u/M-Sear

Met a lawyer, he seemed ok but i have a few reservations. He said he can’t tell me i will have to look up Tarion Warranty charges, also for meter. I asked him about Reserve Fund and he said it’s not important for new building as it will have to build up. He said need not be worried for special assessment for a new building. What are some of the things i should make sure to check or have the lawyer check.

I also think he is getting calculation wrong, he said as long as we are FTHB and will be occupying the condo as primary residents there won’t be deduction of 24K from the full hst at time of closing. He did mention that the purchase price at time of closing would be different as they account for upgrades, etc.

I am just SO confused. I didn’t think buying was going to be this difficult. Why are things made so complicated?

I emailed for lawyer charges and closing costs breakdown to a couple of lawyers and everyone has a different breakdown with different things. Why the F are closing costs not standard. This is ridiculous and i feel like just giving up.

Met a lawyer, he seemed ok but i have a few reservations. He said he can’t tell me i will have to look up Tarion Warranty charges, also for meter. I asked him about Reserve Fund and he said it’s not important for new building as it will have to build up. He said need not be worried for special assessment for a new building. What are some of the things i should make sure to check or have the lawyer check.

I also think he is getting calculation wrong, he said as long as we are FTHB and will be occupying the condo as primary residents there won’t be deduction of 24K from the full hst at time of closing. He did mention that the purchase price at time of closing would be different as they account for upgrades, etc.

I am just SO confused. I didn’t think buying was going to be this difficult. Why are things made so complicated?

I emailed for lawyer charges and closing costs breakdown to a couple of lawyers and everyone has a different breakdown with different things. Why the F are closing costs not standard. This is ridiculous and i feel like just giving up.

Buying a new built, ready to move in Condo from Mattamy Homes.

Met a lawyer, he seemed ok but i have a few reservations. He said he can’t tell me i will have to look up Tarion Warranty charges, also for meter. I asked him about Reserve Fund and he said it’s not important for new building as it will have to build up. He said need not be worried for special assessment for a new building. What are some of the things i should make sure to check or have the lawyer check.

I also think he is getting calculation wrong, he said as long as we are FTHB and will be occupying the condo as primary residents there won’t be deduction of 24K from the full hst at time of closing. He did mention that the purchase price at time of closing would be different as they account for upgrades, etc.

I am just SO confused. I didn’t think buying was going to be this difficult. Why are things made so complicated?

I emailed for lawyer charges and closing costs breakdown to a couple of lawyers and everyone has a different breakdown with different things. Why the F are closing costs not standard. This is ridiculous and i feel like just giving up.

Compare choosing 20 vs 25 years amortization for a fixed rate (4.04%) mortgage of about $260,000. Is it better to select 20 or 25 with focus on double payments/etc.

For Aps review and closing for a condo by Mattamy Homes.

I am a FTHB and very nervous. I want to hire someone who is patient, thorough and preferably has experience closing Mattamy purchases. I am not too worried about APS review but more so for closing as it sounds a very complicated and stressful procedure

I am in Halton area so would prefer someone nearby so i can atleast once visit their office.

Please recommend only those you have personal experience with.

So far i have spoken to:

Nikki from Mulberry Law
G Gord Mohan Law

Someone recommended Nanda & Associates. Their website makes me feel they probably do very high number of cases.

I am finding it very hard to decide. I am iust very overwhelmed already in this very start of buying process.

For Aps review and closing for a condo by Mattamy Homes.

I am a FTHB and very nervous. I want to hire someone who is patient, thorough and preferably has experience closing Mattamy purchases. I am not too worried about APS review but more so for closing as it sounds a very complicated and stressful procedure

I am in Halton area so would prefer someone nearby so i can atleast once visit their office.

Please recommend only those you have personal experience with.

So far i have spoken to:

Nikki from Mulberry Law
G Gord Mohan Law

Someone recommended Nanda & Associates. Their website makes me feel they probably do very high number of cases.

I am finding it very hard to decide. I am iust very overwhelmed already in this very start of buying process.

Got approved for a mortgage and wanted to get some opinions from others in the market.

Details:

Lender: RBC

Interest Rate: 3-year fixed at 4.04%

Downpayment: About 40%

Mortgage amount: Approx $260,000

Primary residence (Condo) purchase.

I negotiated this rate directly with the bank and was told there’s no further room to improve. I am also offered variable at 3.60% which i have passed to keep my sanity, haha.

For those who recently got mortgages or work in lending, how does this rate look in today’s market?

Any concerns or things you think I should double-check in the terms?

Got approved for a mortgage and wanted to get some opinions from others in the market.

Details:

Lender: RBC

Interest Rate: 3-year fixed at 4.04%

Downpayment: About 40%

Mortgage amount: Approx $260,000

Primary residence (Condo) purchase.

I negotiated this rate directly with the bank and was told there’s no further room to improve. I am also offered variable at 3.60% which i have passed to keep my sanity, haha.

For those who recently got mortgages or work in lending, how does this rate look in today’s market?

Any concerns or things you think I should double-check in the terms?

First time home buyer here so i am naturally nervous, confused and scared.

I have jotted down some questions below for my agent, want to keep it simple and not overwhelm myself. But if you guys think there is something to add here, let me know.

My lender is RBC and i will be going for fixed rate. I am aware of their prepayment and annual lumpsome options.

1. Will the mortgage be portable? 

2. Does Rbc offer a penalty-free discharge period in the last 30 days before maturity?

3. Will my mortgage be open or closed? If closed, what will be the fees/charges to open it for a few months in case i wish to sell before end of term?

