{"teamId":"12191","campaignId":"2207","seriesId":"72103","from_email":"Jbrennan@afncorp.com","email_subject":"How much can you afford without giving up your life?","attachment":"","email_message":"\r\n\t\r\n\t\t\r\n
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\r\n\t\t\t\t<\/i>\r\n\t\t\t<\/div>\r\n\t\t\t
\r\n\tHey {first_name},
\r\n\t <\/div>\r\n
\r\n\tWhen it comes to financing or re-financing your home, it's important you<\/div>\r\n
\r\n\tunderstand the process and all your options to get the right mortgage for you.
\r\n\t <\/div>\r\n
\r\n\tIn determining which mortgage best suits your situation, there are some basic<\/div>\r\n
\r\n\tdecisions you'll need to make:
\r\n\t <\/div>\r\n
\r\n\tType of Mortgage<\/u>
\r\n\t <\/div>\r\n
    \r\n\t
  • \r\n\t\tConventional mortgage <\/strong><\/li>\r\n<\/ul>\r\n
    \r\n\tThis is the most common type of mortgage. Your lender will loan<\/div>\r\n
    \r\n\tyou up to 80% of the purchase price of the property or its<\/div>\r\n
    \r\n\tappraised value (whichever is lower), and you have yourself the<\/div>\r\n
    \r\n\tother 20% as a down payment.
    \r\n\t <\/div>\r\n
      \r\n\t
    • \r\n\t\tHigh ratio mortgage<\/strong>
      \r\n\t\t <\/li>\r\n<\/ul>\r\n
      \r\n\tIf you don't have at least a 20% down payment needed to get a<\/div>\r\n
      \r\n\tconventional mortgage, a high ratio mortgage can advance you up<\/div>\r\n
      \r\n\tto 95% of the home's purchase price or appraised value. However,<\/div>\r\n
      \r\n\tyou'd be required to purchase mortgage insurance (not to be<\/div>\r\n
      \r\n\tconfused with home insurance), the amount of which would be<\/div>\r\n
      \r\n\tadded to your mortgage principal.<\/div>\r\n
      \r\n\t <\/div>\r\n
      \r\n\tInterest Rate<\/u><\/div>\r\n
      \r\n\t <\/div>\r\n
      \r\n\tYour mortgage is made up of 2 components: principal and interest.<\/div>\r\n
      \r\n\tEssentially, interest is the cost of borrowing money.
      \r\n\t <\/div>\r\n
        \r\n\t
      • \r\n\t\tFixed-rate<\/strong><\/li>\r\n<\/ul>\r\n
        \r\n\tYou agree on an interest rate with your lender and this rate gets<\/div>\r\n
        \r\n\tlocked in for the term of the mortgage. A fixed-rate mortgage is<\/div>\r\n
        \r\n\tgreat in an economy where the Bank of [Canada]'s prime rate is<\/div>\r\n
        \r\n\tincreasing, but undesirable if the going rate is decreasing.<\/div>\r\n
        \r\n\t <\/div>\r\n
          \r\n\t
        • \r\n\t\tVariable-rate<\/strong><\/li>\r\n<\/ul>\r\n
          \r\n\tYour interest rates fluctuate with the Bank's prime interest rate.<\/div>\r\n
          \r\n\tYour monthly mortgage payment amount stays the same. However,<\/div>\r\n
          \r\n\tif the prime rate falls, more of your payment goes towards the<\/div>\r\n
          \r\n\tprincipal and less goes towards the interest. If the interest rate<\/div>\r\n
          \r\n\trises, less of your payment goes towards the principal and more<\/div>\r\n
          \r\n\tgoes towards the interest.<\/div>\r\n
          \r\n\t <\/div>\r\n
          \r\n\tTerm and Amortization<\/u>
          \r\n\t <\/div>\r\n
          \r\n\tA mortgage term <\/strong>is the amount of time a lender will loan you money for \u2013<\/div>\r\n
          \r\n\ttypically from 6 months to 5 years. When the term is up, the remaining<\/div>\r\n
          \r\n\tamount is payable in full unless you arrange new financing for another term.
          \r\n\t <\/div>\r\n
          \r\n\tBecause few of us can pay off an entire mortgage in even a 5-year term,<\/div>\r\n
          \r\n\tlenders calculate \u2013 or amortize <\/strong>- the mortgage payments over a much<\/div>\r\n
          \r\n\tlonger time, often as long as 30 years. They aren't loaning you the money for<\/div>\r\n
          \r\n\ta 30-year period; they're simply calculating the payment schedule as if it<\/div>\r\n
          \r\n\twould take you that long to pay back your mortgage. You will likely renew<\/div>\r\n
          \r\n\tthe mortgage at the end of your term within your amortization period.
          \r\n\t <\/div>\r\n
          \r\n\tNow is it necessary to be fluent in the world of mortgages? Absolutely not! That's<\/div>\r\n
          \r\n\tmy realm.
          \r\n\t <\/div>\r\n
          \r\n\tMortgages come with a plethora of jargon, math, and paperwork that can be<\/div>\r\n
          \r\n\toverwhelming to most people.
          \r\n\t <\/div>\r\n
          \r\n\tI provide clarity in areas of confusion to make the process easy and stress-free.<\/div>\r\n
          \r\n\tTrust in someone who intimately knows the market. I'll help explore your options to<\/div>\r\n
          \r\n\tensure you're getting the perfect mortgage solution for you.<\/div>\r\n
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