downgrade are won- dering if this is the right time to do it, and some are just wanting to refinance a current home to consolidate debt or renovate. In short, we are in an era of unknowns as no one would have predicted the Nova Scotia housing market to respond like this through the pandemic with record low-in- terest rates, supply shortages and increas- ing demand. A few key points to consider in any large purchase is “wants vs needs” and more important- ly affordability, as we see rates rise back to pre-pandemic levels and higher. First-time home buyers may have little to no idea what they are getting into when buying a home, so as
down payment is impossible with the high price of rent these days, especially cities like here in Halifax, Nova Scotia. As your Mortgage Broker, I can show you no down payment option lenders and cashback mortgages that pay your closing costs, but you have to keep in mind these are not without an expense of a slightly higher interest rate for your first term. We also have lenders who will take on applications where one or both appli- cants have a bankruptcy or consumer proposal, a bruised credit history or just no credit history at all. So, a mortgage broker will gladly work with you to look at one of these solutions and share their professional recommendations and advice on what would be right for you and your situa- tion. So, you might be asking, what do you need to get a traditional mortgage from my financial institu - tions? • Well, a solid credit history helps with an excel- lent credit score. This shows a top lender that you are responsible for your debt by paying on time and not maxing out or going over your credit limits. • Having a good job with tenure, or if you are self-employed, small business owner or an entrepreneur, you can expect that you will need two years of proof of income so the lender can see that you can afford what you are asking for. • Having the down payment in your bank account for 90 days is preferred, and if not, well you can expect to show the paper trail of where the savings or down payment came from via bank account history. If any of these areas are not you or even if they are, I would recommend you seek the help of a licensed associate mortgage broker, like myself, as we live this every day and can give you tips to get you on the road to approval and home own- ership, remember we work for you. If you or someone you know is looking for mortgage advice, please follow me on Facebook or Instagramat #mortgageswithme or my website Tamaravallis.TMGbroker.com.
Mortgages are hard to get; it is not like buying a car or applying for a credit card. They require a much deeper dive into your financial health with many “whys” being asked about your financial decisions; after all, you have asked for hundreds of thousands of dollars, you would also want to know the whole story before lending your money, wouldn’t you? However, in saying that they’re options for the less-than-ideal applicants that are available to you without judgement or bias and your mortgage broker will help you navigate through all available options. The Market in Nova Scotia is all over the place from property availability, asking vs selling price and interest rates being offered, all of it is unknown what the future will hold for any of these things. Mortgage Brokers can try their best to offer solid advice and guidance, but the choice is yours and yours alone. Some financial institutions and brokers believe a variable rate is the best or the worst thing you can do, and yes, we all have an opinion on the best option, but
as a mortgage broker it is my job to show you what is best for you and your goals for repayment. How much you can afford is also differ- ent from how you want to live, and
a licensed associate mortgage broker, I can share my professional advice and personal experience with them regarding the purchasing process and educate them on what to expect. My job is to make the experience as stress-free as possible by providing tips and tricks to maximize their pur- chasing power, so they get the most out of their investment and still live within their means. Most new clients have no idea that the Government of Canada offers programs to assist with their home purchase. Programs like the RRSP Home Buyers Program, where you can withdraw your 5% down payment from your RRSP and pay it back in annual installments over 15 years followed by a one-time tax credit. Also, there is a down payment match program also offered by the Federal Govern- ment. I hear a lot of casual conversation that saving a
I encourage every client I have to think about that long and hard when choosing the path you want to take. Just because you can afford more on my computer does not mean you can live by those means or afford the same lifestyle, taking those trips south and purchasing those other out- of-the-norm things as freely as you did before. In saying that, sometimes, people like to have a big family home and not take trips, others want a more modest home and still travel, and some can do both; the choice is yours and it is my job to try and make that happen. In today’s market, there are so many things that are swirling around in the minds of wannabe homeowners and homeowners alike. First-time homebuyers are questioning whether they can afford to get into the market or if they can afford to wait. Homeowners who want to upgrade or
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MARCH/APRIL 2022 • SPOTLIGHT ON BUSINESS MAGAZINE
SPOTLIGHT ON BUSINESS MAGAZINE • MARCH/APRIL 2022
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