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Helpful Tips For Buyers

 

Bi-weekly and weekly payments

Most mortgages have the option to allow payments to be made on a weekly or bi-weekly basis. This option may be desirable for two reasons. The first is it can save you money as you can expect to pay off your mortgage about 4 years sooner. This can save you dramatically over the life of your mortgage. The other reason why these options are so popular is that if your employer pays you on a weekly or bi-weekly basis, you can simplify your budgeting by making the payment line up with the way you paid.
 

Making Extra payments

Paying extra amounts on your mortgage can make a big interest saving over time. When we select a mortgage company, privilege payments options are something that we look for. A 20% privilege payment will allow you to pay off up to $20,000 per year on a $100 000 mortgage. It is important that the privilege payment also be flexible to allow you to pay smaller payments on the mortgage and as often as you wish. An extra $1000 periodically paid on a mortgage can help you become mortgage free faster.
 

Reducing the CMHC fees on your purchase

When you require a mortgage for more than 75% of the purchase price of a property, that mortgage must be insured by Canada Mortgage and Housing (CMHC) or GE Mortgage insurance. The premium charged by these company`s decreases as the down payment increases. When you finance your property at 95%, a premium of 2.75% is added to the mortgage. By increasing the down payment to 10% of the purchase price the premium can be reduced to 2.5%. If you can put down 25%, you can avoid any additional insurance fee. Depending on your situation there are ways that you can structure this financing to avoid the CMHC or GE insurance premium.
 

Advantages of Bigger Down Payments

As mentioned above, when you put a 25% down payment on your purchase you can avoid the CMHC premium. More importantly the larger the down payment, the lower the amount of interest you will pay over the life of your mortgage. It is important to note that it may not be wise to stretch yourself to increase your down payment and end up borrowing on credit cards or a line of credit at a higher rate.
 

Short Term Rates vs. Long Term Rates

The options for mortgages available can be very confusing for most mortgage shoppers. Terms for mortgages vary between variable and fixed rate, 6-month terms to 10 year terms. Taking a variable or floating rate mortgage can have savings. Typically the shorter the term or guarantee of the rate, the lower the rate will be. This does not always happen, depending on the market place and the economy, but history has shown that short-term rates tend to be lower than long-term rates. The up side of variable rate is the strong potential for interest rate savings. The down side is the fact that you are accepting the interest rate risk without a guarantee. If you are considering a variable rate mortgage you need to look at your own risk tolerance, and your cash flow available to deal with potential increased payment. Considering projections of rates and where we see interest rates heading can also be important in this decision. Make sure you talk to an expert when you are making this decision.
 
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Homes for sale in Brampton

Search all homes for sale in Brampton, Ontario from this site.  This site also offers homes for sale in Mississauga, Oakville, Toronto and Burlington, Ontario.  It will also show real estate in the greater GTA (Toronto real estate).

Brampton is a fabulous city to live in.  Not only are the prices for homes for sale in Brampton very reasonable compared to Toronto real estate but there is also such a wide choice of different living styles to choose from.  Brampton real estate truly does offer something for everyone.

If you are thinking about shopping for real estate in Brampton, Marlene Wright and the team at Sutton Group Summit Realty will help you facilitate your move to your new home.  Of course, using the services of our professional real estate buyer's agent is completely free to you.  You will not need to pay a dime out of your pocket.

Brampton Real Estate Sales

With such a vital decision on your mind, the stress of searching for a house can be taken care of by Marlene and her team of professionals at Sutton Group Summit Realty Inc..  We live and breathe Brampton Real estate every day.  We can help you by providing assistance with making sure that you get the best possible place for the best possible price by putting our strong negotiating skills to work for you.

We can work to assure that you will definitely experience a smooth, efficient and stress free property purchase transaction.

When it comes to homes for sale in Brampton, Marlene has been 39+ years in real estate and will be here every step of the way to answer all your questions and to help you make the most informed decisions possible.

If you are selling a home or any type of Brampton Real estate, you have come to the right place.  Your home will be advertised world wide on thousands of real estate websites across Canada including MLS.CA, Sutton.com and many others.    We are professionals at selling homes in Brampton because that's what we do for a living on a full time basis.

Brampton Real Estate, and Real estate for sale in Brampton, Oakville Real estate, Toronto and the GTA

If you are curious about a sound real estate investment, look no further than Brampton and Oakville, Mississauga and the GTA.  Over my 39+ years in real estate Homes in this area have a proven track record and shown that Brampton real estate is a good investment.

Royal LePage Terrequity Realty, Brokerage, independently owned & operated. If your looking for Brampton real estate or homes for sale in Brampton. Townhouses and condos for sale in Brampton, Mississauga homes for sale, Mississauga condos for sale, Townhouses for rent in Mississauga. Brampton Real estate, Oakville Real Estate, Toronto Real Estate, Burlington Real Estate.
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