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14 Jan

Mortgages and The Meaning of Life in Regina – Where and When you Hang your Hat!!!!

Mortgage Information

Posted by: Randell Toporowski

I hang my hat in Regina.  I am a mortgage broker and an accountant.  I have a great family! A loving wife that ignores the extra pounds I have added to my waistline, the aroma of garlic sausage that I bring to bed late at night (because this is my favorite snack) and my persistent misunderstanding that the dishwasher is where the dirty dishes go.  I have wonderful children, all of which have become accomplished in their field of study and contribute to society.  I am a proud father!  My wife and I made a series of choices to get to where we are today.  Of course my receding hairline was not one of them.  That was a bonus I received from the great wizard of life.

Making Choices!  Canada Mortgage and Housing Authority (CMHC) reported in their 2017 Mortgage Consumer Survey that 64% of First Time Home Buyers indicated that they were renting before purchasing their first home.  Of this group wanting to buy their first home and feeling financially ready were the most important reasons for them to do so.  Therefore, if you rent before you buy, you are a part of the majority and when you buy you are making the transition from tenant to land owner.  Congratulations!  This is an important time in your life! CMHC also notes that 71% First-Time Home Buyers used their savings for their down payment and 18% received a gift from a family member.

The main Concerns of First Time Home Buyers!  There are lots:

  • Where and from whom do I get trusted information?
  • What are the current mortgage rules?
  • Down payments? Gifted Down payments? Registered Retirement Plan Withdrawals? How much?
  • What is the process to buying a new home?
  • What is default insurance?
  • Unexpected Costs and Expenses?

Make your Experience a Positive One!  When you are ready to hang your hat in Regina and purchase a home you are going to interact with a wide variety of folks.  They include: Family, Friends, Real Estate Agents, Mortgage Lenders, Lawyers and Home Inspectors just to mention a few. Each professional has their place.  My job is to help and support you with your mortgage application process.  From pre-approval to lender commitment, I will guide you through the process, mortgage products, features, rates, mortgage protection plans and explain the purchase closing costs to ease your concerns.

I have added this link to the CMHC website where you can access some valuable information in preparing for your new home purchase https://www.cmhc-schl.gc.ca/en/co/buho/plmayomo/index.cfm