Why Buy With Peter:
From the moment you make the decision to purchase a home to when the moving truck arrives at your front door, I will support and guide you with my first class service and expertise each step along your journey.
I am honored to be your Buyer’s Representative and will make the entire process easier, transparent and offer you peace of mind. From helping you secure financing, knowledge of local neighborhoods and communities, determining your budget and uncovering your list of essential features that you will need in your dream home, allow me to be your one stop real estate resource.
Buying a home is an extremely important financial decision and usually, the largest investment that many people make in their lifetime. I will save you valuable time by hand picking properties that match your requirements. Once a listing has caught your eye, I will research comparable properties in the surrounding area to assist you in determining a purchase offer. Your best interest is always at heart and I will negotiate with the seller to ensure you receive the most favorable terms and are fully prepared to take ownership.
The Buying Process:
Step by step assistance in getting pre-qualified for a mortgage and guidance in understanding the variety of financial options available. My referral network includes professionals in the legal, financial lending, home inspection, and appraisal fields.
Tech savvy house hunting from online searches, discovering brand new listings, personal referrals and preparation for on-site viewings.
Creating an offer of purchase, ensuring that you have a clear understanding of the paperwork and all terms involved. Assistance through the negotiation phase and experienced advice and support during bidding wars.
The arrangement of your home inspection, preparation for the sale closing and review of all financial costs involved.
Some Helpful Financial Considerations:
Making additional mortgage payments can result in substantial interest savings over a period of time. I will help you seek out a lender that will provide a flexible privilege payment. For example, a 20% privilege payment can allow you to pay off up to $20,000 on a $100,000 mortgage. This flexibility allows you to make smaller additional payments as often as you wish - which can really add up and help you to be mortgage free much faster.
Reducing CMHC Fees:
If obtaining a mortgage for more than 80% of your home’s purchase price, your mortgage must be insured by the Canada Mortgage and Housing Corporation (CMHC) or GE Mortgage Insurance. The premium charged is reflective of the total percent borrowed. If you financed 95% of your purchase, a 3.75% interest is added to the cost of your mortgage. By increasing your down payment to 10%, the fee is lowered to 2% and if you are able to place a 20% downpayment, you can avoid having to pay the insurance premium. There are options on how to structure your financing based on your personal situation and I can help you navigate which options will reduce or eliminate the need for the CMHC or GE premium.
Short Term vs Long Term Rates:
There is a multitude of mortgage options available, which can be confusing for many shoppers. Terms can vary between flexible and fixed rates from six months to ten-year terms. Variable or floating rate mortgages can provide savings as typically the shorter the term, the lower the rate. Future projections, as well as the current market condition and economy, need to be considered. It is important to determine your risk tolerance and understand your available cash flow to be able to handle potential increased payments.