Mortgage Pre Approval

  • What is a Mortgage Pre Approval?

    The ins and outs of pre-approvals When you’re house hunting, it’s a great idea to know the amount of mortgage you qualify for, your monthly payments, and that your interest rate will be held for a specified period of time i.e. 120 days. This way you can shop within your price range, you don't have to worry about rates rising, and both realtors and sellers will know you're serious. Be realistic though and make sure you can afford that pre-approved amount; review all of your homeownership expenses and your monthly budget. Keep in mind that not all pre-approvals are the same, and that a preapproval is not a mortgage approval. Some are just a simple rate guarantee subject to lots of conditions and a later approval. For a full pre-approval you need to submit your application and documentation so the lender can qualify you, and even then it’s a good idea to have a financing condition in your purchase offer because your property will need to be assessed by your lender.

First Time Home Buyer

  • First Time Home Buyer, Where To Start?

    Although mortgage debt is ‘smart’ debt, buying your first home is a huge financial decision and there is a lot to think about. It’s one of the most important financial decisions that most Canadians will make in their lifetime. Here are five tips to help you get off on the right foot in your home buying journey. Determine what you can afford, start off small, get expert advice, plan for closing costs, accelerate your payments – early and often. There’s so much to consider. Working together you can get into the market and start your wealth building with smart debt! We look forward to helping you achieve your dream of homeownership!

Refinance Mortgage

  • How to Refinance Your Mortgage?

    For many Canadians, their home is a terrific repository of wealth. Home equity can build nicely by chipping away at payments and through increasing home values. Accessing home equity through a refinance (min 20% home equity) has for years been an easy, low-cost way to get needed funds. We have access to dozens of lenders, including alternative lenders that are not subject to the new rules and have less stringent qualification guidelines. If you are interested, I can provide you with a personalized analysis so you can determine whether a refinance makes sense. My job is to help you pay down debt, build wealth, create financial security, and enjoy life to the fullest!

Reverse Mortgage

  • What Is a Reverse Mortgage?

    It’s true: a reverse mortgage - one of the best financial tools available to Canadians over 55 - can greatly assist cash-strapped seniors who need to pay off their debts and live comfortably in their family home. But reverse mortgages are also a brilliant strategy for well-heeled retirees who want to unlock the value in their homes for wealth-building strategies or to enhance their retirement. Bet you didn’t know a reverse mortgage could be such a powerful financial tool! You can access equity in your home – tax free - and never make a mortgage payment on those funds. You always retain ownership of the home, and you are never required to move or to sell. It’s good to know that all those years of mortgage payments have earned you some rewards. Interested? Let’s talk!

Second Mortgage

  • What Is a Second Mortgage?

    A second mortgage can be a great way for homeowners to consolidate debt. If your debt is piling up – credit cards, store cards, car and loan payments– then the interest that you’re paying could be standing in the way of your financial security. If interest rates go up as expected, it could get a lot worse. The good news is that Canadian homeowners have a great option: debt consolidation in a way of a second mortgag. It’s a simple concept: you roll up all the extra debt you have outside your mortgage, and you consolidate it into a new, second mortgage. If you’ve built up some equity in your home, then this consolidation is the simplest way to power through your debt. The key advantage is the low interest rate: you’re trading your higher-interest loans for one easy low interest payment. So you can see huge savings in interest charges and be out of debt faster than you thought possible. The second big advantage is cash flow.

Private Mortgage Lenders

  • What is a Private Mortgage?

    Private mortgages are short- term, interest-only loans, usually with 1 year terms. Private mortgage financing can be an excellent alternative for those that are either: Self-Employed and declare little or no income, mini-condos that are less than 600sqft (banks generally won’t finance these), foreign investors, non-residents of Canada, credit challenged, owe CRA back taxes, property taxes that are in arrears, people going through a foreclosure, construction financing and commercial loans, equity takeouts for starting a business, short term financing that has is open and no penalties, don’t want to refinance their 1st bank mortgage as the penalties are to high, requiring funds up to $20 million dollars.

Mortgage Renewal

  • What Happens at Mortgage Renewal Time

    When your mortgage comes up for renewal, your lender will send you a letter suggesting you renew at their current offer. If you do, you’ll be renewing your mortgage with your eyes closed! This is your moment of opportunity to negotiate the best possible deal, either with your current lender or with a new one. Do you know if the same lender remains your best choice? Manulife Bank of Canada in their latest consumer debt survey found that two-thirds of homeowners (65 per cent) did not compare products from several different lenders to make sure they were getting the best deal the last time their mortgage came up for renewal. Auto-renewing your mortgage and not getting fully discounted rates could cost you hundreds of dollars each month. Wouldn’t it be better to put that money towards reducing your mortgage principal?

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