Moneybroker Canada - Mortgage Architects’ Post

Don't let hidden costs catch you off guard. Plan ahead and make your home purchase a breeze! Here are some closing costs to keep an eye out for: Land Transfer Tax This is calculated as a percentage of your home's purchase price, varying by province. Cities like Toronto may also have a municipal Land Transfer Tax. Title Insurance Often required by lenders to safeguard against ownership disputes, and typically purchased through your lawyer/notary. PST on CMHC Insurance CMHC insurance is financed through the mortgage, with PST paid to lawyers and sometimes deducted from your mortgage advance. Appraisal Fee This ensures the lender's resale value for the home in case of mortgage default. Property Insurance Property insurance covers the cost of replacing your home and its contents. It must be in place on closing day. Premiums are paid monthly or annually. Prepaid Utility Bills You may need to reimburse the previous owner of your property for prepaid costs such as property taxes, utilities, and so forth. Property Taxes Annual payments are based on home value and vary by municipality. If the previous owner has prepaid taxes for the year, you might need to reimburse them.

Personal Guarantee requests on Limited company mortgages up by 55% in the past year. Personal Guarantee requests for Limited Company buy-to-let mortgages have surged by 55% in a year, posing financial risks to landlords despite the tax advantages associated with such mortgages, warns Purbeck Personal Guarantee Insurance. The analysis reveals that the average personal guarantee requirement increased to approximately £509k in 2022, marking a substantial 55% rise from around £328k in 2021. Professional landlords opting for Limited Company Buy to Let Mortgages often encounter requests to sign personal guarantees, providing lenders with direct recourse to their personal estate in case of defaults and property repossession. Despite a decrease in the average mortgage amount from £1.1m in 2021 to £948k in 2022, landlords are advised to seek professional advice and consider risk-reducing measures like Personal Guarantee Insurance amid potential challenges in the rental market due to rising costs. https://lnkd.in/eTznEhRH

A recent survey of leaders in the default servicing space was taken to assess the biggest risk factors for rising mortgage delinquencies in the present market. The top risk factor..."hidden costs" to homeownership like property taxes and homeowners insurance, with 37%. Not far behind was rising consumer debt delinquencies at 32%. The "hidden costs" of owning and maintaining a single family home in the U.S. averages more than $18,000/year right now. I've had so many conversations recently with people who have unfortunately experienced the added pressures of rising costs or seen their clients go through it. Incenter Tax Solutions partners with lenders, real estate, and finaincial professionals to get you and your clients setup with a FREE Annual Property Tax Review. Reach out to learn how you can help save your clients money! [email protected] 303-521-4820 https://lnkd.in/g9ZM6-Hc

Is a Residential remortgage on your agenda this Bank Holiday ❓️ Residential property finance remortgage can be a powerful tool for unlocking value and savings for homeowners. By understanding the key legal considerations and implementing strategic remortgage strategies, homeowners can optimise their financial situation, achieve their goals, and secure a brighter financial future. Remember, seeking professional legal advice and conducting thorough due diligence are essential steps to ensure a smooth and successful remortgage process. Let's take a closer look at the legal considerations that you should consider: 1. Title Examination: Conducting a thorough title examination is essential before proceeding with a remortgage. This involves verifying ownership rights, identifying any existing liens or encumbrances on the property, and ensuring clear title transfer during the remortgage process. 2. Loan Documentation Review: Reviewing the loan documentation carefully is crucial to understanding the terms and conditions of the new mortgage. This includes scrutinising interest rates, repayment schedules, fees, and any prepayment penalties associated with the new loan. 3. Regulatory Compliance: Ensuring compliance with relevant laws and regulations governing residential property finance is paramount. This includes adherence to consumer protection laws, disclosure requirements, and regulatory guidelines set forth by government agencies. 4. Insurance Requirements: Many lenders require homeowners to maintain adequate insurance coverage on the property. Ensuring compliance with insurance requirements and updating insurance policies as necessary is essential to protect both the homeowner’s and the lender’s interests. 5. Tax Implications: Understanding the tax implications of residential property remortgage is essential for proper financial planning. Consultation with tax advisors can provide insights into potential tax deductions, exemptions, or liabilities associated with the remortgage transaction. #remortgage #compliance #360law #taximplications #insurance #360law

Lender's Mortgage Insurance is not well understood by many, but there are plenty of quirks and benefits to be aware of. https://lnkd.in/gmkFcytj #catesundayblog #catebakosproperty

🏡Our partner L&C is the UK’s largest fee free mortgage broker. If you take out a mortgage using L&C’s expert service you could benefit from free Buyer Protection Insurance*. The free insurance can cover you to up to £1,050 if your property purchase falls through for a number of specified reasons including: • If you’re gazumped by £1,000 or more • If the seller withdraws the property • If you’re made redundant • If the property is down-valued by 10% or more Their expert advice is fee free and L&C’s team are available 7 days a week. Over 2 million people have come to L&C for their mortgage needs, so you know you can trust them to help you too. Start your journey by clicking the link below. https://lnkd.in/eEAayCVY London & Country Mortgages Ltd, Unit 2.06, Newark Works, 2 Foundry Lane, BATH, BA2 3GZ is a company limited by shares. Companies House number 1988608. London & Country Mortgages Ltd are authorised and regulated by the Financial Conduct Authority. FCA number 143002. The FCA does not regulate most Buy to Let mortgages. Think carefully before securing other debts against your home. Your home or property may be repossessed if you do not keep up repayments on your mortgage. We recommend our clients use the services of L&C for fee free mortgage advice. *Full Terms & Conditions of this Buyer Protection Insurance will be enclosed with your mortgage recommendation letter.

