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Mortgages & Mortgage Calculator

Mortgage Calculator
Years:
Interest:
Loan Amount:
Annual Tax:
Annual Insurance:
 

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Monthly Principle + Interest
Monthly Tax
Monthly Insurance
Total Payment

This mortgage calculator is a close approximation of your monthly mortgage payment based on the information you have inputted.  Please keep in mind this does not include property tax, maintenance fees and other possible monthly payments.  We highly recommend that you consult a professional mortgage advisor to pre-qualify you for the purchase of your new home.

The active market that is prevalent in the Lower Mainland requires knowledge and guidance from an experienced realtor pertaining to mortgages.  The reason being is that the market waits for no one and the well priced homes tend to sell literally upon listing.

What are your options when it comes to mortgages?  Are you familiar with Open & Closed Mortgages, Variable Rate Mortgages, Reverse Mortgages, Renovation Mortgage, No Money Down Mortgages and Tough Credit Mortgages?  Familiarizing yourself with these types of mortgages allow you know which type of homes you qualify for and enable you to position yourself advantageously when it comes time to offer on your home.

There have been significant changes to CMHC (Canadian Mortgage Housing Corporation) recently, allowing more flexibility in High Ratio Financing and other incentives making purchasing your reality even in our active market.  Also, qualifying for a mortgage is one thing but what is equally important is whether the payments are comfortable?  Amortization plays an important role here but a plan to reduce amortization should also be employed.

1st time Buyer?  Also tied into financing you should familiarize yourself with your 2 main benefits as a 1st time Buyer, you have only one opportunity to claim this status; so take advantage of them.  Part of pre-qualifying for a mortgage is reviewing your closing cost so there are no surprises at Closing Date.  Regarding choosing a lawyer or notary; which one should you go with and does your bank have a say?  What is the longest time period for locking your approved interest rate?

Your experienced realtor should be able to assist & make recommendations allowing for a smooth, problem free transaction.  Financing options: bank, credit union, trust companies & life insurance companies are all sources for a potential mortgage.  How do they differ?  What employment information will be required to obtain a pre-approved mortgage?  Conditions of a mortgage?  What could they possibly be and the chances of them being satisfied?  Credit ratings and how they are affected when seeking an approval.  Should you seek a Mortgage brokers services or go directly to your bank?

Challenging mortgages for self-employed individuals or out of town investors how do their qualifications differ from company employed local mortgage seekers.  Also, terminology such as conventional & high ratio mortgages; which one do you fall under?  High ratio mortgages and their associated insurance premiums should be reviewed because this is one insurance you must obtain in order to be approved for this type of mortgage but you have options to go with GE or CMHC.  Now; mortgage insurance, should you or shouldn’t you?

As you can see, there are many important factors to consider when it comes to mortgages and not just qualifying for it.  So it is very imperative that you consider all these possible questions.

Rene Pantoja, Realtor

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Realtor Rene Pantoja
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