Closing costs are the list of fees that your lawyer presents to you on the closing date. When buying a new home, there are expenses outside of your Toronto mortgage that you will need to include in your budget.

To help you, we listed the closing costs and created a checklist that you can use to keep track of your expenses. According to CMHC and Genworth, one should have, in addition to the down payment, at least 2% of the purchase price for closing costs. We recommend keeping at least 2.5% just to stay on the safe side. The costs vary from city to city and province to province.

Below you will find a an explanation of all of these costs. Please note that not all of them may or may not apply to your specific situation and that there may be others that apply in your circumstance. Use this as a guideline, and then speak with your lawyer who can provide a more accurate estimate for your situation, since they will be handling the distribution of majority of your closing costs.

Click here to download your Complete Closing Cost Checklist in Adobe PDF format

Land Transfer Tax

This fee is charged to the purchaser when a property changes ownership. This tax is calculated as a percentage on the purchase price and adjusts as the price goes up. This percentage can range from 0.5% to 2.0% of the value of the property (varies by province and municipality). This is generally the largest portion of closing costs on a resale home. In Ontario, first time home buyers who purchase a new home get a refund up to $1725.

See our Land Transfer Tax Calculator and all our Mortgage Tools here.

Home Inspection Fee

A professional inspection of the home, from foundation to the roof, is for the benefit of the buyer and explains why the buyer is responsible for that cost. A typical home inspection can cost in the range of $275 to $500. This inspection will guarantee that you get what you are paying for.

New home buyers can chose if they would like one because these new homes are covered under a builders warranty for the first five years but it’s up to you to make sure that the builder is registered with Tarion and that your home falls under their warranty. When hiring a home inspector, make sure that your using a certified and registered inspector. Also make sure that they have liability insurance, in the case a mistake is made.

Appraisal Fee

The appraisal provides the lenders with a professional opinion of the market value of the property based on personal inspection and comparisons to other properties in the area. This cost is the borrower’s responsibility and it ranges as low as $175 for a drive-by appraisal to as much as $400 for a full appraisal plus G.S.T. The costs vary depending on the size and location of the home.

Legal Costs and Disbursements

A lawyer or notary charges a fee for their professional services involved in drafting the title deed, conducting the various searches, and preparing the mortgage papers. Disbursements are out-of-pocket expenses incurred, such as registrations, searches, supplies as well as other things. Disbursements are charged G.S.T as well.

Mortgage Insurance Application and Processing Fee

On a high-ratio insured mortgage the mortgage insurer charges a fee of $165-$185 for applying and processing the file, as well as appraising the property. On new homes, this fee drops to $75 due to the fact that the property falls under a warranty.

See our Mortgage Insurance Calculator and all our Mortgage Tools here.

Closing Adjustments

You should be prepared to pay the closing adjustments for bills that the seller has prepaid such as property taxes, utility bills, and other charges. Any bills after the closing date become the purchaser’s responsibility. Your lawyer or notary will let you know what they are once they have completed the various searches.

Land Survey Fee Or Title Insurance Fee

A recent Survey of the property is more often than not, required by the lender. If a recent survey is not available you may have to purchase a new one and that cost ranges from $600 to $900 for a new survey. In lieu of the Survey, most lenders will accept Title Insurance which costs much less and guarantees title of the property for a fee of approximately $225.

Fire Insurance

All mortgage lenders require that fire insurance has been purchased prior to the borrower taking possession of the home. The amount of coverage required must be at least the size of the mortgage or the replacement cost of the home. This cost will vary depending on the property size, extras being insured, type of coverage, as well as the insurance company and the municipality. The cost can vary anywhere from $300-$650 for most properties.

Provincial Sales Tax of 8% (P.S.T.)

If your Toronto mortgage is insured by a mortgage insurer and considered to be a high ratio mortgage (less than 20% down payment), there is P.S.T. charge of 8% in Ontario, payable at closing, on the mortgage insurance fee. While the insurance premium can be added to the mortgage amount, the P.S.T. must be paid at closing. For example, a mortgage that results in a $2,000 fee, will have to pay $160 in Provincial Sales Tax upon closing.

Government Sales Tax of 5% (G.S.T.)

On the purchase of a newly constructed home GST must be paid. Confirm upon purchase who will make the G.S.T payment, you or the builder. If you look at the offer provided, it will say “Plus GST” or “GST Included”, and who the GST new home rebate will apply to. A lot of builders have included this cost into the purchase price so that the buyer does not have to come up with that at closing. Government Sales Tax is also charged on all professional fees.

