Types of Mortgages
March 3, 2021
Credit Score Information and Strategies by Gurbir Sandhu
March 23, 2021
Are you Confused, to choose between Mortgages or Buying Upfront?
Then the answer is simply YES
Go for a Mortgage, it gives you a lot of benefits.
Apart from being an option for those unable to buy a home upfront, one major benefit to financing has been the ability to write off mortgage interest. When you deduct your mortgage interest, your payments don’t decrease month to month, but your income taxes for the year do, lowering your costs overall.
Taxes: Government of Canada offers various tax breaks and credits for home buyers.
Growth: It is expected of you to experience growth in your earnings year by year, while your mortgage remains the same for all these years. All in all, you are bound to experience a net growth.
Rate: Mortgage have lowest rate compared to any other loans,
Financial Gains: Considering low rates on mortgage, with inflation a mortgage borrower ends up in profits or capital gains by the time of maturity of the mortgage term. Also that a GIC and rate of interests on GICS are much lower than the mortgage rate of interests.
Reliability: With dubious sellers, a profile mortgage allows the owner a certain ownership check, before getting in the deal.
Things you should be aware while going for mortgage
Your Canadian Credit Scores.
Benefits and Pre-Approvals.
Mortgage Broker Gurbir Sandhu
Interest Rates.
Mortgage Payment Schedules.
Mortgage Pay Back Time Period.
Mortgage Terms In Canada.
Downpayment options available.
Pre closure options.
Closing Costs.
Credit Score
Credit scores is crucial in getting you mortgage approval for a legitimate real estate signup. Credit score ranges from 300 to 900 points, where 650 is considered as decent score for mortgage approval, while above 750 is considered to be excellent hassle free approval.
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