Lucas Mathieu - Mortgage Tech

John Maxwell in “Sometimes You Win, Sometimes You Learn” presents the case that our learning comes from our failures, and to be successful, we need to be able to learn from our mistakes.

🌍 Visit website: https://www.mortgagetech.ca/
📞 𝐆𝐢𝐯𝐞 𝐮𝐬 𝐚 𝐜𝐚𝐥𝐥: 250-574-7399
📧 𝐄𝐦𝐚𝐢𝐥: [email protected]

Downsizing Your Home!

Moving to a larger house is not the only time that things can change with your home and mortgage. Sometimes there comes the point when owning a home becomes a little too much to handle, or maybe you’re an empty-nester and no longer need three extra bedrooms. Whatever the reason, downsizing is a great option when you no longer need a full-size home.

For homeowners who are fortunate enough to now be mortgage-free and looking to scale down, you could be sitting on a gold mine!

If you do still owe on your current mortgage, it is important to remember that downsizing during your current mortgage cycle will be breaking the mortgage.

Regardless of your current situation, there are some costs that go with selling your existing home and moving to something smaller or more affordable.

Some of the costs associated with downsizing are:

• Realtor commission fees, which range from 2.5 to 5 percent of the home selling price

• Closing costs and legal fees, which are 1 to 4% of the purchase price on the new home

• Miscellaneous costs such as moving expenses, upgrading appliances, and/or buying new furniture

• If you are moving into a condominium or townhouse, there are strata fees to consider

🌍 Visit website: https://www.mortgagetech.ca/
📞 𝐆𝐢𝐯𝐞 𝐮𝐬 𝐚 𝐜𝐚𝐥𝐥: 250-574-7399
📧 𝐄𝐦𝐚𝐢𝐥: [email protected]

10 Mortgage Mistakes!

Whether it is your first house or you’re moving to a new neighborhood, getting approved for a mortgage is exciting! However, even if you have been approved and are simply waiting to close, there are still some things to keep in mind to ensure your efforts are successful.

Many homeowners believe that if you have been approved for a mortgage, you are good to go. However, your lender or mortgage insurance provider will often run a final credit report before completion to ensure that nothing has changed. Changes in your credit usage and score could affect what you qualify for – or whether or not you get your mortgage at all.

To avoid having your mortgage approval status reversed or jeopardizing your financing, be sure to stay away from these 10 mortgage mistakes:

1. Beefing up your application
2. Getting pre-approved
3. Shopping around
4. Not saving for a down payment
5. Changing employers or jobs
6. Applying or co-signing for other loans
7. Avoiding credit missteps
8. Having too much debt
9. Large deposits
10. Marrying into poor credit

🌍 Visit website: https://www.mortgagetech.ca/
📞 𝐆𝐢𝐯𝐞 𝐮𝐬 𝐚 𝐜𝐚𝐥𝐥: 250-574-7399
📧 𝐄𝐦𝐚𝐢𝐥: [email protected]

Most people confuse "𝗮𝗺𝗼𝗿𝘁𝗶𝘇𝗮𝘁𝗶𝗼𝗻" with the mortgage "𝘁𝗲𝗿𝗺". Actually, a survey in the U.S dicovered that over 40% of homeowners 𝗱𝗶𝗱𝗻'𝘁 𝗲𝘃𝗲𝗻 𝗸𝗻𝗼𝘄 𝘄𝗵𝗮𝘁 𝗮𝗺𝗼𝗿𝘁𝗶𝘇𝗮𝘁𝗶𝗼𝗻 𝗺𝗲𝗮𝗻𝘁.

𝗔𝗺𝗼𝗿𝘁𝗶𝘇𝗮𝘁𝗶𝗼𝗻: The length of time it takes you to pay off your entire mortgage. A typical amortization is 25 or 30 years. The 𝗹𝗼𝗻𝗴𝗲𝗿 your amortization, the 𝘀𝗺𝗮𝗹𝗹𝗲𝗿 the payments 𝗕𝗨𝗧 the 𝗺𝗼𝗿𝗲 𝗶𝗻𝘁𝗲𝗿𝗲𝘀𝘁 paid over time.

Mortgage 𝗧𝗲𝗿𝗺: The length of time you are committed to a mortgage rate, lender and conditions set out by your 𝗺𝗼𝗿𝘁𝗴𝗮𝗴𝗲 𝗰𝗼𝗻𝘁𝗿𝗮𝗰𝘁. Ex: 5 year fixed term.

So usually your mortgage contract sounds something like this "𝟱 𝘆𝗲𝗮𝗿 𝗳𝗶𝘅𝗲𝗱 𝘁𝗲𝗿𝗺 𝘄𝗶𝘁𝗵 𝗮 𝟮𝟱 𝘆𝗲𝗮𝗿 𝗮𝗺𝗼𝗿𝘁𝗶𝘇𝗮𝘁𝗶𝗼𝗻". Which means you have locked in your rate for 5 years but have 25 years to pay off your mortgage.

𝗔𝗻𝘆 𝗾𝘂𝗲𝘀𝘁𝗶𝗼𝗻𝘀?