There's a good chance already know the basic concept of getting a loan to become a homeowner. But in reality, mortgages are fairly complex, as it includes financial calculations, offer comparisons, and various levels of approval.
In this article, you'll find out more about mortgages in simple, easy-to-understand language. I will guide you through the mortgage process from start to finish.
What is a mortgage?
A mortgage is a loan that you can use to buy real estate, which acts as collateral for your loan. Mortgages are usually large and usually repaid in 25 or 30 years. When you take out a mortgage, you agree to make regular payments. Payments for these mortgages consist of principal and interest. When the payment is made, the interest is covered first and then the principal. Mortgages
allow mortgage lenders to own property if you do not make the agreed payments on time.
Mortgage Process
If you decide to buy a house, the next step is to figure out how to pay for it. Unfortunately, most of us don't have the money saved to buy a full home. That's where mortgages come in. Before looking for a property, it's a good idea to get a mortgage pre-approval. If you are pre-approved, you will know exactly how much you can afford for your home. You can also mitigate the risk because you are much less likely to make an offer to a home that you can't afford.
Once you receive the pre-approval, you can buy the house. It is useful to create a list of needs and wants. That way, you can see each house objectively when deciding if it suits you.
If you find a house you like, make an offer. Once your offer is accepted, work with your banker or mortgage broker to get your final mortgage approval. Documents and information must be provided at this step. The lender will then sign off and provide a Mortgage commitment, and you can remove the loan terms from your offer.
How do you know it's time? (Click here to visit my Instagram post on how to do calculations to see if you are ready to afford a house)
When is a good time to buy a house and get a mortgage? A good time is when you are personally and financially ready. This means that you have a stable job, establish yourself in your personal life, and are committed to staying in the same place for the next 5 or 10 years.
When applying for a mortgage, the lender wants to make sure you can afford it every month. The lender does this using two leverage ratios. Gross Debt Service ratio and Total Debt Service ratio.
The GDS ratio indicates the percentage of total monthly income required to cover housing-related costs (mortgage payments, property taxes, heating and maintenance costs (if applicable)). Most lenders are aiming for a GDS ratio of less than 39%. The
TDS ratio is similar to the GDS ratio. It looks the same as the GDS ratio, but takes into account any other debt you may have. It is B. Credit Card Debt or Credit Line. Normally, 3% of the outstanding balance is used for debt repayment purposes. For fixed installment loans (car loans, car leases, personal loans, etc.), the payment is used to repay the debt. Most lenders are aiming for a TDS ratio of less than 44%.
Please note that the mortgage payments used in these calculations are higher than you actually pay. This is because payments are calculated at an inflated stress test rate which is currently higher of 5.25% or the interest rate plus 2%.
Where can I get a mortgage?
There are several ways you can take when looking for a mortgage, such as going to a bank or credit union or working with a mortgage broker.
Banks
When looking for a mortgage, your instinct is probably to go to the branch of your local bank where you have a checking account. Banks offer a variety of products, and it's helpful to have all your important financial information in one place. Some banks also offer additional benefits when you bundle your mortgage with another product.
However, simply borrowing a mortgage from an existing bank that you use for checks and savings may miss the more competitive interest rates offered elsewhere. The mortgage market is very dynamic and shopping is always a good idea.
Mortgage Broker
Another way to look around is through a mortgage broker. Independent mortgage brokers have access to dozens of lenders and can provide fair advice. Even if you end up going to a branch of a local bank, at least you have the peace of mind that you've got a good deal.
Important terms
Pre-qualification
This is ideal if you are just thinking about buying a home. The lender collects basic information about your finances and then gives you an approximate number of amounts that they may lend to you to buy real estate.
Pre-approval
Pre-approval of a mortgage is more formal than pre-qualification screening. At this stage, the lender will review the financial information you have provided and perform a credit check. If you are pre-approved, that means the lender has promised you a loan, but the final amount they will lend to you and the terms of the mortgage are in fact real estate appraisals and market volatility.