🏡Our partner L&C is the UK’s largest fee free mortgage broker. If you take out a mortgage using L&C’s expert service you could benefit from free Buyer Protection Insurance*. The free insurance can cover you to up to £1,050 if your property purchase falls through for a number of specified reasons including: • If you’re gazumped by £1,000 or more • If the seller withdraws the property • If you’re made redundant • If the property is down-valued by 10% or more Their expert advice is fee free and L&C’s team are available 7 days a week. Over 2 million people have come to L&C for their mortgage needs, so you know you can trust them to help you too. Start your journey by clicking the link below. https://lnkd.in/eEAayCVY London & Country Mortgages Ltd, Unit 2.06, Newark Works, 2 Foundry Lane, BATH, BA2 3GZ is a company limited by shares. Companies House number 1988608. London & Country Mortgages Ltd are authorised and regulated by the Financial Conduct Authority. FCA number 143002. The FCA does not regulate most Buy to Let mortgages. Think carefully before securing other debts against your home. Your home or property may be repossessed if you do not keep up repayments on your mortgage. We recommend our clients use the services of L&C for fee free mortgage advice. *Full Terms & Conditions of this Buyer Protection Insurance will be enclosed with your mortgage recommendation letter.

🏡Our partner L&C is the UK’s largest fee free mortgage broker. If you take out a mortgage using L&C’s expert service you could benefit from free Buyer Protection Insurance*. The free insurance can cover you to up to £1,050 if your property purchase falls through for a number of specified reasons including: • If you’re gazumped by £1,000 or more • If the seller withdraws the property • If you’re made redundant • If the property is down-valued by 10% or more Their expert advice is fee free and L&C’s team are available 7 days a week. Over 2 million people have come to L&C for their mortgage needs, so you know you can trust them to help you too. Start your journey by clicking the link below. https://lnkd.in/eEAayCVY London & Country Mortgages Ltd, Unit 2.06, Newark Works, 2 Foundry Lane, BATH, BA2 3GZ is a company limited by shares. Companies House number 1988608. London & Country Mortgages Ltd are authorised and regulated by the Financial Conduct Authority. FCA number 143002. The FCA does not regulate most Buy to Let mortgages. Think carefully before securing other debts against your home. Your home or property may be repossessed if you do not keep up repayments on your mortgage. We recommend our clients use the services of L&C for fee free mortgage advice. *Full Terms & Conditions of this Buyer Protection Insurance will be enclosed with your mortgage recommendation letter.

🏡Our partner L&C is the UK’s largest fee free mortgage broker. If you take out a mortgage using L&C’s expert service you could benefit from free Buyer Protection Insurance*. The free insurance can cover you to up to £1,050 if your property purchase falls through for a number of specified reasons including: • If you’re gazumped by £1,000 or more • If the seller withdraws the property • If you’re made redundant • If the property is down-valued by 10% or more Their expert advice is fee free and L&C’s team are available 7 days a week. Over 2 million people have come to L&C for their mortgage needs, so you know you can trust them to help you too. Start your journey by clicking the link below. https://lnkd.in/eEAayCVY London & Country Mortgages Ltd, Unit 2.06, Newark Works, 2 Foundry Lane, BATH, BA2 3GZ is a company limited by shares. Companies House number 1988608. London & Country Mortgages Ltd are authorised and regulated by the Financial Conduct Authority. FCA number 143002. The FCA does not regulate most Buy to Let mortgages. Think carefully before securing other debts against your home. Your home or property may be repossessed if you do not keep up repayments on your mortgage. We recommend our clients use the services of L&C for fee free mortgage advice. *Full Terms & Conditions of this Buyer Protection Insurance will be enclosed with your mortgage recommendation letter.

🏡Our partner L&C is the UK’s largest fee free mortgage broker. If you take out a mortgage using L&C’s expert service you could benefit from free Buyer Protection Insurance*. The free insurance can cover you to up to £1,050 if your property purchase falls through for a number of specified reasons including: • If you’re gazumped by £1,000 or more • If the seller withdraws the property • If you’re made redundant • If the property is down-valued by 10% or more Their expert advice is fee free and L&C’s team are available 7 days a week. Over 2 million people have come to L&C for their mortgage needs, so you know you can trust them to help you too. Start your journey by clicking the link below. https://lnkd.in/eEAayCVY London & Country Mortgages Ltd, Unit 2.06, Newark Works, 2 Foundry Lane, BATH, BA2 3GZ is a company limited by shares. Companies House number 1988608. London & Country Mortgages Ltd are authorised and regulated by the Financial Conduct Authority. FCA number 143002. The FCA does not regulate most Buy to Let mortgages. Think carefully before securing other debts against your home. Your home or property may be repossessed if you do not keep up repayments on your mortgage. We recommend our clients use the services of L&C for fee free mortgage advice. *Full Terms & Conditions of this Buyer Protection Insurance will be enclosed with your mortgage recommendation letter.