Frank Tu - Triumph Financial

Before you even start a mortgage approval, you MUST consider the amount of down payment you need to save. Here’s why:

--> Depending on the price of the house you want to purchase, you need to have a certain % saved as down payment.
You can buy a home with as little as 5% down…

👉 But if you put less than 20% down, you’ll automatically need to pay mortgage default insurance.

This premium is added AUTOMATICALLY by the broker and lender (nothing you need to do as the buyer)

Now…
👉 You’ll need to put more than 5% down if your home purchase price is higher than $500,000.

Here’s the breakdown:
1. If your purchase price is $999,999: 20% is required
💪 The bonus of having more put down is you pay less in interest long term.

And you avoid the mortgage default insurance if you can cover 20% down.

I realize with the increases in housing prices in the last 2 years, it’s more difficult than ever to save more than 5%...but hard work will always pay off. 💯

If you need any help or guidance, please send me a message! 📩
I work with people just like you every day.

👋 Happy to help you as we head into 2023!

With the changes in interest rates this past year, I thought it’d be a good idea to give an example of what these changes mean…

For variable rate holders…
👉 Every 1% increase in interest rates increases your payments by approximately 12.5%.

That means that so far for variable mortgage holders, your payments have gone up by approximately 53% in 2022.

That’s quite a lot. 🤕
(ex. If your monthly mortgage payment was $2000/mo in Jan 2022, it’s likely around $3100/mo going into Jan 2023).

But something to remember: Stress Tests
When the rates were below 3.25%, every person that got approved for a mortgage was approved at 5.25%.

That’s still higher than current rates.
So while we’re paying more in interest, it’s not unbearable. 💪

👉 And it’s even causing home prices to come down a bit…creating more buying opportunities that we hadn’t had in a while!

Some real-world math for you.

If you have any questions about your situation, please let me know!
And comment your thoughts below! 👇

With this being the season of joy, thankfulness, family, and friends…
I’m very thankful (and blown away) by the number of people I’ve had the privilege of helping this past year.

🙏 Helping get into their first homes…
💳 Helping with their debt and renovations…
🏚️ Helping move into the cottage life…
🏡 Helping find their dream home…
🤯 Helping build their forever home…

I’m so grateful for every single one of you.
💯 I wouldn’t be where I am today without you.
And thank you for following me here…for commenting on my posts…for answering my questions…for reading my emails…for being you!

I hope your year was incredible too…and that 2023 will be even better! 🎉

No matter your situation, I’m here to help you. From beginning to end, I’m your source for all things housing and mortgages. 💪

While we’re in the middle of holiday season 🎄, it’s good to have on the back of your mind…

…that ’tis the season of joy, celebration, family, friends…and spending! 💸

Don’t forget that if you’re a homeowner, you have power.
👉 Power to get ahead of the spending (or catch up to it 👀)

Don’t let the stress of your financial situation take away from the joy of the Christmas season.

🙏 If you need any advice, guidance, or questions answered – you know where to find me.

Comment 👇 or send me a DM and we can get a conversation started!

Have you heard of the New to Canada 🍁 program?

Qualified homebuyers who have immigrated or relocated to Canada within the last 5 years are eligible for the New to Canada Program to purchase a property with as little as a 5% down payment.

--> Borrowers must have a valid work permit or permanent residence
--> Borrowers must have a minimum of 3 months of full-time employment in Canada

There is a list of additional criteria (specifics and property types), but this is a GREAT way for newcomers to get into the housing market.
If you’ve got any questions, I’ve got answers!

Feel free to message me anytime or comment below! 👇