Profile cover photo
Profile photo
Ottawa Mortgage Broker - Chase Belair
205 followers
205 followers
About
Posts

Post has attachment
As expected, the first increase in 7 years:

On Aug 1st, payments on your Home Equity Lines of Credit, Unsecured Lines of Credit, Variable Rate Mortgage, Student Loans(if under repayment), will increase. While savings account interest rates are still pitifully low, history suggests a "corresponding increase" in interest earned from savings accounts.

Too long, didn't read? - A 0.25% increase is equivalent to a BigMac combo w/ Large fries and Coke($12.36) per month for every $100,000.00 borrowed.
Add a comment...

Post has attachment
Canadians are carrying record amounts of debt. The household debt-to-income ratio rose to a record high of 167.3% in the fourth quarter of 2016, according to Statistics Canada. At the end of 2016, Canadian households owed more than $2 trillion and about two-thirds of that amount was mortgage debt. If you don’t want to carry a lot of debt, there are a few ways to pay off your mortgage at a quicker pace.

1. Accelerate your payments

Accelerated biweekly payments help you pay off more of your principal. You’ll also pay off your mortgage about two years early.

2. Shorten your amortization period

3. Increase your payments

Another way to pay off your mortgage faster is to increase the amount you pay. If you make a regular payment of $885 every two weeks, you can round it up to $900 or $1,000. Keep in mind that if you decide to do this, you won’t be able to reduce your payments back to where they were during your term.

A 2016 Mortgage Professionals Canada (MPC) survey found that 16% of mortgage holders increased the amount of their payment during the past year by an average amount of $375 a month.

4. Make lump-sum payments

A number of lenders allow you to make a lump-sum payment (also called prepayments) on your mortgage one or more times a year without having to pay a penalty. The lump sum you can make is usually between 10% and 20% of the original mortgage amount.

According to the same MPC survey, 18% of mortgage holders made a lump-sum payment in the past year to shorten their amortization period.

5. Keep paying the same amount when you renew

If you’re able to get a lower rate when your mortgage comes up for renewal, your payments will be lower. But instead of making the smaller payments, you should keep paying the same amount. Over the long run, you’ll pay less interest and your mortgage will be paid off faster

Bonus tip: Get a lower mortgage rate

You should also shop around for the best mortgage rate. While having a lower rate won’t help you pay off your mortgage faster, it’ll reduce the amount of interest you pay.
Add a comment...

Post has attachment
Home-buying can be very intimidating, it helps to know the process:

While this post is geared towards first time home-buyers, the information within is relevant for any and all potential and current home-buyers.

1. Get pre-qualified by your bank and/or a mortgage broker to determine maximum affordability and address any potential issues. This step may also include a rate-hold to protect you in the event that mortgage rates rise during your home-search.

2. View listings online(realtor.ca is my favourite resource), and those provided by your realtor to determine which ones you wish to go see. This process can take anywhere from a day or two, to up to many months. (Don't hesitate to ask me who my favourite Ottawa realtors are!)

3. Once you find the perfect home, you can put in an offer. In most cases, your realtor will include a clause within the offer for: Financing, Inspection and anything else your realtor may recommend. This clause provides you with 5-10 days(you can choose the exact timeline) to make all necessary arrangements with regards to your mortgage, a home inspector, etc. It's important to know that there is still no cost or obligation involved at this point, you can back out of the offer at anytime during this period and your deposit will be returned to you(important to note that it can take up to 4 weeks to get your deposit back).

4. Once your offer is accepted, your realtor will forward me a copy so that I can obtain a full approval. A formal approval often has better rates and terms than a pre-approval.

5. Once all arrangements have been made to your satisfaction, you may then "firm up" on your offer to Purchase. Once you "firm up" by waiving your conditions, you may no longer back out of the transaction and there is now a cost and obligation to proceed.

6. From here, while you await your scheduled closing date, your lawyer and myself will be doing all of the work behind the scenes so you can focus on the important things.


Three main perks of being a First Time Home Buyer:

1. Home Buyers RSP Plan - Here's a really great video produced by RateHub that walks you through how it works. Buying your first home is the only opportunity that you will have to take advantage of this program.

Take a peak and don't hesitate to ask me any questions: https://www.youtube.com/watch?v=f5iz26AflGI

2. Land Transfer Tax Refund - $4,000 off the Land Transfer Tax that would be payable on your closing date through your lawyer.

3. First-time Home Buyers' Tax Credit - Claim up to $5000 for a maximum refund of $750 while filing your income tax for the tax year that you first purchased in.

By Chase Belair, Mortgage Agent, Licence #M11001814
www.chasebelair.com

Independently Owned & Operated as Brokerage #12236
Add a comment...

Post has attachment
You worked selflessly hard for our country for 32 years. You earned this moment, Dad. #myhero, David Belair w/ Prime Minister Trudeau
Photo
Photo
2016-09-19
2 Photos - View album
Add a comment...

Post has attachment
Wow, thank you too much Ottawa! Tentative appointment with the Prime Minister Trudeau next week!
#ottawa   #ottnews   #mortgagebrokerottawa   #mortgageottawa  
Add a comment...

Post has attachment
Our own Christina Horvath has some great advice for your mortgage: don't renew - renegotiate!
Add a comment...

Post has attachment
Our own Gurcharan Singh reminds us to be aware of allowable sources of down payments,

For any and all of your mortgage questions and needs, don't hesitate to call Ottawa Mortgage Broker - Chase Belair!
Add a comment...

Post has attachment
We set up a camera to try and find out why the door was always unlocked when we got home with nothing missing..Until the dog went missing
Add a comment...

Post has attachment
I'll get over 50 Lenders competing for your mortgage. The best rates, for free. Call Ottawa's Mortgage Broker, Chase.

www.chasebelair.com
Photo
Add a comment...

Post has attachment
Add a comment...
Wait while more posts are being loaded