CENTURY 21 Millennium Inc., Brokerage*
- 10-350 Rutherford Rd South
Brampton, ON L6W 3M2
Welcome to my Website
Currently based off of Brampton and servicing all surrounding communities Milton, Mississauga, Toronto & Etobicoke, I am proud and confidant to be a full time CENTURY 21® Real Estate professional., Real I am also one of ScotiaBank's Preferred Realtors.
This is an industry that I am truly passionate about as it allows me to work with a diverse group of people. I build my clientele on the notion that no one transaction is ever the same which drives the level of service I provide. As this business is built on referrals, for me this job is never about the transaction, but about the relationship and the personal experiences I build with my clients. My goal is to consistently provide exceptional results and memorable experience from the beginning till the end.
Let me assist you in finding your dream home, in a neighborhood that is right for you, and in the price range you want. Or if you are interested in selling a property, I also have the expertise to help you get the fastest sale possible and at the best price.
I look forward to the opportunity of working for you!
- Bachelor of Arts in Psychology- from the University of Windsor
- Accredited member of Brampton Real Estate Board (BREB), Ontario Real Estate Association (OREA) and Canadian Real Estate Association (CREA)
I’m proud to be involved in the CENTURY 21 Millennium Inc. ‘Caring for Kids' program. Each year we liaison with local schools so we can provide a magical Christmas for needy children and their families. In 2012 we were able to help 17 families and 34 precious children.
Buying A Home: What Can I Afford?
If you're thinking of purchasing your first home, you probably have a lot of great ideas about what you'd like - such as several thousand square feet of living space, a two-car garage, large fenced-in lot, one or two fireplaces and a panoramic view. But it may be time for a reality check.
Most first-time buyers want their dream home right away. However, that dream home likely sells for several hundred thousand dollars and the down payment is more than you earn in two years. Not to mention the mortgage payments - which are three times your monthly take-home salary!
The best way to deal with this reality is to match your financial capabilities with the home that meets as many of your needs as possible.
Many first-time buyers purchase what is commonly known as a "starter home." There's nothing wrong with this approach. In fact, it's good common sense to avoid buying a home that will stretch your budget to its breaking point. Remember, the starter home is just that - a way to get started in long-term real estate investment.
To see how much you can afford, you should take a close look at your financial situation. The vast majority of home buyers lack the funds required to buy a home without assistance from a bank or other financial institution (commonly called a "lender"). So, for most of us, buying our first home means combining our savings with money borrowed through a special type of borrowing arrangement called a "mortgage."
Borrowing to purchase is not only acceptable, it's desirable. Even people buying millions of dollars' worth of real estate borrow to make the purchase. There are two types of costs in buying a home:
- the amount of money you'll need for the initial purchase; this consists mainly of the down payment and other costs such as legal fees and taxes; and
- the ongoing costs of paying back your mortgage, along with monthly operating costs for utilities, maintenance, insurance and annual property taxes.
When lenders assess your ability to buy, they look at your ability to pay both types of costs in determining how much money they will lend you. Before you ever visit a lender, you can predetermine this amount, using the same formulas they do.
Lenders use several factors in judging your ability to handle a mortgage, including your income, employment record and credit worthiness. However, one way you can estimate the price range you can afford is to look at the amount of money you have available for a down payment.
The most common mortgage is a "conventional mortgage." In this type of arrangement, lenders will loan up to 80 per cent of the "appraised" value (estimated market value) of the property or the purchase price - whichever is lower. The remaining 20 per cent is the amount you will contribute as down payment.
If you want to buy a home that has an appraised value of $200,000, a lender may loan you 80 per cent or $160,000 on a conventional mortgage when you contribute a down payment of $40,000.
Most lenders say that your monthly housing expenses (mortgage payment and taxes), plus condominium maintenance fee, if applicable, would not exceed 30 per cent of your monthly gross family income.
This is called your Gross Debt Service (GDS) ratio. Some lenders will go as high as 35 per cent, depending upon a number of variables.
Lenders also use a second calculation in qualifying you for a mortgage. It's called the Total Debt Service (TDS) ratio. Generally speaking, no more than 40 per cent of your gross family income may be used when calculating the amount you can afford to pay for mortgage payments and taxes plus other fixed monthly expenses.
These other fixed costs are your ongoing commitments and can include auto, student or personal loans, as well as revolving charge accounts. Again, the 40 per cent calculation may vary slightly among lenders.
Please contact me if you need you like to find out what you can afford so you can make your home purchase with confidence.
Home Ownership Incentive
Land Transfer Tax (LTT) Rebate
First-time buyers of newly constructed homes and resale homes may receive a refund of land transfer tax up to a maximum of $2,000.
Only individuals who are at least 18 years of age, have not owned an interest in a home anywhere in the world and whose spouse has not owned an interest in a home anywhere in the world while he or she was a spouse of the individual quality as first time buyers.
The purchaser must occupy the home as his or her principal residence no later than nine months after the date the property is transferred to his or her possession.
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