Zdravko (Zee) Dimov - RE/MAX
Ultimate Rlty, Sales Representative
487-5131 ; cell: (416) 569-5396
· If the payments are about the same, you will be
further ahead financially by making payments on
a mortgaged home rather than paying rent on a house
· Paying down your mortgage is like earning the
interest that you are paying on it, tax free.
· Making no attempt to repay a mortgage is the worst
thing that a borrower can do.
· The size of mortgage that you qualify for will
be greatly affected by the level of your debt at
the time of your mortgage application.
· When renewing your loan or selling your house,
look for options and features that afford you with
the maximum amount of flexibility.
· The faster you pay down your mortgage, the sooner
you will have extra capital for investments.
· Look for a mortgage that offers the best prepayment
· Increasing the frequency of mortgage payments
will reduce overall interest costs.
· As a general rule, you should not spend more than
30 per cent of you gross combined family income
on mortgage payments.
· When purchasing a home, always remember that the
price is negotiable and that you can make a counter
· Remember that flexibility allows a homeowner to
exploit their cash flow and pay down the principal
faster. The flexibility is negotiated before you
sign on the dotted line, not after.
· Shop around for the lowest possible interest rate
when purchasing a mortgage or any other loan.
· Beware of the mortgage pre-approval trap as it
might have you paying too much for your dream home.
Just because you can borrow a large sum of money
doesn't mean that you should necessarily spend that
· Remember that if you are changing mortgage lenders,
the same qualifying factors may apply. You may be
facing both legal and appraisal fees so investigate
all associated costs before you act.
· Shop around for the best deal on a mortgage before
getting the pre-approval in writing. You can reduce
the amount of interest paid over the life of your
mortgage by opting for a shorter amortization period.
· If you are guaranteed an appreciation rate that
is a few points above inflation and the monthly
costs of renting are the same as buying, it is a
good time to purchase a home.
· Typically, lenders are looking for you to invest
25 per cent of the appraised value as a down payment
towards a home. They will normally advance the balance
of 75 per cent.
· If interest rates have fallen when the time comes
to refinance your mortgage, continue the same monthly
payment schedule to pay off the principal sooner
· If your monthly mortgage payment is an odd amount,
ask the lender to round it up. For example, paying
an additional $21.92 per month on an $800 monthly
mortgage payment may not seem like a lot but it
amounts to several thousand dollars over the life
of the loan.
· Making weekly payments on your mortgage is an
effective way of paying off the debt quickly.
· When the interest rates of most lenders are at
the same level, the only way for them to compete
is through the terms and conditions of the mortgage.
· Visit the bookstore to find publications on home
ownership and obtaining a mortgage.
(zdravko) Dimov, RRS
RE/MAX Ultimate Realty Inc.
Real Estate Made Real E-Zee for You!
is not intended to solicit clients or properties
currently under contract