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"Subtle changes in the way you approach mortgage
shopping, and even small differences in the way you structure your mortgage, can
literally cost or save you thousands of dollars and years of expense."
Mortgage Regulations Have Changed . . .
Mortgage regulations have changed significantly over the last
few years making your options wider than ever. Subtle changes in the way you
approach mortgage shopping and even the small differences in the way you structure
your mortgage can literally cost or save you thousands of dollars and years of
expense.
Get the Right Information
Whether you are about to buy your first home, or are planning to
make a move to your next home, it is critical that you inform yourself about the
factors involved. Industry research has revealed 6 common mistakes
that most homebuyers make when mortgage shopping and they can have a significant
impact on the outcome of this critical negotiation. If handled correctly, these
issues could result in a mortgage that will cost you less over a shorter period
of time.
6 Things You Must Know Before Obtaining a Mortgage
Before you commit your hard earned dollars to monthly mortgage payments,
consider these 6 issues. Effective consideration of these important areas can
make your payments work much harder for you.
1. You can, and should, get pre-approved for a mortgage before you go
looking for a home
Pre-approval is easy, and can give you complete peace-of-mind when shopping
for your home. Your local lending institution can provide you with written
pre-approval for you at no cost and no obligation, and be done quite
easily over-the-phone. More than just a verbal approval from your lending
institution, a written pre-approval is as good as money in the bank. It entails
a completed credit application and a certificate, which guarantees you a
mortgage to the specified level when you find the home you're looking for.
2. Know what monthly dollar amount you feel comfortable committing to
When you discuss mortgage pre-approval with your lending institution, find
out what level you qualify for and also pre-assess for yourself what monthly
dollar amount you feel comfortable committing to. Your situation may give you a
pre-approval amount that is higher (or lower) than the amount of money you would
want to pay out each month. By working back and forth with your lending
institution to determine what this monthly amount is, and what value of home
this translates into at today's rates, you won't waste time looking at homes
that are not in your price range.
3. You should be thinking about your long term goals and expected
situation, to determine the type of mortgage that will best suit your needs
There are a number of questions you should be asking yourself before you
commit to a certain type of mortgage; How long do you think you will own this
home? What direction are interest rates going in and how quickly? Is your income
expected to change (up or down) in the near term, impacting how much money you
can afford to pay to your mortgage? The answers to these and other questions
will help you determine the most appropriate mortgage you should be seeking.
4. Make sure you understand what prepayment privileges and payment frequency
options are available to you
More frequent payments (for example weekly or biweekly) can literally shave
years off your mortgage. By simply structuring your payments so that they come
out more frequently, it will significantly lessen the amount of interest that you
will be charged over the term. For the same reason, authorized pre-payment of a certain percentage of your
mortgage, or an increase in the amount you pay monthly, will have a major impact
on the number of years you will have to pay and could shorten your payment term
considerably. These two payment options can cut years off your mortgage, and save you
thousands of dollars in interest. However, not every mortgage has these pre-payment
privileges built in, so make sure you ask the proper questions.
5. Ask if your mortgage is both portable and/or assumable
A portable mortgage, where available, is one that you can carry with
you when you buy your next home and avoid paying any discharge penalties. This
means that you will not have to go through the entire mortgage process again
unless you are making a move up to a much more expensive home. An assumable mortgage is one that the buyer for your home can take over when
you move to your next home. This can be a very powerful tool at the negotiating
table, making it much easier and more desirable for a buyer to buy your home, and
again saves you any discharge penalties.
6.You should seriously consider dealing with a Mortgage Expert
Consider dealing only with a professional who specializes in mortgages.
Enlisting their services can make a significant difference in the cost and effectiveness
of the mortgage you obtain. For example they can make the process faster thereby
avoiding costly delays. Typically there is no cost or obligation to inquire.
I'd like to start off by congratulating Mario for putting together a great team.
Positive: Professionalism, Quality, Responsiveness, Value
I'd like to start off by congratulating Mario for putting together a great team. We had been looking for about half a year, and never thought how much having a good real estate agent could benefit us during a purchase. we are a family of two working professionals and I work in the construction industry. During our search and monitoring the ever confusing housing market we were skeptical at first, whether or not to buy a property or keep renting, we were then introduced to Mario Daniel and his team and our first session was about deciding whether or not we should even make a purchase. After bringing all our concerns forward Mario patiently addressed them and took us through the process. We were sold from that point on. Mario and Domenic supported us patiently and positively during our search for property (I should say that we had many precise criteria on what we want). They helped us narrow down our criteria and get a good sense of our options that match our money. For any buyer I would suggest them to make their expectations clear so that the agents could help them better. Domenic had a lot of role in helping us through this process. However don't expect to get a home for half the price because if such thing was true everybody else would also be looking for that. Also try to help your agent to help you. Try to proactively search for your desired home and communicate with your agent. The main part about our experience with Domenic and Mario was that we had a pleasant journey towards our purchase and that goes a long way. Home purchase in itself could be a tough task, and if you don't have good advice on your side, that would make it twice as hard. Domenic diligently negotiated on our behalf and I believe the combination of professionalism and goodwill helped us become home owners. We managed to purchase a place that we could truly call our home at an optimum price, thanks to Domenic's negotiation skills, and we definitely owe this to the efforts of Mario Daniel and Domenic and their team. They helped us throughout the process of closing and securing a mortgage as well and this was a great relief on our end, since we are very busy with day to day work. I think overall Mario, Domenic and the rest of their team have your best interest at heart and this is very comforting. Also I believe Mario Daniel Sconza and his team take pride in their work and are great professionals that you can trust without worry. I have developed a lot of respect for this team and I would suggest anyone who asks me, to work with this team without a doubt and I plan to do the same in the future. We wish them prosperity and will miss them greatly now that this chapter has come to an end.
Pouya Sharif
This is the 3rd time we've used Domenic from Mario Daniel Sconza Real Estate team to buy and sell our home.
This is the 3rd time we've used Domenic from Mario Daniel Sconza Real Estate team to buy and sell our home. Each time, we have been more impressed than the last with the turn-key approach and professionalism that surpasses the industry standard. The team's number one goal is to make you feel at ease through the process and you do. Domenic as an agent is very knowledgeable on all aspects of buying/selling homes, and his expertise is critical in 11th hour crunches and DOES NOT DISSAPOINT. (He will fight for you to get your dream home until the wee-hours of the morning or ensure you get the absolute top offer - because thats what he does best!) -Heather Scriver
I'm confident you will be impressed with how he stands out, and can help you do the same in your real estate goals!
Positive: Professionalism, Quality, Responsiveness, Value It has been my pleasure to have known Mario personally for several years - his commitment to delivering superior results to his clients is more than the vast majority of agents in the GTA. It matters to him what happens in the purchase and sale of your home! He has worked hard to find the best proven practices throughout North America and apply those for the benefit of those who work with him. He believes in them so much he is willing to guarantee their success! If you are considering a sale or purchase (or even one of each), you owe it to yourself to review Mario and how that compares to what other agents can deliver to you. I'm confident you will be impressed with how he stands out, and can help you do the same in your real estate goals!
