Mortgage Specialist: Taizeel Adatia, CA, MPAcc.

Services Offered:
*Tailored mortgage product(s) that suits your needs based on individual income, financial and investment goals;
*Tax advice provided for individuals that own rental or investment properties; and
*Solutions provided to help reduce debt and refinance current mortgages

Myth Buster: A Mortgage Broker can deal with any large bank (ATB, TD, Scotia..) as well as a number of smaller lenders and there is NO OBLIGATION or COST TO YOU.

Options for First time Buyer

1. Zero Down/100% Financing
100% financing is available through the follow methods:
CMHC will
allow
5%
down
payment
to
come
from
Non
traditional
sources:

a. Gift
from
family
member

b. Borrowed
funds
–LOC,
loan
c. 5%
Cash
back
from
Lender

2. 80% - 95% Financing
First time home buyers are eligible to put 5% down on there on their first home.

3. Home Buyers' Plan
The Home Buyers' Plan allows eligible individuals to withdraw up to $25,000 tax free from their Registered Retirement Savings Plan (RRSP) to purchase or build a qualifying home.
 

4. Eligibility to receive the home buyers' tax credit (HBTC)
HBTC is a new non-refundable tax credit, based on an amount of $5,000, for certain home buyers that acquire a qualifying home after January 27, 2009.
You will qualify for the HBTC if:
• you or your spouse or common-law partner acquire a qualifying home; and
• you did not live in another home owned by you or your spouse or common-law partner in the year of acquisition or in any of the four preceding years.

TYPES OF CANADIAN MORTGAGES

a. Open Variable Mortgage
An open mortgage allows you the flexibility to pay off some or all of the mortgage at any time, without a penalty. Interest rates are a little higher and are tied to the Bank Prime.

b. Fixed Rate Mortgage
A fixed mortgage offers you the security of locking in your interest rate for the term of your mortgage, so you know exactly how much principal and interest you will be paying on the mortgage during the term. Terms range from 6 months through to 10 years.
Many lenders will allow prepayments of up to 20% of the balance annually without a penalty. If the home loan is paid off in its entirety before the end of the term, most lenders will collect a fee of three months interest or charge the lost interest to the end of the term.

c. Closed Variable rate mortgage
A variable rate mortgage allows you to take advantage of today's low Prime Rates. The interest rate fluctuates in relation to the 'Prime Rate'. Lenders compete by offering various rates attached to prime. Payments may be fixed for up to 5 years although the rate of interest will always fluctuate according to Bank Prime. If the Prime rate climbs you pay more interest and if the prime rate descends you pay off more of the principal.
For further information on obtaining any additional information or current rates
Please contact:

Taizeel Adatia, CA, MPAcc
Mortgage Advisors
taizeel@gmail.com
780.405.9167
Lending Solutions Tailored for you