Sally Dollar, Realtor, Niagara Real Estate "A Dollar Really Does Make A Difference"!



A Better Way to Home Ownership


 Genworth Mortgage Insurance

View mortgage news from Genworth Canada

Down payments. Mortgages. Debt. Owning your dream home can sometimes feel unattainable. The thought of large monthly mortgage payments seem daunting and a big down payment is definitely out of the question. But the good news is that there are several mortgage options available that will allow you to buy your dream house with little or no down payment. Or, even provide you with the ability to lower your monthly payments so that you can maintain your current lifestyle without worry. Read on to find out how you can get into homeownership sooner and more affordably.

For Financing Recommendations, See below and tell them SALLY sent you:

For financing recommendations see www.sallydollar.com 

Paul Croteau, AMP

Mortgage Specialist, CIBC

Phone: (905) 321-3230 

 

 

For financing recommendations see www.SallyDollar.com

For financing recommendations see www.SallyDollar.com

 


How Much Downpayment Do I Need


DownpaymentHow much will I need for my initial investment in my new home?
You'll need a combination of a down payment and closing costs.

Down payment
The money that you pay up front for a house is the down payment. These payments typically range from 5 to 20% of the total value of the home. The obvious source of money for your down payment is either your savings or the proceeds from the sale of a home you already own.

While it is possible to buy a home with as little as 5% down, the amount of your down payment will determine whether you will have a conventional mortgage or an insured, high-ratio mortgage.

What's the difference?

  • Conventional mortgage: Your down payment is at least 20% of the purchase price.
  • High-ratio mortgage: Your down payment is less than 20% of the purchase price and must be insured by CMHC or GEMI. An insurance premium will apply.

Closing Costs
For high-ratio or insured mortgages, the mortgage provider requires the borrower to demonstrate his or her ability to cover closing costs in the amount of 1.5% of the value of the property. Closing costs can be as high as 3% of the value of the property being purchased and can vary widely depending on:

  • The property being purchased
  • Services required
  • Taxes
  • Applicable insurances
  • Whether the home is new or old
  • Closing dates affecting interest adjustments
  • The balances of any prepaid expenses

BUY A HOME WITH ZERO DOWN

100% Financing - No Money Down

If you are looking to purchase a home but find that you either do not have enough saved for a downpayment or that you do not want to liquidate financial assets to use as a downpayment, this report reveals how you can purchase a home with no money down.

 

This special insider, industry report has been prepared to outline what you need to know in order to take advantage of this innovative program which allows you to get into the housing market immediately, with zero downpayment.

 

Now you can realize the dream of owning your own home with zero downpayment.

 

The Zero Cash Downpayment Program offers you a way to buy a home with no downpayment. That’s right zero downpayment.

 

You may have owned a home before and are presently renting, or are a first time homebuyer and need a way to break into the housing market but held back because you thought you required a substantial downpayment. Or you may be in the position where you do not want to liquidate your financial assets to use as a downpayment. Regardless of your present situation, you want a way to get into or to re-enter the housing market without having to make a cash downpayment. The Zero Cash Downpayment Program may be just the answer you need. Here’s what is required to qualify for the Zero Cash Downpayment Program.

 

Program Qualifications.

 

1. An excellent credit history.

    - no recent history of bad debts

    - consistent and timely payment of current liabilities.

 

2. Limited liabilities.

You will be required to disclose all current liabilities you have in order to determine how much more debt you can carry. (i.e. present car loan, credit cards, etc.)

 

3. At least 3 years of  employment stability.

You will be required to show proof of employment for the past 3 years, i.e. a letter of employment from your employer or financial statements for the past 3 years if self-employed.

 

4. The financial ability to carry large monthly payments.

Without a downpayment you will required to meet the obligation of larger mortgage payments. Your monthly payments could vary from a few to several hundred dollars more per month.


 

Under the Terms of the Program You Can Purchase Many Types of Properties.

 

They include:

-         detached or semi-detached homes

-         free-hold townhomes

-         condominium townhomes

 

It is important to note that not all properties qualify for the Zero Cash Downpayment Program.

