Purchase Plus Improvements for First Time Home Buyers

General Suzanne Hagan 1 Mar

Being a first time home buyer is exciting, but also stressful — there is so much to consider and so many decisions to be made. It is also a challenging time as the rules around getting mortgages keeps changing and the costs associated with home buying just seem to go up and up.

So what is a first time home buyer to do? How can they get into the market without drowning in debt?

Purchase Plus Improvements

A Purchase Plus Improvements program is for home buyers who want to get into the housing market but can only afford a home that needs a bit of fixing up.

The program allows home buyers to purchase a home that needs some TLC and roll the costs of the improvements into their mortgage. This means that instead of taking on a mortgage and then getting a home improvement loan, homebuyers can combine the two together into one single payment to pay off both.

Tough decisions

Often, first time home buyers are faced with tough choices. Should you try and get a bigger mortgage to buy the newer home, or the home with the renovated kitchen…or do you get a small (and more manageable mortgage) and get a home that needs some work?

Getting a larger mortgage might sound appealing, but you don’t want to be house poor. Having a lovely home is wonderful, but not having any extra money to get out of the house every so often can make you feel trapped.

Sometimes, especially for first time home buyers, the only way to get into the housing market is to purchase a home that needs some fixing — and that’s okay, because now you get to make it your own!

Sweat equity pays off

When you purchase a home within your price range and then spend some effort to make it the way you want, it’s not only satisfying but it also improves the resale value of your home.

Sure, it may have been nice to buy the house with the nicely stained hardwood floors, freshly painted walls, and fancy countertops — but with a little effort, you can do that work yourself.

Spending some time and effort to do home improvement work yourself will save you a lot money. You will feel a sense of pride in seeing the fruits of your labour, and you will be able to create a home just as you like.

Hiring a contractor

If the home you wish to buy requires more specialized work than you can do yourselves, you can ask a contractor to assess the job and provide you with a quote. This quoted cost can then be applied to your mortgage and you can hire a contractor to help you get the work completed.

There are lots of decisions and it can be confusing. Give us a call to discuss your situation and let us help you figure out a game plan. Click here to contact Suzanne Hagan in Guelph today, or give her a call at 1-519-241-1682.

The Benefits of Working With a Private Mortgage Broker versus a Bank

General Suzanne Hagan 20 Feb

There are generally two ways to get a mortgage; through a bank, or through a private mortgage broker. While banks only offer services and products from their particular institution, private brokers act as the middlemen between you (the borrower) and a variety of lenders (the banks), and can, therefore offer you more options than a bank ever could.

Private mortgage brokers are specially trained and certified to find you the best and most personalized mortgage options to fit your circumstances. Here are the top 5 benefits of using a private mortgage broker over a bank.

Brokers do the legwork

Shopping around for mortgages can be difficult and time-consuming, nevermind the complicated application process. Using a mortgage broker ensures that you don’t have to worry about doing the hard work – they’ll do it for you. With dozens of lenders to choose from, a mortgage broker will save you time and energy by ensuring you have the best mortgage options for your needs and your budget while ensuring you stay informed throughout the whole process.

No fees

Mortgage professionals work for you, not for the banks, and their services are typically without charge throughout the mortgage process. Banks can lock you in for 5-year terms and charge you large penalties should you choose to leave. With no extra fees for their services and no 5-year terms, why not let a private mortgage professional handle your mortgage needs?

You can count on someone being there for you

Banks have high employee turnover rates so you are never working with just one person throughout the entire mortgaging process. Working with a mortgage professional ensures you can always count on someone to be there for your mortgage needs and have your best interests at heart. Private brokers are also easy and convenient to contact at any time if you have any questions or concerns, whereas the complicated communication path of large banks often means that you don’t have access to timely guidance when you need it most.

Brokers give you more options

Mortgage brokers have access to a large variety of lending options. They are able to carefully search to find you better rates or special deals. If you don’t qualify for a regular mortgage through a bank, a private broker can match you up with a mortgage that is better suited to your budget.

Brokers customize mortgage options to fit your needs

While banks are trying to sell many products at once and are not specifically focused on mortgage services, private mortgage brokers are only focused on providing mortgages and are therefore better suited to help you find the best possible mortgage for your needs. Mortgage brokers take the time to understand you and your goals in order to find the best possible options to satisfy your budget and your specific circumstances.

To learn more about what a mortgage broker can do for you, or discuss your mortgaging options, contact Suzanne Hagan in Guelph today! Or call her at 1-519-241-1682.

What Can a Mortgage Broker Do For You?

General Suzanne Hagan 15 Feb

Shopping for a mortgage is rarely straightforward, and if you’re not familiar with the mortgage process, it can be overwhelming. But with a mortgage broker, most of the guesswork is taken from you and put into their capable hands.

Whether you’re a first-time homebuyer or an experienced one, it might be time to talk to a mortgage broker. With access to over 40 lenders, Suzanne Hagan shops the best mortgage for you depending on your priorities. With each client, we make sure we get the right lender. Here’s how.

You’ll Get a Financial Analysis

Before a broker even starts shopping around for the best mortgage for the client, they’ll do a financial analysis. Based on your income, savings, and other financial factors, this helps us determine what type of mortgage is best and which lender is best suited for your specific needs.

You’ll Be Walked Through the Whole Process

It’s no secret that getting a mortgage can be long and intricate process. If you get a mortgage through a bank, often you’re on your own and it’s up to you to figure out the details. A mortgage broker like Suzanne will walk you through the entire mortgage process and make sure all of your bases are covered. This will ensure that each step is done correctly, and nothing is missed. With advice about closing costs to when you should contact a lawyer, she’ll help you every step of the way. And the best part is that a mortgage broker is paid by the lender at the close of sale – so it won’t cost you a penny more.

We’re Focussed on Service

Above all else, Suzanne is committed to providing each client with excellent service. She takes pride in seeing the client through the entire mortgage process, and her commitment to service also means she will get each client the best plan and interest rate. While sometimes the best interest rate doesn’t always mean the best mortgage plan, working with Suzanne means you know you’re getting the best of both worlds.

Get Help with Renewals

While you may be tempted to talk to your bank when your mortgage is up for renewal, it’s important to talk to a broker first. If you choose a more expensive renewal agreement than your original mortgage through your bank, they may charge you a higher interest rate. Instead, contact a broker who will shop around for a better rate for you.

If you’re interested in working with a mortgage broker, contact Suzanne Hagan in Guelph today to get started! Or call her at 1-519-241-1682.