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Stories Tagged - mortgage broker
CREB® NEWS
Oct. 18, 2024 | CREB
Understanding down payments and deposits
Buying a home can be a complex financial journey. If you plan to get a mortgage, you’ll hear about the need for a down payment, but your REALTOR® will also mention a deposit.
News
Aug. 02, 2017 | Natalie Noble
Don't delay, start saving
Putting together your first down payment is all about planning and prioritizing
With changes to mortgage regulations and the Bank of Canada's qualifying rates, buying a first home might be tougher than expected, especially for those already carrying a large amount of debt. Currently, the total cost of a mortgage payment, property tax and utilities must be less than 40 per cent of a borrower's gross income.
"The debt ratio makes a big difference to your purchasing power when buying a home," said Calgary mortgage broker Monika Hägele. "Some people might work really hard, save up five per cent towards their desired home, and then that amount might not even be enough if they are carrying too much debt."
With changes to mortgage regulations and the Bank of Canada's qualifying rates, buying a first home might be tougher than expected, especially for those already carrying a large amount of debt. Currently, the total cost of a mortgage payment, property tax and utilities must be less than 40 per cent of a borrower's gross income.
"The debt ratio makes a big difference to your purchasing power when buying a home," said Calgary mortgage broker Monika Hägele. "Some people might work really hard, save up five per cent towards their desired home, and then that amount might not even be enough if they are carrying too much debt."
News
Aug. 02, 2017 | Gerald Vander Pyl
Mortgage madness
Making the right decisions during this crucial part of buying a house can set you up for long-term financial success
For anyone buying real estate, arranging a mortgage is a sure sign that you're about to make your dream home a reality.
But with the all the options that are available, how do you find the mortgage that's right for you?
Greg Miller, a mortgage professional with SmartCap Inc. in Calgary, says step one for him is "finding out what are the client's short-term needs and long-term needs, their goals, and what does their budget allow for in terms of a payment?
"After that you can tweak a mortgage to cater it to them."
For anyone buying real estate, arranging a mortgage is a sure sign that you're about to make your dream home a reality.
But with the all the options that are available, how do you find the mortgage that's right for you?
Greg Miller, a mortgage professional with SmartCap Inc. in Calgary, says step one for him is "finding out what are the client's short-term needs and long-term needs, their goals, and what does their budget allow for in terms of a payment?
"After that you can tweak a mortgage to cater it to them."
News
Aug. 02, 2017 | CREBNow
Don't delay, start saving
Putting together your first down payment is all about planning and prioritizing
With changes to mortgage regulations and the Bank of Canada's qualifying rates, buying a first home might be tougher than expected, especially for those already carrying a large amount of debt. Currently, the total cost of a mortgage payment, property tax and utilities must be less than 40 per cent of a borrower's gross income.
"The debt ratio makes a big difference to your purchasing power when buying a home," said Calgary mortgage broker Monika Hägele. "Some people might work really hard, save up five per cent towards their desired home, and then that amount might not even be enough if they are carrying too much debt."
With changes to mortgage regulations and the Bank of Canada's qualifying rates, buying a first home might be tougher than expected, especially for those already carrying a large amount of debt. Currently, the total cost of a mortgage payment, property tax and utilities must be less than 40 per cent of a borrower's gross income.
"The debt ratio makes a big difference to your purchasing power when buying a home," said Calgary mortgage broker Monika Hägele. "Some people might work really hard, save up five per cent towards their desired home, and then that amount might not even be enough if they are carrying too much debt."