New Home Warranty

In majority of the provinces, new homes are covered by a new home warranty program. In Ontario, Tarion is the warranty provider for all new homes built by registered builders. The cost to the purchaser for this warranty is approximately $600. If the builder defaults or fails to build to an agreed-upon standard, the fund will repair and finish the deficiencies outstanding.

Estoppel Certificate

Required only if you are purchasing a condo. It outlines a condominium corporation’s financial and legal state of affairs.

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Closing Costs

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Closing Costs

You should consider having any home you are thinking of buying inspected by a knowledgeable and professional inspector.

The home inspector’s role is to inform you on the property’s condition. He will tell you if something is not functioning properly, needs to be changed or is unsafe.

You will also be informed of repairs that need to be done and they may even be able to tell you where there may have been problems in the past.

Download this pdf where I have listed the bear minimums that every inspection should include.

Having an independent appraisal done on a property before you make an offer is a good idea. It will tell you what the property is worth and help ensure that you are not paying too much.

I help my clients by providing them with a recognized appraisal done by an authorized lender compliant approved appraiser. This appraisal includes an unbiased assessment of the property’s physical and functional characteristics, an analysis of recent comparable sales and an assessment of current market conditions affecting the property.

So while the inspector will give his opinion on the structural integrity of the property and any detached buildings, the appraiser will use ratio’s and formula’s to come to an accurate value for the cost of the home.

Make note, a good home and property inspector or appraiser generally belongs to a provincial or industry association.

See the differences of Renting VS Buying your own home.

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The difference between home inspection and appraisal

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The difference between home inspection and appraisal

Can I get pre-approved for a home purchase loan before I’ve found my property?

Absolutely.  However, you should note that this pre-approval is not the same as a commitment letter.  The pre-approval states the amount you will qualify for as long as all the information you have provided is accurate.  A pre-approval should help when purchasing a home by providing an accurate range of pricing for the home that you wish to purchase.  It also creates purchasing power by showing that your finances are in order, you become more like a cash buyer and can save thousands of dollars just by being in a better negotiating position.  Make note, you should never waive the financing condition on your purchase until the commitment has been fully satisfied.

Can I make changes to my application?

Yes, you can make changes anytime before you lock in your rate.  Keep in mind that any changes you make may extend the time that it takes to close your loan, may increase the cost of closing and may effect your interest rate.  We recommend that you complete your original loan application accurately and completely prior to submitting.  Once you receive confirmation of your rate lock, you should review the terms carefully and contact your mortgage consultant immediately if any corrections are needed.

Do I have to finish filling out my application at one time?

No. But it is best to get it done right away.  This gives your broker a clear picture of your financial standing at that time.  With a clear picture and everything being disclosed, a good broker will find ways to leverage all your assets to get you an excellent rate, but more importantly, find a product that will save you money.

How do I increase and protect my credit rating?

Here are a few general tips to assist you in raising and maintaining your credit score:

-Maintain two to three revolving charge accounts such as Visa or MasterCard and keep in good standing.

-Have a couple of other credit card accounts, such as department stores or gas cards, keep in good standing.

-Avoid “finance” company credit card offers.

-Avoid credit inquiries-they lower your credit score.

-Don’t max out your credit cards-the ratio of available credit to your total credit balances is very important. (Try to keep between 4%-12% of total available balance)
-Don’t apply for multiple credit lines; this triggers an inquiry of your credit, which lowers your credit score.
-Never co-sign a loan for someone else, your credit could be tarnished by their inability or unwillingness to pay.

See all our tips in the top 9 ways to improve your beacon score.

How long will it be before we will know if the loan is approved or not?

The paperwork for a commitment can be received anywhere between 4 hours and 4 days.  The loan can be approved as early as a few hours after all the necessary documentation has been received and filed. If the paperwork is not satisfactory to the lender it could take as long as a couple of weeks.

How long will it take to close the loan?

If everything goes smoothly, we have closed in as little as a few of days.

How will my credit score affect my loan application?

Credit scoring plays a significant role when you apply for a loan. Higher credit scores help you to be eligible for more loan options and give you better rates. If you’ve had credit difficulties in the past, there are still mortgage programs available, but they usually cost a little more and will vary depending on the severity of your credit problems.
Read about the importance of good credit.

Should I refinance?

