Whether it is your first time investing in the real estate market, or you are looking to refinance your home, being correctly informed is your greatest asset. A mortgage broker will guide you through the process and help you every step of the way, but what are some key questions you should ask when getting started?
What Are My Down Payment Options?
It is important to know your down payment options because it can determine whether to buy now, save more money, or find another source of funds for the down payment. In Canada, the minimum amount you need for your down payment depends on the purchase price of the home. For example, homes under $500,000 only need a minimum down payment of 5 percent! Your down payment could come from money you’ve been saving, a gift from a family member, an RRSP withdrawal through the Home Buyer’s Plan, or even from borrowing. Keep in mind, with any down payments less than 20%, mortgage loan insurance will be required.
Should I Be Going into a Fixed or Variable Mortgage?
With the current market volatility, it is important to know exactly what your overall cost will be, what your security is looking like, and what risk you are willing to take. Having the knowledge and correct information will help you choose the right option for you. The interest rates may seem daunting to you, but speaking to a mortgage broker about your options might surprise you. Every situation is unique, and the Auxilium team has over 100 years of combined experience, to counsel you according to your specific situation. We can find you the right fit and offer you options that you might not have even thought possible!
What are the closing costs I need to prepare for?
It is important to remember the down payment is not the only cost you need to be prepared for. Closing costs are the expenses that need to be paid when the sale closes. Closing costs typically include the legal fees, land transfer tax, title insurance, property tax adjustments, utilities adjustments, and interest adjustments (plus mortgage insurance if required). All these items should be budgeted for in advance, when considering either a new mortgage, or a refinance.
The Auxilium Team is here to assist you and help make the home buying process smooth and stress free. Never hesitate to call to speak to our team about any concerns or questions you have throughout the process. Please check out our hundreds of reviews on Google, Facebook, and Better Business Bureau, to see how the Auxilium Team has a proven track record of providing exemplary service.
Ready to find out if? Our team is here to help. Fill out our contact form or give us a call at 250-590-6520 (toll-free 1-855-590-6520) to see how we can find the best solution for your situation.
Auxilium Mortgage Corporation is based in Victoria, BC and works with clients locally and across Canada. The Auxilium team has over 100 years of combined financial experience and access to dozens of lenders to help you meet your goals.
This post reflects the best available information at the time of writing/last update. To ensure that you have the most up-to-date information, contact us to confirm the details for your specific situation.