19 Nov

a sense of community

General

Posted by: Tammy O'Callaghan

A Sense Of Community – Harmony Mortgage Group, Doing Our Part!

 
Harmony Mortgage Group has always been hands on within our community.  Carie and I have always made it a priority to get involved and are naturally very outgoing people.  So when Jodi Derksen, wife of the head coach Mike Derksen for the Chilliwack Giants Football Organization, approached us about sponsorship it just made perfect sense for us to jump on board and support this worthy cause.

With an organizational motto “Training Athletes. Developing Individuals” Carie and I  knew right away that the Chilliwack Giants Football Club was more than just an opportunity for youth to play a sport and blow off some steam.  The organization is committed to the great tradition of football and teaching life skills on and off the field.  They are as committed to building good character and confident youth as they are to the actual game of Football.  This organization understands that the two aspects go hand in hand as they support the athlete and individual at the same time.

 

Congratulations to the 2014 Raffle Truck winner Kristy Slykerman!

In their own words: The mission of Chilliwack Minor Football is to provide an environment for the youth of our community to participate in learning and developing both individual and team sportsmanship. It is our wish to allow those who participate in the sport to develop and play at a level consistent with their aspirations and to develop into the young men and women that both their parents and their community may be proud of. We hope to encourage and promote improvement in physical education, healthier life styles, and scholastic standings and standards.”

Carie and I both being Moms we understand how important the two aspects of sport and individuals are and that one feeds the other.  So with the Harmony Mortgage Group Logo on the Raffle Truck this year and a commitment to hydrating all those athletes with a donation of water bottles we couldn’t be more proud to be a part of such a great asset to Chilliwack youth and the game of Football. 

Watch for us in the future as we continue to support great causes and local organizations like this one.

2013 CMFA Scholarship Winners

 

16 Jul

Renovate and Roll!

General

Posted by: Tammy O'Callaghan

We have all done this, dreamt about the upgraded appliances and how they would look so good in our dream kitchen.  While you are at it you might as well do the addition and create that beautiful en-suite you have always wanted.  Then we stop ourselves and think wouldn’t it be nice, if only I could afford it.

The truth is if you own your own home you probably can and the best part is that you will increase the value of your home.  If your dream home is one renovation away Harmony Mortgage Group has got a smart renovation tip: 

“Renovate and Roll” Roll the cost of your renovation into your mortgage for one easy monthly payment. You can then even use your prepayment features of your mortgage to pay it off faster. Depending on what you are renovating you may increase your homes worth substantially higher than what the market can yield in a given time.   For example if you do a $20,000 dollar renovation now as you continue to build equity in the home of your dreams your home will hold more value over the next 5 years than it would if you did not do the renovations.  So a home renovated now will yield a higher return based on the market than if you didn’t do the renovations.  In some cases the home that wasn’t renovated could lose potential value when it comes to resale.  In this case it would make financial sense to renovate your home to keep up with the market using our historically low interest rates.

Do the same over ten years and you would see an even greater difference as the renovated home will continue to hold value as the un- renovated home will begin to lose resale value due to the age of the home and higher cost of updating.

Mortgage Reno Refinancing:

When funding major renovations, refinancing your mortgage lets you spread repayment over a long period at mortgage interest rates, which are usually much lower than credit card or personal loan rates. This type of financing can allow you to borrow up to 80% of your home’s appraised value (less any outstanding mortgage balance). Initial set-up costs including legal and appraisal fees may apply.

Purchase Plus Improvements Mortgage:

If you’re planning major improvements for a home you’re about to purchase, it may be advantageous to finance the renovations at the time of purchase by adding their estimated costs to your mortgage. CMHC Mortgage Loan Insurance can help you obtain financing for both the purchase of your home and the renovations — up to 95% of the value after renovations — with a minimum down payment of 5%.

Many homebuyers looking to buy older properties find themselves in a common predicament: they’ve found a property that suits them, but it needs some costly and immediate upgrades. Increasingly, buyers are adding the costs of those immediate renovations into their mortgage, instead of racking up credit card bills or selling investments to pay for the upgrades. Known as a “purchase plus improvements” mortgage, this type of mortgage covers the sale price of the home, plus any renovations that would increase the value of the property, with as little as 5 per cent down.

