Lisette Amalfi
Greater Golden Horseshoe
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What Are Condo Fees?
February 03, 2025
What Are Condo Fees and How Lisette Amalfi Can Help You Navigate Them?
When you're considering buying a condo in Ontario, one of the most important factors to understand is condo fees (also known as maintenance fees). These monthly payments cover the cost of maintaining and operating the common areas of the building or property, and they can significantly impact your overall budget and long-term affordability. With over 23 years of experience, I, Lisette Amalfi, specialize in helping my clients navigate the complexities of condo buying, ensuring they fully understand the financial implications—especially condo fees.
What Are Condo Fees?
Condo fees cover the maintenance and management of shared spaces and services within a condominium building or community. The amount can vary based on factors like the size of the condo, the amenities offered, and its location. Here’s what these fees typically include:
1. Building Maintenance and Repairs Condo fees contribute to the upkeep and repairs of common areas, such as hallways, elevators, lobbies, and the building’s exterior. Major repairs (like roofing or HVAC system replacements) are typically funded through these fees.
2. Utilities Many condos include utilities like water, heat, and electricity for common areas in the fees. However, utilities such as electricity, internet, and cable for your own unit are usually separate costs, paid by the homeowner.
3. Security and Concierge Services Larger or luxury buildings often offer services like security, concierge staff, and on-site maintenance personnel, all funded through condo fees. These services contribute to the convenience and safety of the building.
4. Shared Amenities Fees also cover the maintenance of shared amenities like fitness centers, swimming pools, party rooms, and parks. The more amenities a building offers, the higher the condo fees tend to be.
5. Insurance for Common Areas Condo fees typically cover insurance for common areas and the building’s structure. However, you'll need to arrange for your own insurance to cover personal belongings within your unit.
6. Reserve Fund Contributions A portion of your condo fees goes into a reserve fund, which is a savings account for future major repairs or replacements (e.g., replacing the roof or elevator). A well-funded reserve helps ensure the long-term financial health of the building.
7. Property Management Fees Many condos are managed by professional property management companies. A portion of your condo fees covers these operational costs.
How Condo Fees Affect Your Home Buying Budget
Understanding condo fees is key when purchasing a condo, as they can significantly impact your overall budget. Condo fees are in addition to your mortgage payment, property taxes, and other utilities. Here’s how these fees might affect your condo-buying process:
• Affordability: Condo fees can range from $100 to over $1,000 per month depending on the location, size, and amenities. It’s important to consider these costs as part of your overall housing budget. With my help, I can help you assess how these fees align with your financial situation and adjust your mortgage application if necessary.
• Building’s Financial Health: High condo fees could indicate the building needs major repairs or lacks a well-funded reserve. On the flip side, low fees could mean the building isn’t saving enough for future repairs, which could lead to sudden increases or special assessments. I’ll help you evaluate the financial health of the condo building so you can make an informed decision.
• Potential for Fee Increases: Condo fees can rise over time due to inflation or the need for repairs. By reviewing the condo’s financial statements and reserve fund, I can help you anticipate potential fee increases and understand how they’ll impact your long-term budget.
How I Can Help You Navigate Condo Fees
As a mortgage broker with over two decades of experience, I help my clients fully understand condo fees and how they’ll impact their financial situation. Here’s how I can support you:
• Mortgage Guidance: I’ll ensure you fully understand how condo fees factor into your overall mortgage application and budget. I can also advise you on the best mortgage options based on your financial situation and the condo fees associated with the property.
• Financing Options: Condo fees can influence your mortgage approval and borrowing capacity. I’ll help you assess their impact to ensure the condo you choose fits within your financial means.
• Evaluating Condo-Specific Factors: I’ll guide you in reviewing the condo’s financial documents, like financial statements and reserve fund studies, to help identify any risks associated with the condo fees, such as special assessments or potential fee hikes.
• Long-Term Affordability: My experience allows me to provide a comprehensive analysis of how condo fees, mortgage payments, and other costs will affect your long-term financial goals, ensuring your purchase remains financially sustainable.
Conclusion
Condo fees play a vital role in condo ownership and can significantly impact your financial stability. When buying a condo in Ontario, it’s crucial to understand what these fees cover and how they’ll affect your budget. With my expertise, I can guide you through every step of the process, ensuring you fully understand the financial aspects and make a decision that aligns with your goals.
Ready to navigate condo fees and find the perfect mortgage for your new home? Contact me today!
📞 Call: 905-929-1199
📧 Email: lamalfi@tmacc.com
Let’s make your condo-buying experience stress-free and financially sound.
Monoline Lenders vs Banks: Which is Best for Your Mortgage?
January 31, 2025
When you're buying a home, one of the biggest decisions you'll make—besides choosing the home itself—is where to get your mortgage. Most people immediately think of banks, but did you know that there’s another option that could save you money? Monoline lenders, which specialize exclusively in mortgages, often offer better rates and more flexible terms than traditional banks.
So, which is right for you? Let’s break it down so you can make the best choice for your financial future.
What is a Monoline Lender?
