Abhi (Abby) Uppal
Mortgage Specialist - MB608062
Tel: 250-391-2933 | Cell: 250-883-7069
Toll-Free877-391-2933 | Fax: 250-391-2985
Abhi (Abby) Uppal
Mortgage Specialist - MB608062
Tel: 250-391-2933 | Cell: 250-883-7069
Toll-Free877-391-2933 | Fax: 250-391-2985
So, you’re ready to transition from a renter to a homeowner. Congratulations! This is not only a very exciting endeavour, but also one of the biggest decisions you’ll ever make.
To help ensure this is a smooth transition into becoming a homeowner, it is important to surround yourself with those who know this world best - from mortgage professionals to a realtor to a lawyer/notary. Your dedicated mortgage professional can help walk you through the entire mortgage and homeownership process to ensure all your questions are answered and your needs are met when it comes to your new home and mortgage.
One of the most common reasons that individuals rent over buying a home is affordability. While rent can be cheaper than a mortgage in some cases, there are also times when monthly rent costs are higher than monthly mortgage payments. Another benefit to owning your own home is that you build equity over time, and you are investing into your own future, versus paying rent into someone else’s.
If you’re looking to make the transition from renter to homeowner now, there are a few things to ask yourself:
What is your credit score?
Do you have good financial standing to be approved for a mortgage? Your credit score can fall between 300-900 and the higher the score, the better the interest rates you will be able to access for your mortgage. Ideally, you will want a credit score around 650-700 to get the best mortgage product.
Do you have funds for a down payment?
Do you have any money put away for a down payment? Typically, you will be looking to put a minimum of 5% down going up to 20% depending on your credit and situation. There are also many programs available to help such as first-time homebuyer incentives, flex down payments, and more. You are also now entitled to withdraw up to $35,000 from RRSP towards a down payment. In addition, most lenders will allow a gifted or borrowed down payment if the funds are coming from a different source.
Do you have the time to devote to a home?
Do you have the resources to maintain a home from the yard to any necessary repairs? Owning a home is a different responsibility from renting, in that you will be responsible for maintaining all aspects. It is important to ensure you have the assets on hand (time and money) to put towards this maintenance when needed. A good rule of thumb is to save 1% of the home purchase price for ongoing repair costs.
I am happy to help determine your mortgage needs and answer any questions you may have. I can calculate minimum down payments and monthly mortgage costs to give you a picture of the financial landscape and what you can afford. Plus, if you select me as your mortgage professional, I can help you get started right away!
Whether you are first-time buyer or an experienced buyer with excellent credit, The Mortgage Centre has access to the very best products and rates available across Canada. Give us a call… we think you’ll be pleasantly surprised!
Learn MoreThrough training and certification, we have a good understanding of available products, features, and rates. We are here to keep your mortgage moving forward with our Mortgage Market technology, we have electronic access to various major lenders in Canada, so you’re not tied to one lender or one type of mortgage.
Learn MoreWe understand that mortgages can be confusing and intimidating. To help demystify the process, The Mortgage Centre provides a glossary and a variety of free calculators to assist you in researching, and planning your mortgage.
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