One Easy Trick to Save Huge Money When Buying a Home – Hamilton, Burlington, Grimsby, Ancaster, Waterdown, Dundas, Binbrook, Stoney Creek, Caledonia and Surrounding Areas
In today’s economic climate, Canadians are tightening their belts and looking for ways to save money wherever they can. They are clipping coupons, shopping at discount stores, and buying in bulk to stretch their dollars further. While these efforts can help save money in the short term, there is one way Canadians can save thousands of dollars immediately and even more over the long term, when making one of their largest financial investments.
Buying a home is likely to be the biggest investment most Canadians will ever make. But with the help of a Realtor who offers a Cash Back Rebate, the savings can be even greater. A Cash Back Rebate is a portion of the commission earned by the Realtor that is returned to the buyer in cash after the sale of the home is complete. This can add up to thousands of dollars, depending on the price of the home.
For example, if a Realtor offers a Cash Back Rebate of 1% on the sale of a $500,000 home, that’s a savings of $5,000. And if that money is put towards paying down the mortgage, it can save even more in interest payments over the life of the loan.
Consider this scenario: A Canadian couple buys a $500,000 home with a 25-year mortgage at a 5% interest rate. They put down 20% ($100,000) and receive a Cash Back Rebate of $5,000 from their Realtor. If they apply that $5,000 to their mortgage principal, they will save an additional $12,028 in interest payments over the life of the loan. This means that their $5,000 Cash Back Rebate has effectively saved them $17,028 over the 25-year term of their mortgage.
When buying a home, it’s important to work with a Realtor who not only has expertise in the local market but also offers a Cash Back Rebate to help buyers save even more money. By putting the Cash Back Rebate towards the mortgage, buyers can save thousands of dollars in interest payments and potentially pay off their mortgage sooner. This is an often overlooked way to save money that will pay dividends for years to come.
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FREE RESOURCES :
1)Corona Realty Inc. – Low Commission Free Pre-Listing Package https://coronarealty.ca/Corona_Realty_Pre-Listing_Package_2022.pdf
2)Corona Realty Inc. – Net More Money Buying and Selling by Doing 3 Simple Things: https://coronarealty.ca/3_Ridiculously_Simple_Things_Uploaded_2022.pdf
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WHO AM I:
Andrew Ielasi is the Broker of Record of Corona Realty Inc., Brokerage. He is a Licensed REALTOR® in the Hamilton and Surrounding Area for more than 30 years and Principle of the Brokerage since 1992. Andrew and the Brokerage provide Low Commission Rates for his Home Seller Clients and Cash Back Rebates to his Home Buyer Clients. Previously, Corona Realty Inc., Brokerage was an Independent Member Franchise of the Prudential Real Estate Affiliates and before that, it was a Franchise of a Ontario Regional Minimum Commission Real Estate Network known as MinCom Realty Systems.
Andrew has had experience working at both Local Independent Brokerages as well as Franchises associated with National and International Real Estate Franchise Organizations.
Disclaimers:
— Note: this is not real estate, legal, financial nor accounting/tax advice and should be used for entertainment purposes only. It may contain our own independent comments and/or opinions which should not be considered as advice of any kind. Consult with your own real estate, legal, financial, accountant and/or tax advisor for specific advice related to your business or personal situation and needs.