A monoline lender is a financial institution that only deals with mortgages. Unlike banks, they don’t offer chequing accounts, credit cards, or investment services. Because they focus purely on home financing, they can often provide more competitive mortgage products.
Why Choose a Monoline Lender?
✅ Lower Interest Rates – Without the massive overhead of a big bank, monoline lenders frequently offer better rates.
✅ Flexible Mortgage Terms – Many monoline lenders have more generous prepayment options, easier porting (moving your mortgage to a new home), and lower penalties for breaking your mortgage early.
✅ Exclusive Broker Access – You won’t find monoline lenders advertised on the street; they work exclusively through mortgage brokers like me, meaning I can secure special rates and products you wouldn’t get at a bank.
✅ Lower Break Penalties – If you ever need to refinance or break your mortgage, monoline lenders generally charge way lower penalties than banks—sometimes saving you thousands of dollars.
Potential Downsides of Monoline Lenders
❌ No Physical Branches – Monoline lenders operate online or through brokers, so you won’t be able to walk into a branch for mortgage services.
❌ Less Familiar Name – Since monoline lenders aren’t household names like the big banks, some buyers are hesitant—even though they’re highly regulated and trusted in the mortgage industry.
❌ Limited Additional Services – Unlike banks, monoline lenders don’t offer credit cards, savings accounts, or personal loans. If you prefer to have everything in one place, this may be a drawback.
What About Bank Mortgages?
A bank mortgage is exactly what it sounds like—a mortgage provided by a major bank that also offers other financial products, like credit cards and investment accounts.
Why Choose a Bank for Your Mortgage?
✅ Trusted & Well-Known – Banks have been around forever, and many people feel comfortable working with a brand they recognize.
✅ Bundled Services & Perks – Some banks offer discounts or incentives when you bundle your mortgage with other financial products, like a chequing account or credit card.
✅ Physical Branches – If you like in-person service, banks have local branches where you can meet with mortgage specialists.
Potential Downsides of Bank Mortgages
❌ Higher Mortgage Break Penalties – Banks charge significantly higher penalties if you ever need to break or refinance your mortgage before the term ends.
❌ Less Competitive Rates – Banks often advertise higher mortgage rates, and while you can negotiate, monoline lenders tend to offer lower rates right off the bat.
❌ Stricter Lending Criteria – If you're self-employed or have non-traditional income, it may be harder to qualify for a mortgage with a bank than with a monoline lender.
So, Which Option is Right for You?
The truth is—there’s no one-size-fits-all answer. The best mortgage option depends on your unique financial situation, homeownership goals, and future plans. That’s where I come in!
How I Can Help You Choose the Best Mortgage
As a mortgage broker with over 23 years of experience, I take the guesswork out of choosing between a monoline lender and a bank. Here’s what I do for my clients:
🏡 Compare Multiple Lenders – I have access to both monoline lenders and major banks, which means I can find the best rates and terms based on your needs.
📉 Secure Better Rates & Lower Fees – I negotiate on your behalf to ensure you get the lowest interest rate possible and avoid hefty mortgage break penalties.
📍 Expert Guidance for Ontario Homebuyers – Specializing in Ancaster, Hamilton, and all of Ontario, I provide personalized advice based on your local market.
📞 Make the Mortgage Process Stress-Free – From pre-approval to closing, I handle the details so you can focus on what matters—finding your dream home.
Let’s Talk About Your Mortgage Options!
Choosing between a monoline lender and a bank doesn’t have to be overwhelming. Let’s chat about your mortgage goals, and I’ll help you decide which lender is the best fit for you.
📞 Call: 905-929-1199
📧 Email: lamalfi@tmacc.com
📍 Serving: Ancaster, Hamilton & All of Ontario
With the right mortgage strategy, you can save thousands of dollars and secure the best possible home financing. Let’s make it happen!
What to Consider when preparing a budget for buying a home in Ontario
January 30, 2025
Planning your budget is a crucial step when buying a home in Ontario. It ensures you’re financially prepared for the purchase and helps avoid surprises along the way. From the down payment to closing costs, understanding all potential expenses is key to a smooth home-buying experience. Here are some important factors to consider:
1. Down Payment Requirements in Canada
• 5% for homes priced up to $500,000
• 10% for the portion between $500,000 and $1 million
• 20% or more for homes over $1 million
Your down payment significantly impacts your mortgage, so it's important to ensure you have the necessary savings.
2. Mortgage Default Insurance If your down payment is less than 20%, mortgage insurance is required from providers like CMHC, Sagen, or Canada Guaranty. This cost is typically added to your mortgage and can range from 2.8% to 4% of your loan amount.
3. Mortgage Pre-Approval A mortgage pre-approval helps determine how much you can afford and locks in an interest rate for up to 120 days. Lenders will assess your credit score, income, and debt ratio to provide an accurate estimate.
4. Interest Rates & Mortgage Types
• Fixed-Rate Mortgages: Predictable payments but possibly higher initial rates.
• Variable-Rate Mortgages: Fluctuate with the market, potentially saving you money over time.