If you’re buying a home but want to add a second storey, finish a basement or redo a kitchen, it can make a lot of sense to add those costs to your mortgage. That way you can spread your payments over the life of the mortgage and have a cost-effective way to get your dream home. The process is quite simple:

  • Obtain cost estimates for the upgrades
  • Get your appraisal – for the value of the property “as is” and the estimated value of the property once the improvements are completed
  • Renovation costs are included in your mortgage
  • Complete your upgrades
  • Renovation funds are released by your solicitor upon completion
  •  

With rates as low as they are right now is a good time to think about that home renovation.  In many cases It is more cost effective to renovate the home you are in to your liking than to purchase a different home with the same attributes.  This way it is done to your specifications, your budget and of course your needs. 

Bottom Line:

If you’ve owned your home for a few years, chances are you’ve been building up some nice equity.  With mortgage rates hovering around historic lows, this is a great time to look at rolling the cost of your renovation into your mortgage. In fact, you might find enough interest savings in your new mortgage to help knock down the overall cost.

Come and talk to us at Harmony Mortgage Group.  We have options that the banks can not offer and we work for you.  We can walk you through all of your options and help you make a plan to create the dream home you have been wanting.

22 Jan

Bank of Canada

General

Posted by: Tammy O'Callaghan

There were no major surprises after today’s Bank of Canada announcement – prime rate remains the same and the main concern at the moment are the weak inflation numbers.  It was hinted that if risks continue to grow and numbers don’t improve there is even the possibility of a rate cut in the future.

16 Dec

Single Ladies buying a home

General

Posted by: Tammy O'Callaghan

Single Ladies Buying Homes

 
All the single ladies, all the single ladies…. put your hands up! 
Take it two a single lady who have bought homes on our own.  It is both scary and empowering.  You need an expert on your side.
 
It’s becoming increasingly apparent that a greater number of women are now taking the reigns when it comes to home purchases. There’s a growing trend among single women – and, more precisely, professional single women – who are becoming independent homeowners. While many of them may be putting off marriage, they’re not waiting around for Mr Right before taking the plunge into homeownership.
 
It’s believed that around 20% of homebuyers in North America are single women based on a 2011 report released by the US National Association of Realtors. Harvard University’s Joint Center for Housing Studies also released a report that said single women are buying in record numbers.
 
There’s no equivalent data for Canada, but an abundance of anecdotal information has led to the creation of shows like HGTV’s Buy Herself, which follows single women making their first real estate purchases.
Women are looking for ways to become financially independent, and investing in real estate and building equity for themselves are ways to invest in their future –building financial security.
 
Women are taking advantage of historically low interest rates and recognizing homeownership is often more affordable than renting.
 
Seeking expert advice
One of the amazing things about women looking to invest in real estate is that they’re getting more advice before they make the decision to enter the market. They’re seeking out mortgageexperts and real estate agents, and building a plan for the perfect entry into the market. They’re making lists of areas in which they’re interested in purchasing, itemizing amenities they would need in their ideal neighbourhoods, ensuring they have all the facts around closing costs and fees associated with making the purchase, and securing a mortgage.
 
Buying a home is likely one of the largest purchases you’ll ever make in your lifetime, and can feel overwhelming. That’s why working with a professional mortgage agent, real estate agent, home inspector and so on is essential. You’ll be working with these professionals closely – possibly for months – so interactions should feel comfortable, and they should be knowledgeable and responsive even to the smallest question.
 
The more prepared you are, the smoother the experience will be so do a little research on your own over the Internet to get a good idea of what types of properties and areas are of interest to you. Make a list of questions to ask your mortgage agent or realtor – and keep it on hand so you can add to it as more questions arise.
 
Interest rates are the lowest they’ve been in history and they have nowhere to go but up. Industry professionals believe that as rates begin to rise, they’ll continue to rise for some time. There has never been a better time for women to make the decision to get into the real estate market to find the perfect place to call home.
 
