Let’s be realistic. It’s not money that solves your problems. It is the people that can help you solve your problems. Money is just a supportive entity that with a good support can help you reach your goals. But this does not happen easily. It is you who need to take the step to achieve your goals.
Owning an independent house is definitely one of the biggest investment anyone in Canada makes. It is obvious that just the saving for some years are not helpful to make a sum to own a house. One needs an external support of finances. This doesn’t only need a long commitment but also needs a disciplined use of your own money. So the general opinion that money or Mortgage can solve your problems is dubious.
This article can help you understand and channelise your ideas to achieve your goal of owning a house. Additionally we will talk about how mortgage can make your financial decisions wiser.
What is a Mortgage anyway?
If you wish to look for a calculated affordability of Mortgage you should visit. This mortgage affordability calculator shows a comparison with different rates of interest and duration to repay the mortgage.
https://www.astramortgage.com/pages/mortgage-affordability-calculator .
Generally there are 2 key types of montage rates:
Variable Mortgage: Variable mortgage rates are based on the economic conditions and the centra interest rates set by the bank of Canada. If the central interest rates are changes they may have an effect on the mortgage interest rate.
Fixed Mortgage: Fixed mortgage rated have a lock in period of the whole term, meaning the rates cannot change (rise or lower) during the period of the contract.
What is the amount I can apply for mortgage upto?
Imagine you are buying a house of $100,000. Mortgage companies need you to pay at least of 5% by the law. This is an upfront amount that is required as a down payment. Down payment is a percentage cost of the total value of the payment. So in this example, suppose you pay 10% down payment for your home purchase. You can get Loan to Value (LTV) of $90,000. The remaining 90% of the value for the purchase of the house can be the mortgage.
How do I repay my Mortgage?
We need plan for all the good investments. Your house is a very good investment to be proud of for a long term. Make a plan right before you even apply for Mortgage. The bigger your downpayment is the lesser you will need to borrow resulting lesser interest and duration to repay the mortgage. Various mortgage agencies have various payment options. You can choose what suits your the best by planning thoroughly about your other investments, your income and your goals. Typically you can pay, Monthly, Weekly or quarterly. But the important part is to plan wisely.
Try our Mortgage Payment Calculator to automatically generate your prospect plan for your dream house with a long term plan.
https://www.astramortgage.com/pages/mortgage-payment-calculator
How should one apply for a mortgage?
First, you need to understand your needs. If you are certain that you want to buy a house and you are ready to make a commitment then you can look for your prospect house. See that your property is going to help you stop worrying about your rent, taxi costs and can actually be helpful to save your overhead costs. Be sure that you are going to be proud of your investment in the long run.
Now since you are ready to make an application for a mortgage, discuss with a mortgage expert. Recheck if you have all your required documents ready for the application. In some cases, you can get a mortgage approved in very less time. If you have any confusions in order to make an application as an immigrant or self employed with irregular income you must have a dialogue with our experts in Surrey, Delta, Langley and Vancouver BC.
Call us on +1 778 251-9999. We wish you the best for your investment.