5. Property Taxes in Ontario Property taxes vary by municipality and are based on the assessed value of your home. It’s important to check local rates, as they can significantly affect your annual costs.
6. Closing Costs Expect to pay between 1.5% to 4% of your home's purchase price in closing costs, which can include:
• Land Transfer Tax (Ontario + additional tax in Toronto)
• Legal Fees
• Home Inspection
• Title Insurance
7. Home Maintenance & Repairs Owning a home requires planning for regular maintenance, like HVAC servicing, plumbing repairs, and roofing. Set aside a budget to help cover unexpected repairs.
8. Utility Bills & Monthly Expenses Consider monthly utility costs (hydro, water, gas, internet). Larger homes or properties with special features like pools may increase these costs.
9. Condo or HOA Fees If you’re buying a condo or a property with shared amenities, be prepared for monthly condo or HOA fees. These fees vary based on the property and services offered.
10. Home Insurance & Mortgage Protection Home insurance is required for financing and protects against property damage. Mortgage life insurance is optional but can be useful if unexpected circumstances arise.
11. Affordability & Lifestyle Considerations Make sure your budget allows you to maintain your desired lifestyle while covering your mortgage and living costs. It's important not to overextend yourself financially.
12. Emergency Fund for Homeowners It's always a good idea to have an emergency fund of 3 to 6 months of living expenses, so you're prepared for any unexpected costs, like a job loss.
13. Ontario Housing Market Conditions Stay informed about the current market trends and interest rate changes. This can help you make a strategic decision on when to buy.
14. First-Time Home Buyer Incentives in Ontario Take advantage of government programs like:
• First-Time Home Buyer Incentive (FTHBI) • Home Buyers’ Plan (HBP)
• Ontario Land Transfer Tax Refund
15. Moving Costs Don't forget to budget for moving expenses like hiring movers, storage fees, and utility setup.
Work with an Experienced Mortgage Broker As an experienced mortgage broker in Ontario, I can help you navigate the financial aspects of buying a home and make sure you’re getting the best mortgage deal possible. Whether you’re buying your first home or refinancing, I’ll work with you to find the right solution for your needs.
Ready to take the next step? Let’s chat! You can reach me at:
📞 Phone: 905-929-1199
📧 Email: lamalfi@tmacc.com
Let me help you make your home-buying process smooth, stress-free, and financially sound.
What's New for First Time Homeowners
January 29, 2025
Updates for First-Time Homebuyers (2024/2025)
Government Incentives and Programs
- Home Buyers’ Plan (HBP) Enhancement:
- The federal government has increased the HBP withdrawal limit from $35,000 to $60,000. This allows first-time buyers to use more of their Registered Retirement Savings Plan (RRSP) funds towards a down payment without immediate tax implications.
- How Lisette Amalfi Can Help: Lisette can guide you through the HBP process, ensuring you maximize the benefits of this program.
- First-Time Home Buyers’ Tax Credit (HBTC):
- Eligible first-time buyers can claim a non-refundable tax credit of up to $1,500 to help offset closing costs.
- Lisette’s Expertise: She can help identify all available tax credits and ensure you take full advantage of them.
- First Home Savings Account (FHSA):
- A new program that allows contributions up to $8,000 annually (lifetime limit of $40,000). Contributions are tax-deductible, and withdrawals for a first home are tax-free.
- Lisette’s Advice: Lisette can provide insights on how to incorporate the FHSA into your overall financial strategy.
- Extension of HBP Repayment Period:
- Buyers now have an additional three years before needing to start repaying withdrawals made between January 1, 2022, and December 31, 2025.
- Guidance from Lisette: She can help you understand the repayment terms and integrate them into your financial planning.
Market Trends and Mortgage Rates
- Interest Rate Reductions:
- The Bank of Canada has reduced the benchmark interest rate to 3.25% (as of late 2024) with further reductions expected in 2025.
- Lisette’s Role: With her expertise, Lisette can help secure the best mortgage rates and explain how rate trends might affect your borrowing options.
- Housing Market Activity:
- Home sales are on the rise, with a 10% increase in the last quarter of 2024. Lower borrowing costs have fueled market activity.
- Lisette’s Advice: She can help you navigate a competitive market and position yourself for success.
Why Work with Lisette Amalfi?
Lisette Amalfi is a trusted mortgage broker specializing in first-time homebuyers. She offers:
- Personalized Support: Tailored advice based on your unique financial situation and goals.
- Access to Multiple Lenders: Lisette ensures you get competitive rates and terms.
- Expert Guidance: From understanding government programs to navigating fluctuating market conditions, she simplifies the process for you.
- Stress-Free Experience: Lisette takes care of the details, so you can focus on finding your dream home.
Recommendations for First-Time Homebuyers
- Stay Informed: Lisette can keep you updated on changes in government incentives and market trends.
- Assess Financial Readiness: Work with Lisette to evaluate your budget and borrowing capacity.
- Act Strategically: With her guidance, you can make confident, informed decisions about timing, location, and loan terms.
By partnering with Lisette Amalfi, you’ll have an experienced professional to guide you every step of the way, ensuring a smooth and successful journey to homeownership.
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