Michelle Kam Shares Quality Online Realty Tools for Home Buyers in Canada

Buying a home is a huge commitment. In fact, for many, this will be the biggest purchase that they ever make. Therefore, the decisions that come along with purchasing a home can be very taxing. However, with the help of various tools and calculators, some of these decisions can be simpler. Thanks to technology, there are many online realty tools available for home buyers. These tools can help buyers in Canada review their current situation to determine if they are in a position to buy and even help them decide which mortgage is best for them.

In addition to online tools and apps, making these decisions is always easier with the help of an experienced real estate broker. Michelle Kam, a real estate broker in Toronto, enjoys helping home buyers through the process of this important decision. Falling in love with real estate at an early age, Michelle joined Re/Max after graduating from York University. She specialized in high-end properties in the resale market, particularly in the urban market, focusing on condos, lofts, and townhomes. After working in the industry for some time, at the request of her loyal client base, she opened her own brokerage. She owned and operated City Accord Realty Inc., Brokerage for over 10 years. Then, in 2016, Ms. Kam came across Jamie Johnston, Owner of Re/Max Condos Plus, and decided to jump onto the Re/Max brand once again. Real estate brokers are always available to assist buyers in determining what options are best for them. To help potential buyers gain further insight into their purchasing capabilities, here are three of the best and most helpful online realty tools for home buyers in Canada.

Rent Versus Buy Calculator

It can be difficult to determine whether renting or buying a home is your best option. This free online tool from Rentseeker can help you decide by providing an estimated cost for each possibility.

The tool can determine the approximate monthly cost to rent in the city of your choice, as well as the monthly costs you’ll incur if you purchase a home, including taxes and utilities. If you live in a major Canadian city, like Toronto or Vancouver, then this tool is especially helpful. However, Michelle Kam notes that potential home buyers using this tool should also contemplate and account for future changes to costs, including increased taxes, as well as rent increases. In addition, users should consider the long-term benefits of the equity that is established by paying down a mortgage.

Maximum Mortgage Calculator

Are you aware of whether or not you will qualify for a mortgage and how much a financial institution might be willing to lend you? This free online calculator from The Mortgage Management Group can help you determine the maximum mortgage a lender would consider providing for you to purchase a new home. By providing your annual income, estimated property taxes, monthly heating costs, current monthly payments for other debts owed, any secondary financing payments, and the interest rate, you can determine the maximum mortgage you could receive. As well, the tool will show you your approximate monthly payments. This is helpful in determining what you can afford and if you are currently in a position to borrow, says Michelle Kam.

The Canadian Mortgage App

This all-encompassing mortgage app is a popular tool of choice for many Canadians looking for mortgage information. The app will allow you to calculate your maximum mortgage, determine any additional one-time fees you may encounter when purchasing a home, including land transfer taxes, as well as potential rebates, and evaluate different mortgage rate options. With the help of the Canadian Mortgage App, home buyers can get a comprehensive picture of their buying options and the monthly expenses they can expect to incur, notes Michelle Kam.