 
You don’t need to do it alone! Call Tammy and Carie today, experts in the mortgage field and women who have done it themselves 1-888-755-1126
5 Dec

Purchase plus improvement

General

Posted by: Tammy O'Callaghan

What does a mortgage broker do?

Learn more about mortgage brokers and how they can help you. Mortgage brokers with Harmony Mortgage group part of Dominion Lending Centers will help you find the best lending options and rates available at no cost to you ! Harmonymortgage.ca

 
 
 
 
 
 
 
 

Buy a lived in house, and still get to pick your specifics??  Is that possible??

 

Wouldn’t you love to buy an older home but be able to pick your own kitchen and fixtures and even the paint color on the walls???  Buying new is great because you get to pick your own colors and specifics.   But we know a way that you could save the cost of buying new and still have the option to make it what you want……..  It’s called Purchase plus improvements and it is quickly becoming an option to help clients get exactly what they want out of a used property.
How can purchase plus improvements help you?  Whether you are buying a home for yourself, as an investment, or you are a realtor and are looking for creative ways to help sell that property.  The Purchase plus improvements program can help.  It is often overlooked as an option, however if you are a buyer or a realtor this is a tool you can add to your belt.
Many people are able to look past the visible eye sores and see a final product that will be a worthy investment.  How it works is as simple as it’s title.  You are buying the home and mortgaging the improvements in with the purchase price.
It is as simple as getting estimates for what you would like to do, submitting to the lender for review then once the improvements are complete you receive a cheque from the notary in the amount of the improvements.  Some lenders will even allow you to do the improvements yourself and receive the estimated $$$ for the improvements.  This can be a significant benefit for someone in the industry or simply someone who is handy on the reno scene.
This is not for everyone when doing a large scale reno however some lenders allow what’s called sweat equity, or “paying yourself to do the work”.  This could help those of you who are motivated and trained to do some or all of the work yourself.  And in turn helping to pay the cost of the improvements. 
We are here to help you find solutions like these to either help sell your current home or to make the home you are interested in but just needs some tweaking exactly what you want.

 
Tammy O’Callaghan
Carie Pool 
14 Nov

Harmony Mortgage Group, helping you in your home buying search…

General

Posted by: Tammy O'Callaghan

Harmony Mortgage Group, helping you in your home buying search…

 
As Chilliwack’s leaders in mortgage lending, Harmony Mortgage Group uses their experience in the lending community to search out the best mortgage product to suit your needs. 
 
As a mortgage broker we will help you first qualify, then hold a rate for you while you shop.  This is why making a pre approval with your mortgage broker at Harmony Mortgage Group is the most important first step in buying a home.
 
