Your Mortgage Your Choice - Nelia De Sousa

Property taxes are due on an annual basis and are calculated as a percentage of the home value and vary by municipality. At closing, you may need to reimburse the previous property owner if he/she has already paid property taxes for the full year.

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A referral is the greatest compliment a person can receive!

Do you know anyone who is in need of mortgage advice, looking to purchase, take out equity, or needs a secured line of credit? Pass my info along!

I appreciate referrals and offer rewards when someone you referred funds a deal with me 😉

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Property insurance covers the cost of replacing your home and its contents, and must be in place on closing day.

As with the home inspection and appraisal fees, the insurance premium is not due at the time of closing. This is paid in monthly or annual premiums and your insurance company will provide you with a schedule for your payments.

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An appraisal is performed to certify the lender of the resale value of the home in the case you default on the mortgage. The cost is usually $400 - $600.

This fee is paid when the appraisal happens (which is before closing), but make sure that you leave room in your budget for it!

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A home inspection is highly recommended as a condition of your Offer to Purchase to prevent any future surprises. This can cost around $500.

This fee is paid when the inspection happens (which is before closing), but make sure that you leave room in your budget for it!

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What is it? Title Insurance is an insurance policy that protects residential or commercial property owners and their lenders against losses related to the property’s title or ownership.

Most lenders require title insurance to protect against losses in the event of a property ownership dispute.

This is purchased through your lawyer and is typically $300 or more.

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Legal Fees & Disbursements

You can expect to incur a minimum of $500 (plus GST/HST) on legal fees for the preparation and recording of official documents.
If any debts are being paid out, the lawyer may charge a flat fee or charge by the number of cheques they need to prepare.
You can reach out to your lawyer for an approx. cost before closing to make sure you are prepared!

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A significant closing cost is the Land Transfer Tax. This is calculated as a percentage of the purchase price of your home, with the amount varying in each province. Some cities, such as Toronto, also have a municipal LTT.

Curious about what the land transfer tax would be on a property you are interested in? I have a calculator on my app – download it today!

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Closing costs are a one-time fee associated with the sale of a home and are separate from the mortgage insurance and down payment. Typically, these costs range from 1.5-4% of the purchase price, depending on your location. Factoring these costs into your maximum budget can help you narrow down an entirely affordable home and ensure future financial stability and security.

Below is a list of a few closing costs to keep an eye out for. Keep following me over the next few days as we take a deeper dive into each of them:

Land Transfer Tax
Legal Fees and Disbursements
Title Insurance
PST on CMHC Insurance
Home Inspection Fee
Appraisal Fee
Property Insurance
Prepaid Utility Bills
Property Taxes

Any questions? I’m always here to help!

Your Mortgage, Your Choice
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Whether you are looking to purchase, refinance, reverse your mortgage, or need a line of credit, let's chat!

Your Mortgage, Your Choice
Get A Better Mortgage
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You work 50 hours a week, maybe you have a small child, and you still have to remember to take out the dog. How on earth can you carve out some time to head into a bank branch (during bank hours) and talk to a mortgage specialist? My schedule is more flexible and I can walk you through all of the mortgage options available, without you having to lift a finger. You can take as much time as you need to ask questions and have the opportunity to develop a real relationship with your broker, one in which you’re much more comfortable with the financial implications of the mortgage choices presented. Many brokers will also answer phone calls, emails, and text messages “after hours.”

Your Mortgage, Your Choice
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Brokers have seen many different clients in varying financial situations. When thinking about how your life may change over the life of your mortgage term, I’ll be able to provide you with options and scenarios that had never crossed your mind and account for them, potentially saving you thousands in the process over the life of your mortgage.

Let my 20+ years of experience in mortgages work for you!

Your Mortgage, Your Choice
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Mortgage brokers operate on commission and are paid by the lenders who ultimately grant you your mortgage. But that doesn’t mean that all brokers are money-hungry grubbers who ignore your particular needs. Brokers depend on referrals in order to get business, so it’s in my best interest to serve you as best I can. When interviewing a mortgage broker, ask about their fee structure and how they’re compensated to make sure you’re comfortable with it. There usually isn’t an out-of-pocket cost to you. Critics will say that the cost of the broker is ultimately being passed onto the borrower from the lender. But even if this is the case, if the interest rates being offered through a broker are lower than the competitors, you still end up the winner in the end.

Your Mortgage, Your Choice
Get A Better Mortgage
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As a mortgage broker, I’m on your side. There are a lot of things that happen when you purchase your first home. A realtor will tell you so much, and the lawyer will tell you so much, but a good mortgage broker will bring it all together in one place and connect the dots in what can be an overwhelming process. A mortgage specialist at a bank wants to sell you their product. That’s not a bad thing, but their mortgage product may not be the one that is most applicable or appropriate for your situation.

