Pedro Faria - Mortgages

Rock Mortgage Company understands that the mortgage process for self-employed can be frustrating. However, there are many great mortgage options to refinance, purchase a 1st, 2nd or 3rd property and debt consolidate. For more information send me a direct message or text/call 416-560-7448

So you’ve found a home and secured a mortgage - Now what? In addition to your mortgage payments, you need to be prepared for ongoing expenses. These include :

🏠 Property Taxes
🏢 Condo Fees
💰 Insurance
💧 Utility Bills
🛠 Repairs and Maintenance

Call 416.560.7448 or DM for any mortgage
related inquiry!

You’re already paying for a mortgage - It just might not be your own!

Now is the perfect time to look at your options. Let’s get your dream home, with a mortgage perfectly suited for you!

Contact me directly @ 416.560.7448 or DM me here and I’ll be happy to help you out. Don’t forget, I’m never to busy for your referrals!

Happy March everyone!

Which one will you choose?

Buying your biggest asset is no easy task!

You’re going to need cash on closing, above your hard saved down payment. These are known as closing costs and they include lawyer, taxes and appraisals just to name a few.

Mandatory closing costs can range between 1% and 4% of the purchase price.

Don’t be caught off guard when it comes to closing. Reach me directly at 416.560.7448 and I’ll help you every step of the way.

Too many times we’ll start something new and end up giving up just before the breakout.

When you start to feel like you’re giving up, push yourself a bit more and you’ll be that much closer to your reward!

Got mortgage inquiries? DM me or reach me directly @ 416.560.7448

# torontorealestate

What is a pre-qualification you ask?

Well, it provides you with a good estimate of how much you may be able to afford based on your own self-reporting of your financial situation. This helps set a realistic price range for those eager to start shopping the real estate market!

DM me or reach me directly at 416.560.7448 for your free pre-qualification!

This is a question I frequently get asked by my clients.

The most common sources are:

- Personal savings

- Cash gifts from a family member

- Equity from the sale of another property

- If you’re a first time home buyer, you can use your RRSP’s for up to $35,000. (This would need to be repaid back and you’ll have 15 years to do so. Also, first repayment period starts the 2nd year after the year you withdrew the funds)

Have any mortgage inquiries? DM me or reach me directly at 416.560.7448

Good morning! Hustle, hustle, hustle!

Rarely in life does anything just fall on your lap. You need to consistently put in the work to get results!

DM me or reach me directly at 416.560.7448 for any mortgage inquiries you have.

How long would it take you to shop at over 60 stores to find that perfect something you’re looking for?

By using me, I have all the information at my finger tips with special broker rates. I’ll make sure you receive the best mortgage term and rate to suit your needs!

Reach out for any mortgage inquiry you have! And remember, I’m never too busy for your referrals! 416.560.7448

For anyone applying for a mortgage, you must prove that you can withstand the stress test.

Implemented by the government to protect the consumer to make sure they can still afford the payments in the event that interest rates were to rise in the future.

It also protects home buyers from potentially defaulting on their mortgage if their payments were to become too high.

If you have any mortgage related questions or inquiries, please DM me or reach me directly at 416.560.7448

Good morning! Hope you all have a productive day!

You must ask yourself the following questions to determine if you are ready to own a home:

- Are you financially stable?
- Do you have the financial management skills and discipline to handle this scale of purchase?
- Are you aware of all costs and responsibilities as a home owner and ready to devote your time to regular home maintenance?

For any mortgage related inquiries DM me or reach me directly at 416-560-7448

Buying a property is likely to be the largest purchase you ever make and finding the right deal for you means choosing one mortgage from the many hundreds available. This will be much easier if you know what you’re looking for.

Depending on your life situation, age, income and financial status, you will need different things from your mortgage. Whether that's flexibility, low rates or security, take the time to have a good look at where you are now, and where you want to be long term.

Most mortgages are for a 25-year term, so it's an agreement that you could be locked into for a substantial part of your life. This means you need to have at least a vague idea of how your finances are likely to shape up long term and no one can predict the future, but good planning is one way to help ensure you meet the challenges to come.

