Partner Spotlight: Jessica Coley, Mortgages
By Stefan Walther | July 3, 2024
Approximately 35 percent of Canadians have a mortgage on their home. For many, a mortgage is the single largest expense each and every month.
Whether you are searching for a new home to purchase, or perhaps feeling a pinch and looking to renegotiate the financing on your current home, you may be pleasantly surprised at what mortgage solutions are out there and may be available to you.
Yes, we call them “mortgage solutions.” Because no two mortgages are the same. Each mortgage is different. Each mortgage is custom-tailored to best fit a particular homeowner, their financial situation and their financial goals, as well as their current living situation.
And so it is best to consult with a professional, someone who works in the industry, day in and day out, someone who knows all the various options that are available, someone who has helped hundreds of people successfully achieve their home ownership dreams.
Need mortgage advice? Don’t stress, call Jess!
ThunderBayHouses.com has been proud to partner with Jessica Coley, senior mortgage specialist at RBC, for many years. She has been able to assist numerous homeowners when it comes to a mortgage that is affordable for their budget, and a mortgage that is right for their family and their finances — now and into the future.
Call or text Jessica today at 807-476-4867 with any questions.
Mortgages: What To Consider
When exploring the best mortgage solution, some of the considerations include:
- amount to be financed (for new purchase, would be less the down payment)
- down payment amount (for new purchase, minimum is five percent for homes up to $500,000)
- variable or fixed mortgage
- amortization period (typically 20 to 30 years)
- term period (typically five years)
- payment frequency (monthly, bi-weekly, or other)
Selecting the right mortgage — the best mortgage solution — can mean improved affordability for the homeowner. The right mortgage can mean lower monthly payments, and a lower interest cost over the lifetime of the mortgage.
And remember, as someone’s life changes, as perhaps their job changes, or financial situation or financial goals change, or maybe they get married or divorced or have children, then the mortgage solution that was best at one time, may not be best now.
This is why it is also important to review finances every year or two to make sure they are still the best fit for someone’s life right now, at this moment, in their current living situation.
If it slips your mind, you would be reminded when a mortgage term comes due, typically every five years, at which time you must renegotiate with your financial institution.
Just Getting Started?
If you are just setting out in the real estate market, looking for that first new home, or maybe looking to sell your current home and purchase another, perhaps a larger home in a different neighbourhood, then it is always a good idea to get pre-qualified and pre-approved for a mortgage.
This would give a realistic idea of what type of home you can afford, so time is not wasted, and dreams are not dashed, looking at homes that may be a bit out of reach.
Jessica Coley and RBC have numerous online resources and tools at the ready, check out the RBC Royal Bank Mortgages portal, including:
- up-to-date rates on both variable and fixed mortgages
- Mortgage Payment Calculator
- Home Value Estimator
- True House Affordability
- Special Offers
- and more
Need Some Help?
Perhaps home ownership is not in the immediate future, but it’s never too early to start planning — and the government has several programs to help:
- First Home Savings Account (FHSA): save for a first home, tax-free
- Home Buyers’ Plan (HBP): withdraw from RRSPs, tax-free, to buy or build a home
By taking some smart steps now, you better the chances in the future of achieving successful home ownership.
Your offer on a dream home, you as a buyer, will appear far more attractive to a seller if your finances are all set — if you have a good down payment ready (possibly including one or both of the FHSA and HBP), also if you are pre-qualified and pre-approved for a mortgage. This may help your offer stand out and get accepted over the offer of other buyers who do not have their finances in order, and thus they may have a condition upon financing, one that may or may not be fulfilled.
Tap Into Home Equity
Looking to renovate? Or looking for some extra money to purchase new furniture, a home-theatre entertainment system, hot tub or pool table, even a new car? Or maybe just to consolidate other debt at a more attractive, lower interest rate?
Then you may be able to tap into some of the equity that has built up in your home’s value, in the form of a home equity line of credit (also known as HELOC), which is basically a form of variable mortgage. See here for information of the RBC Homeline Plan.
As you can see in this short article, mortgages have many aspects and considerations, rules and regulations, some details of which can be confusing.
To help you navigate and to help you find your best mortgage solution, reach out to Jessica Coley, RBC senior mortgage specialist — call or text 807-476-4867 or send her an E-mail at jessica.coley@rbc.com.
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