The significant and most common reason for refinancing is to save you money.  You can save a lot of money every month by lowering the interest rate on your current loan.  How much you can save depends on a lot of factors.  You have to consider how much it will cost in fees (interest penalty, lawyers fee’s, charging/discharging the loan) in order to realize the savings in your payment.   Saving money through refinancing can be achieved by obtaining a lower interest rate, which causes your monthly mortgage payment to be reduced or by reducing the term of the loan, which saves money over the life of the loan.  Even if the fees get added on to the loan balance, they’re still there.

You may also save money by changing your rate from a variable to a fixed. The main reason for this is to obtain stability and security offered by a fixed loan rate over the term of the loan.  Adjustable rates are popular when rates are higher whereas when rates are low most people tend to lock in for a fixed loan rate.

If your intentions are to consolidate debts and replace high interest loans with one low rate mortgage than you may want to consider refinancing.  The loans being consolidated may include second mortgages, credit lines, student loans, credit cards, credit cards, or other debt you may have.  In many cases, debt consolidation saves you money by saving on taxes and avoiding paying high interest rates.

What are points?

A point is a term used to reflect 1%.  If someone says that they charge 2 points on the loan that would be 2% of the total loan amount.

What does it mean to “lock a rate”?

“Rate locks” are a way of protecting from a possible rise in interest rates during the processing of your loan.  With some lenders, you can lock a rate up to 120 days.  If rates improve during the processing of your loan, you will still get the best available rate.

What if I have little or no credit?

Use your good payment history on rent and utilities, as well as credit obtained through family members or friends.  Provide a year’s worth of cancelled checks to validate consistent monthly payments.  This information will become part of your application for the mortgage loan.  You may also be able to provide 3 months of statements signed and stamped from your bank to provide proof of payments and/or proof of income.

What if I have a credit problem because of an unusual situation?

If you normally pay your bills on time but failed to pay because unusual or temporary situation, the lender may accept a detailed letter explaining your circumstances.  Also provide supporting documentation with your letter such as a doctor’s letter that will add credibility to your case.  The information will become part of your loan application.  Your lender will be able to overlook a credit problem if you can provide a good reason for neglecting your obligation.

What is Annual Percentage Rate (APR)?

The total finance charges for a loan that is expressed as a percentage.  APR takes into account the total cost of a mortgage, including interest, closing fees, lender fees, and other charges over the life of a loan.

What is a Conventional Loan?

A mortgage or deed of trust that is not insured or guaranteed under a government insured program. In order for you to avoid insurance costs on your mortgage/loan it must be 80% Loan To Value (LTV) otherwise stated as 20% down.

Get the full picture on mortgage insurance here.

What is a Balloon Payment?

Periodic lump sum payments which are usually applied to the loan without any penalties.

What is a Buy down Loan?

A mortgage with a starting interest rate below the interest rate stated on the Promissory Note.  The lender lowers the starting rate in return for an interest rate subsidy paid by the seller, buyer, builder, or lender.

What is a FICO score?

A FICO score is a credit score developed by Fair Isaac & Company.  It is the American version to our beacon score.  It is a credit scoring method to determine the likelihood of credit users paying their bills in the U.S.  Since the 1950s, Fair Isaac & Co were pioneers in setting credit scoring standards and even today their method has become the most widely accepted and reliable scoring method used by lenders in credit evaluation.

A credit score attempts to condense your credit history into a single number.  Credit scores analyze your credit history by considering numerous factors such as:

-Late payments
-The amount of time credit has been established
-The amount of credit used versus the amount of credit available
-Length of time at present residence
-Employment history
-Negative credit information such as bankruptcies, charge-offs, collections, liens, etc.

Credit scores are calculated by using scoring models and mathematical tables that assign points for different pieces of information which best predict future credit performance.

What is a Variable Rate Mortgage (VRM) and how does an VRM work?

An Variable Rate Mortgage (VRM) is a mortgage or deed of trust, which allows the lender to adjust the interest rate periodically as agreed to at the inception of the loan (usually adjusts with prime). If you are interested in an variable-rate mortgage, it is important to discuss all of the features and options of an VRM with your Mortgage Specialist so they can help you make an assessment of the best VRM to meet your specific needs.

What is Hazard Insurance?

Hazard insurance is an insurance policy to protect homeowners against property damage.  This premium prepayment is for insurance protection for you and the lender against loss due to fire, windstorm and natural hazards.  If a catastrophe does happen, hazard insurance should cover the costs to rebuild your home.  Most Lenders often require you to get a policy before you buy or refinance a home and usually require you to pay the first year’s premium upon financing your mortgage/loan.

