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THE CITIZEN, THURSDAY, AUGUST 12, 2004. PAGE 19.
Obtaining right mortgage crucial with first home
Buying your first house is a huge
step and obtaining the right
mortgage is a crucial part of that
decision-making process.
"Your home is your nest," says
chartered accountant Cameron
Strong, CFO.
"It's also the largest purchase
you'll probably ever make in your
life, so it's essential that you are
fully prepared. What you need is
reliable information, trusted advisers
and expert advice, so that you can
choose the best product for you."
"Obtaining the right mortgage can
save you money - not to mention all
kinds of stress. Generally speaking,
there are three types of mortgages:
fixed rate, which is the most
common, variable rate, and split
term. With all the packages and deals
out there, financing your home is a
very complex transaction," explains
Strong.
What mortgage terms and
payments should you choose?
"It depends on what you can
afford and your risk tolerance," says
Oshawa chartered accountant Ian
Middleton.
"One of the most common
questions people ask is - should I
lock in at a fixed interest rate, or
should I choose a floating interest
rate, which increases or decreases
depending on the economy. For the
last few years, interest rates have
been low, relatively steady, and
declining, so a floating rate has
proven to be an excellent strategy."
"But what happens if rates go up?
You're finally ready to purchase
your first house, but what should
you buy - a resale home or a brand
new one?
"Buying a home is a complex
decision, whether it's resale or new,"
says chartered accountant Patrick
Johnston, in Brampton.
"It's a matter of personal choice,
and it depends on both your
financial means and your lifestyle.
Do you want a new home that you
can design to your own tastes, or do
you want an older home in a more
established neighbourhood, with
schools, shopping and transportation
already in place? Make sure you do
your homework and make the
decision that's right for you."
"Budgeting is an important piece
of the puzzle," says chartered
accountant Brent VanParys, of
Woodstock.
"First, find out what you can
afford."
"Housing costs - your mortgage
payments, property taxes and
utilities - shouldn't take more than
32 per cent of gross family income.
Similarly, your total debt servicing
costs - the costs of all debts
including items like credit cards and
car payments - should not exceed 40
per cent of gross family income.
"With an older home, you are
buying a property at a reduced
purchase price, so your mortgage
will be less and so will your
payments. It's also exempt from
GST," explains VanParys.
Before signing on the dotted line,
first-time buyers should plan for
additional expenses.
"Legal fees, land transfer tax, real
estate commission, moving costs
and decorating expenses are all extra
costs that should be built into your
final price," Johnston explains.
"With an older home, for example,
you could be buying someone else's
problems, so you'll also need a
home inspection to know exactly
what you're buying. A new home
brings extra costs too, such as
landscaping, finishing a basement,
or putting in a driveway."
Can you afford an increase in your
payment? Are you prepared to take
this risk? For peace of mind, you
may want to lock-in for a reasonably.
long period, especially if you're a
first-time buyer. "
"In choosing a mortgage, buyers
should look at the big picture,"
Strong advises.
"Rate isn't everything. Consider
your lifestyle, current debt load, the
kind of home you want to buy, pre-
payment options, and things like
rainy-day clauses, which allow you
to skip a payment. You want to
protect your investment, and you
can't afford to compromise. your
credit rating if you take on more than
you can carry and are forced to sell."
"Your financial means can also
change over time, so read the fine
print. There may be punitive
penalties for discharging the
mortgage early," warns Strong.
"You can arrange your mortgage
with banks or trust companies,
which usually have definitive
lending conditions that you may or
may not meet. You can go to a credit
union, which may offer more
flexible conditions. Or you can
consult a mortgage broker, who can
help you access a comprehensive
range of products available from
many different lenders, from
financial institutions to private
mortgage funds."
Is there a way to make the
monthly payments more
affordable? Consider purchasing
a property that provides rental
"If you're buying a new home,
deal with a reputable builder. Find
out if the builder is registered with
the Ontario Home Builders
Association. Check your rights
under the Ontario New Home
Warranty Program, which offers
protection for new home-owners.
Conduct a reference check,
inspect other developments by this
builder, and find out if these homes
are delivered on schedule. If not,
then you may face extra storage
costs - or even have to renegotiate
your financing and rent
accommodation until your
new home is ready," advises
Johnston.
Whether you buy an older home
or a new one, chances are you'll
need to arrange financing.
"First-time buyers can take
advantage of the First Time Home
Buyers' Plan," says VanParys.
"This allows you to withdraw
$20,000 from your RRSP for a down
payment, which has to be repaid
over a 15-year period. If not, it's
included in your annual income."
"Conventional mortgages can
finance up to 75 per cent of the value
of the house.
Financing more than 75 per cent
of the value requires insurance from
the Canada Mortgage and Housing
Corporation, which your financial
institution can help you arrange,"
explains VanParys.
"As a first-time buyer, determine
whether a fixed rate or variable rate
mortgage suits you best. Also
consider such things as the term of
the loan - usually six months to
seven years - and the payment
frequency. Interest payments add up,
and making bi-monthly or even
weekly payments can shave as much
as three to five years off the term of
the mortgage."
"By arranging a pre-approved
mortgage, you know exactly what
you may spend as you shop for your
home," concludes VanParys.
- Brought to you by The Institute
Of Chartered Accountants of
Ontario.
income.
"Not everyone is destined to be a
landlord," says Middleton, "but
renting a portion of your home can
improve your monthly cash flow and
save taxes at the same time, if it's
done properly."
"Although you will pay taxes on
this extra income, you are also
allowed to deduct a portion of the
expenses that are directly related to
the area that is rented. These
expenses include utilities, property
taxes, mortgage interest,
maintenance and insurance. For
example, if you-are renting one-sixth
of your house, you are allowed to
deduct one-sixth of those expenses."
"Just remember that, when you are
renting a portion of your home, you
should not write off the cost of the
house through depreciation. If you
do, you will lose the principle
residence exemption on the rental
portion of your home when you sell
it," advises Middleton.
A home is a solid but complicated
investment - a chartered
accountant can help guide you
through the maze of information.
- Brought to you by
The Institute of Chartered
Accountants of Ontario.
First home - new or used?