Mortgage Stress Test
This is a calculation of whether you can afford a mortgage even if interest rates rise. The results of this stress test determine the eligibility of the mortgage you want to take home and apply to all homebuyers, including those who are paying a 20% down payment at their home. The benchmark rate for qualifying under stress test is greater of either 5.25% or the interest rate plus 2%. This means if you are offered 2.99% by the lender, then your qualifying rate is 5.25%; but if you are offered 3.79% interest rate by the lender, then the qualifying rate will be 5.79%.
Deposit
This is the amount that must be paid in advance when purchasing a property. The more down payment you have, the less mortgage you will need. The amount of your down payment depends on the purchase price of your home. For example, if you spend less than $500,000 at home, you only need to put down 5% of the purchase price.
Mortgage Interest Rate
This is the interest you pay for your mortgage. This determines the interest you pay over the entire term of your mortgage. The interest rate on your mortgage can vary depending on whether it is fixed or variable.
Closing Costs
Examples of closing costs include real estate attorney fees, real estate transfer taxes, housing inspections, appraisal fee and moving costs. It is advisable to budget for closure costs between 1.5% and 4% of the home purchase price.
Different types of mortgages
Insured
For insured, you need to pay the default mortgage insurance to protect the lender. For this reason, most lenders offer the lowest mortgage rates on these products.
Insurable
Insured or traditional mortgages are for paying a down payment of 20% or more at home. In this case, you do not need to take out mortgage insurance. In this case the mortgage is insured by the lender instead of the borrower. Lender pays the insurance premium and insures your mortgage.
Uninsurable
An uninsured mortgage is a mortgage that does not meet the government guidelines for any of mortgage insurance companies to insure. Examples include buying a home over $1 million and amortization of more than 30 years of investment. For this reason, uninsured mortgages tend to have the highest mortgage rates .
Term and Amortization
The mortgage term is the period during which the terms of the mortgage are guaranteed. When you have a fixed rate mortgage, the interest rate on your mortgage will remain the same over time.
Mortgage amortization is the time it takes to fully pay off your mortgage. Canada's standard period is 25 years and nothing prevents short-term or long-term choices as long as you pass the stress test.
Open or Close Mortgage
With an open mortgage, you can repay your mortgage in full at any time during the period. For this reason, mortgage rates tend to be higher. Open mortgages only make sense if you expect a huge cash windfall or intend to sell your home in the near future.
A closed mortgage has limitations on how much extra money you can put towards your mortgage beyond your regular mortgage payments. Because of that it comes with a lower mortgage rate than an open mortgage.
Fixed or Variable Mortgage
With a fixed rate mortgage, your mortgage rate and payment amount remains the same during your mortgage term. With floating rate mortgages, mortgage rates and payments can change over the life of the mortgage based on changes in the lender's base interest rate. These mortgages usually have higher mortgage rates than variable rate mortgages. This is for stability because we know exactly the mortgage interest rate and payment.
What do lenders look for when approving a mortgage?
Lenders consider several factors when deciding whether to approve a mortgage application. You look at your income, down payment, assets, liabilities, credit, and the property itself.
Income
Lenders look for borrowers with a stable source of income. You must be able to prove that you have enough income to pay your mortgage payments on a regular basis. If you are a full-time and hourly wage employee, you will spot the eyes of most lenders. If you are a full-time or part-time worker with unguaranteed time, or if you work on a contract basis, it usually takes average of two income years for the lender to consider your income. For proof of income, you`ll usually need to provide a letter of employment, recent paystub, T4s, and notices of assessment for the last two years.
If you`re self employed usually you can still get a mortgage, however you`ll need to provide more documentation. The income from your own business is less stable than a fulltime salaried position in the eyes of lenders, you`ll need to be in business for a minimum of two years and provide Personal T1 Generals, Notices of Assessment and Corporate Financial Statements for the two most recent years.
Down payment
Usually, if the deposit is from a bank account, the lender wants to see the transaction history for 90 days. If the funds are from an investment or RRSP, you will usually need to submit a three-month statement. If the sale is for another property, you will usually need to provide a copy of the signed agreement of purchase and sale; and a recent mortgage statement if the property you sold has a mortgage. When you receive gift money, the lender usually asks for a signed gift letter and confirms evidence that the money has been transferred to your bank account.
