Ottawa Mortgages: Best Options

Ottawa Mortgages: A Guide To The Best Mortgages in Ottawa

Capital Mortgages Inc is an independent brokerage in the Mortgage Centre Canada Network. Is one of Ontario’s leading real estate mortgage brokerages with offices in Ottawa and the valley.

What is a mortgage?

Mortgage is a long-term financial obligation for borrowing money to fund the purchase or construction of a home. It is a contract between the lender and the borrower, involving the payment of a lump sum that is then repaid over time with monthly instalments. The way mortgages work is that a mortgage provides a short-term loan (for example, 3 months), and an obligation for a payment each month, which can be paid back in full (cash) or be repaid with a combination of property taxes, interest, property insurance, property management fees and any property maintenance charges. The term of the mortgage is either 15, 20, 25 or 30 years.

How does a mortgage work?

Every mortgage is different, but most Canadian mortgages come in three forms.

1. the home-equity line of credit (HELOC)

2. a traditional mortgage (loan)

3. a government loan

1. the home-equity line of credit (HELOC) This is the most common form of mortgage and is also known as an equity line of credit (ELC). Most home owners use a HELOC to bridge the gap between paying off high-interest debts and buying a house. Often, homeowners use an ELOC to save for retirement. Your HELOC is most commonly used to pay off credit cards, high-interest debt such as car payments, or low-interest debts such as education loans. Most HELOCs have a fixed interest rate and will roll over from month to month.

How much do I need for a down payment?

The first step in applying for a mortgage is determining how much you will need for a down payment. To determine how much down payment you need, use the Bank of Canada’s formula of 3.34% of the home value up to a maximum of 20%. For example, if the home is worth $300,000, and you want a mortgage for $275,000, you’ll need to save $12,500 to make that possible.

When deciding what down payment to put down on a home, consider these three factors:

  • Can I afford it?
  • If you are unemployed and looking for a job, can you afford to save up for a home?
  • If you need to save for your family’s future needs, a large down payment may not be best for you. How long will I need it?

The number of years that you will need your mortgage will be calculated based on your income and personal circumstances.

What kind of mortgage should I get?

The mortgage should be the first mortgage you take out. This is the best option to establish credit history, especially if you have a history of paying your credit card bills in full every month. This kind of mortgage requires no cosigner, just you and your bank. While cosigners are great for establishing credit, they may put a strain on your finances. Home owners may also opt to take out a mortgage with their spouse or partner, in which case there is no need for a cosigner. However, because the credit and the debt should be the same, a cosigner is still preferred. The other option is to take out a mortgage by yourself with the help of a trusted and trustworthy cosigner. What kind of mortgage can I get?

Which Ottawa Mortgages are the best?

It is an impossible question to answer definitively as there are so many great Ottawa Mortgages that offer different features. We offer great service and a nice variety of mortgages with different rates and down payment amounts. Our goal here is to get you the best overall solution for your Ottawa home purchase.

Mortgage rates and fees

When it comes to assessing a mortgage for a client, it is always worth taking into account the various fees associated with taking out a loan. In the end, the lender’s view of the fees and interest rate must take both into account to arrive at a fair agreement for the client and the lender. According to a report by the Bank of Canada, people who are planning to buy a home need to brace themselves for a sharp rise in interest rates. That means homebuyers will have to make some tough choices when it comes to choosing a mortgage. Prices have been skyrocketing in the Greater Toronto Area and across the country.

Conclusion for Ottawa Mortgages

The list provided here are only a few of the many qualified real estate professionals in Ottawa, Canada. Knowing the right real estate professional to help you through the mortgage process can make all the difference. With that in mind, contact Capital Mortgages Brokers to get a free initial consultation. For more information, contact us today!

We here at Capital Mortgages look forward to assisting you with Ottawa mortgage needs. Contact us today by calling us at: 613-228-3888 or email us direct at: info@capitalmortgages.com

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Buying a New Home: Capital Mortgages Ottawa

Money saving ideas for your first home

Purchasing your first home is a crucial step in life – a milestone that you should be proud of. But if the costs are allowed to pile up this joyous occasion could quickly turn into a very costly affair.

While many people focus on the cost of acquiring the home, decorating and customizing it to fit your lifestyle can leave a huge dent in your pocket. Fortunately there is a myriad of ways in which a first time home owner can decorate a home on a shoestring budget. Now that you have bought your 1st home with the help of a Capital Mortgages, Mortgage Broker here are some helpful tips to get you started making it livable.

Fresh paint

Apply a fresh coat of paint is the easiest way of revitalizing tired décor. Painted surfaces tend to fade over time and may even start harboring stains and smells. This is why apply fresh layer of paint in the appropriate color can transform a lackluster home. You should ideally choose a neutral scheme as this can be used in all sections of the property, resulting in significant savings on buying different paint colors for each room.

Invest in second hand furniture

Not many people have warmed to the idea of buying second hand furniture. However, high quality second hand furniture can be one of the smartest investments you can make in your home. With the internet, there are numerous ways of getting second hand furniture, and most pieces are in near-new condition. Browse through websites like Kijiji or visit charity shops to get good pieces of second hand furniture. The good part is that you can always sell the furniture to acquire newer pieces when your financial situation improves – or when you need to make a change in décor.

Up cycle old items

This is the interior design craze of the moment. Not only will it help you make huge savings, but your interior will also get marks for style and trend. There are several reason you should consider up cycling your unneeded furniture. For instance, you can have unused wooden crate or pallets hammered to create a bookshelf or even trim old beer bottle to make trendy tumblers – the ideas and endless.

Deal with one room at a time

Sticking to your home decorating budget is easier said than done considering the numerous possibilities and additions that can be made to various décor pieces. Avoid setting unrealistic expectations and instead set a target to decorate one room at a time. To achieve best result, allocate a percent of your budget to each room and treat each as a separate project.