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First Time Homebuyer

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Residential Mortgages - Apply for a mortgage here!

A Boss Mortgages Mortgage Centre specialist will strive to understand your needs and explore options that are relevant to you.

If you already own your own home, you understand the value and security property ownership brings. Because your home is an investment you're paying off over time, you may have already accrued valuable equity in your property. Often, that equity can be leveraged to improve your home, improve your lifestyle, or help you realize other dreams you may have.

FLEXIBLE MORTGAGE PAYMENT OPTIONS

When going through the mortgage selection process, payment options, such as payment frequency and amount of down payment required, will most likely be your top priority. Flexibility in your mortgage payment can help you to better budget your finances, plan for the future, and make you feel more comfortable overall with your home purchase.

MORTGAGE PAYMENT OPTIONS

Mortgage payments can be made weekly, bi weekly, semi monthly and monthly.

WHAT PREPAYMENT OPTIONS ARE AVAILABLE?

A variety of mortgage prepayment options are available that suit the unique needs of different home buyers. Many mortgages allow you to elect to increase your original mortgage payment amount (principal and interest).

Depending on the mortgage product selected, there are various prepayment privileges that are available. For example: A variety of closed mortgages allow prepayment privileges as a percentage (%) of the original mortgage amount to be paid each year, without paying a prepayment charge.

OPEN MORTGAGE

A mortgage that may be prepaid, in part or in full, during the term without paying a prepayment charge.

MORTGAGE PRINCIPAL, INTEREST & OTHER AMOUNTS PAYABLE

When you take out a mortgage on a home, you'll generally have a regular payment automatically deducted from your account that covers all amounts you're required to pay. However your mortgage payment may consist of several components, such as principal and interest and property taxes. Let's take them one at a time.

MORTGAGE PRINCIPAL

The mortgage principal is the amount you originally borrowed, less any payments made towards it. This does not include interest, which is calculated on the remaining principal balance and paid with your regular payments.

MORTGAGE INTEREST

Generally, mortgage interest comprises a much larger percentage of your regular mortgage payment at the beginning of the life of the mortgage than toward the end.

PROPERTY TAXES

The property taxes that are based on the official assessment of the market value of your property may be part of your regular mortgage payment. These taxes are ordinarily paid in installments. These payments can be held by the lender until they are due as the respective city/municipality will send the bills directly to your lender.

Whether you're considering your first home purchase, leveraging your home equity, buying another home, refinancing your current mortgage, or perhaps wanting to pay down your mortgage faster, The Mortgage Centre is here to help you realize your dreams.

TYPES OF MORTGAGE INTEREST RATES

FIXED RATE MORTGAGES

A fixed interest rate does not fluctuate during the mortgage term. This option allows your payment to remain constant so you know exactly how much you will pay every month and the amount you will have paid off at the end of the term.

VARIABLE RATE MORTGAGES

A variable interest rate will fluctuate with prime rate throughout the mortgage term. This impacts the amount of principal that you pay off each month as your mortgage payment will remain constant.

WHAT DETERMINES VARIABLE INTEREST RATES

Variable interest rates are generally expressed in relation to a bank's prime rate, which is set by the bank from time to time. A bank's prime interest rate may change at any time.

WHAT IS A BASIS POINT?

Changes to a bank's prime rate are sometimes described in terms of increases or decreases in basis points. A basis point is a unit of measure that represents 1/100th of one percent (0.01%). For example, if interest rates are increased by 50 basis points, it means they were increased by 0.5%. The term basis point value simply denotes the change in the interest rate in relation to a basis point change.

SELECTING THE RIGHT MORTGAGE

The right mortgage for you isn't necessarily the one that offers the lowest rate, but rather a complete package of terms, conditions, rates and fees that fit your specific short- and long-term financial goals. A Mortgage Centre specialist will strive to understand your needs and explore options that are relevant to you.

Some of the basic choices in selecting a mortgage include:

CONVENTIONAL VS. HIGH-RATIO MORTGAGES

A conventional mortgage equals no more than 80% of the appraised value or purchase price of the property, whichever is less. A high-ratio mortgage is usually for more than 80% of the appraised value or purchase price. It's often referred to as an NHA mortgage because it is granted under the provisions of the National Housing Act and must, by law, be insured through a mortgage insurance provider. The insurance premium as well as application, legal and property appraisal fees are paid by the borrower.

CLOSED VS. OPEN MORTGAGES

Closed mortgages generally offer lower interest rates than open mortgages of the same term, but open mortgages let you pay off as much as you want, any time, without penalty - which could save you a bundle in the long run.

SHORT TERM VS. LONG TERM

The term you select is important. Short term mortgages are appropriate if you believe interest rates will be lower at renewal time. Long term mortgages are suitable if you feel current rates are reasonable and you want the security of budgeting for the future. This can be especially important for first time homebuyers.

FIXED RATE VS. VARIABLE RATE

Identifying whether a fixed or variable rate mortgage is best for you is an important decision. The truth is that no one can accurately forecast what the future holds in the financial markets 3 to 5 years from now. So assessing whether a fixed or variable rate mortgage product is best for you requires an understanding of your personal financial plan and ability to handle market fluctuations.

Fixed rates are based on the yield on Canadian government bonds and will not change during the term of your mortgage. This buffers you from increases in market interest rates and allows you to budget precisely for whatever term you select - from one to as many as 25 years.

Variable rate mortgages fluctuate with the market. Variable rates are essentially determined by institutional prime lending rates, which are influenced by the Bank of Canada's key interest rate. So you receive a discount or surcharge on prime based on what your lender is offering at any given time.

Specialty mortgages creatively combine the best of all worlds.