Assets
You need to provide the lender with an overview of your assets such as checking accounts, savings accounts, TFSA, RRSP, unregistered accounts, vehicles, etc. Assets are not considered in the calculation of the leverage ratio, but important assets prove to the lender that you are a responsible borrower. Imagine someone making $200,000 a year for 10 years, but having no assets at all. It will raise a red flag with the lender. Did the borrower use all the monies he earned?
Debt and credit
Debt and credit are linked. The lender looks at the type of credit you have, the outstanding balance and payment status, your credit score and credit history when assessing you as a borrower. This information is included in the borrower's credit report and the lender must obtain written approval for access.
Lenders usually look for borrowers with a credit score above 670 or 680 without payment delays or overdue. However, you may still be able to get a mortgage if you are overdue, or in some cases bankruptcy or filing a consumer declaration. Lenders will usually want to know why you have a credit error. If this is due to your uncontrolled living environment (for example, you got sick or were dismissed from work and are late for your invoice), otherwise prove you are a responsible borrower.
Property
The last thing the lender considers is the real estate itself. This is done through an appraisal. Depending on the property and its location, some lenders may use an automated valuation model (AVM) to determine the value of the property. Other lenders may require a full valuation and need the appraiser to visit the property for the evaluation. A real estate appraisal confirms that the real estate is worth the amount you paid. It also notifies the lender of the condition of the property.
Things to consider when getting a mortgage
Tip: Mortgage rates should not be the only factor that you consider when applying for a mortgage. Below are some situations why:
Do you want to cancel your mortgage?
When you take out a mortgage, you probably won't think of breaking it. However, many things can happen during a typical five-year mortgage term. If you think you need to cancel your mortgage during the period, we recommend choosing a lender and mortgage type with a low mortgage penalty. Variable rate mortgages usually have lower penalties than fixed rate mortgages.
How will I be punished if I break my mortgage?
If you are breaking your mortgage during the mortgage period to buy a new home, you may be able to avoid mortgage penalties by transferring your mortgage. Porting your mortgage means you bring you and your mortgage to a new property. Some lenders have a more flexible portability policy than others. One lender may give you only 30 days to port your mortgage, while another lender gives you 90 days. If this is important that you ask the lender for more information on their portability policy.
How about prepayment?
If you want to proactively repay your mortgage, you need to pay in advance. Prepaid payments are usually made in three forms: regular increments, doublings, and lump sum payments. Not all lenders offer the same prepayments. For example, one lender might only let you make 10% lumpsum payments and increase your mortgage payment by 10% per year, while another may let you make 15% lumpsum payments and increase your payment by 15% per year. By choosing the lender with the right prepayments for you, you can pay down your mortgage at the pace you want without incurring a penalty for making too many extra payments.
Last word
As you can see, there are a lot more things to consider when shopping for a mortgage than just the mortgage rate.
The mortgage process can be stressful, but it doesn`t have to be. After reading this article, the next time you apply for a mortgage, you should be better prepared. Knowing exactly what the mortgage lender is looking at, where to look, and what they expect will make the process much smoother.
Contact me for more info:
(647) 323-5310
bhupinder.singh2@century21.ca
If you’re thinking of SELLING, BUYING, BUILDING, or INVESTING in London or the surrounding areas, 
call me @ 647.323.5310!
Bhupinder Singh
Realtor® Salesperson
"Client Focused, Results Oriented"
Century 21 First Canadian Corp.
London has some of the top schools in the province and finding a good school area is now easy with the new technology and school locators, please find more information about those tools below.
Rankings are provided by Fraser Institute and the boundary search can be done using the tool developed by Thames Valley District School Board.
The Fraser Institute is an independent, non-partisan research and educational organization based in Canada. For more information, please use Find My School Tool by Fraser Institute and the the Fraser Institute Rank Reports.
Click here to get directed to the TVDSB School Locator Tool. This tool can also be used to locate boundaries of all
the public schools in the city. TVDSB tries to keep attendance areas up to date, but their accuracy can’t be guaranteed. If you have questions about the school for your area, call us at 519-452-2000.
