BSI Financial Services’ Post

🏠✨ Don't Let Surprises Sneak Into Your Home Budget! ✨🏠 This tip surprised some of my clients, and it's one I want to share with you: when planning your monthly housing budget, it's crucial to consider all the components. Your mortgage payment isn't just about principal and interest. Remember to include property taxes, insurance, any Homeowners Association (HOA) fees (if applicable, these cover shared community expenses like maintenance and amenities), and if your down payment is less than 20%, Private Mortgage Insurance (PMI) may also apply to protect the lender in case of default. 📊✅ Understanding these costs upfront helps you budget effectively and prevents unexpected financial challenges down the road. Whether you're buying your first home or refinancing, knowing your total monthly housing expenses gives you peace of mind and financial stability. 💬 Need help navigating your housing budget? Drop a comment below or send me a message. I'm here to guide you through every step of the process. Don't let surprises catch you off guard—let's plan your homeownership journey together!

A FHSA (First Home Savings Account) offers tax breaks in the form of tax-deductible contributions and tax-free withdrawals, as long as these funds are used to purchase a home. If you're a first-time homebuyer, an FHSA could give you a head start on acquiring that home. Here's what you need to know: ➡️ Eligibility: Canadian residents aged 18 or older who are first-time homebuyers. You will be considered to be a first-time home buyer if you did NOT, at any time in the current calendar year before the withdrawal (except the 30 days immediately before the withdrawal) or at any time in the preceding four calendar years, live in a qualifying home (or what would be a qualifying home if located in Canada) as your principal place of residence that either you owned or jointly-owned, or your current spouse or common-law partner (at the time of the withdrawal) owned or jointly-owned.* Tax-Free Savings: The FHSA allows you to save up to $40,000 on a tax-free basis when used towards the purchase of your first home. ➡️ Investment Options: Similar to TFSA or RRSP, the FHSA can hold various investments including cash, mutual funds, securities, bonds, and GICs. Don’t miss out on this opportunity to make your dream home a reality. Open a FHSA today and take the first step towards your future! . . . Lucy Arruda, AMP, RCP Licensed & Accredited Mortgage Professional Registered Divorce Mortgage Specialist 📱 780.995.9660 📧 Lucy@indimortgage.ca Indi Mortgage “The Independent Mortgage Company” #IndependentAdvice #LicensedProfessionals #IndiMortgage #TheIndependentMortgageCompany #TheIndependentAdvantage #INDIinsights #InterestRates #BankofCanada #TrustedAdvice #Mortgages #Approved #InterestRates #Mortgagee #NewHomeOwner #Refinance #MortgageRenewals #FirstHomeSavingsAccount #FHSA #Homeownership #FinancialFreedom #TaxFreeSavings #RealEstate #Investing #DreamHome *Source: Government of Canada

🏡💡 ANSWERING YOUR MORTGAGE QUESTIONS: Embarking on the journey of homeownership is exciting, but it's important to consider the full picture. Beyond your mortgage payment, what should you include in your ongoing budget? Here's a quick rundown: Property Taxes: An annual expense that varies depending on your location and property value. Home Insurance: Protecting your investment against unforeseen events. Maintenance and Repairs: Regular upkeep to maintain your home's value and functionality. Utilities: Water, electricity, gas, and potentially others like waste removal and internet. Condo or Association Fees: If applicable, for the maintenance of common areas and amenities. Landscaping/Snow Removal: Depending on your property, these could be seasonal or year-round expenses. Emergency Fund: It's wise to set aside money for unexpected major repairs. Understanding these costs helps ensure you're fully prepared for the financial responsibilities of homeownership. At Dominion Lending Centres BTB Mortgage Solutions, Aver Forde is committed to helping you plan comprehensively, so your dream home remains a joy, not a stress. For detailed insights and personalized advice, visit 🌐 averfordemortgages.ca. #HomeOwnershipCosts #BudgetPlanning #AverFordeMortgages