Starting Your Search
Here are some ways to begin looking for your new home:
  • Word-of-mouth      Tell everyone you know that you are looking for a new home. Surprising     things sometimes happen. For example, you might hear about a home that is     just becoming available on the market.
  • Newspapers and real estate     magazines      Check the new homes section in daily newspapers. Look for the free real     estate magazines available at newsstands, convenience stores and other     outlets. These publications are free and give pictures and short     descriptions of homes for sale.
  • The Internet      Check out real estate websites, such as realtor.ca. These websites give information     and pictures of a wide range of properties. Most sites let you search by     location, price, number of bedrooms, and other features.
  • “For Sale” signs      Drive, bike or walk around a neighborhood that interests you and look for     “For Sale” signs. This is a good way to find homes that are being sold by     the owner and are not listed with an agent.
  • Visit new development sites      If you are looking for a newly built home, you can see available models     and get information from builders.
  • Work with a realtor      For most buyers, a realtor is key to finding the right home.
Useful Tips for Your Search
  • Keep records      Whether you have a realtor or are looking by yourself, visit lots of homes     before choosing one. Some things to compare are the home’s energy rating,     utility costs, property taxes and major repairs. These will affect your     monthly housing expenses. You can ask to see copies of utility and other     bills. Use the CMHC Home Hunting Comparison Worksheet to make     sure you get all the information you need to compare homes.
  • Check out the property’s     current financing      If the existing mortgage on the home is favorable, it may be possible to     take it over from the vendor. It may even be possible to get a vendor take back mortgage, to help close the deal.
  • Think twice      Even if a home seems perfect, go back and take a closer, more critical     look at it. Visit it on different days and different times of the day.     Chat with the neighbours. Look deeper — don’t be distracted by attractive     surface details.
  • Energy Rating      Some houses and new homes in Canada have an Energy Rating that describes     the energy efficiency of the home. An energy-rated home usually has a     sticker with the rating on the electrical panel. The energy rating is on a     0 – 100 scale. The higher the rating, the more energy-efficient     is the home, and the less it costs to operate.
  • CMHC statistics and analysis      CMHC has the latest statistical information and analysis of housing     trends. Our Market Analysis Center tracks information for local,     provincial and national markets.
Making an Offer to Purchase
After you have found the home you want to buy, you need to give the vendor an Offer to Purchase (sometimes called an Agreement of Purchase and Sale). It is very helpful to work with a realtor (and/or a lawyer/notary) to prepare your offer. The Offer to Purchase is a legal document and should be carefully prepared.
These items are typically included:
  • Names Your     legal name, the name of the vendor and the legal civic address of the     property.
  • Price The     price you are offering to pay.
  • Things included      Any items in or around the home that you think are included in the sale     should be specifically stated in your offer. Some examples might be window     coverings and appliances.
  • Amount of your deposit
  • The closing day      The closing day is the date you take possession of the home. It is usually     30 – 60 days after the date of agreement. But, it can be 90 days, or even     longer.
  • Request for a current land     survey of the property
  • Date the offer expires      After this date the offer becomes null and void — that means it’s no     longer valid.
  • Other conditions      Other conditions may include a satisfactory home inspection report, a     property appraisal, and lender approval of mortgage financing. This means     that the contract will become final only when the conditions are met.
What Happens After You Make an Offer to Purchase?
Imagine that your realtor has helped you prepare an Offer to Purchase. This offer includes all the details of the sale. To be extra cautious (since you know an Offer to Purchase is legally binding) ask your lawyer to look at it before showing it to the vendor. The realtor presents the offer to the vendor. What can you expect to happen next? There are three possible responses.
  • Response 1      The vendor accepts your offer. The deal is concluded and you move on to     the next steps in the buying process.
  • Response 2      The vendor makes a counter-offer. The counter-offer might ask for a higher     price, or different terms. You can sign the offer back to the vendor,     offering a higher price than your original offer, but lower than the     vendor’s counter-offer. If the vender accepts this counter-offer, the deal     is concluded.
  • Response 3      The vendor makes a counter-offer, asking for a higher price or different     terms. If a counter-offer is returned to you at a higher price, ensure     that you know exactly how much you can afford before you start     negotiating. You don’t want to get caught up in the heat of the moment     with costs you can’t afford. You reject the counter-offer because the     price is still too high, or you can’t agree to the conditions. The sale     doesn’t go through, and your deposit is returned.
 
A Homeowner’s Experience
Getting a Mortgage
Once yourOffer to Purchase has been accepted, go to see your Chilliwack Mortgage broker, Harmony Mortgage Group.  At Harmony Mortgage Group we will verify (and update, if necessary) your financial information and put together what’s needed to complete the mortgage application.  Your Chilliwack Mortgage Broker, Harmony Mortgage Group will help you decide between the various types of mortgages, terms, interest rates, amortization periods and, payment schedules that are available.
Depending on your down payment, you may have a conventional mortgage or a high-ratio mortgage.
 