I work to get you the mortgage product that is best for you!

Your Mortgage, Your Choice
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I hope you hare enjoying your weekend so far! While you’re doing your Sunday scrolling, here is another reason to use a mortgage broker!

A mortgage broker is able to better tailor a mortgage product to your specific needs, whether that be working with a lender who is more flexible when it comes to self-employed income or who has more flexible prepayment terms. Because mortgage brokers have access to more lenders, I’m better able to find a lender and a mortgage based on your specific needs and financial situation in order to get you the lowest mortgage rates today.

Your Mortgage, Your Choice
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Many lenders’ rates and mortgages can only be accessed through a mortgage broker. Brokers can also vet lenders and negotiate on behalf of the buyer, and experienced brokers have relationships with these lenders, as well as the banks.
Ignoring these lenders and choosing to get a mortgage with a bank can mean choosing harsher prepayment penalties for breaking your mortgage as well as a higher interest rate, which can cost buyers thousands upon thousands of dollars over the life of their mortgage.

There are many more reasons to reach out to me for your mortgage needs, follow for more!

Your Mortgage, Your Choice
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The most obvious reason that people choose to obtain a mortgage through a mortgage broker is that brokers have access to multiple rates and lenders. Because of this, mortgage brokers have access to rates that may not always be advertised widely, and can be significantly lower than those advertised by banks or credit unions.

There are many more reasons to reach out to me for your mortgage needs, follow for more!

Your Mortgage, Your Choice
Get A Better Mortgage
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The mortgage process can be overwhelming, but it doesn't have to be! I will make sure that you are informed on the process, your options, and every step from application to closing. If you have questions, I am here to answer them.
Call or email me today!

Your Mortgage, Your Choice
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Wishing all of the dads out there a wonderful Father's Day!

Happy Tuesday! Over the last couple of weeks, I’ve been sharing ways that your home can make you some $. Scroll through to see suggestion number 10!

Your Mortgage, Your Choice!
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Hope you are enjoying your weekend! Are you looking for ideas to help increase your income? I’m sharing 10 ways your home can make its own paycheque, scroll through to see number 9!

Your Mortgage, Your Choice!
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An exciting financial update: The Bank of Canada has reduced the overnight rate to 4.75%. Following this announcement, most lenders will adjust their prime lending rate to 6.95%. If you're holding an adjustable-rate mortgage, variable-rate mortgage or secured line of credit, this adjustment signals a potential decrease in interest expenses.

Ready to understand more about how this impacts your mortgage or home-buying plans? Contact me to strategize your next steps in this evolving market. Stay informed and proactive!

Your Mortgage, Your Choice!
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How can your home help increase your income? I’m sharing 10 ways your home can make its own paycheque, scroll through to see number 8!

Your Mortgage, Your Choice!
Get A Better Mortgage
Let me show you how

Do you want to know more about how your home can make you money? I’m sharing 10 ways your home can make its own paycheque, scroll through to see number 7!

Your Mortgage, Your Choice!
Get A Better Mortgage
Let me show you how

Happy Friday! I’m sharing 10 ways your home can make its own paycheque, scroll through to see number 6!

Your Mortgage, Your Choice!
Get A Better Mortgage
Let me show you how

Your home can make you money! I’m sharing 10 ways your home can make its own paycheque, scroll through to see number 5!

Your Mortgage, Your Choice!
Get A Better Mortgage
Let me show you how

The standard is 25 years, ok but what is it?
It is the length of time it would take to pay off a mortgage in full, based on regular payments at a certain interest rate. A longer amortization period means you will pay more interest than if you got the same loan with a shorter amortization period.

Check out my Mortgage App …download and share!
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https://www.mccapp.ca/app/nelia-desousa

Nelia De Sousa

416-550-8827📲

Your Mortgage, Your Choice.

Get A Better Mortgage.

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What is ahead for Canada – from Leading Country’s Economists?

The Economic Club of Canada is our country’s most respected platform for non-partisan dialogue among the world’s most notable thought leaders. Its annual outlook breakfast is its signature event.

This year, the breakfast featured four of the country’s top chief economists responding to a series of questions designed to encourage predictions about 2023.
First National attended and shares these highlights.

Is the Canadian economy headed for a soft landing or a full-on recession in 2023?