Find out about all your other closing costs here.

What is an Origination Fee or Brokers Fee?

A fee or charge for work involved in evaluating, preparing and submitting a proposed mortgage loan.  Usually charged for hard to place loans or loans that require a great deal of work.

What is P.I.T.H?

Principal, Interest, Taxes, and Heat.  The four components of a monthly mortgage payment.  Principal refers to the part of the monthly payment that reduces the remaining balance of the mortgage.  Interest is the fee charged for borrowing money.  Taxes and insurance refer to the amounts that are paid into an escrow account each month for property taxes and your monthly cost for heat and hydro.

What is Prepaid Interest?

This amount represents the interest that accrues between the close of your loan and the last day of the month in which the loan closes.  Interest on your loan after that date is included in your regular monthly payments.

What is Private Mortgage Insurance (PMI)?

Insurance written by a private company that protects the lender against loss if you default on the mortgage.

What is Title Insurance?

Insurance policy that is issued by a company regarding title to real property.  It protects against any fraud involving the title of the land before and after the purchase.

Find out about all your other closing costs here.

What kind of documentation will I need to provide the lender for verification?

As each loan has different variables, there is no single list of documents needed for all applicants.  You should be prepared to provide copies of the following documents to your lender.

Employment & Income Data

-T4’s/NOA’s for the past two years

-Letter of employment from your work on a company letterhead, dated, signed by an authorized individual at that company with their title and extension

-Pay stub showing current year-to-date earnings (two most recent stubs)

-Your job history and any explanation of a job change within the past two years

-If self employed (defined as owning 25% of a business or more), you need business and personal federal tax returns (two years)

Assets

-Bank account statements, past three months, dated and stamped by your branch

-Investment account statements

-Retirement account statements

-Signed gift letter and transfer of funds verification

Liabilities

-Credit Cards – include balances and monthly minimum payments

-Auto loans and leases – value of car when purchased, estimated value today, term remaining on the lease

-Explanation and paperwork of any derogatory credit in the past seven years

-Explanation letter of any derogatory credit (bankruptcy, collection, foreclosure or default)

-Student and personal loans – include account numbers, monthly payments and balances

-Landlord address(s) for past two years and rental amounts

Property & Realtor Information

-Name and contact information of your Realtor (business card)

-Homeowner’s insurance information

-Rental or lease agreements

-Residence &address for past two years

What kind of things do I need to be aware of as a 1st time home buyer?

Buying a home can be your largest purchase in your life.  Remember that you are in control of purchasing your home; so don’t allow anyone to pressure you into making a purchase you are not comfortable with.  Take your time and evaluate all your options before committing to a contract or a loan.  Here are some tips and questions to ask yourself as you start on your first steps to home ownership!

-Know how much you can afford first.

-Yourself, as well as the Realtor and Seller need to know if your can obtain financing.

-You need to know about available financing and special programs

- Be aware of how much you need for closing costs and down payment

-Are there any state sponsored programs available?

- Will the lender allow you to borrow the down payment and what are their requirements?

- Can I be gifted the down payment and how much am I allowed?

For more information see our Mortgage 101 Corner.

When should I choose a fixed-rate loan?

A fixed-rate loan offers a borrower the comfort of knowing exactly what their payments will be, month after month, for the life of the loan. Loan terms can range from 10,15, 20, 25, and up to 37 years. In a low-rate environment, borrowers tend to prefer a fixed-rate product that can protect them from possible interest-rate increases. So you should choose a fixed rate loan when you don’t have room for your payments to fluctuate up and down.

When should I choose an Adjustable Rate Mortgage or Variable Rate Mortgage?

Generally speaking, an ARM/VRM enables borrowers to secure a loan at an initially lower interest than a fixed-rate loan. This means a borrower has lower monthly payments for a specific period of time when compared to other loan options. Lower monthly payments and a longer life to the loan will allow you to qualify for a higher loan amount.

What should I do if I continually struggle to pay my bills?

The best thing to do is seek professional debt counseling to help you with your credit situation. Our team helps with credit counseling free or can arrange for you to meet with a credit counselor. They can help you develop a solid plan for regaining control of your finances.

What should I do to help financially prepare for a home loan?

