Buyer Agency Explained Buyer Agency. In the simplest terms, this would refer to a buyer having a professional represent them in the purchase of their home. By signing this agreement the client has now created a formal relationship between themselves and their realtor of choice. The only obligation the client would have is to allow the realtor solely to represent them. Upon the creation of this relationship, the realtor has adopted several key duties to the client, including: - Disclosure - Competence - Obligation - Loyalty - Accountability - Confidentiality - Reasonable care and Diligence With this all in mind the client is now free to concentrate on finding their ideal home. Having the confidence in your realtor to look out for your best interests, from the moment of signing the agreement to moment of moving into your new home. These are the fundamentals upon which Buyer Representation is built on. Bi-weekly and weekly payments Most mortgages have the option to allow payments to be made on a weekly or bi-weekly basis. This option may be desirable for two reasons. The first is it can save you money as you can expect to pay off your mortgage about 4 years sooner. This can save you dramatically over the life of your mortgage. The other reason why these options are so popular is that if your employer pays you on a weekly or bi-weekly basis, you can simplify your budgeting by making the payment line up with the way you paid. Making Extra payments Paying extra amounts on your mortgage can make a big interest saving over time. When we select a mortgage company, privilege payments options are something that we look for. A 20% privilege payment will allow you to pay off up to $20,000 per year on a $100 000 mortgage. It is important that the privilege payment also be flexible to allow you to pay smaller payments on the mortgage and as often as you wish. An extra $1000 periodically paid on a mortgage can help you become mortgage free faster. Reducing the CMHC fees on your purchase When you require a mortgage for more than 75% of the purchase price of a property, that mortgage must be insured by Canada Mortgage and Housing (CMHC) or GE Mortgage insurance. The premium charged by these company`s decreases as the down payment increases. When you finance your property at 95%, a premium of 2.75% is added to the mortgage. By increasing the down payment to 10% of the purchase price the premium can be reduced to 2.5%. If you can put down 25%, you can avoid any additional insurance fee. Depending on your situation there are ways that you can structure this financing to avoid the CMHC or GE insurance premium. Advantages of Bigger Down Payments As mentioned above, when you put a 25% down payment on your purchase you can avoid the CMHC premium. More importantly the larger the down payment, the lower the amount of interest you will pay over the life of your mortgage. It is important to note that it may not be wise to stretch yourself to increase your down payment and end up borrowing on credit cards or a line of credit at a higher rate. Short Term Rates vs. Long Term Rates The options for mortgages available can be very confusing for most mortgage shoppers.
Paul T Cody is Cambridge-based company (Ontario, Canada) with a phone number 1.519.740.1105. Our data show that the company is located at the address: 1400 Bishop St N. The company has a web site: www.paultcody.com.
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