As an agent for over twenty financial institutions I am able to offer the widest choice of mortgage option ... the qualified applicant pays no fees for my services.
I will endeavour to secure the lowest rate, best terms and conditions, and the mortgage products most suited for my clients.
CALL TODAY FOR A FREE CONSULTATION
PETER MAJTHENY
voice 236-4220 or 384-0666
Fax 236-4218
WHAT IS A MORTGAGE BROKER?
A Mortgage Broker allows the borrower access to all mortgage products, and subsequently the best rates and privileges available ... at no cost to the qualified purchaser.
WHAT IS A CONVENTIONAL MORTGAGE?
When the mortgage amount does not exceed 75% of the property value, it is considered a conventional mortgage. Yet, one may have a second mortgage when 25% cash downpayment is not available ... the only restriction being that the purchaser must have a downpayment of no less than 10%.
... AND A HIGH RATIO MORTGAGE?
A high ratio mortgage allows the purchaser to mortgage the property up to 90% of the first $180,000 of the purchase price and up to 80% of the balance. This is known as a High Ratio Insured mortgage, therefore an insurance premium is charged. The premium will range from 1.25% to 2.5% of the purchase price, it is added to your mortgage and is paid only once. There is no upfront expense to the purchaser, other than a $235.00 C.M.H.C. processing fee, and applicable taxes.
* C.M.H.C. Premiums 75.1% to 80.0% = 1.25%, 80.1% to 85% = 2.00%,
85.1% to 95% - 2.50%
NEW C.M.H.C. 5% DOWN PAYMENT PROGRAM
New with ONLY 5% DOWN one can purchase a home up to $250,000 in the greater Toronto Area.
REQUIREMENTS:
* eligible for any term
* One of the purchaser's cannot have owned a home in the past five years
* Purchaser is eligible if relocated for work
* Purchaser is eligible is hardship has occurred
* Property must be owner occupied
* Premium to C.M.H.C. is 2.5% of mortgage amount.
* Mortgage payment, taxes and heating cannot exceed 35% of gross income. And buyer
total debt ratio cannot exceed 42% of gross income.
PRE-QUALIFYING YOURSELF FOR HIGH RATIO!?
The general rule is that a borrower should not pay more than 35% of their gross income for mortgage payments, including realty taxes.
Example: gross monthly income = $5,000.00
x 0.35 = $1,750.00
Therefore, $1750.00 is the maximum affordable monthly mortgage payment.
One can exceed this criteria, when the borrowers have a 25% down payment, making it a conventional mortgage.
MONTHLY PAYMENT PER $1000 LOAN
AMORTIZATION IN YEARS 15 20 25
6.75% 8.80 7.55 8.85
7.00% 8.93 7.69 7.00
7.50% 9.21 7.99 7.32
7.75% 9.34 8.13 7.47
8.00% 9.48 8.28 7.63
8.25% 9.62 8.43 7.79
8.50% 9.76 8.59 7.95
8.75% 9.90 8.74 8.12
9.00% 10.05 8.89 8.28
9.25% 10.19 9.05 8.44
125 X 8.28 = $1,035.00 PER MONTH
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