Buying Tips
Buying versus renting: Which one makes sense for you?
Today’s low interest rates have encouraged many renters to become homeowners: the lower the mortgage rates, the lower the monthly payments, and the greater the chance that your mortgage payments will be less than your rental payments, especially in larger cities.

From a strict cash flow standpoint, you may find renting less costly than owning due to the additional costs of home ownership such as taxes, maintenance and utilities. However, unlike renting, home ownership is a form of investment. Consider the fact that the average home in Canada would have cost $76,518* in 1983. In September 2003, that same home was valued at about $197,969* – a significant increase in value.

According to Royal Bank of Canada economist Carl Gomez, “If you compare average home prices over the past 20 years, there has been a 160% increase. Also, purchasing a home is a forced saving. You keep building equity year after year, versus just paying rent. And you can build up sizeable equity in just 10 years.”

That’s money you can access when you sell the home, or equity that you can use to ‘borrow against’ to reach other goals later in life, such as a child’s post secondary education, a vacation property, or travel.

For more information, contact me, your RBC Royal Bank Mobile Mortgage Specialist, at the number below. I can look after all your mortgage needs, including Pre approvals and mortgage applications, anytime, anywhere, including evenings and weekends, at your home or office.

A pre-approved mortgage can help you look for a home with confidence.
Many homebuyers think that the first step in finding the home of their dreams is to start going to open houses and researching the market. However, even before you start looking for a home, it makes sense to contact me for free expert advice and to arrange your mortgage pre-approval.

When your mortgage is pre-approved, you’ll know, up front, what you can realistically afford to pay for a home in terms of purchase price, down payment, legal fees and other closing expenses. You’ll know exactly how much you can borrow based on your current financial situation, subject to a formal credit approval and satisfactory property appraisal.

There is no cost or obligation to have your mortgage Pre approved with RBC Royal Bank, and you’ll know in advance what your mortgage payments will be. And, with your interest rate guaranteed for 90 days, if interest rates increase while you’re house hunting, you don’t need to worry!

With your mortgage approved, you can shop and negotiate with confidence, avoiding the disappointment of finding the perfect home only to learn that you don't qualify for the mortgage you need to purchase it.
Mortgage pre-approval carries absolutely no obligation to purchase, but simply acts as a tool that can help you focus on homes that are truly affordable.

If you’re ready to start looking at homes, contact me, your RBC Royal Bank mobile mortgage specialist, as soon as possible at the number below. I can provide you with free mortgage advice and look after all your mortgage needs, including pre-approvals and mortgage applications, anytime, anywhere, including evenings and weekends, at your home or office.

A valuable mortgage tip from your RBC Royal Bank mobile mortgage specialist.
For more mortgage tips, please call me anytime!
Wayne Schmitz
Mortgage Specialist
RBC Royal Bank
Cell: (604) 377-6520
Fax: (604) 733-9219
Email: wayne.schmitz@rbc.com