In my next series of blog postings, I'd like to share with you some of the clients that I've helped...because every mortgage has a story! This is a great story about Julie, a single mom with one child who works part-time.
Julie's almost 40 years old and has never owned a home. She has great credit, not alot of debt and pays almost $1300 per month in rent. That's the going rate in Guelph when renting a nice town house. The only thing that was holding Julie back was her ability to save for a down payment. On an income of $35,000 per year - there's not much left over while you're raising a child on your own. Julie was referred to me through a friend that I helped several years ago.
This is how I helped her buy a semi-detatched house in Guelph for $200,000. Because Julie had great credit she qualified for a "no down payment mortgage". Essentially, the financial institution lent her the five per cent requirment for a down payment on a house. The rates are a little higher with this kind of mortgage, but the monthly payments on the mortgage plus property taxes where approximately the same amount that Julie was paying in rent. So she knew she could do this. Julie and her daughter are moving into her home at the end of February. She's happy and I'm so glad that she decided to buy instead of continuing to rent.
If you've got questions about how to get into a house please call or e-mail me. My number is 519-763-3900 ext.1001. E-mail: lastovic.s@mortgagecentre.com.
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