| NADLAN Realty Ltd - Real Estate and Mortgage Brokerage |
NADLAN Realty licensed as a Real Estate brokerage registered with RECO and member of the Toronto Real Estate Board.
NADLAN Realty licensed as a Mortgage Brokerage registered with Financial Services Commission of Ontario (FSCO) 11828
Michael Tepper is the Principal Mortgage Broker. Financial Services Commission of Ontario Licence # M09001211
| FINANCE |
Feb. 17th 2010 - new rules aimed at preventing home buyers from getting into financial difficulty when mortgage rates rise.
Three major changes to mortgage insurance rules which will affect all government backed insurance programs.
1. All borrowers will need to qualify at a five year rate regardless of whether they are choosing a shorter term or a variable rate mortgage. It is unclear whether this rate will be the posted or discounted rate as we await clarity for this question.
2. Refinances will be limited to 90% LTV versus the current 95% limit.
3. Non-owner occupied properties will require a down payment of 20%.
These rule changes are scheduled to take place as of April 19, 2010.
Mortgage Pre Approval (GDS/TDS ratio) Return on Investment (Condominium)
| ON-LINE FINANCIAL CALCULATORS |
| Credit Ranking R1 to R9 | Commercial Credit Report | Credit reports- Samples |
| Close Mortgage Rates | Open Mortgage Rates | GIC's |
An important consideration when purchasing a property is always how to finance the investment. The mortgage rate, term, amortization, close or open mortgage, fix or variable rate and, of course, the lender involved are important issues that must be carefully selected. Michael Tepper of NADLAN Realty works on behalf of customers in sourcing and negotiating lenders and assembling the best financing package for clients.
Mortgage Pre Approval Do you plan to buy Home in the next few months? NADLAN Realty can help customers get a mortgage Pre-Approval from your Bank. 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
Other Important Considerations Include:
Closing Cost: Lawyers fees and disbursements, land transfer tax, and property tax adjustment. New home buyers will 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 will want to know what will be the land transfer tax on a potential property. The land transfer tax is higher for properties in Toronto than similar properties outside of Toronto. For more information or to find what will be the tax on a property click on one of the following links:
Calculate the new Land Transfer Tax for Residential
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| MORTGAGE CALCULATOR - HOW MUCH CAN YOU AFFORD? |
The shortest answer to that question is: it depends. The most important factors are gross household income, down payment amount and the mortgage interest rate. Lenders will also consider the total assets and liabilities of each client, lifestyle and 'debt comfort zone'.
- Use the Mortgage Calculator to estimate the maximum mortgage you can afford
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.
NADLAN Realty Lenders include Banks, Mortgage brokers and Private lenders:
Michael Tepper is a member of the Independent Mortgage Brokers Association.