 

To ensure that you get an accurate picture of what properties may or may not be included in this program in your particular area, it is advisable to review the terms or the program with your Realtor®.

 

Benefits of the Zero Down

Downpayment Program.

 

1. No Downpayment.

 

If you are renting, why pay  your landlord’s  mortgage? Why not reap the benefits of building your own equity? Are you renting because you are held back from owning our own home because you think you need a substantial downpayment?

 

The general perception if many would-be-homebuyers and even that of some Realtors® is that a substantial downpayment is required in order to purchase a home. This is simply not true. Because of this perception many would-be-homebuyers feel they have to save for years before they have enough money for a downpayment so that they can finally enter the housing market. In the meantime they are lining someone else’s pockets, while waiting a long time before they can start building their own equity. Well, with the Zero Cash Downpayment Program you don’t need a downpayment to buy a home.

 

2. Buy a Home Now!

 

If needing a downpayment is keeping you from owning our own home, this new program offers you an immediate way to get into the housing market. With Zero Cash Downpayment Program you don’t have to wait to purchase a home.

 

3. Approved Bank Program.

 

It is important to know that the Zero Cash Downpayment Program is an approved bank program.

 

Review this program with your lender or Realtor® who has specialized knowledge in financing and can assist you with the Zero Cash Downpayment Program.


How Much Can You Afford - View the On-Line Calculator below?


 


How Much Can You AffordOur calculators below will help you determine loan amounts, mortgage qualification, affordability or whether you should be renting or buying.

Complete the fields below and click Calculate Now. To view the results of each calculation, click on the various tabs.  To email yourself a copy of the results, click the Receive this Detailed Analysis link.

Tired of listening to your neighbors?

If you are fed up with hearing your neighbor’s every move through thin walls and ceilings, maybe it’s time to own your own home. 

Realizing the dream of owning a home could be easier than you think.  I can help you with information on whether you financially qualify, the whole buying process and just about the market in general.

Something else worth noting is the fact that all the work I do for you, representing your best interests throughout the process, won’t cost you anything; it’s all paid for by the home seller!

Renting costs you in the long-run

In the long-run, you are likely losing money by renting instead of owning.  Doesn’t it make more sense to build up equity in a home rather than giving your hard-earned money away?

Home Equity 

If you would like information about the home buying process, how you might qualify to own your own home and the current market conditions, please feel free to contact me. 

 

Required Fields
Term In Years:     
Interest Rate:      %
Cost of Home:  $
Down Payment:  $  
Annual Insurance:  $  
Estimate Insurance to 0.43% of Cost
Annual Property Tax:  $  
Estimate Tax to 1.2% of Cost
Monthly Income:  $
Monthly Debt:  $
Optional Fields
Gross Debt Service Ratio (GDS):     
Total Debt Service Ratio (TDS):     
Condos Fees:  $
Results
  Receive this Detailed Analysis

Your Monthly Payments
 
Loan Amount:
Loan Insurance (%):
Total Loan (Mortgage) Amount:
 
Principal & Interest:
Homeowners Insurance:
Property Taxes:
Condo Fees:
Monthly Loan Insurance (%):
Total Monthly Payment:
Income Needed to Qualify for the Mortgage
Total Monthly Loan Payment:
Total Monthly Debt Payment:
Monthly Loan Insurance (%):
Qualifying Income of % GDS Ratio:
Qualifying Income of % TDS Ratio:
What You Can Afford
We are using the % ratio.
Cost of House:
Down Payment:
Loan Value:
Monthly Principal & Interest:
Monthly Insurance:
Monthly Property Tax:
Monthly Condo Fees:
 
Cost of House = [(Monthly income x Debt Ratio) – monthly tax – monthly insurance – condo fee] /
(monthly interest rate/ function of interest rate)
Renting
Monthly Rent: $
Annual Rental Increases:  %
Monthly Renter Insurance: $
Savings or Investment Rate:  %
 
Owning
Planned # of years in home: 
Yearly appreciation of the home:  %
Annual home maintenance:  %
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