Types of Mortgages
Conventional Mortgage
A conventional mortgage is a mortgage loan that is equal to, or less than, 80% of the lending value of the property. The lending value is the property’s purchase price or market value — whichever is less. For a conventional mortgage, the down payment is at least 20% of the purchase price or market value.
High-ratio Mortgage
If your down payment is less than 20% of the home price, you will typically need a high-ratio mortgage. A high-ratio mortgage usually requires mortgage loan insurance. CMHC is a major provider of mortgage loan insurance, however there are also 2 other insurers, Canada Guaratnee and Genworth.  Depending on your specific needs the lender your Chilliwack Mortgage brokers at Harmony Mortgage Group will chose the insurer that fits your needs.
Mortgage Term
At Harmony Mortgage Group, as Chilliwacks leading Mortgage brokers we will tell you about the term options for the mortgage. The term is the length of time that the mortgage contract conditions, including interest rate, will be fixed. The term can be from six months up to ten years. A longer term (for example, five years) lets you plan ahead. It also protects you from interest rate increases. Think carefully about the term that you want, and don’t be afraid to ask your lender to figure out the differences between a one, two, five-year (or longer) term mortgage.
Mortgage Interest Rates
Mortgage interest rates are fixed, variable or adjustable.
Fixed Mortgage Interest Rate
A fixed mortgage interest rate is a locked-in rate that will not increase for the term of the mortgage.
Variable Mortgage Interest Rate
A variable rate fluctuates based on market conditions. The mortgage payment remains unchanged.
Adjustable Mortgage Interest Rate
With an adjustable rate, both the interest rate and the mortgage payment vary, based on market conditions.
Open or Closed Mortgage
Closed Mortgage
A closed mortgage cannot be paid off, in whole or in part, before the end of its term. With a closed mortgage you must make only your monthly payments — you cannot pay more than the agreed payment. A closed mortgage is a good choice if you’d like to have a fixed monthly payment. With it you can carefully plan your monthly expenses. But, a closed mortgage is not flexible. There are often penalties, or restrictive conditions, if you want to pay an additional amount. A closed mortgage may be a poor choice if you decide to move before the end of the term, or if you want to benefit from a decrease of interest rates.
Open Mortgage
An open mortgage is flexible. That means that you can usually pay off part of it, or the entire amount at any time without penalty. An open mortgage can be a good choice if you plan to sell your home in the near future. It can also be a good choice if you want to pay off a large sum of your mortgage loan. Most lenders let you convert an open mortgage to a closed mortgage at any time, although you may have to pay a small fee.
Amortization
Amortization is the length of time the entire mortgage debt will be repaid. Many mortgages are amortized over 25 years, but longer periods are available. The longer the amortization, the lower your scheduled mortgage payments, but the more interest you pay in the long run. If each mortgage term is five years, and the mortgage is amortized over 20 years, you will have to renegotiate the mortgage four times (every five years).
Payment Schedule
A mortgage loan is repaid in regular payments — monthly, biweekly or weekly. More frequent payment schedules (for example weekly) can save some interest costs by reducing the outstanding principal balance more quickly. The more payments you make in a year, the lower the overall interest you have to pay on your mortgage.
Closing Day
Closing day is the day when you finally take legal possession and get to call the house your home. The final signing usually happens at the lawyer or notary’s office.
These are the things that happen on closing day:
  • The lender chosen by your mortgage broker will give the     mortgage money to your lawyer/notary.
  • You must give the down     payment (minus the deposit) to your lawyer/notary. You must also give the     remaining closing costs.
  • Your lawyer/notary
·       
    • Pays the vendor
    • Registers the home in your      name
    • Gives you the deed and the      keys to your new home
Moving
Hiring a Mover
When planning your move, friends or relatives may be able to recommend a professional moving company. Don’t forget to ask the mover for references. Ask the mover for an estimate and outline of fees (do they charge a flat rate or hourly fee?). Once you’ve chosen a mover, ask them to come to your home to see what will be moved in case the estimate needs to be changed.
You’ll want to ensure that your belongings are insured during the move. Your home or property insurance may cover goods in transit. Call your broker or insurance company to be sure. Ask if you are fully covered. Many moving companies offer additional insurance coverage. Be aware that professional movers are not responsible for items such as jewellery, money, or important papers. Move these yourself to keep them safe.
If you decide to do your own packing, keep in mind that you will need the proper materials, and that packing can take up a lot of time.
Moving Day
On moving day, go through the house with the van supervisor and give him (or her) any special instructions. The supervisor will note the condition of your goods on an inventory list. Go through the house with the supervisor to make sure the list is complete and accurate. When the van arrives at your new home, mark off the items on the mover’s list as they are unloaded. If you paid for the movers to unpack boxes and remove packing materials, remember that they will not put dishes or linens into cupboards.
Moving day is almost always tiring. But, planning ahead will make the transition as smooth as possible.
Moving Costs
The amount you spend depends on your decisions about many things. Here are some to think about:
  • Do you want to hire     professional movers?
  • If so, will it be a large     company or a smaller local moving company?
  • Will you need to buy     insurance to protect your items in transit?
  • If you plan to move     yourself, will you rent a vehicle?
  • Will your current auto or     home insurance policy cover your items during the move?
  • Will you have to pay utility     companies a fee to connect their services in your new home? Are there     other utility charges (such as a deposit)?
Post-Closing Costs
Changing the Locks
When you move into your new home you’ll want to change the exterior door locks for security. After all, you want only the people you choose to have the key to your new home. You can change the locks yourself or call a locksmith to do the job.
Cleaning
Both your old home and your new home should be given a thorough cleaning at moving time. Whether you’re buying cleaning supplies and doing it yourself, or hiring someone to clean for you, the costs can really add up. Plan for this expense.
Decorating
You might want to re-paint, replace some light fixtures, refinish the floor, re-carpet, or do any number of other decorating tasks. Plan your budget, and consider postponing some projects for a period of time.
Appliances
If your offer to purchase didn’t include appliances, and if you don’t have your own, you will have to buy them when you move into your new home. Some appliances might have installation charges.
Tools and Equipment
When you own your own home, you can no longer call the landlord to do repairs. You’ll need to own some basic hand tools and possibly some gardening and snow clearing equipment.
 