It looks like we are in for a monetary-policy induced slowdown and possibly a soft landing where inflation is tamed without devasting impacts on the economy.
While economists and policymakers have fairly consistently underestimated the resilience of the Canadian economy in the past three years, the expression ‘never bet against the Fed’ still applies.
In the post Second World War era, every time the US Federal Reserve and the Bank of Canada raised rates as much as they have this past year the following year saw an economic slowdown.

Is the Bank of Canada nearing the point of pausing its policy of increasing interest rates?

Notwithstanding the possibility of another 0.25 basis point increase on January 25, it looks like the Bank is signalling that it is comfortable with what it has done so far and is aware that recent rate hikes are creating challenges for Canadians.
It may pause after January for a few months and reassess if further moves are necessary based on inflation reports.

Is there a risk the Bank of Canada has gone too far, too fast to tame inflation?
Yes and there may be more pain to come because of recent policy rate increases.
There are also secular headwinds that used to be tailwinds for the economy to sort out.
Free trade has been replaced by re-shoring and protectionism which hurts Canada because we are an export nation.
Carbon used to be free and it isn’t now.
The housing market has rolled over because it is an interest-rate sensitive part of the economy. The are too many headwinds to completely avoid some form of recession.

When will inflation moderate?
By year end 2023, inflation in Canada will be at the one to three percent range and core inflation will be right at 3%.
Recent three-month rolling averages of inflation look to be trending in the right direction in both Canada and the U.S. Food and energy price inflation in particular have declined. However, there is a risk that inflation settles in at 5% which would require additional action by the Bank of Canada.

Will there be job losses in the Canadian economy this year after such a strong month of job creation in December 2022? Employment is a lagging indicator of economic health, but the creation of 100,00 jobs in December was a positive sign. Going forward, it is likely that there will be job losses and possibly as many as 100,000 across Canada.
But in context, job losses in many past recessions numbered 300,000.
Some industries did have significant employment gains in the past two years including technology, financial services and public administration but other industries do not have slack capacity which means they may be cushioned from future job cuts.
For example, manufacturing typically employs 2 million Canadians and sheds 300,000 jobs in a recession.
However, the industry now only employs 1.7 million so it is unlikely that job losses, if they occur, will reach that traditional 300,000 level.

Are or were we in a housing bubble?
It depends on where you are in Canada because there are extreme differences between the Prairie provinces (no bubble) and southwestern Ontario (a bubble). In the first two years of the pandemic, Canada’s house prices increased by 50% and now depending on location, they are off by 20 to 25% from the peak. The net result is home prices are still higher than they were pre-pandemic.

Will housing become affordable in the next two years?
Very unlikely.
The housing market is more likely to become less affordable at least in the near term even as a record level of new supply comes on stream. That supply will not keep up with new demand driven by immigration and as many of Canada’s 10 million millennials begin buying their first homes.

Will OSFI change/tighten mortgage qualification rules this year?
The regulator has opened public consultations on its Guideline B-20 (Residential Mortgage Underwriting Practices and Procedures) with the intention of completing those consultations by April 14, 2023.
It is unlikely to make any changes until it observes spring housing market activity. Since OSFI exists to manage risk, not to make housing more affordable, changes – if any – would tend to respond to their view of the relative risk in the system. So far, Canadians have handled interest rate shocks very well and as a result, mortgage lenders have seen remarkable stability in credit performance.

How does Canada’s economic outlook compare to America’s.
America has the potential to be more resilient because U.S. consumers went through a deleveraging cycle after the financial crisis whereas Canadians levered up.
This difference shows up in share of income that is devoted to debt service in Canada versus the U.S. In the U.S., consumer debt service is at historically low levels and in Canada it’s about to become historically high.
American firms did not hire as aggressively as Canadian firms either, meaning fewer areas of the job may be at risk.
However, Canada has a higher personal savings rate, and our provincial and federal fiscal positions are better than those in the U.S.

Is the Canadian dollar poised for a rebound?
Most of the recent weakness in the Canadian dollar is due to the relative strength of the U.S. dollar but our currency has also been held back because of commodity prices.

It is possible that the U.S. dollar will weaken later this year with a benefit to our currency, but as is, the Canadian dollar is currently trading close to its fair value.

For all your mortgage needs please feel free to reach out to me and I can help answer any of your questions.

Nelia De Sousa
416-550-8827📲

Your Mortgage, Your Choice.
Get A Better Mortgage.
Let me show you how.

Have any questions or would you like to learn more about what I can personally help you with.

Give me a Call 📱

For all your mortgage needs please feel free to reach out to me and I can help answer any of your questions.

Nelia De Sousa
416-550-8827📲

Your Mortgage, Your Choice.
Get A Better Mortgage.
Let me show you how.