Apply For Secure Payday Loans Canada

Tag: Retirement Savings

Tips For Boosting Affordability! How Much Mortgage Can I Afford?

Getting lower mortgage rates mean great saving but increased affordability is what attracts more homebuyers. Anyhow, there are few more ways available to first-time homebuyers that offer affordable housing along with financial tactics that increases our savings to the point where we feel comfortable. Here are some time-tested strategies to consider in the light of our updated present economical situation to further increase mortgage affordability:

Pre-Qualification! Know What You Can Afford

The first thing I recommend to all homebuyers to find a mortgage broker and get pre-qualified or pre-approved for a mortgage. A mortgage pre-approval helps you establish a price range and the maximum mortgage you can reasonably afford. There are many lenders who offer pre-approving facility to their potential borrowers for a mortgage to lock-in a rate for up to 120 days.

Fixed-Rate Mortgages! Fix The Rate For A Longer Term You Afford

Consider locking in your rate for a longer period of time! If you’re uneasy about fluctuating interest rates and your ability to meet any increases, then a fixed-rate mortgage could be an ideal fit. Many lenders are open to longer fixed terms that may be up to 10 years in some cases.

Down Payment! Pay Maximum You Can Afford

Increased affordability comes from increasing the size of your down payment that results a lower monthly payment. A common way for first time buyers to come up with more cash for a down payment is to make use of the federal Home Buyers’ Plan. With this Plan, you can now withdraw more than before which is up to $25,000 each from a RRSP (registered retirement savings plan) without tax penalty to buy or build a qualifying home. Also, many lenders allow the down payment to come from a properly documented gift, and a borrowed down payment may be possible for some borrowers.

Debt Restructuring! Revisiting Your Current Debts

Your total debt service ratio (TDS) is what your lender will look at while considering your mortgage application to see how much of your total income is going towards various types of consumer loans, including your personal loans, credit cards, charge cards, child support, car loans and other. To increase your affordability and success that your TDS ratio is acceptable to prospective lenders, your mortgage broker can advise on restructuring your current debt (by increasing the amortization and lowering payments on your consumer loans like car loan, etc.,).

You could get more valuable advice and practical tips to boost affordability specific to your own situation by your mortgage professional. However, first-time homebuyers need to be very careful when finding a mortgage that is several times their income. If you lose your job or get into financial difficulty, you could easily miss mortgage payments and lose your home. It is vital you are borrowing no more than you can afford to spend each month. Although present real estate market and its soft home prices along with the low interest rates have been making affordable house plans to further enhance mortgage loan market about which economists believe interest rates will stay at its lowest position for the next two years or so but you should not treat this as a guarantee.


Great Saving For The First Time Home buyers

Are you ready to buy a home?

Buying a home is exciting but stressful task that most of the people have to gone through at least once in the lifetime. Before making decision to buy a home, this is your responsibility to look into your pocket and the market both because your smooth financial life depends on the right time and your affordability. Are you financially ready to take advantage of this right time to get a title as a home ownership?

Thinking of buying your first home now that rates have gone down? Good news for those getting into the real estate market. The federal budget introduced earlier this year contains new incentives to help first-time home buyers.

  • Closing costs can be a sizable expense when buying a property, and the budget also provides up to $750 in tax relief to help with the purchase of a first home.
  • Under the popular Home Buyer’s Plan, first-time home-buyers will be able to access up to $25,000 or $50,000 per couple from their RRSP (Registered Retirement Savings Plan) for a down payment to purchase or build a qualifying home.. that’s a $5,000 increase.

In my view this is an excellent offer that helps first time homebuyer in making his or her decision easily because it holds maximum savings which could be utilized into other compelling dreams to fulfill while living in will always remind you, your success over your personal finances.

Consult your mortgage professional for the expert advice specific to your case and requirement. Remember, This investment opportunity is so hot that have made every mortgage consultant so versant to provide unbiased mortgage advice to first time homebuyers.



Get Up To 50% Off Daily Deals Canada!

turbotax
Turbo Tax Canada is #1 Best Selling Tax Software in Canada!

Refresh Financial Canada
Save Money, Build Credit and Change Your Financial Future in Canada!

Canada Auto Finance - Canada Car Loans Get Approved For a Car, Truck, SUV or Minivan Loan at Canada Auto Finance Today!

Canadian Best Mortgage Rates
Compare Canadian Mortgage Rates From Banks and The Top Brokers Free!

Canada Foreclosures and Bank-Owned Homes at Massive Discounts
Canada Foreclosures and Bank-Owned Homes at Massive Discounts!

Meet Christian Singles!
Pay down your debt! These no annual fee credit cards can help you in reducing your credit card debt. Compare and find the best MBNA Canada credit cards of your choice:
MBNA Platinum Plus MasterCard
MBNA TrueLine MasterCard



  • Archives

  • Copyright © 1996-2010 eLoan Canada. All rights reserved.
    © eLoan Canada | Bad Credit Personal Loan Canada | Car Loan Canada | Free Stuff Canada
    iDream theme by Templates Next | Powered by WordPress