Genevieve Ross

Certainly there are some market factors that have slowed things down; the fact of the matter is that every day we fall further and further behind. We have a crisis on our hands and are taking steps in the opposite direction.

The mortgage stress test can impact your buying power. 💪 Understand how it works and what it means for your mortgage approval. 📞 416-893-1783 📩 [email protected] 🌐 chatwithcraig.ca

🏠 Dreaming of your first home in Canada? It's an exciting journey worth embarking on! Saving for a down payment takes time and strategy, especially for newcomers. Let's dive deeper into each step: 1️⃣ Know your down payment: Understand that your down payment is the initial cash you put towards your home purchase. It's crucial for mortgage approval and typically ranges from 5% to 20% of the home's purchase price. Saving diligently for this ensures smoother home buying. 2️⃣ Crunch the numbers: Calculate your minimum down payment accurately to avoid surprises. In Canada, if the home is under $500,000, the minimum is 5%. For homes between $500,000 and $1,000,000, it's 5% of the first $500,000 and 10% for the remainder. For homes over $1,000,000, it's 20%. 3️⃣ Impact on mortgage costs: Consider that a larger down payment reduces mortgage insurance premiums, saving you money in the long run. Mortgage loan insurance is required if your down payment is less than 20% of the total purchase price. Lowering this premium amount can significantly affect your monthly payments. 4️⃣ 7 savvy saving tips: Prioritize your financial goals and make a detailed plan. Clearing debts, especially high-interest ones like credit cards, frees up more funds for saving. Maintaining a good credit score is crucial for favorable mortgage rates. Explore options like the Home Buyer's Plan, where you can borrow from your RRSP tax-free, and Tax-Free Savings Accounts (TFSAs) for flexible savings. 5️⃣ Don't forget additional costs: Beyond the down payment, factor in other expenses like legal fees, home inspections, land survey fees, appraisal fees, land transfer taxes, and new home warranties. These are often mandatory and can significantly impact your budget. Ready to make your homeownership dreams a reality? Contact us today to help navigate the path to your first home in Canada! 📲 #realestate #mortgage #property #investment #homes #TMCgroup #financialhelp #financehack #financetips #todaysmortgagechoice #finance #loans #success #wealth #business #homesales #homebuyers #sudbury #ottawa #durham #cambridgeontario #peterborough #ontario

🏠 Dreaming of your first home in Canada? It's an exciting journey worth embarking on! Saving for a down payment takes time and strategy, especially for newcomers. Let's dive deeper into each step: 1️⃣ Know your down payment: Understand that your down payment is the initial cash you put towards your home purchase. It's crucial for mortgage approval and typically ranges from 5% to 20% of the home's purchase price. Saving diligently for this ensures smoother home buying. 2️⃣ Crunch the numbers: Calculate your minimum down payment accurately to avoid surprises. In Canada, if the home is under $500,000, the minimum is 5%. For homes between $500,000 and $1,000,000, it's 5% of the first $500,000 and 10% for the remainder. For homes over $1,000,000, it's 20%. 3️⃣ Impact on mortgage costs: Consider that a larger down payment reduces mortgage insurance premiums, saving you money in the long run. Mortgage loan insurance is required if your down payment is less than 20% of the total purchase price. Lowering this premium amount can significantly affect your monthly payments. 4️⃣ 7 savvy saving tips: Prioritize your financial goals and make a detailed plan. Clearing debts, especially high-interest ones like credit cards, frees up more funds for saving. Maintaining a good credit score is crucial for favorable mortgage rates. Explore options like the Home Buyer's Plan, where you can borrow from your RRSP tax-free, and Tax-Free Savings Accounts (TFSAs) for flexible savings. 5️⃣ Don't forget additional costs: Beyond the down payment, factor in other expenses like legal fees, home inspections, land survey fees, appraisal fees, land transfer taxes, and new home warranties. These are often mandatory and can significantly impact your budget. Ready to make your homeownership dreams a reality? Contact us today to help navigate the path to your first home in Canada! 📲 #realestate #mortgage #property #investment #homes #TMCgroup #financialhelp #financehack #financetips #todaysmortgagechoice #finance #loans #success #wealth #business #homesales #homebuyers #sudbury #ottawa #durham #cambridgeontario #peterborough #ontario

In the finance world, there's an acronym for everything. 😅 Don't hesitate to ask your mortgage expert what something means; it's like you asking me questions about your job! 💬 We're all experts in our field. Have questions? Let's connect. 🤝 📞 416-893-1783 📩 [email protected] 🌐 chatwithcraig.ca #MortgageCraig #FinanceAcronyms #AskTheExpert #MortgageKnowledge #IndustryJargon #ProfessionalInsights #ExpertiseExchange #ConnectWithUs

3 tips for homebuyers to navigate the new era of commissions Contact me to discuss the latest scoop in real estate! #realestateToronto #gta #realestategta #torontohomestaging #torontorealtor #torontorealtors #mississauga #torontostagers #torontorealestate #gtahomes

How to Save for a House Contact me to discuss the latest scoop in real estate! #realestateToronto #gta #realestategta #torontohomestaging #torontorealtor #torontorealtors #mississauga #torontostagers #torontorealestate #gtahomes

Canadian construction company recognizes the need to build differently but says collaboration with like-minded companies is key to reduce carbon emissions.

Canadian construction company recognizes the need to build differently but says collaboration with like-minded companies is key to reduce carbon emissions.

Understanding the Real Estate Market Contact me to discuss the latest scoop in real estate! #renewal #refinance #investment #bank #interst #bestrates #mortgages #gta #mississauga #torontostagers

❌ 𝐑𝐚𝐭𝐞𝐬 𝐃𝐫𝐨𝐩: 𝐁𝐚𝐧𝐤 𝐨𝐟 𝐂𝐚𝐧𝐚𝐝𝐚 𝐀𝐜𝐭𝐬 𝐀𝐟𝐭𝐞𝐫 𝟓𝟎 𝐌𝐨𝐧𝐭𝐡𝐬! The Bank of Canada has been raising the overnight rate since March 2nd, 2022, peaking in July 2023 and holding steady until now. 😑 𝐉𝐮𝐧𝐞 𝟓𝐭𝐡 𝐦𝐚𝐫𝐤𝐬 𝐭𝐡𝐞 𝐟𝐢𝐫𝐬𝐭 𝐫𝐚𝐭𝐞 𝐝𝐫𝐨𝐩 𝐬𝐢𝐧𝐜𝐞 𝐌𝐚𝐫𝐜𝐡 𝟐𝟎𝟐𝟎 ! 🤯 𝐍𝐄𝐖 𝐏𝐑𝐈𝐌𝐄 𝐑𝐀𝐓𝐄 🚨 𝟔.𝟗𝟓%! Pandemic rates were low and sales high, but as these mortgages renew, homeowners face severe payment shocks. The Bank of Canada must lower rates to prevent defaults and another economic downturn. 🏚️ 24% of renewals choose a 3-year term in 2024, up from 18% last year, anticipating lower rates in the near future. 🔮 Hopefully, the forecasted decreases will help Canadians soon, especially those up for renewal in the next 18 months. 🔄 📞 289-244-7094 📩 [email protected] 🌐 www.amandamortgage.ca sources: 🔗 t.ly/6H6kb t.ly/FJvys t.ly/oMXf0 #EconomicUpdate #MortgageRenewal #BankOfCanada #BOC #RateUpdate #MortgageNews #BRXMortgage #CanadianRealEstate #RealEstate #CanadaNews #FinancialPlanning