Here is a list of all the elementary schools in London, Ontario with their scores and provincial-ranks.
Contact me for more info:
📞 (647) 323-5310
📧 bhupinder.singh2@century21.ca
If you’re thinking of SELLING, BUYING, BUILDING, or INVESTING in London or the surrounding area, 📲 call me @ 647.323.5310!
Bhupinder Singh Realtor® Salesperson
“Client Focused, Results Oriented”
Century 21 First Canadian Corp
Sources:
Fraser Institute: https://www.fraserinstitute.org/school-performance
TVDSB: https://www.tvdsb.ca/en/schools/find-my-local-school.aspx?_mid_=332
Your home address determines your school attendance, every school has its own set of boundaries. This is also known as a zone, catchment area or attendance area. Boundary studies or accommodation reviews are used to create and adjust school boundaries.
There are two major school boards in London:
1. Thames Valley District School Board- TVDSB
2. London District Catholic School Board (Roman Catholic)- LDCSB
Both boards have set up school locators that can help you determine which school district you live in and whether you are eligible to ride the bus to school. Please make sure you choose the correct school year when determining eligibility because boundaries can change from year to year.
Please follow these links to find your school for both boards respectively:
TVDSB- https://www.tvdsb.ca/en/schools/find-my-local-school.aspx
LDCSB- https://www.ldcsb.ca/apps/pages/index.jsp?uREC_ID=1076461&type=d&pREC_ID=1360078
If you are looking to buy or sell, call or DM me. I will be glad to help!
Bhupinder Singh
Realtor®️ Salesperson
Century 21
First Canadian Corp.
Phone: 647-323-5310
Email: bhupinder.singh2@century21.ca
Land Transfer Tax
When a person buys a house, they must pay Ontario provincial land transfer tax, which is calculated based on the purchase price. It is assessed, when a deed is registered, transferring ownership of a property from the seller to the buyer. First-time home buyers may be eligible for a reimbursement of some or all of the applicable land transfer tax.
The criteria to qualify for this refund are as follows:
• The buyer must be a Canadian citizen or a permanent resident of Canada.
• The buyer must be 18 years of age or older.
• The buyer must occupy the home as a principal residence within nine
months of registration.
• The buyer cannot have owned a home anywhere in the world. (This is
confirmed by signing an affidavit with a lawyer.)
• If the buyer has a spouse, the spouse cannot have owned an eligible home
or had any ownership interest in an eligible home anywhere in the world
while he or she was the buyer’s spouse. (This is confirmed by signing an
affidavit with a lawyer.) If they have, then a refund would not be available to
either spouse.
Land Transfer Tax Calculation
The land transfer tax is calculated on a sliding scale of percentages dependent on the value of the property. When the deed to the property is transferred to the buyer’s name, the lawyer will arrange for the land transfer tax to be paid.
First-time buyers refund (new and resale houses), First-time buyers of newly constructed and resale homes are eligible for a full or partial refund of the land transfer tax.
The maximum amount of a refund of the land transfer tax to buyers of a resale home is $4,000. Based on Ontario’s land transfer tax rates, this refund will cover the full tax for homes with a purchase price of up to $368,000. purchased for more than $368,000, buyers will receive the full $4,000 rebate and pay the remaining balance of the land transfer tax owing.
Ontario Land Transfer Tax Calculator
Up to $55,000 X 0.5% of total purchase price
From $55,000 to $250,000 X 1% of total purchase price
From $250,000 to $400,000 X 1.5% of total purchase price
From $400,000 up X 2% of total purchase price
If you more information about the buying process, call or DM me. I will be glad to help!
Bhupinder Singh
Realtor®️ Salesperson
Century 21
First Canadian Corp.
Phone: 647-323-5310
Email: bhupinder.singh2@century21.ca
When you’re buying a new construction home, there are some home upgrades to avoid and skip. The cost of the new construction home is a base price for the structure of the home, and basic finishes. Most homebuyers want to add customizations to their homes, which are costly. As a general rule, if the work is not very invasive and there is little demolition work, it can be done after completion. Swipe to see what upgrades you must avoid.
