Real Estate Listing Toronto | Condo Real Estate Toronto | Real Estate for Sale Toronto | Real Estate Comapny Toronto
Toronto Real Estate Listing | Toronto Condo Real Estate | Toronto Real Estate for Sale | Toronto Real Estate Comapny

       

At My Toronto Real Estate, we have sold real estate in the Greater Toronto Area for many years and have an abundant amount of related experience and advice. Purchasing a home is a major buying decision and is usually a decision that will play an important role in your everyday life for many years to come. That is exactly why you must not settle for anything less than excellence when choosing a Real Estate Agent!

There is a reason why we have so many repeat buyers! Our Clients Trust Us, they know we are Toronto's Best Real Estate Agents. We Will Not stop until we find You Your Dream Home! If you have ever bought or sold real estate with My Toronto Real Estate then you know that all our Agents love what they do. Helping people is a great part of their lives!

"My Toronto Real Estate helped me and my wife find our first home! My Toronto Real Estate Worked patiently with my wife and I to ensure that everything was looked after. I have recommended them to all my family and friends who are in the market for Real Estate in Toronto!"

       

Payment Structure: Bi-weekly vs. Weekly

For the most part most mortgages provide their real estate clients with the ability to pay weekly or bi-weekly. This option may be desirable for two significant reasons. The first is it can save you money as you can expect to pay off your mortgage about 4 years sooner. This can save you dramatically over the life of your mortgage. The other reason why these options are so popular is that if your employer pays you on a weekly or bi-weekly basis, you can simplify your budgeting by making the payments line up with the way you get paid.

Making Extra payments

Paying extra amounts on your mortgage can make a big difference in how much money you Save. When we select a mortgage company, privilege payments options are something that we look for. A 20% privilege payment will allow you to pay off up to $20,000 per year on a $100 000 mortgage. It is important that the privilege payment also be flexible to allow you to pay smaller payments on the mortgage and as often as you wish. An extra $1000 periodically paid on a mortgage can help you become mortgage free faster.

       

When you require a mortgage for more than 75% of the purchase price of a property, that mortgage must be insured by Canada Mortgage and Housing (CMHC) or GE Mortgage insurance. The premium charged by these companies decreases as the down payment increases. When you finance your property at 95%, a premium of 3.75% is added to the mortgage. By increasing the down payment to 10% of the purchase price the premium can be reduced to 2.5%. If you can put down 25%, you can avoid any additional insurance fee. Depending on your situation there are ways that you can structure this financing to avoid the CMHC or GE Mortgage insurance premium.

Bigger Down Payments?

As mentioned above, when you put a 25% down payment on your purchase you can avoid the CMHC premium. More importantly the larger the down payment, the lower the amount of interest you will pay over the life of your mortgage. It is important to note that it may not be wise to stretch yourself to increase your down payment and end up borrowing on credit cards or a line of credit at a higher rate. At My Toronto Real Estate we can schedule a meeting with a Financial Consultant and find the best solution for your Real Estate Strategy.

Short Term Rates vs. Long Term Rates

The options for mortgages available can be very confusing for most mortgage shoppers. Terms for mortgages vary between variable and fixed rate. Taking a variable or floating rate mortgage can have savings. Typically the shorter the term or guarantee of the rate, the lower the rate will be. This does not always happen, depending on the market place and the economy, but history has shown that short-term rates tend to be lower than long-term rates. The up side of variable rate is the strong potential for interest rate savings. The down side is the fact that you are accepting the interest rate risk without a guarantee. If you are considering a variable rate mortgage you need to look at your own risk tolerance, and your cash flow available to deal with potential increased payment. Once again if you are so inclined we at My Toronto Real Estate can schedule a meeting with a Financial Consultant and find the best solution for your Real Estate Needs.

Considering projections of rates and where we see interest rates heading can also be important in this decision. Make sure you talk to an expert when you are making this decision.

       

Paying for a qualified home inspection could save you thousands of dollars in future repairs. This is a small investment to make for the biggest purchase of your life. If you are interested please contact us at My Toronto Real Estate and we can recommend an experienced, independent home inspector, for your home.

Buying Real Estate in Toronto? Ever Heard of Discount Points?

Consider discount points on your new mortgage if you plan on being in your home for a long time. Points are money paid up front that reduce your interest rate. If planned correctly discount points can be tax deductible and we can also help you set them up in a way to get the current owner of the home to pay for some of them.

The Power of Choice

Many buyers simply make an offer on a home at slightly less than the seller's asking price and can often loose out on their dream home. At My Toronto Real Estate we can help you research what similar homes in the area are Valued in order to make sure you get the greatest value for your buck!

Don't Have 20% Down? Don't Sweat it.

Don't Worry if you do not have the usual 20% down payment. Many lenders offer low interest mortgages with as little as 3% down. Don't let the "20% Rule" prevent you from pursuing the many advantages of home ownership.