The first thing to do is to draw up a budget and you need to know what income you have every month, and all your outgoings. Be realistic, there's no point exaggerating your income or ignoring certain expenses. You want to buy your own home, but you also want to be able to eat once you've moved in! Take into account all your bills, loan payments, as well as living expenses such as food, running costs for your car, going-out costs and clothing. Check bank statements to make sure you have included all your usual expenses.

Next, give some thought to your future. What you would need to do is be honest with yourself in answering some personal questions in an attempt to plan ahead for financial reasons.

Do you expect your income to rise over the next few years, or will it stay the same? Do you have dependents, or are you planning a family? While some things are uncertain, you should be able to tell whether your needs will stay constant for the next five years, or are likely to change substantially.

Your budget should give you a fair idea of how much you can afford in repayments each month and bear in mind there will be other costs incurred when buying property, such as legal fees and land transfer tax!

A home is the single most expensive thing most people will ever purchase. In addition, paying off a home loan can take as long as thirty five years and will involve paying an amount of interest that exceeds the cost of the house itself. In short, buying a house is not something to be done without a lot of forethought. With the average Canadian living in their homes for seven years or less, most mortgages are probably offered to people who have purchased a home before. But there are always people who are buying for the first time, and for them, knowing how the process works is important.

Here are some useful tips for first-time homebuyers:

Know how much you can afford to pay. This includes not only the total price of the house, but the monthly payments, as well. Do not be fooled by the monthly amount the lender tells you that you can afford; that number is usually high enough to be well beyond most buyers' comfort zones. If the lender suggests that you can pay as much as $2000 per month but you only feel comfortable paying $1500 per month, then that is your limit. You should buy a house that will allow you to pay that amount, and no more.

Check your credit ahead of time. No one wants to be denied a home loan because of errors on your credit report. Get a copy of your report and check throughly for accuracy.

A mortgage agent will shop around through many lenders to find you the best mortgage. The interest rates and terms will vary from lender to lender, so you should seek out the best terms. You will be paying on your mortgage for decades to come, so it's important your agent finds a lender and terms with which you are comfortable with.

Be aware of closing costs. The amount of money that a buyer is expected to bring to closing can be astonishing. Don't be caught off guard when it's time to close and the lender asks you to bring a certified check for $15,000 that you do not have. Find out ahead of time exactly how much it will cost you to close on the loan and have those funds ready.

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There are many benefits to working with a Mortgage Broker, especially when you work with me. These include - Outstanding Service - Fast Results - Easy Application Process - Access to our Extensive List of Lenders - Better Payment Terms - Lower Interest Rates - And more!

Reasons to Refinance Your Home

Traditional mortgages are like any other loan in one important respect. You can pay them off early, although mortgages will sometimes have prepayment penalties for the first few years of the loan. In the world of real estate, people prepay loans all the time by taking a second loan to do so, better known as refinancing. Why would someone do this? There are a variety of reasons, but here are the most common.

Purchasing a home can be a bit stressful, buyers tend to feel pressure to get any financing they can. As time passes, however, they start to realize they could have obtained a better deal on their mortgage. Even a quarter point reduction in a mortgage interest rate can save thousands of dollars over the life of the loan. With this in mind, they start to look at refinancing their original mortgage to cut down on the total interest paid on the loan.

In tune with this idea, many homeowners also look to refinance to gain cash flow flexibility. Instead of looking to cut the total payments on a loan, they look to find terms that will allow them to lower the amount of the monthly payment. Saving $200 a month on payments puts an additional $2,400 in your pocket each year, which can be attractive if cash flow is a little tight on a monthly basis.

On the opposite end of the scale, many homeowners will refinance to pull cash out of the home. They have built up equity over time and wish to convert that non-liquid asset into funds that can be used for something else. Often, this can be to pay for expenses associated with an emergency situation, such as unexpected needed repairs. The reasons vary, but the purpose is the same.

The decision to refinance a mortgage is much less stressful than originating a loan. There is no deadline to act, so you can shop for the best possible deal for your situation.

If you're thinking of refinancing or if you have any mortgage related questions, get in touch with me!

Pedro Faria - Mortgages updated their info in the about section.

Pedro Faria - Mortgages updated their website address.