• Home Appliances
You will probably save money by choosing your own appliances from your local department store. Several major department stores, such as Best Buy, The Brick, and Leon’s, offer home appliances at great prices. When buying kitchen utensils, choose the right size for your home.
• Countertops
Most Builders will charge almost double for this upgrade, compared to getting it done for by a local contractor after closing. You also have the advantage of great variety of products to select from. Marble has been a trending option but it’s actually a bad investment. It’s incredibly porous, which means it’s easy to chip or stain. And in a space like your kitchen where spills are common, it’s more of a problem than it’s worth. If you really like how it looks, choose quartz instead. It’s a bit expensive, but it’s rarely destroyed.
• Crown Molding
Your builder will definitely try to sell you a crown molding for your wall or your cabinet, it’s an expensive upgrade and easy to install on your side. While it certainly looks very attractive in the design center, the crown bar is purely for aesthetics and does not add value in any other way.
• Kitchen Backsplash
Your sales rep will try to sell you kitchen splash backs. Yes, they look great in photos and demo houses. However, the tiling task is tedious and the builder spends a lot of money on the effort and tiles you choose. After closing, it can be installed at almost 40% of the cost.
• Light Fixtures
The standard lights provided by the builder are generally nothing special, and the upgrades aren’t too exciting either. There is not much point in upgrading with builder as there are so many great online options for buying stylish & affordable lighting.
• Wood Floors (My personal opinion)
Wooden floors are expensive and susceptible to scratches and floods. Use a laminate instead, and have same look for lesser. They look like wood, but are fairly cheap, scratch less and waterproof, last longer without sacrificing the look of the space.
• Plumbing Fixtures and faucets
Kitchen sink faucets, bathroom faucets and shower heads are all easy to install and replace. Your builder may charge a fair amount for these upgrades, so do these after closing. Then you can slowly change these as needed.
If you want expert advice on your specific situation, call or DM me. I will be glad to help!
Bhupinder Singh
Realtor®️ Salesperson
Century 21
First Canadian Corp.
Phone: 647-323-5310
Email: bhupinder.singh2@century21.ca
Web: http://singh-bhupinder.c21.ca/
New homes may be the best action for many homebuyers, as low home inventories continue to dominate most of the country. You can choose your lot, choose the finish you like, and avoid the hidden hassles that often come with buying an old home. However, if you are not careful about the upgrade you choose, new builds can be costly. You need to know which home upgrades add value and which new build upgrades should be avoided. Check out my last post to know which upgrades you must avoid.
I have created a list of home upgrades which are worth it and add value to the property. Swipe to know more about why you must consider adding these upgrades.
• Increased Ceiling Height
The high ceilings make your home feel more spacious and luxurious. They also fill the house with lots of light, giving it an open and spectacular look and feel. Are you thinking of selling your home in the future? High ceilings are a big selling point and add a great element instantly in an open house.
• Rough-In Basement
If your basement is unfinished, you might consider having your builder lay in plumbing for a full or half bath. You’ll be able to add another bathroom to your home if you ever decide to finish the basement. Anyways adds value, as it is a potential asset to the next person who moves in.
• 1/2″ Fire Rated or 5/8″ Drywall
Your builder is most likely using 1/2-inch drywall. Upgrade to a fire-rated 1/2-inch type or 5/8-inch drywall. It increases rigidity, improves soundproofing, and boosts resistance. Choose moisture-resistant drywall in places where water moisture is common.
• 2″ x 6″ Exterior Framing
Instead of using 2′′ x 4′′ frame on the outer walls, use 2′′ x 6′′ framing. This will add more insulation to your home, lowering your heating bills in the long run.
• Energy Saving Options
Homebuyers are increasingly realizing the benefits of energy efficient homes. In fact, they are often willing to pay more for homes with “green” upgrades. How much the value of your home increases depends on the kind and number of upgrades.
• Stairs Upgrade
Carpet stairs are becoming annoying to most buyers on the market today. Wooden staircase is a great upgrade! Be creative with painted risers and iron stanchions, but don’t go crazy as these “extras” don’t add resale. All you need is a simple oak or maple staircase.
