What you’ll need for sure: closing costs (ie. legal fees, registration of mortgage, land titles, et.) Budget about 1% of the purchase price for closing costs. home insurance moving expenses utility hook up Not mandatory, but would be wise to factor in: home inspection life/disability insurance for you and your family furnishings maintenance and repairs […]
All posts by sarah sloane
sarah sloane
What is the minimum down payment for a rental property?
You’ll need at least 20% down to buy a rental property.
Is it better to get a variable rate or a fixed rate?
There is no one answer that is best for everyone 🙂 So how do you choose what’s right for you? Click here for a road map to satisfaction 😉
What is a variable rate?
The interest rate that may change during your term. Based on whatever the lender’s prime rate is. (would range from prime minus a percentage to prime plus a percentage) Typically, if prime goes up, your rate goes up and your payments go up. If prime goes down, your rate goes down and your payments go […]
What is a fixed rate?
refers to the type of interest rate that stays the same for the entire length of your term payments are based on the rate and will not change (unless you choose to increase them) can be open or closed offers stability
How much do I need for a down payment if this is not my first time buying a house?
A minimum of 5% would be needed if: you are living in the home you are purchasing it is a vacation home a second home that you will be living in a purchase for a dependent family member A minimum of 20% down would be needed if: Â you’re buying an investment property (ie. rental property)
How much does it cost to use a mortgage broker?
In almost all cases, there is no charge to you for our services. (How could all of this possibly be free to you?? Click here 😉 ) There are rare cases where a broker fee would be charged directly to you. If this situation ever came about we would make sure that you knew up […]
Do you need my Social Insurance Number (SIN)?
Your SIN is not mandatory to provide, but it’s certainly helpful for us to have! Why? We thought you’d never ask 🙂 As happiness builders, it’s our mission to keep things as simple as possible for you. To do that, we pay attention to detail all along the way. Your SIN is tied to your […]
Do I have to use a lawyer to buy my house?
Yes, it’s a must, actually 😉
How many recent pay stubs do you need?
Only one in most cases. When would we need more? if your pay stubs don’t show your year to date earnings if your pay stubs are hand written if your pay stubs are not issued by a payroll service provider (ie. Ceridian, ADP, etc)