Get a fast pre approval with no maditory fields, same day, secure and direct on our Apply Now page on our website.  You don’t even need to leave your home to know how much you will qualify to buy for. 
 
1-888-755-1126
23 Sep

Buying or Selling what to do first?

General

Posted by: Tammy O'Callaghan

Planning to move? Buy first or sell first?

Planning to move? Buy or sell first?

Any homeowner looking to sell and buy another home has to answer a lot of questions.  Some factors to consider are location, timing and budget; and some are even as simple as should you buy first or sell your home first.

These questions can be answered with a critical and honest look at the facts and figures.

There are two key factors that play into this decision, your personal risk tolerance, finances and the local housing market. 

 

Selling first – The tradition has changed

Traditionally, the recommendation has been to sell first, then find a new place.  Doing things in this order allows you to answer the critical and financial questions with more certainty.  You’ll know how much money you have and what you can afford to buy.  And, it makes it much easier to put in a clean, firm offer on a new home.

However, the housing market has changed, especially in Canada’s large urban centres where it tends to favour sellers.  With high demand, multiple offers and homes that routinely sell for well above the asking price, sometimes buyers find themselves looking for a home longer than they anticipated.  This can lead to time pressures as the closing date for the existing home approaches or you may need to rent or make other arrangements until you find your next home. 

Ways around this include extending the closing date on the existing home for as long as possible or renting until a suitable new property is purchased.  

Buy first

Those who opt to buy first, and then sell, need to have a very clear picture of their finances, as, it is possible that you run the risk of paying the mortgage of two homes at a time. The financial pressure to sell the old home could mean taking a lower price which could, in turn, change the affordability of the new home.

Bridge financing can be a solution, but you need to have a committed purchaser for the existing property.  It is also possible to make the agreement to buy the new home conditional on the timely sale of the old property but, again, in a competitive market an offer without conditions will likely win, even if the amount is a little lower.

No right or wrong answer

It comes down to what you are comfortable with.  Consultation with a realtor will give insights into local market conditions and whether they appear to be favouring buyers or sellers.  An examination of your finances with a mortgage professional will give a clearer picture of how to manage your budget and plan for potential rental costs of bridge financing.

11 Apr

are you average?

General

Posted by: Tammy O'Callaghan

The average first-time home buyer in Canada is 29 years old and expects to be able to put down a down payment of $48,000 on $300,000 home, according to a recent poll by the Bank of Montreal.

But the study, released Tuesday, also found that price expectations vary widely, depending on where the home buyer lives in.

