Welcome! First Time Homebuyers Webinar

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1 Welcome! First Time Homebuyers Webinar

2 The PenFinancial Team Tina Antonio Branch Manager Dorchester Branch Cindy Cwiertniewski Branch Manager Lake Street Carm Mancini Branch Manager Heritage Branch Rob Taylor Branch Manager Huggins Branch Jason Vokey Financial Advisor Main Street Branch

3 Webinar Agenda Pre Approval Choosing the Right Home Mortgage Options Putting it all Together The Credit Union Difference

4 What is a Mortgage? A mortgage is a loan secured by a property and paid in installments over a set period of time For most of us, a mortgage is the most significant obligation we ever make.

5 Pre-Approval Provides insight into affordability Shows you how much you qualify for Interest rate guaranteed for a period of time depending on the Financial Institution. Discuss Down Payment Options Must have a good credit score Contact your Advisor There is no obligation!

6 GDS (Gross Debt Service Ratio) Do I Qualify? = (Monthly Mortgage payment + Monthly Property taxes + 50% Monthly Condo Fees (if applicable) + Monthly Heating /Gross Monthly Household Income = MAX 32% TDS (Total Debt Service Ratio) = (GDS + All Other Monthly Debt Payments) / Gross Monthly Household Income = MAX 40%

7 Down Payment Options Down Payment Minimum Required 5% of Purchase Price of the Home Your down payment can come from: Personal Savings investments Tax-Free Savings Account (TFSA) RRSP (under the Home Buyers Plan) Gifts from family Lender Cash Back Programs

8 RRSP Home Buyers Plan RRSP funds are available as a Tax Free withdrawal for First Time Home Buyers Each purchaser is eligible to withdraw up to $25,000 each from your RRSPs The property being purchased must be a qualifying home & must be intended to be occupied by you as your own principal residence within the same year of withdrawal Repayment over 15 years with a 2 year grace period.

9 5% Cash Back Option Some financial institutions offer Cash Back on the mortgage in exchange for a higher interest rate. Cash Back can be used for: Down Payment Closing Costs Pay Down Other Debts Furnishings/Appliances Renovations

10 Choosing the Right Home Location Property Taxes Distance to and from work Neighbourhood Proximity to schools Public Transportation Recreational Facilities Shopping

11 Choosing the Right Home Home vs. Condominium Build vs. New vs. Re-Sale

12 Types of Mortgages Conventional Loan to a max of 80% of the value of the property Home equity line of credit up to 80% Requires 20% down payment No Default Insurance Required Example: Home Purchase Price $200,000 Down Payment: 20% $40,000 Amount of Mortgage $160,000 Total Mortgage $160,000

13 High Ratio Types of Mortgages Less than 20% down payment Default Insurance Required Example: Home Purchase Price $200,000 Down Payment 5% $10,000 Amount of Mortgage $190,000 Default Insurance Prem. 2.75% $5,225 Total Mortgage $195,225

14 Mortgage Default Insurance Provided by CMHC (Canada Mortgage and Housing Corporation) and Genworth Financial. Must pay mortgage default insurance premium if your down payment is less than 20% of your purchase price. Max amortization is 25 yrs for mortgages with default insurance.

15 Table of CMHC/GE Mortgage Loan Insurance Premiums Loan Size (% of lending value) Single Advance Premium (% of loan) Up to and including 80% 1.00% Up to and including 85% 1.75% Up to and including 90% 2.00% Up to and including 95% 2.75% 90.01% - 95% (non traditional) 2.90%

16 Fixed vs. Variable Fixed Rate Interest Rate is not tied to Prime Rate. Payment and Interest Rate remains the same for the entire length of the mortgage. Equal payments every month and any fluctuations in interest rates will not affect your payments. Variable Rate Interest Rate is tied to Prime Rate. Interest rate and payment can change with fluctuations in interest rates.

17 Open vs. Closed Mortgages Open Mortgage Can be Paid in Whole or Partially without Penalty Closed Mortgage Cannot be Paid Out or Transferred early without a Penalty

18 Mortgage Term and Amortization Term Contract by which the length of time and features are set. Typically borrowers choose 5 years. Amortization Period The time over which your payments would pay off the mortgage, typically 25 Years.

19 Example Time

20 Schedule of Payments Loan Amount: $250,000 Rate: 4% Amortization: 25 years Payment Schedule Payment Amount Length of Payment Total Interest Paid Total Interest Saved Monthly $ years $144,515 None Bi-weekly $ years $144,165 $ Accelerated Bi -Weekly $ years $124,059 $20,455

21 Sequence of Events Pre-Approval Find Home Conditional offer to purchase accepted Mortgage Approval Home Inspection Waive Conditions Legally Binding Purchase Agreement Closing Date You re a Home Owner!!

22 Documentation Required Offer to Purchase Real Estate Listing Income Verification Down Payment Verification Proof of Assets/Liabilities Divorce/Separation agreements/court Orders for Support Payable Waiver of Conditions on Purchase Agreement

23 Resources CMHC - Genworth Canada - Realtor.ca - Energy Efficient Homes - Canada Revenue Agency Get Smarter About Money - Municipality for Property Taxes Local Builders Financial Services Commission of Ontario

24 Professionals Needed Financial Advisor Real Estate Agent Home Inspector Lawyer

25 Next Steps Book an appointment with a PenFinancial Advisor Obtain a pre-approval Build a team of professionals Start shopping

26 The Credit Union difference

27 The PenFinancial Difference? Niagara based, owned and operated Co-operative financial service organization owned by the people we serve = our members Credit unions make decisions based on best interest of members All decisions are made locally Income reinvested back into our Niagara communities Accessible, transparent and negotiable Genuine, honest and fair

28 PenFinancial Credit Union Over 60 years of experience in Niagara 15,000 members strong $350 million in assets 94 employees 6 branches, 1 commercial business centre Local and accessible Nimble and innovative Small enough to care but big enough to trust

29 THANK YOU! Q&A s

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