NADLAN Realty licensed as a Mortgage Brokerage registered with Financial Services Commission of Ontario (FSCO) 11828

Michael Tepper is the Principal Mortgage Broker. Licence # M09001211

MORTGAGE FINANCE

New rules aimed at preventing home buyers from getting into financial difficulty when mortgage rates rise.

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% LTV versus the current 95% limit.

3. Non-owner occupied properties require a down payment of 20%.

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.