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Making Smart Mortgage Decisions: A First-Time Homebuyer's Guide
Manage episode 499090263 series 3442047
Did you know that 60% of borrowers break their mortgages within the first five years, often facing steep penalties that dwarf any rate savings? In this eye-opening episode, mortgage expert Rahim Virani shares crucial insights for first-time homebuyers, drawing from a decade of experience in the field.
Discover why seemingly simple decisions like choosing between fixed and variable rates can have profound implications on your financial future. Rahim challenges conventional wisdom by revealing how banks profit more from penalties than interest rates, and why life changes should influence your mortgage choices.
Key takeaways:
- The hidden costs of breaking fixed mortgages
- Why credit score management matters
- The impact of major purchases before closing
- Strategic debt consolidation approaches
- The importance of long-term financial planning
Before you make one of life's biggest financial decisions, tune into this essential episode that could save you thousands in unexpected penalties and help you navigate the complex world of mortgages with confidence.
🎧 Listen now to arm yourself with the knowledge you need for your homebuying journey.
Here is Rahim's contact info:
Rahim Virani
Senior Mortgage Planner
MortgageLine
Powered by Mortgage Architects
Phone: 403.471.3552
E-mail: [email protected]
Web: www.rahimvirani.ca
Anastasia Dvorak
Real Estate Agent/Realtor
CIR REALTY, Calgary, Alberta
Serving Calgary and the surrounding area
Text me: 403.835.6913
Note: I do not always pick up my phone as I am busy with clients, so for the fastest response, it's better to text me or schedule an appointment online here: https://calendly.com/calgarylifestyleguide
Book an Appt: https://calendly.com/calgarylifestyleguide
Email me: [email protected] (note: please make sure to add your cell phone number at the end of your email. I reply to every email, but sometimes it goes into your junk folder - that way I can still get in touch with you even if my reply email message gets filtered by your email system. Thank you!)
DM me on Instagram @CalgaryLifestyleguide
THANK YOU FOR LISTENING, COMMENTING & SUBSCRIBING!♥
Chapters
1. Making Smart Mortgage Decisions: A First-Time Homebuyer's Guide (00:00:00)
2. Fixed vs Variable Mortgages - which one makes sense for 2025? (00:01:15)
3. Is Mortgage Portability important? (00:04:27)
4. What NOT TO DO when you are buying a property in Calgary (00:06:40)
5. Would you have better rates if you've worked at your job for 6 months vs 3 months? (00:08:08)
6. What if you missed a couple of credit card payments - can you still get a mortgage? (00:09:10)
7. Is it possible to fix a bad credit? (00:09:38)
8. A warning about CreditKarma.ca and Borrowell Scores (00:11:08)
9. One Tip that has a HUGE Impact on your credit score (00:11:44)
10. Why you should carry a SMALL BALANCE on your Credit Card at all times! (00:11:47)
11. How many credit cards should you have? (00:12:29)
12. Why you shouldn't lease a vehicle before buying a home (00:13:24)
13. Rahim's Biggest Pet Peeve (00:14:05)
14. Why banks don't make their money on interest rates? (00:16:09)
15. Why sometimes it's not worth it to switch to a different interest rate (00:17:27)
16. About Refinancing (00:17:35)
17. What is debt consolidation and tips how to make it work (00:18:41)
18. Most Common Reasons why Mortgage Applications get declined (00:20:35)
19. Mortgages for Entrepreneurs (00:22:55)
20. If you are getting a monetary gift towards your down payment? (00:24:23)
21. How do Mortgage Brokers get paid? (00:25:30)
22. How many mortgages do you need to close to get 60K a year? (00:26:19)
23. Why did we fire clients? (00:29:59)
24. Why we pick up calls right after giving birth (00:33:24)
25. About MyMortgage App (00:34:41)
26. Quick overview of Rahim's Bio as he used to be an accountant (00:35:04)
27. Would the lender find out that you bought a car after your possession day? (00:36:45)
28. Does the lender call your workplace to check that you are working there before the possession day? (00:37:03)
29. Shocking Info: Lenders will GOOGLE YOUR NAME and why you should not be in the newspaper (00:38:19)
30. What if someone murdered someone? (00:39:17)
31. Do you have to negotiate a lot in your job as a mortgage broker? (00:41:29)
32. Rahim's 3am Story (00:43:03)
33. New Down Payment Changes (00:45:10)
34. Why you shouldn't put down 20K down....?! (00:45:43)
35. What if I want to buy a rental? (00:47:28)
36. One great thing that Rahim does that other mortgage brokers DO NOT DO (00:48:28)
37. How we saved a client $2000 by not coming to Calgary (00:49:55)
38. If you are getting a divorce and want to buy a new place for yourself, what should you do first? (00:50:27)
39. What happens when mortgage brokers get hard deals (00:51:47)
40. Does the lender look at the address of the property or quadrant? (good area vs bad area of the city) (00:52:37)
41. What about Heritage Homes? (00:53:09)
42. What about grow-ops? (00:53:26)
43. What about cemeteries or violent deaths? (00:53:38)
44. Shocking Fact about disclosing death in the house (00:53:59)
45. Why you should use a Realtor (as it's FREE and for your benefit) (00:55:46)
46. Last Words of Wisdom from Rahim (Renewals + Interest Rates) (00:57:31)
47. One advice that Rahim always remembers (01:03:02)
5 episodes
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