Here are a few tips to assist you when it comes to applying for a loan:

-Use cash instead of credit for your purchases this will keep your GDS and TDS down
.
-Avoid making any large credit purchases—the added debt could impact your ability to qualify for a loan.

-Contact creditors immediately if you have a problem or concern about your ability to make payments on time.

-Put money aside into savings so you’ll have a financial cushion in case of an emergency.

See the advantages to using a broker to find out how one can help you.

When should I pay points on a loan?

The decision to pay points on a loan depends heavily on your circumstances. In certain situations, there will be no choice for you to pay points on your loan.  Some loans are too much of a risk and the lender will not provide the loan without charging points on top.

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Frequently Asked Canadian Mortgage Questions

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Frequently Asked Canadian Mortgage Questions

In most cases, owning is almost always better than renting. When you rent you just pay money out but you don’t have any return on your investment.
It’s like leasing a car without being able to write it off.

How many people reading this lease a car?

Well at least with the car you have a buy out option at the end and you get a new car every three years. But imagine just paying for a car for the rest of your life and never having the ability to own it. That’s what renting is like but without all the oil changes.

The main advantages of owning your own home are:

Financial Security
As your property appreciates in value and you pay down your loan, you will gain equity in your home.

Flexibility
You can decorate or renovate your home to meet your own personal tastes and build equity that can come in handy down the road.

Stability
The ability to come to a home that is your own. It’s where your house becoming your home and the spot where all your memories will be built in the future.

You can download the pdf of my pamphlet with two examples in it and see the monetary advantages for yourself. The savings are outstanding.

Click here to download examples of the advantage of buying a home VS renting in Adobe PDF format

The point I am trying to get across is that there is great value in owning a home. It creates wealth, flexibility and borrowing power. These are all things that people need so I encourage you to get a head start today.

If you are curious to find out how it will work for your specific situation try the Rent VS Buy Calculator in our Mortgage Tools section. If you would like to further investigate, contact our office, we’ll be glad to help.

Move on to our Closing Costs section and download our handy closing costs checklist.

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Owning a home Vs Renting a home

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Owning a home Vs Renting a home

My dad used to tell me all the time, if you get a ticket, make sure you fight it. Car insurance is very expensive and you want to keep your insurance in good standing. The same thing applies to credit.

Equifax Canada and Trans Union are the two main credit reporting agencies in Canada. They keep track of all your bill payments that are made on time or are late. Anything that goes into collections is reported directly to them.

So how do they effect your Toronto mortgage?

As I had stated earlier, the higher your credit score the lower your rate of interest but this doesn’t mean that there aren’t a number of competitive products out there for people with lower credit scores or even tarnished credit.

The Paul Sidhu team is well respected by all the lenders and are known to help people rebuild credit with everything from secured visas to free credit consultations.

Our team knows how Trans union and Equifax work and can show you how to raise your credit score within weeks. For people that have a lack of credit history or are new to the country, we have programs that can assist in the purchasing of a home.

Service

Did you know that in almost every Toronto mortgage you can make a payment for the principle portion of your mortgage for the next year, they must take it and apply it towards the principle. You’ll cut your mortgage by at least 5 years off the bat and that’s money you would have to pay anyways. (Call your lender to see if you qualify.)

The Paul Sidhu team knows Canadian mortgages and understands that everyone wants to save money and that’s what we’re here to do. We know that no two financing situations are alike, so we sit with you and give you a free consultation to personally assess your situation and answer any questions or concerns as they arise.

We educate you before providing you with your options so you understand how the funding is taking place and help you make a more informative decision as to what product will best suit your needs.

We not only assist with Toronto mortgages and the surrounding area but with refinances, equity take outs, lines of credit, construction loans as well as business loans and we wow you with our service from start to your funding date and beyond. We are known for exceeding our customer’s expectations regularly. Give us the opportunity to show you how.

Find out about the differences between Home Inspections and Home Appraisals.

*Check with your lender to see if it applies to your situation

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The importance of good Credit and Service

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The importance of good Credit and Service

How many of you went to the bank for your mortgage?

How many of you shopped the banks for your mortgage?

Did you know that every time you went to the bank, they pulled your beacon score (credit score) and if you went to more than one bank they pulled it again and again.

Every time they pull your credit score it drops by a little. To Equifax it seems like you are searching for credit and they lower it every time you make an inquiry.

What a broker does is pull it once and shops the banks and lenders to find you an excellent rate and a product that best suits your needs. In essence this saves your beacon score and the higher your beacon score, the lower your rate of interest on your Toronto mortgage.

