Services 2019-01-24T22:33:43+00:00

How Much Mortgage Can I Qualify For?

Your needs are both personal and specific. As a first step, my office has an exploratory discussion with you to understand and quantify your situation, your needs, your wants, and your desires. During this discussion, I will gather all the information necessary to apply to lenders for pre-approval of your financing.

With a pre-approval in hand, you and your real estate agent know exactly how much you can comfortably afford along with the assurance of a locked-in rate for 60 to 120 days – all at no cost to you. If interest rates drop, so will your locked-in rate. If the interest rates go up, your locked-in interest rate will not. Being pre-approved for a mortgage gives you the confidence of knowing that your financing is assured, and it puts you in a stronger negotiating position against other home buyers who are not pre-approved. It is important to note the subject property must be acceptable to the lender who pre-approved you.

I am here to help so give me a call today.

Call me at 416-400-9333 or 1-800-316-0484

What Are Variable Rate Mortgages?

Variable Rate Mortgages (VRM) are priced based on a discount or a premium to the lender’s Prime Rates. People who have opted for Variable Rate Mortgages have made significant savings over the years compared to Fixed Rate Mortgages. If you break a VRM mid-term, the penalty assigned is usually limited to three months worth of interest. The Interest Rate differential penalty of an FRM can be shockingly large and must be looked at on a case by case basis.

Is a Variable Rate Mortgage right for you? The main issues with VRM are your opinion on where interest rates are going and your emotional and financial tolerance of that potential movement. The Variable Rate Mortgage has been cheaper over time and generally has a much lower penalty to break than an FRM.

I am here to help so give me a call today.

Call me at 416-400-9333 or 1-800-316-0484

What Should I Know About Fixed Term Mortgages?

Fixed-term mortgages give you a set rate over their entire term. All lenders provide different privileges and options, so we must find the lender that suits your needs. For example, prepayment privileges can vary from lender to lender. It is a fact almost 60% of Canadians break their mortgages by the end of thirty-eight months. You could decide to move; there could be a marriage breakdown; you might lose your job, and your mortgage is no longer affordable.

Most lenders give you the option of the higher of the interest costs for three months or an Interest Rate differential Penalty (IRD). Before locking into any longer-term mortgage, every facet of the lender’s policies needs to be analyzed, especially the IRD Penalty. If interest rates drop from when you entered the loan to when you want to break it, the IRD penalty could be brutal. On a long-term Fixed-Term Mortgage after the fifth year, the cost of breaking it is only a three-month interest penalty.

I am here to help so give me a call today.

Call me at 416-400-9333 or 1-800-316-0484

What Benefits Can First-Time Home Buyers Avail?

The first step is to get pre-approved.

Buying a home is the largest investment decision most people make, and I am here to help you through the process. We first must go through the pre-approval process to put you in a strong position to make offers.

First Time Home Buyers can get relief on some or all the Land Transfer Tax. To claim a refund, you must be at least 18 years of age; you cannot have owned or had an interest in a home anywhere in the world. Lastly, your spouse cannot have owned or had an interest in a home, anywhere in the world while they were your spouse.

You are eligible for the Home Buyers Program (HBP) if you have not owned a principal residence in the last four years. Each purchaser is considered separately for the HBP. If one partner is ineligible, the other partner can still be eligible. If both partners qualify, the maximum withdrawal amount from your RRSPs is $25,000 per person.

Your minimum repayment to your RRSP is one-fifteenth of the withdrawal amount per year, and there are no interest charges. If you repay your RRSP in the prescribed fashion, the transaction is tax-free.  You must make the minimum payment in full because any unpaid amount is considered taxable income for that year. All RRSP contributions used for HBP must be in the RRSP ninety days before the withdrawal.

Call me at 416-400-9333 or 1-800-316-0484

How Does Mortgage Renewal Work?

Banks can give you a good offer, but I am sure mine will be better. Most homeowners stay with their existing mortgage lender because they don’t realize there is a massive selection of mortgage products available to them. Banks rely on client’s complacency and hope the client blindly renews their mortgage when they get their renewal notice in the mail. As a Mortgage Agent, my job is to help you decide on the product that has the rate, term, and policies best suited to your needs.

I deal with many lending institutions, including major banks, credit unions, trusts, national and regional lenders. I have the means to get you the best mortgage for your specific situation.

Call today for full details!

Call me at 416-400-9333 or 1-800-316-0484

How Can I Get Mortgage Refinanced?

  1. Take Cash Out

If you’ve been paying back your mortgage long enough or the price of your home has increased you will have built your equity up in your home. You will be able to refinance your home and use this found money to pay for many causes such as paying off higher credit card debt, student loans or for home improvements. Any proceeds you receive from refinancing your property are tax-free. Please remember you need tax paid dollars to pay the money back.

  1. Shorten Your Mortgage Term

Shortening your mortgage term is a great way to save money on interest because you usually receive a lower interest rate. A lower interest rate and fewer years of payments mean savings in the long run. Shortening your term will usually make your monthly mortgage payments larger, but less of your payment goes toward interest, and more of it goes toward paying down your loan balance. Shortening your term allows you to build equity and pay off your home faster.

