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Home Equity Loans
Jul 28, 2017

Looking for a Great Value in the GTA? Get a Property in Oshawa!

Living in an apartment is getting tiresome and you would love to own a home. While you do have a little money set aside, there is the matter of your credit. One of the things you should know is that obtaining poor credit mortgages in Oshawa is not as difficult as you may think. Along with lenders who are willing to work with you, there are some great values in the area. Here are some of the reasons why you should think about making Oshawa your home.

Get a home in Oshawa

The Market in Oshawa is Booming

There’s a lot of talk about how homes in Toronto are appreciating in value, but did you know that there is a similar trend in several of the communities in the southern part of the GTA? In fact, Oshawa is leading the pack. According to information prepared by Teranet-National Bank, the prices for homes in Oshawa are up 31.8% in April 2017 compared with the same month in 2016.

While other cities like Barrie and Guelph are experiencing increases in home values, they are more modest. If you choose to buy now in Oshawa, there’s a good chance of generating a significant net profit if you choose to sell several years from now. That’s great news for couples who need a starter home now but anticipate needing a larger place after several years.

For example, you and your spouse just married. There are no plans to start a family for at least five years. During that time, it will be easier for the two of you to make your mortgage payments on time and set aside some money in a savings account each month.

Couple your responsible management of the mortgage payment with saving regularly and you create a nice nest egg that can be used if some financial emergency does take place. Once you do start a family and need a larger home, the combination of having the cash for a deposit plus being able to sell your present home and generate some net profit once the mortgage is settled in full positions you to lock in more favorable terms with the mortgage on your new home.

Projections Indicate the Trend Will Continue

Some worry that the present upward trend in home market values will level out over the next couple of years and only post modest growth moving forward. At present, there are real estate experts who anticipate that the current trend will continue for anywhere between five and ten years. In other words, a home that you can afford right now could be out of your reach in as little as three years.

Choosing to buy now provides the chance to lock in a price that is not likely to ever be seen on the market again. As you watch the market value of your home continue to climb in the years to come, you’ll be thankful that the decision was made to buy now instead of waiting and hoping for the best.

Second Mortgages are Competitive

Would a second mortgage help you arrange your home financing to better effect? Owing to the movement in the marketplace right now, you’ll find more lenders who are willing to work with you on obtaining that mortgage. Second mortgages in Ottawa for those who are seeking to improve their credit will help your credit score and allow you more flexibility with structuring the household budget. When used responsibly a combination of a primary and secondary mortgage has the potential to keep your overall monthly payments more affordable and allow you to set aside more of your income for a rainy day.

Keep in mind that getting a second mortgage without a specific plan for repayment could undermine your financial stability. By all means use the proceeds to help with the deposit or to make improvements that help to bolster the market value of the property. If you are looking for a way to obtain funds to settle a number of unsecured debts, make sure that using the mortgage as a consolidation loan will actually leave you in better financial shape. Commit to not running up additional credit card balances while you pay off the mortgage. It may be tough to resist the urge, but in the end you will be happy that you put the money from that second mortgage to good use and got yourself out of debt faster.

What About the General Cost of Living?

The cost of living in the GTA is increasing, even in Oshawa. What you need to know is that the increase in costs for essentials like food, clothing, and utilities is more modest than in some other areas in and around Toronto. This factor also makes buying a home in Oshawa appealing. Along with getting a great place that appreciates in value, you will be able to stretch the paycheck and accomplish more with less.

The expectation is that your income will increase a little from year to year, at least enough to offset the increase in the cost of living. Given that the cost of essentials in Oshawa are more affordable than in larger cities anyway, you do have a good chance of keeping up with inflation and being able to maintain a relatively comfortable lifestyle.

Whether you use a combination of personal loans and a mortgage or choose to go with first and second mortgages, it makes sense to take a look at the housing market in Oshawa. Talk with a professional who can help you understand the direction of the market, the projections for the next few years, and what financing options are open to you. Be sure to explore every option that shows promises and never hesitate to ask questions. After all, you are taking on a financial responsibility that will require your attention for a number of years. After weighing all the options, you will likely find that buying a home now rather than putting it off for another year or two will pay off in a big way in the years to come.

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