If you want expert advice on your specific situation, call or DM me. I will be glad to help!
Bhupinder Singh
Realtor®️ Salesperson
Century 21
First Canadian Corp.
Phone: 647-323-5310
Email: bhupinder.singh2@century21.ca
London’s housing has finally started to cool off in prices during the month of April 2022 after a constant increase in prices since Aug 2021. The average single family residential home price in London was $748,398 in April 2022, which is a approximately 9% lower compared to last month ($822,536). This means that the average home in London, Ontario has decreased by $74,139 in just one month. The reported decline in home prices here is London (provided by LSTAR) aligns with the reports provided by other real estate associations in their respective areas, which shows an overall price decline in Ontario real estate market. The trend in St. Thomas and Lucan is the same, with 5.55% and 18.3% decline in average single family home prices.
The interest rate hike seems to be the game-changer, which is certainly holding back the buyers as more rate hikes are anticipated from BOC in order to tackle the rising inflation. There are still questions on the proposed foreign investment ban, Will it be passed? What will be the date of the the proposed change? There definitely is a confusion regarding the matter, another factor adding to the declining prices to some extent.
Good news for buyers is that for the first time since the October 2020, there is an inventory of more than 1000 houses at the month end in London. Is this the right time to buy, a firm “YES” for the people who were ready to buy even in February which saw the highest home prices in London. Also a “YES” for all others, as there is still less than 2 months inventory in the market making it a sellers market. Its really hard to predict if this downturn will continue, due to the supply issues and many other indicators signaling in the opposite direction. For many who are in a mood to wait and see what it brings, this might be an opportunity wasted.
On the seller’s side, there is a mixed reaction, many sellers are still not able to digest the fact that they have to settle with considerably lower price for their house compared to earlier months. Advise for them, do not over price your property as it will bring bad reputation for the property. Buyers and brokers will be hesitant to see the house and there is a greater chance of it being an example property, which is on market for longer than normal due to higher price.
Home Selling Checklist
Have you made up your mind to sell your house? Well, then roll up your sleeves and start working as there is a whole lots of stuff you need to figure out, before you can list it. Below is a list that applies to most of the listings:
- Arrange Living Areas Properly
- Consider Repainting
- Touch-ups are Highly Recommended
- Add Plants to Enhance Outdoors
- Protect your Belongings
- Consider Staging
- Enhance the Curb Appeal
- Fix Blinds and Curtains
- Deep Clean Carpets
- Power-wash Outdoors
- Fix Lighting
- Fix Blinds and Curtains
- Work with a Real Estate Agent
Looks like a long list doesn’t it, don’t worry just classify these tasks into groups and try working on one group at a time. Most of these tips are uncomplicated, while others might require a bit more effort. Be careful and know what kind of cleaning products you use for cleaning, as different building materials react to household cleaners in a different way. Use professional help where needed, such as electricians, plumbers etc.
All this effort will certainly pay off by attracting more buyers and offers for your property, so let’s think about the positive side to begin with, Good Luck!
While shopping for a mortgage, lenders provide different options in order for you to get an understanding of how much you can afford.
Mortgage lenders have a process which may allow you to:
• know the maximum amount of a mortgage you could qualify for
• estimate your mortgage payments
• lock in an interest rate for 60 to 130 days, depending on the lender
The process is known as mortgage pre-approval and may be divided in various steps. Different lenders have different definitions and criteria for each step they offer. During this process, the lender will look at your finances to find out the maximum amount that may be lent and at what interest rate. They will ask for your personal information, income, debts, assets, various documents and they will likely run a credit check.
Once you have a pre-approval, you should avoid making big financial decisions, as the process does not guarantee you the approval if the financial conditions change. Therefore, avoid:
• Changing jobs
• applying for new credit
• making major purchases without checking with your broker first
CENTURY 21 First Canadian Corp. Brokerage
INFO & SERVICES
CENTURY 21 First Canadian Corp. Brokerage
420 York Street, London, ON N6B1R1
(519) 673-3390
INFO & SERVICES
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