Moving Out? On the Hunt for your First Mortgage?

You’re either ready to make your first move or mom and dad have finally said it’s time to move out and get your first home and mortgage:

Being the forward thinker that you are, you want to make sure you’ve got your facts straight and know how to approach moving into your first home, and the different ways you can get your first mortgage.

What Do you Already Know?

mortgage knowledge

You may already be somewhat aware of mortgages and home financing, or maybe you aren’t! Let us know what your level of knowledge Is below, and we’ll be able to more accurately help you.

Perhaps you have only encountered people who are apartment or condo renters, so the conversation about actual home ownership has yet to come up. Again, with the Romano Mortgage Group in Hamilton, Ontario, it doesn’t matter what your previous knowledge level is.

We’ll help fill the knowledge gap with valuable information to help you make informed decisions about your mortgage, your finances in general, and how to take the next steps in life.

First, Learn About the Romano Group (The Brief Version)

Phil Romano started the Romano Mortgage Group as part of his services to Hamilton as a certified mortgage broker and private lender. The group works under the Verico House of Mortgage Experts who serve the Hamilton and Halton Regions of Southern Ontario.

Since the 1980’s Phil and his team have been helping new homeowners kick start their careers as mortgage holders, and have directed many successful young people and couples to get their first mortgage.

That’s over 30 years of experience. This unbeatable history of helping Hamilton, Ancaster, Stoney Creek and Burlington residents fly the coop and set out on their own is undeniable proof that the Romano Group knows what’s best for your future, and has your true best interest at heart as they get you the best interest rates for your first mortgage.

The Bullet Points of your First Mortgage

Keep the following bullet points in mind, as they can be crucial elements of how your money is allocated over the coming years. Let’s seek to fully optimize – dollar for dollar – To get the most out of every pay check:

  • Interest Rate: Interest rates are key to determining payment amount, and how much it’ll cost you to borrow money for your first home in Hamilton.
  • Term: The duration in which your new mortgage will be in effect. Generally you’ll keep the interest rate for this period, and you can be assured payments will be unchanged for the ‘term’ of the mortgage
  • Amortization: Amortization is the approximate time it would take to pay down the mortgage if the ‘term’ components were to stay the same. Keep in mind, that with each term renewal, the amortization details are likely to change a bit due to updated mortgage principal balance (how much left to pay down), and any changes to interest rate.
  • Payment Frequency: This is one seemingly trivial component of your mortgage that could make a lot of difference. If you pay bi-weekly versus monthly, you’ll find yourself paying down the ‘principal’ much faster.
  • Principal: The principal amount on a mortgage is the total amount of money left owing. You’ll see this amount diminish as payments are made over time.
  • Interest: Different from the interest rate, the actual interest is the portion that the broker or bank will collect as the cost of borrowing the money. By getting a lower interest rate, you’ll pay less interest, and therefore your money goes further.

Romano Mortgage Group’s Pledge

As much as we all wish that mortgages could be provided free of interest, and therefore free of charge, it simply doesn’t make economic sense.

Remember, someone else is loaning you the money you need to make a big purchase. They need to be compensated for lending out their own money. Be it a bank or private person or institution – There will almost always be interest to content with.

In the grand scheme of things, it’s what keeps the money flowing so that young couples and young individuals can make the first jump into living on their own.

Still, it sounds better than owing mom and dad, doesn’t it!

First Mortgage Summary Details

The key takeaways for your first mortgage are to make sure you’re planning on living in the home for at least five years. Also try your best to get the best interest rate you can.

Though you have to balance out the risks of variable rate mortgages versus fixed mortgages to see if your risk tolerance levels will allow for the potential volatility that can occur with interest rates in these ‘interesting’ economic times.

More importantly, talk to the Romano Mortgage Group in Hamilton, Ontario to secure the knowledge you need to be comfortable with this big life step. They’re here for you.

The Romano Mortgage Group

Mortgage Brokers in Hamilton, Ontario
Serving the Hamilton & Halton Region
Romano Mortgage Group 1 copy