Friday, 10 February 2012

What Will My Mortgage Payments Be On A Monthly basis?

Coming from the gym I got asked this question today and i thought I'd BLOG about it also. It depends on many different factors.

(1) What is the amount of your down payment? Will you be putting a down-payment of 5% and be going through insurance from the CMHC or do you have a 20% payment which will minimize or totally wave the insurance fee? Usually the mortgage fee is worked into your mortgage.

(2) Will your mortgage be opened or closed? What will be the terms of your mortgage? (Payment Frequency, Amortization Period, Mortgage Amount, Interest Rate, and will it be fixed or variable). Remember if you get a 25 year amortization period you will pay off your home sooner and pay less interest in the long run then the 35 year amortization period but your monthly payments will be slightly higher.

(3) What is your credit score?

As always if you have any questions you can E-Mail me or call me direct. I would be happy to answer any questions.