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How Much can you afford Calculator? Follow this link to a great little calculator. This calculator is all inclusive and is one of the best calculators for being able to determine your buying power. The calculator takes into consideration the same factors as your banking institution. It is a great calculatior for doing "what ifs" and it is quick and easy to use.
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What is a Mortgage?
A mortgage is security for a loan on the property you own. It is repaid in regular mortgage payments which are blended payments. This means that the payment includes the principal (amount borrowed) plus the interest (the charge for borrowing money). The payment may also include a portion of the property taxes.
Types of Mortgages
Conventional Mortgage: This mortgage is for an amount which does not exceed 75% of either the appraised value of the property or the purchase price, whichever is lower. Your down payment is a minimum 25% of the purchase price.
High-Ratio Mortgage: With this type of mortgage, you contribute less than 25% of the home as a down payment as little as 5%. A high-ratio mortgage requires mortgage loan insurance. CMHC offers it for a premium of between 0.5% and 3.25% of the mortgage amount (additional charges may apply). This premium can be added to your mortgage payments or paid on full on closing.
Second Mortgage: this usually has a higher interest rate and shorter amortization than a first mortgage. Secondary financing is often used to make renovations to a home.
 A FREE no obligation consultation with Don is always a good way to start your home buying or home selling process. Let Don and his TEAM of specialists design a strategy with your goals in mind. You won't be disappointed. See what other people have to say.
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