slide 1: TOP MORTGAGE
PAYMENT CALCULATION
TIPS
slide 2: Buying a mortgage can be a huge milestone in a person’s life and because it is
such a significant event it deserves to be given thorough consideration before
purchase. However before you can even get to the point of purchase you might
need some tips to help you calculate your mortgage and understand every step of
the process: Pre-approval what is it and do I need to secure one Pre-approval describes the process that helps to determine how much money you
can realistically borrow to buy a new home. When lenders are looking to give you
pre-approval they scrutinize your assets and credit score to make a judgement
on what type of loan you might be approved for how much you can afford to
borrow and what rate of interest might be applicable.
slide 3: Buyers would be advised to secure a preapproval but experts say that they
should try not to get bogged down in the finer details. Don’t forget to budget for closing costs: When trying to calculate how much you can afford in a loan it can be easy to
forget about budgeting for closing costs. However these can add up and can give
you a nasty surprise when you’re least expecting it if you don’t pay careful
consideration to them. In Toronto for example the most expensive closing cost
for homebuyers is the Ontario Land Transfer Tax.
slide 4: Bridge loans what are they and do you need one A type of financing arrangement that gives borrowers access to short-term loans
for short-term liquidity requirements bridge loans can help bridge the gap if
your purchase and sale dates don’t coincide with each other. You might need one
if your property hasn’t yet sold but you’ve almost sealed the deal on your new
home.
slide 5: Determining your mortgage rate: One of the quickest and most reliable methods for establishing what your
mortgage payments will be based upon varying rates mortgage amounts and
frequency of payments is to sit down with a mortgage broker who will help you
understand exactly what you’ll be expected to pay and how often depending
upon your chosen mortgage type. Understanding the terms and conditions: Lenders can easily exploit the fact that the majority of borrowers typically begin
their mortgage search by studying rates and rates alone.
slide 6: However the terms and conditions in your chosen mortgage can have a
significant impact upon your overall cost of borrowing and you’d be advised to
study these closely before signing up for anything. If you’re working with a
reputable mortgage broker they will help you understand the terms and
conditions and explain them in layman terms so that you’re never confused or
left wondering about any of them. Mortgages may look straightforward at first glance but peel back the fine print
terms and conditions and if you’re not careful you could end up signing up for
something that you don’t fully understand and which may end up costing you
more money in the long run. Working with a mortgage broker ensures that
you’re not left at the mercy of unscrupulous lenders who may not take the time
to explain your mortgage commitments thoroughly to you.
slide 7: Red Key Mortgage is located in Calgary Alberta. We are a boutique brokerage
with high volume serving hundreds of clients locally and nationwide every year.
We have a number of associates dealing in mortgages as licensed by the Real
Estate Council of Alberta. Being the best Calgary mortgage broker Red Key
Mortgage will provide all of your available options from the entire mortgage
market and allow you to make an educated decision where youd like your
mortgage to go. Red Key Mortgage works with big banks in Canada as well as
over a dozen other AAA lenders. Best of all our services are paid for by the
lenders at no additional cost to our clients. If you are looking for 2nd mortgage in
calgary contact us today We cant wait to get started.