Gabriel Malka Mortgage Broker
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Make a budget

You wish to purchase a home, but have you budgeted accordingly?

Before thinking of buying a property, it is important to make a budget to ensure that it does not become a prison, but a place where life is good. It is not necessary to make a complete revision of your income and your expenses. However, buying a home will increase spending, hence the need to have foreseen this. Thus your mortgage payment including taxes will surely be higher than your current rent payment. Other expenses, including maintenance, are also expected.

The usual expenses, groceries, insurance, credit cards, car loan, internet, telephone and others are likely to remain unchanged. So what to expect? The calculation is simple; so now your rent cost you $700/month and that the future mortgage (including municipal and school taxes) will be $1,300, you must be able to demonstrate a savings of $600/month for several months, otherwise you will meet a payment problem. In addition, a home also requires maintenance (about $300/month). Therefore you have to take the habit of saving about $900 a month, while you are a tenant, to ensure you are able to meet the expenses incurred when one owns. The logic is quite simple. If you have accumulated only $5,000 in savings during the last year for the down payment, you have a problem. Indeed, it shows that you have set aside about $400/month as your new payment requires a minimum of $600/month. This is without counting the unexpected and renovations. You will not be able to assume all the inherent expenses that faced an owner.

Make a budget will help ensure the success of your investment. Buying a house need to be planned in advance to avoid inconvenience.

Mortgage pre-approval

Mortgage broker can help you answer in pre-approving you for a mortgage.

What is its purpose?In the previous article, we discussed the value of a budget and the importance of putting money aside to raise a down payment and to demonstrate to lenders your ability to meet the financial demands of...

Triplexes, quadruplexes

You’re buying a first home and like the vast majority of buyers your interest goes to a single family residence.

You’re buying a first home and like the vast majority of buyers your interest goes to a single family residence. Instead, why not buy a triplex or quadruplex?Of course, the in...

The early renewal

Is it worth it?

Your mortgage loan falls due in a few months. The current rate of your loan for a 5 years term is 3,39%. Your financial institution offers you to renew by anticipation, 4 months before the term end, at a rate of 3,09% for a new 5 years term....

Minimum down payment

Portability of the mortgage insurance premium.

You want buy a property but you do not have the capital outlay required of 20% of the purchase price to obtain a conventional mortgage loan. No problem the mortgage lender will refer your file to a mortgage insurer. You will be charge with a mortg...