CTV morning Live: Mortgage Minute - May 12
Frank Napolitano joins Jeff Hopper on CTV Morning Live to share a few useful tips for first time homebuyers.
On this week's episode of the Mortgage Minute, Frank Napolitano discusses the importance of having credit history, the different types of income (salary, hourly, contract, etc..) & the minimum down payment needed for a purchase and whether or not you can borrow funds for a down payment.
Frank also goes into the importance of purchasing within an affordable budget. Lenders look at your gross income, but you should be budgeting with your total net income. Picking the right home is also important. Renting for a few more months rather than jumping into the market and not being happy with your home can be a costly mistake. You will receive a land transfer tax credit of $2000 being a first time homebuyer, which could be wasted on a home you are not happy with. The costs of selling and moving out of a home, along with potential mortgage penalties can pile up rather quickly, thus doing your research and being happy with the home you buy is key.
It is important to discuss all details of your mortgage with a professional. Contact one of our Mortgage Brokers for advice.