NADLAN Realty Lts. is licensed as a Mortgage Brokerage (FSCO Lic. 11828)
Michael Tepper is the Principal Mortgage Broker. Lic # M09001211
1. All borrowers need to qualify at a five year rate regardless of whether they are choosing a shorter term or a variable rate mortgage.
2. Refinances limited to 90% . Non-owner occupied properties require a down payment of 20%.
important consideration is how to finance. Mortgage rate, term, amortization, close or open mortgage, fix or variable rate.
Mortgage Pre Approval Do you plan to buy Home in the next few months? Mortgage pre-approval secures the interest rate for 60 to 90 days and customers do not incur additional costs in securing a mortgage pre-approval
Closing Cost: Lawyers fees and disbursements, land transfer tax, property tax adjustment. New home have various hook up fees and levies on closing date.
Land Transfer Tax: A tax paid when a deed, a transfer or an agreement of purchase and sale is registered. Buyers want to know what will be the land transfer tax on a property. The land transfer tax is higher for properties in Toronto than similar properties outside of Toronto.
How Much can you afford?
The most important factors are gross household income, down payment and mortgage interest rate. Lenders will consider the total assets and liabilities of each client, lifestyle and 'debt comfort zone'.
This calculation is based on two simple rules that lenders use to determine how much of a mortgage you can afford. The first rule is that your monthly housing costs should not exceed 32% of your gross monthly household income. Housing costs include monthly mortgage payments, taxes and heating expenses. If applicable, this sum should also include half of monthly condominium fees.
Secondly, your entire monthly debt load should not be any more than 40% of your gross monthly income. This includes housing costs, and other debts such as car payments, personal loans, and credit card payments.
