What are you looking for? 416-567-0477
July 20th, 2018 
John Toublaris
Sales Representative

In partnership with: RE/MAX Ultimate Realty Inc., Brokerage
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ABOUT JOHN TOUBLARIS
HOMES FOR SALE
AFFILIATE SERVICE PROVIDERS
FREE EDUCATIONAL SEMINARS
SELLING YOUR HOME
BUYING YOUR HOME
MORTGAGE INFORMATION
MOVING INFORMATION
LOFTS
INVESTMENT PROPERTIES
CONDOMINIUMS
GTA SCHOOLS
RESIDENTIAL RENTAL INFORMATION
RESIDENTIAL PARKING INFO
HOME MAINTENANCE
HOME ENERGY SAVINGS
GREEN HOMES
TORONTO MARKET REPORT UPDATES
AGENT REFERRALS
INFORMATION CENTER
CLIENT REPORTS
Best Fixed - 1 year
2.79%
Best Fixed - 2 year
3.14%
Best Fixed - 3 year
2.99%
Best Fixed - 4 year
2.89%
Best Fixed - 5 year
3.04%
Best Fixed - 10 year
3.79%
Best Variable - 1 year
3%
Best Variable - 3 year
3.55%
Best Variable - 5 year
2.45%
Buyers Tips

Buyers Tips

Are You Pre-Approved? 
Knowing how much you are qualified to purchase will save you a lot of time! Make sure you speak with a mortgage representative to discuss about your plans. I would suggest you ask them the following questions:

1. How much of a purchase price can I be qualified for?
2. What will my monthly mortgage payments be?
3. How can I pay off my mortgage sooner?
4. Do I have to pay mortgage insurance? How much? (Usually, this is added onto your mortgage if you put down less than 20%).

With so many mortgage lenders out there, you have the chance to negotiate a better interest rate.

If you would like to save thousands of dollars make sure you ask me about this and I can direct you to the right people.
Home Inspection 
Whether you are purchasing your first home or your third home, having a home inspection done is a wise investment. This will cost between $250-$400.

The home inspector will help you identify of any problems, minor and major repairs the home may need plus estimated costs in the short term and long term. This will give you the chance to budget your finances too.

I highly recommend this!
Found the Home I Like! Now, How Much Should I Offer? 
Before making an offer to purchase, I will show you the comparable homes that have sold in the neighbourhood, on the street and/or building (if it's a condominium). We will look at the recent solds then determine a reasonable price to offer.

As a strong negotiator, I will help you save money when making an offer to purchase.

Feel free to contact me at 416-567-0477.
Bi-weekly and weekly payments 
Most mortgages have the option to allow payments to be made on a weekly or bi-weekly basis. This option may be desirable for two reasons. The first is it can save you money as you can expect to pay off your mortgage about 4 years sooner. This can save you dramatically over the life of your mortgage. The other reason why these options are so popular is that if your employer pays you on a weekly or bi-weekly basis, you can simplify your budgeting by making the payment line up with the way you paid.
Making Extra payments 
Paying extra amounts on your mortgage can make a big interest saving over time. When we select a mortgage company, privilege payments options are something that we look for. A 20% privilege payment will allow you to pay off up to $20,000 per year on a $100 000 mortgage. It is important that the privilege payment also be flexible to allow you to pay smaller payments on the mortgage and as often as you wish. An extra $1000 periodically paid on a mortgage can help you become mortgage free faster.
Reducing the CMHC fees on your purchase 
When you require a mortgage for more than 80% of the purchase price of a property, that mortgage must be insured by Canada Mortgage and Housing (CMHC) or GE Mortgage insurance. The premium charged by these company`s decreases as the down payment increases. When you finance your property at 95%, a premium of 3.75% is added to the mortgage. By increasing the down payment to 10% of the purchase price the premium can be reduced to 2.5%. If you can put down 20%, you can avoid any additional insurance fee. Depending on your situation there are ways that you can structure this financing to avoid the CMHC or GE insurance premium.
Advantages of Bigger Down Payments 
As mentioned above, when you put a 20% down payment on your purchase you can avoid the CMHC premium. More importantly the larger the down payment, the lower the amount of interest you will pay over the life of your mortgage. It is important to note that it may not be wise to stretch yourself to increase your down payment and end up borrowing on credit cards or a line of credit at a higher rate.
Short Term Rates vs. Long Term Rates 
The options for mortgages available can be very confusing for most mortgage shoppers. Terms for mortgages vary between variable and fixed rate, 6-month terms to 10 year terms. Taking a variable or floating rate mortgage can have savings. Typically the shorter the term or guarantee of the rate, the lower the rate will be. This does not always happen, depending on the market place and the economy, but history has shown that short-term rates tend to be lower than long-term rates. The up side of variable rate is the strong potential for interest rate savings. The down side is the fact that you are accepting the interest rate risk without a guarantee. If you are considering a variable rate mortgage you need to look at your own risk tolerance, and your cash flow available to deal with potential increased payment. Considering projections of rates and where we see interest rates heading can also be important in this decision. Make sure you talk to an expert when you are making this decision.
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