Shopping for a new home can be stressful, especially in an extremely competitive market with skyrocketing prices. One way to alleviate some of the stress is to work with an experienced home buying mortgage lawyer in Toronto. They can walk you through the process of getting a mortgage pre-approval, which essentially lets you know how much you can afford to spend on a new home. You’re not obligated to spend the exact amount that you get pre-approved for, but it’s always good to know what your options are and this will give you a good idea of where to start.
In March, our very own John Zinati, an expert real estate lawyer in Toronto, sat down with the CEO of Veritas Investment Research, Anthony Scilipoti, to discuss the current real estate market. As a real estate closing lawyer in Toronto with decades of experience, John is uniquely positioned to educate us on what the market is telling us right now.
The interview was part of the Veritas Fact-Finding series. Designed in the wake of the COVID-19 pandemic as a way to find the truth about investment opportunities and pitfalls, this series speaks with industry professionals on the ground to better understand how the pandemic will affect our life and our investments.
Here are some of the key points John and Anthony discussed.
You’ve found your dream home, now comes the hard part: paying for it. Your house is typically the greatest source of equity (meaning the most important investment) you’re likely to make. As any good mortgage lawyer in Toronto will tell you, that means the conditions of the loan you take out and adjust to pay for your home will have a massive impact on the future of your finances. As such, it’s absolutely critical that you avoid costly mortgage refinancing mistakes.
Finding your dream home is pretty exciting. The same cannot be said about qualifying for a mortgage. Many homeowners find refinancing their mortgage to be stressful, and for good reason—from different interest rates to amortization periods and penalties, there is a lot to consider.
But it can be worth it. Refinancing a mortgage with more favourable terms and conditions can save you thousands of dollars in interest charges. Refinancing a mortgage with a lower interest rate is also a great way consolidate and pay off debt and access some of the equity you’ve built up in your home.
If you’re thinking about refinancing your mortgage in Toronto, here are six things you need to consider.
If you’re thinking of buying or selling a home, make sure you talk to a skilled real estate lawyer. It doesn’t matter which side of the deal you’re on, an experienced mortgage lawyer in Toronto is invaluable.
A real estate lawyer can help you with all of the legal details associated with the transaction, including a title search, easements, zoning issues, the closing process, etc. But an experienced real estate lawyers can also go over other issues or concerns you might have.
Keep in mind, this is probably going to be the biggest transaction of your life, and you need to make sure you’re as informed and educated as possible. That’s why it’s imperative that you ask a closing lawyer any questions you might have.
Here are some questions you should ask your real estate lawyer when getting a mortgage in the Greater Toronto Area.
Over the last few months, there has been a lot of uncertainty surrounding the COVID-19 pandemic and the economy. Millions of people lost their jobs, businesses were forced to shut down, and Canadians coast to coast were required to isolate and social-distance.
While the pandemic has certainly taken a toll on our social lives and on the economy as a whole, it’s also forced many homeowners to question whether they will be able to pay their mortgage.
Luckily, the five largest banks in Canada—Royal Bank of Canada (RBC), Toronto-Dominion Bank (TD), Bank of Nova Scotia (Scotiabank), Bank of Montreal (BMO), and Canadian Imperial Bank of Commerce (CIBC)—have stepped up to offer mortgage deferrals in Toronto and across Canada.
What is a mortgage deferral? And does a mortgage deferral hurt your credit? Here’s what you need to know about this new form of financial assistance from lenders and whether it’s the right move for you and your family.
The COVID-19 pandemic hasn’t just affected millions of Canadians financially, but it has also sent the global economy spiraling. Many Canadians have already lost their jobs and the housing market has taken a major hit, which has led to concerns that the mortgage process will be affected, too.
Now more than ever, people are rushing to refinance their mortgages and provide themselves with a bit of a safety net. But is mortgage refinancing during COVID-19 really the right move?
The answer is that it strongly depends on each individual’s circumstances.
Here’s a breakdown of whether you should refinance your mortgage now and a few of the benefits of mortgage refinancing during COVID-19.
Refinancing your mortgage can be a great way for you to gain finances to consolidate debt, complete a home renovation, or pay for your children to attend post-secondary school. For many homeowners, refinancing can be cost-effective; however, to find out if refinancing your mortgage is the best option for you, you need to first consider the interest rates and other mortgage refinancing fees involved, and compare these costs with other options available to you. Here’s what you need to know about mortgage refinancing costs and how you can avoid them.
If this is your first time considering refinancing your mortgage, there are some important things you should know. There are several mortgage refinance myths circulating that make it difficult to know what to expect in the process. Here you can see the most common mortgage refinancing myths busted and stay informed as you move forward with the refinancing process.
Many homeowners go through situations in their lives that make it difficult to make their mortgage payments on time. Sometimes mortgages can feel like a trap, leaving homeowners stuck with bills that never seem to end. It may be relieving to know that there are options for managing your mortgage. There are generally two ways mortgages are structured: fixed and variable. Choosing the option that is best for your needs and lifestyle is key to relieving the stress as you pay your mortgage. Here’s what you need to know about each kind, and which option may be the best for you.