The Paul Sidhu team has access to dozens of lenders, each with 5 or more products that means that there’s hundreds of products out their, it’s our job to help find the one that’s best for you.

The bank only has only a handful of products and they may not be the product to best suit you and you may not necessarily get the best rate. Hence the penalties if you try to opt out of your mortgage.

You may have heard of the terms floor rate and ceiling rate. Banks use these to up-sell their clients or reserve the floor rate for their preferred clients. The floor rate is the lowest rate that the bank can give their client while the ceiling rate is the higher of the two and is the rate that they will try and offer you.

Most of the time if you get a better rate from somewhere else, the bank will then offer to match that rate. But you will still have to do all the leg work. But why not just get the best service, with extremely competitive rates, without doing any leg work the first time.

Find out how in our importance of service and credit section.

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The reality of the bank

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The reality of the bank

Every mortgage office does business on a single entity basis. This means that if they finance 100 million in mortgage funding by September this in turn gives them discount off of whatever the rate may be at that time and they pass it on to their clients.

Paul Sidhu’s affiliation with Toronto Mortgage has empowered us to align with a team that services, not only the Toronto area, but all of Ontario online.

This means by mid January we’ve already done 100 million in mortgage funding and by the time we hit September we’ve done almost a Billion in mortgage funding, giving our team deeper discounts than our competitors.

Remember, the more you fund, the larger the discount you get from the lender. In turn these discounts are passed on to our clients as additional savings. This is how we are capable of competing with the bank.

But more important than rate, is product placement. We ask what your needs are, when you plan on moving, what your salary increases are like and accommodate you by finding a product that best suits your needs.

How many of you have had to pay a penalty to get out of your mortgage?

How many of you had to pay a penalty larger than $5000 to get out of your mortgage?

Those penalties are part of bad product placement. If you had been set up properly and asked the right questions than you would only have to pay a minimal penalty or no penalty at all.

Hefty fines for opting out are more common with banks because they don’t want to give up business. Find out what the reality of the bank really is.

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Mortgage Rates and Product Placement

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Mortgage Rates and Product Placement

Toronto mortgage brokers function as middlemen between home buyer and lender. They match borrowers with bankers by identifying mortgages that suit the needs of their consumer clients. The Paul Sidhu team knows that every client is different and what’s a good product for one client isn’t necessarily good for another client.

Our team appeals to many buyers because of their track record at arranging mortgages at rates lower than those posted by the banks and the ability to see exactly what the clients needs are.

From first time homebuyers, renovations, tuition fees, vacations and much more …. find out how we helped them all get their money. Our team also consults and helps people with money problems and credit repairs.

The Paul Sidhu team has aligned itself with Toronto Mortgage, which currently is servicing all of Ontario and planning to go national with the help of Paul Sidhu, giving us some of the deepest discounts in the business and we pass them on to our clients.

Find out how we get the deepest discounts in our rates and product placement section.

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The Role of a Mortgage Broker

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The Role of a Mortgage Broker

Buying a home is one of the biggest emotional and financial decisions you’ll ever make, so prepare yourself to make a knowledgeable decision today.

When most of us consider becoming homeowners, we immediately think of how wonderful it will be. It is true that there are a lot of good reasons for wanting to buy a home. Some of the main advantages are:

Financial Security –

Historically the market rises in value. As your property appreciates in value and you pay down your loan, you will gain equity in your home. This will give you borrowing power in the future.

Flexibility –

Not only can you decorate or renovate your home to meet your own personal tastes but you build equity that can come in handy down the road to put children through school, start a new project or even a long term vacation

Stability –

Beyond the pride of ownership, you have the stability to come to a home that is your own place. It’s the change of your house becoming your home and the spot where all your memories will be built in the future

Although it is nice to think about the positive aspects of owning a home, it is just as important to consider the difficulties as well. Some of the challenges of owning a home are:

Financial Stress –

stress of payments always take a toll on people. In order to alleviate that stress the Paul Sidhu team has a free consultation process where we help you figure out how much debt you can manage comfortably. We also educate you on the latest changes between variable and fixed rates so that you can sleep at night knowing you made the correct decision for you.

Maintenance –

Remember, keeping your home in good shape will avoid larger costs in the future

Your mortgage broker should help you assess your situation. Find out what the role of your mortgage broker is.

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Is home ownership right for you?

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Is home ownership right for you?