Those in Atlantic Canada say they expect to spend an average of $224,000 on a first home, while those in British Columbia anticipate to pay an average of $454,000.

Vancouver topped the survey as the most expensive city, with buyers there saying they’re going to shell out an average of $539,000 for a home, followed by Calgary at $474,000 and Toronto at $446,000.

BMO mortgage expert Laura Parsons says like with any major purchase, it’s important for people be realistic and prepared.

“What we tend to do is jump in the market when we’re ready, instead of starting a plan now,” she said from Calgary.

“Let’s start getting ready for it so we can start giving you good advice all along the way. Don’t be afraid to get things going.”

And while a large down payment is impressive, it does not necessarily mean that young people are diligently saving for their first home. Instead, many may be getting help from their Baby Boomer parents or friends, said Parsons.

Forty-six per cent of those surveyed also they’ll choose a fixed mortgage rate when they buy, versus 20 per cent who will choose a variable rate.

The study also found that the average first-time home buyer plans on paying off the mortgage on their home within two decades, with 20 per cent anticipating they’ll be mortgage-free even earlier than that.

Twenty-three per cent of those surveyed say they will still have a mortgage within 25 years; 16 per cent say within 20 to 24 years and 20 per cent say within 10 to 19 years.

On the opposite end of the spectrum, seven per cent say it’ll take them more than 25 years to fully own their home, while three per cent say it’ll take them between 1 year to 9 years to pay it off.

The survey also found that 31 per cent admit they really don’t know when they’ll be able to stop making mortgage payments.

The Bank of Montreal report surveyed a random online sample of 2,000 Canadians between Feb. 25 to March 5.

The polling industry’s professional body, the Marketing Research and Intelligence Association, says online surveys cannot be assigned a margin of error because they do not randomly sample the population.

Source: The Canadian Press
2 Apr

Separating?

General

Posted by: Tammy O'Callaghan

Check out our Spousal Buyout Program!
So many thoughts go through your mind at this time, the last thing you want to think about is how you can financially make it through this difficult time.

  

Let us shoulder the burden for you. Our partnership with leading lenders can help facilitate a spousal buyout program.  This is just like buying for the first time.  Best of all with the Spousal buyout program you will be able to roll in your current debt.  This can help relieve a lot of stress and allow an easier transition in to starting a new life.  We both understand this life change…. we have been there too, and have the best empathic advise

14 Mar

Buy with 5% down

General

Posted by: Tammy O'Callaghan

What is all this talk about so many Mortgage changes?? Why are people under the impression that you need more than 5% down to buy a house?
The new mortgage rules had little to do with down payments in fact for the average home buyer the down payment rules have not changed at all.

As mortgage brokers we are always looking for ways to better educate and advise our clients.

One of the things we noticed in talking with our clients was the lack of education about down payments.
Many of our clients have been lead to believe that they will no longer qualify with the new rules in place. 
The reality is we help many clients who have been told they will not qualify or have helped them qualify for a higher mortgage.

We take into consideration all of the variables and options out there and because we work independantly we are able to negotiate the rates with over 40 different lenders.
Now to talk down payments, since that is what this blog is supposed to be about….. The truth is you CAN STILL BUY WITH 5% DOWN!!

Yes this is true, and NO YOU DO NOT NEED TO BE A FIRST TIME HOME BUYER. This can be the 5th home you have purchased as an owner occupied unit and you can still put as little as 5% down.  Yes, it is true, you will be paying a premium to a mortgage insurerer like CMHC, Genworth or Canada Guarantee however with rates as low as they are currently, it doesn’t affect the payment substancially.  What the mortgage insurers do for you is allow you to put less than the lender requirement of 20% down by insuring the extra down payment funds, they do this by charging you a premium over the life of the mortgage…

So basically don’t count yourself out of the market, rates are the best they have ever been, which also helps with qualifying. 

Harmony Mortgage Group is dedicated to keeping up with the latest regulations, policies and programs offered by the different lenders.
Because of this we are able to offer our clients the best service and options that are out there on an ongoing basis.
We do the negotiations and leg work for you.
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