Scarborough is a former municipality that is now amalgamated with the city of Toronto. For many Canadians, Scarborough offers a chance for homeownership in close proximity to downtown Toronto. Scarborough has an extensive transit system that easily connects to Toronto allowing for a no-hassle commute for the area’s 625,698 residents. Although Scarborough is now a part of Ontario’s capital city, the area offers its own unique flavor when it comes to living. Besides its many parks and greenery, a mix of condos, townhouses and traditional homes populate the region. Potential home owners have many options when it comes to properties to purchase.
To find your dream home in Scarborough you can contact a realtor. A real estate agent will show you different homes based on your needs. The Toronto Real Estate Board (TREB) can give you a sense of the different real estate professionals that service the Scarborough area. TREB is Canada’s largest real estate board and can give you information on the Ontario housing market, specifically the Scarborough region. Once you’ve decided on which real estate professional to work with and found a property to buy, you will need a mortgage.
Mortgage brokers are industry professionals whose job is to represent you to their web of lenders. Because they have access to multiple lenders, they are given multiple mortgage products and can leverage each product to get you the best deals and interest rates. Any accomplished mortgage professional, whether they operate in Scarborough, Toronto, or anywhere else in the province, do not charge for their services. They are paid by the lenders they do business with and their goal is to send you home – into your new Scarborough home – with the right finance package to fit your economic needs.
Fast Facts About Scarborough:
Your home is your most valuable asset. It is probably the single largest investment you will make in your lifetime. Your home is more than a place to rest your head and raise a family. Your home contains equity. It is a treasured resource and in some cases, can even be used as an ATM (aka cash back mortgages and HELOCs – don’t worry we’ll get there).
Everyone who is looking to purchase a home will need a mortgage. But, what is a mortgage exactly and why do you need it? Besides being the term to describe a loan secured by real estate, a mortgage allows you to access funding to procure your dream home.
There is a massive difference between mortgages and home equity loans. Read More
The Bank of Canada had hiked the interest rates on three separate occasions over the past eight months. Read More
Many first time home buyers have heard the term “mortgage insurance” but may not understand what it is and why it’s necessary to have. Read More
For new homeowners, or for those looking to renew a lease, rising interest rates will have an effect on your finances. Read More