  1. Lower Payments

There are a few ways you can lower your payments by refinancing. First, you may be able to refinance at a lower rate while taking into account the possible penalties. Getting a reduced rate means lowering the interest portion of your monthly payment which results in interest savings in the long run. Secondly, you can get a lower payment by changing your mortgage term. Lengthening your term stretches out your payments over more years, which makes each payment smaller but it also means you are paying off less principle.

It’s always worth checking with me to see how I can help you get a payment that fits your current budget.

Call me at 416-400-9333 or 1-800-316-0484

I Am Self Employed. What Should I Be Aware Of?

There are excellent options from many lenders for a Self-Employed Client looking to get mortgage financing. When it comes to mortgages, the self-employed use to have their situation misunderstood. Typically, the self-employed reduce their taxable income every way possible, which is great for taxes but can make it difficult to qualify for the mortgage you deserve.

I work with lenders that offer excellent mortgage options for Self-Employed Canadians. These lenders understand that Self-Employed Individuals have tax write-offs that create significant reductions in their declared income.

Call or email today for the best rates, mortgage advice and policies for your situation.

Call me at 416-400-9333 or 1-800-316-0484

What Can I Do If I have Less Than Perfect Credit?

Whether you’ve had a personal bankruptcy or your credit is only slightly bruised, you can still obtain financing.

I have access to non-traditional lenders who offer financing solutions to individuals who have some credit challenges that cannot be addressed by the major financial institutions. Together we can quickly assess your situation and decide on the best way to move forward.

I am here to help so give me a call today.

Call me at 416-400-9333 or 1-800-316-0484

How Can I Improve My Credit?

  1. Monitor your payment history

You need to improve your payment history because it is the most critical factor for your credit score. Make your payments on time, and at least make the minimum payment if you can’t pay the full amount that you owe. Contact the lender right away if you think you’ll have trouble paying a bill. Make sure you don’t skip a payment even if a transaction is in dispute. Something as simple as unpaid parking tickets will hurt your credit score.

  1. Use credit wisely

Don’t go over your credit limit and use only a percentage of your available credit. Try to use less than 35% of your available credit and using less than 10% on your credit cards is better. If you use a lot of your available credit, lenders see you as a having greater risk.

  1. Increase the length of credit history

The longer you have a credit account open and in use, the better your credit score. Don’t cancel a line of credit or credit card you have a history on unless you have a good reason.  If you transfer an older credit product to a new one, the new one is considered new credit and you lose all your credit history on your old account. Consider keeping an older account open even if you don’t need it. Use it from time to time so its credit history active.

  1. Hard hits versus Soft hits.

“Hard hits” are credit checks that appear on your credit report and count toward your credit score. Anyone who views your credit report will see these inquiries. Hard hits include an application for a credit card, lines of credit, some rental applications, and some employment applications. Often, when retailers offer purchases with no interest charges for a period, these transactions are a “hard hit” and hurts your credit score.

“Soft hits” are credit checks that appear on your credit report, but only you can see them. These credit checks don’t affect your credit score in any way. Soft hits include requesting your credit report and businesses asking for your credit report to update their records about an existing account you have with them

  1. How to control the number of credit checks

If there are too many credit checks on your report, lenders may think you’re urgently trying to get credit, or you are living beyond your means. To control the number of credit checks on your report, limit the number of times you apply for credit. Also get your quotes from different lenders within a two-week period when shopping around for a car or a mortgage so that they are combined and treated as a single inquiry for your credit score. Only apply for credit when you need it

  1. Use different types of credit

Your Credit Score will be lower if you have just one credit product. It’s better to have a mix of sources of credit sources, such as two credit cards so you can keep a lower balance, a car loan and a line of credit. A mix of credit products could improve your credit score but make sure you can pay all your credit products back on time!

I am here to help so give me a call today.

Call me at 416-400-9333 or 1-800-316-0484

How Can I Fund The Restyling Of My Home?

Maybe your home just needs some new landscaping, an extra wing for your growing family, an expanded kitchen, or a swimming pool in the backyard. A record number of Canadians have tapped into their home equity for improvement projects. There’s never been a better time to access the extra funds that can help bring your home to that next level of comfort.

Call or email today to learn how to express yourself in your home renovation.

Call me at 416-400-9333 or 1-800-316-0484

Tell Me More About Vacation And Second Home Mortgages.

Build your net worth with a beautiful asset while providing your family with the perfect spot to relax and unwind. Cottages and other vacation properties are providing family memories for many Canadians, who are taking advantage of low rates and innovative new mortgage products that put these getaway homes within reach!

I am here to help so give me a call today.

Call me at 416-400-9333 or 1-800-316-0484

What Are The Opportunities In Investment Properties?

Investment properties, particularly smaller residential properties, are accessible to many average Canadians. Real estate has been one of the most attractive investment categories in Canada for many decades.

I can help you take advantage of real estate opportunities and unique mortgage options if you’re looking to build your real estate portfolio.

Call or email today for the best rates and mortgage advice!

Call me at 416-400-9333 or 1-800-316-0484

Can I Own A House As A Newcomer In Canada?

Just because you are a new immigrant does not mean that you have to wait to purchase a home. If you have been in Canada for more than three years, have landed immigrant status and are employed in Canada for a minimum of three months, you can qualify for a mortgage.
I am here to help so give me a call today.

Call Miles at 416-400-9333 or 1-800-316-0484

Let’s Talk!

1-800-316-0484/416-400-9333 or fill in the contact form below.