Mortgage Watch Newsletter - July 2019

e-Newsletter | July 2019 Welcome to the July issue of my monthly newsletter! This month’s edition offers 5 tips to affording a home, including the importance of a home inspection. I would love to hear from you if you have any questions or feedback regarding anything outlined below. Thanks again for your continued support and referrals! IN THIS ISSUE > 5 Mortgage Tips To Help You Afford A Home > Summer ‘To-Do’ List > A Home Inspection Can Give You Peace Of Mind Mortgage Architects Steven Porter CRMS CLHMA ABR SRES Mortgage Agent, Certified Luxury Mortgage Specialist P 905-878-7213 C 905.875.2582 Brokerage #12728 14 Martin Street, Milton, ON, L9T 2P9 IN THE KNOW 5 Mortgage Tips To Help You Afford A Home Source: www.mortgagearchitects.ca Buying a home has become more difficult now than ever— maybe this is not news to you! Recent stress testing measures, increases in housing prices in major cities, and the continued increase in the cost of living, all combine to make home ownership a daunting task no matter where you live. Here are some helpful solutions for those looking to get into the market. It’s not impossible; I’ve helped many families navigate the homeownership whirlwind. 1. Take a step outside of the downtown core. Typically, property right in the heart of the city is more expensive due to the location and the continued demand. Stepping out to one of the outlying suburban areas can offer more affordable options and can also provide you with an increased inventory of properties within your price point. 2. Talk to a mortgage broker. Speaking with a broker and going through a pre-qualification process can help you by allowing you to see the areas you may need to improve to help make you accessible to more lenders. This can include things such as: How to increase your credit score; Decreasing your overall debt or consolidating your current debt; The ways in which you can look at increasing your overall income. 3. Consider using a co-signor(s) for your mortgage with a planned exit strategy to remove them once your personal income increases and you are able to qualify for the mortgage on your own. 4. Consider finding a rent-to-own property. A Rent-to-Own (RTO) property can allow you to rent a property while subsequently saving up for a down payment. 5. Save, save, and save some more. We know this is common sense but speaking with a financial advisor can help show you ways in which you can save and make your money work for you. The state of real estate can sometimes feel overwhelming. Not all hope is lost! More than ever multi-family properties such as townhouses and condos are offering more amenities and beautiful properties for less. Take the time to consider all of your options. I am dedicated to helping you afford a home and enter the world of homeownership as seamlessly as possible. HOMEOWNER TIPS Summer 'To-Do' List Source: www.mortgagearchitects.ca We wish you a happy summer! Here’s our to-do list for you this July: Do - enjoy the sunshine Do - walk barefoot and wiggle your toes in the grass Do - enjoy long summer evenings on a patio, deck, or dock Do - take a road trip with friends or family Do - make the most of each day TOOLBOX A Home Inspection Can Give You Peace Of Mind Source: www.mortgagearchitects.ca It’s easy to get caught up in the moment when you’re looking for your forever home. You see all the glitter but maybe fail to see that not everything is gold. And that’s where a home inspection can come into play. For a roughly $500 investment on the biggest purchase of your life, it should be a no-brainer to have a home inspection, whether the home is 100 years old or brand new. In many cases, people don’t bother to do a home inspection when a home is new because they believe there will be no issues. They may be surprised to learn that even brand new builds can have problems. Certainly with older homes there can be a plethora of issues, ranging from asbestos insulation, knob-and-tube electrical wiring to cracks in the foundation. Getting an inspection will not only give you peace of mind when you sign on the dotted line but it can also give your realtor an opportunity to negotiate any changes that need to be made to the contract. Your best bet is to find a reputable home inspector who knows what they’re doing and knows what to look for. There are a number of resources to help you find the best inspector, including the Canadian Association of Home & Property Inspectors (CAHPI). Even a thorough home inspection may not be able to turn up all the issues with a home. Here are some of the most common latent defects in a home. 1. Bathing Area Issues Problem: Hidden water damage behind shower/ bathtub surround Implications: Extra costs will occur, water leaks 2. Pest Infestation Problem: Pest activity in areas of homes Implications: Extra costs to repair fire/safety hazards, air quality issues 3. Plumbing Pipes Problem: Polybutylene plastic fittings prone to leaking, insurability issues Implications: Water damage and/or extra costs can occur, high insurance premiums and deductibles 4. Hidden Water Leaks Promblem: Hidden water leaks Implications: Structural damage, air quality issues 5. Grade Levels Promblem: Landscaping too high on structure of home Implications: Structural problems, foundation issues, pest infestation If you no longer wish to receive these emails, please click on the following link: UNSUBSCRIBE 5675 Whittle Road, Mississauga, ON, L4Z 3P8 Privacy Policy