You have six months to sell the house. After that, the lender may give you an extension up to a year, but they do not have to do that. This clients actually was following all the steps and rules and sending in all the documentation the lender was asking for and after six months it still got kicked to a collection company who then filed a notice of default. He’s been given nine months to sell the house. The key thing to know is that the clock starts ticking on the date of death. It is not the date that you notify the lender that they died. Let me say it again. THE CLOCK STARTS AT THE DATE OF DEATH so don’t try to delay the inevitable. You either need to sell the house in six months or refinance it ASAP This client’s dad’s house is listed, and will very likely sell before there are any problems, but he did want to have a back up plan just in case. We set a date to check back in. More questions? DM me anytime. Click the link in my bio to schedule a call with me to chat more. I am licensed in California and Utah. If you are not in those areas I have a lot of colleagues nationwide who I trust that can help you. . . . #reversemortgage #heloc #seniors #elderly #agingparents #eldercare #retire #retirement #livewell #budget #tracyca #manteca #bayarea #oakland #hayward #palmsprings #slc #provo #lodi #sacramento #walnutcreek #eastbay #centralvalley #centralvalleyrealestate #bayarearealestate #reesesquaredmortgage #loanladyliz #remodel #lifeinsurance #income

Is a Reverse Mortgage Right For You?

🌟 Celebrating 32 Years in the Mortgage Business! 🌟 From the days when credit scores were non-existent and loan limits were $203,200, to today’s $766,500 limits, I’ve seen it all! 🏡💰 As home prices, homeowners’ insurance, and property taxes continue to rise, navigating the mortgage landscape can be daunting. That’s where I come in! With over three decades of experience, I’m here to secure the best possible loan for you. Whether you’re relocating, dealing with an inheritance, or considering borrowing from your retirement, I’ll present all your best options. Let’s chat about how I can help you achieve your homeownership dreams! 💬 #MortgageExpert #HomeLoans #RealEstate #HomeBuying #MortgageAdvice

We all recall those life-changing moments. Meeting your life partner for the first time. Taking your newborn baby home or collecting the keys to your first flat. And that moment when you pay off your mortgage? That’s a moment you never forget. #lifechangingmoments #retirementplanning

Dreaming of owning your own home? Here's how to budget effectively for homeownership and make your dream a reality! ✔ Evaluate Your Finances: Review your income, expenses and savings to understand your financial health. ✔ Save For a Down Payment: You don’t need 20% down, but it’s a great threshold to aim for to avoid private mortgage insurance (PMI). ✔ Calculate Total Homeownership Costs: Factor mortgage payments, property taxes, homeowners insurance, and utilities into your budget. ✔ Plan for the Unexpected: Build an emergency fund with 3-6 months’ worth of living expenses. ✔ Get Approved with a Lender: Understand how much you can afford and be ready to start home shopping. Ready to buy? Get started with your local loan officer today! https://lnkd.in/ggsfk_c

This is a terrific perspective from a financial planner. This is just one application how a reverse mortgage can help solve a problem. Real estate taxes certainly go up with higher values, a challenge when someone is on a fixed income. Reach out if you have a client that would like to educate themselves on the true facts of reverse mortgage and dispel any misinformation they may have. #learnreverse blmahone@washtrustmortgage.com

Dreaming of owning your own home? Here's how to budget effectively for homeownership and make your dream a reality! -Evaluate Your Finances: Review your income, expenses and savings to understand your financial health. -Save For a Down Payment: You don’t need 20% down, but it’s a great threshold to aim for to avoid private mortgage insurance (PMI). -Calculate Total Homeownership Costs: Factor mortgage payments, property taxes, homeowners insurance, and utilities into your budget. -Plan for the Unexpected: Build an emergency fund with 3-6 months’ worth of living expenses. -Get Approved with a Lender (aka me!): Understand how much you can afford and be ready to start home shopping. Have a budgeting tip? I’d love to hear them! #HomeLoansMadeSimple #PrimeLendingPNW