Mortgage Information
SOME ANSWERS TO YOUR MORTGAGE QUESTIONS
THERE ARE TWO TYPES OF MORTGAGES:
(1) Conventional Mortgage, and
(2) High Ratio Mortgage.
Conventional Mortgage
Over 25% downpayment. Fees: application, processsing & appraisal. Ask if your bank will waive these!
High Ratio Mortgage
Purchasers with less than 25% downpayment are required to have mortgage insurance from CMHC (Canada Mortgage and Housing Corporation) or G.E. Capitol. This insures the lender not the borrower. These additional fees are 'amortized' in with mortgage payments and are calculated as follows:
5% - 10% down = 3.75% of mortgage value
10% - 15% down = 2.5% of mortgage value
15% - 20% down = 2% of mortgage value
20% - 25% down = 1.25% of mortgage value
HOW MUCH CAN I AFFORD?
Lending institutions establish a 'rule of thumb' for the amount of mortgage financing available to a a borrower. This formula is based on (a) income, (b) amount of indebtedness, (c) amount of downpayments; and is always directly tied to the interest rates.
Generally speaking, calculate 32% of your total monthly gross salary for mortgage, property taxes and heat OR up to 40% to include other outstanding debts like credit cards or car payments.
DO YOU HAVE SOME EXTRA MONEY?
I can explain how paying off your mortgage quicker or making extra payments can save you $$$ thousands of dollars!
Use Royal LePage State's Mortgage Calculator To Approximate Your Monthly Payments.
Testimonials
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We think Colette is the gold standard of real estate agents. She has sold 3 of our houses over the past 20 years and acted as our agent in the purchase of our current house. It is always such a comfort to have a professional like Colette at your side. We have recommended her to many others.
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- T. Baker
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Colette and her team have helped us twice - buying our first home and selling and buying a second time. We could not be more happy working with Colette. She truly cares about our needs and looks out for us. She is honest and upfront and is an expert at what she does. We are so thankful for her - she sold our house during the pandemic! You can't get much better than that. Don't hesitate to work with Colette.
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- A. Anderson
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Very professional and efficient. I used Colette for the sale of my last house and didn’t think twice about using her again!!! She navigates the field of real estate with ease and knows what works!
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- F. Mortensen
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Colette represents what perfect real estate agent should be like. Extremely knowledgeable of the properties she is showing. Always on time with appointments and follows up with her clients. Provides good advice and options. Overall, she was a pleasure to work and will highly recommend her to anyone looking to buy or sell a home. Also, due to the pandemic we are in she followed all protocols required.
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- M. Vincent
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Colette Cooper is the broker to use. I have sold and bought a few places with Colette and I highly recommend her. I like the fact that Colette has an excellent knowledge about the real estate market and helps guide a buyer and seller through it. Colette has always kept me up to date with what is happening with my sale as well as my purchase. She is quick to respond to my questions. I have recommended Colette to my family and friends and will continue to do so.
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- M. McKeating
The information on this system is from sources deemed reliable, but should not be relied upon without independent verification. All data contained in the system is property of REALTORS ® Association of Hamilton-Burlington © 2018 or the originating source board/association.
Data provided by the Ontario Regional Technology & Information Systems. The information is deemed reliable, but is not guaranteed. Not intended to solicit buyers or sellers, landlords or tenants currently under contract.
The trademarks REALTOR®, REALTORS® and the REALTOR® logo are controlled by The Canadian Real Estate Association (CREA) and identify real estate professionals who are members of CREA. The trademarks MLS®, Multiple Listing Service® and the associated logos are owned