023

Understanding what factors a bank looks at when qualifying you for a mortgage is the first step to working towards homeownership. 🏡 💰

For more information, send me a DM or book a call at the link in bio. 📞

What questions do you have about getting a mortgage in Canada? Drop your questions in the comments. 👇👇👇

Broker License #13183