4. Will my mortgage be a collateral or standard charge?

5. If rates drop intensely before my term ends, can I switch to a lower rate and what would be the penalties?

Hi everyone,

Buying a Mattamy ready-to-move-in condo in Milton and need a lawyer for APS review + closing/mortgage.

Looking for someone who:

1. Has done lots of Mattamy/Tarion pre-con APS contracts before

2. Doesn’t mind thorough clients with lots of questions 😅

3. Offers both virtual + in-person appointments

4. Credits APS review fee toward closing if I hire them

I’ve emailed Travers Law already. Who have you actually used for pre-con closings in Milton/Halton and had a good experience with?

Bonus if they’re responsive and explain things in plain English vs legal jargon.

Thanks!

Mortgage: 265,000
Amortization: 25 years

What should i go for?

I had started with mindset that it would be Fixed rate for me because i already overthink, stress too much on things and don’t need this added burden. However at that time i was getting fixed at 3.79% and there was not much difference between it and variable. Now there is a considerable gap between the two= 54 points. It still might not translate into a huge difference on monthly, it would be around $80.

I am wondering if i opt for variable and it starts going up, i can switch to fixed but what if fixed have gone to 5 or above? Also the banks says there is no penalty for switching but i should check on process, any loopholes, etc.

I am a FTHB and i am just so confused as had to be the agent first and now this. I am so overwhelmed.

Help me break it down to factors i should be considering while making my decision.

Please be kind 😚.

Mortgage: 265,000
Amortization: 25 years

What should i go for?

I had started with mindset that it would be Fixed rate for me because i already overthink, stress too much on things and don’t need this added burden. However at that time i was getting fixed at 3.79% and there was not much difference between it and variable. Now there is a considerable gap between the two= 54 points. It still might not translate into a huge difference on monthly, it would be around $80.

I am wondering if i opt for variable and it starts going up, i can switch to fixed but what if fixed have gone to 5 or above? Also the banks says there is no penalty for switching but i should check on process, any loopholes, etc.

I am a FTHB and i am just so confused as had to be the agent first and now this. I am so overwhelmed.

Help me break it down to factors i should be considering while making my decision.

Please be kind 😚.

Mortgage: 265,000
Amortization: 25 years

What should i go for?

I had started with mindset that it would be Fixed rate for me because i already overthink, stress too much on things and don’t need this added burden. However at that time i was getting fixed at 3.79% and there was not much difference between it and variable. Now there is a considerable gap between the two= 54 points. It still might not translate into a huge difference on monthly, it would be around $80.

I am wondering if i opt for variable and it starts going up, i can switch to fixed but what if fixed have gone to 5 or above? Also the banks says there is no penalty for switching but i should check on process, any loopholes, etc.

I am a FTHB and i am just so confused as had to be the agent first and now this. I am so overwhelmed.

Help me break it down to factors i should be considering while making my decision.

Please be kind 😚.

Has anyone bought/rent a condo there? What are your thoughts? Community? Amenities? Building? Management?

I have a good fixed mortgage rate locked in which expires end of July (120 days). However condo i am offering on does not close till Aug end.

Can there ever be an exception to get rate extended for a month? 3 weeks? Or are banks were rigid on it?

What do you think, how will it impact the real estate prices?

So I have been looking for a condo since last year, obviously there was no urgent need hence i took my time. I was away for a while and not actively looking all through.

I got active about 2 months ago but there have been some health issues which keep coming up, further delaying the decision.

I currently live in a family townhouse and with my parents, there is no rent just maintenance. We all 3 look forward to move in a condo which we want to be our long term home.

I know there is alot of debated around condos over townhouse but we have our reasons for picking condo. 1. Our budget 2. Condos feel safer, so i can potentially live alone while my parents travel and live few months out of country. 3. My parents are old and it’s hard to manage snow removal, gardening, etc and I myself have my own reasons to avoid having to do it or the burden of hiring someone for it. 4. I am single and for my future a condo would be easier to manager and make me independent and responsible.

At this point, we can potentially delay buying but honestly i feel even by next year the market won’t be stable or certain. So waiting for a few more months does not seem like would do much. I am a first time home buyer and my experience so far makes me shocked that if this is how builders attitude are, what it must be when they were peaking. I feel right now we get time to look around, compare and negotiate but that perhaps was not the case earlier. I also like a project and wish to pick a condo within that. I am having a difficult time selecting between the options but i know there won’t be a major blunder made by picking either of the options. I have not extensively looked at other projects but whatever i have, i come back to this one and one major reason is the price point as well

I have a pre approval and a locked in rate (fixed 3.79%) for till end of next month. I hope getting same rate should not be an issue. I have worked out my approximate monthly payments, keeping account of taxes, maintenance, etc, and accordingly only considering workable options.

However i still get the cold feet, first thing is i am an indecisive person and an overthinker. I seek perfection which is impossible and i unfortunately don’t have the budget to pick something as close to my ideal. Secondly, i keep coming across news and tiktok videos where people are cautioning against any real estate purchase due to the uncertainty. Recently some said prices can drop upto 20% 😱. Many say if it’s your long term goal it won’t matter as prices will eventually rise, after a few years. However having a 600K purchase value up to 800K vs a 700K purchase to upto 800K are different things right.?!

What in your opinion should i further consider before taking the plunge?

Edit 1: We have considering condos in Halton. Newly built, ready to move in condos closing in 45-60 days.