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Mortgage Strategies 101

Let Mortgage Intelligence guide you to find the best Mortgage Strategy

When applying for a mortgage – or when reviewing your current mortgage strategy – it is helpful to begin thinking about the mortgage options with which you would feel most comfortable.  By having an understanding of your priorities and preferences, the mortgage process will become more efficient and your satisfaction over the term of your mortgage is likely to be higher.

Important Questions

Although this is not an exhaustive list, it provides a good start.

1. Is some fluctuation in payments acceptable?
2. Do I want the comfort of knowing what my payment is every month and of knowing it will not change for the whole mortgage term?

Mortgage Strategies

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3. Do I want the lowest payment possible?
4. Do I want to pay down my mortgage as soon as possible?
5. How much down payment am I comfortable with, while not putting myself and my family into  financial difficulty?
6. Are there any credit issues about which I will need to provide documentation?

7. Is the Lowest Rate always the best choice?

 

There are numerous other considerations that your Mortgage Intelligence Mortgage Professional will discuss with you, depending on your situation.  He or she has access to an impressive array of mortgage choices, and can offer expert advice on which mortgage best suits your individual circumstances.  For knowledgeable advice throughout the mortgage process, contact Mortgage Intelligence.

Every Canadian deserves a home they can call their own.  Let  Mortgage Intelligence help you with a low rate solution! Apply today & save!

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Home Renovation Financing Options!

There are many reasons to Renovate!

You may want to save energy (and save on utility bills), to make room for a growing family, to improve safety or increase the resale value of your home, or simply to bring a fresh new look to your home. There are also a number of different ways to finance your renovation. Read on to obtain information for a number of financing options, along with practical advice to consider before starting your renovation project.

 

Before You Begin

 

Whether you intend to finance your renovation yourself or borrow money, you should talk to us before you make firm plans. We can help you understand your options, and advise you on how much you can borrow.  We can even pre-approve you for a loan. This information will help you plan realistically. Use the form provided to contact us.

 

 

Explore Your Options

 

Your own resources: For smaller renovation projects, you may consider self-funding material costs, especially if you plan to do the work yourself.

 

Credit card: Likewise, you can use your credit card to pay for materials for smaller renovations. But be careful not to carry the balance for too long; credit card interest rates can exceed 18%.

 

Personal loan: With a personal loan, you pay regular payments of principal and interest for a set period, typically one to five years. You also have the option of a fixed or variable interest rate for the term of the loan. The interest rate on a personal loan is typically less than that of a credit card. Unlike a line of credit, once you pay off your loan you will have to reapply to borrow any new funds needed.

 

Personal line of credit: This is another popular choice for financing renovations. It is ideal for ongoing or long-term renovations since it lets you access your funds at any time and provides a monthly statement to help track expenses. A line of credit offers lower interest rates than credit cards, and charges interest only on funds used each month. And, as you pay off your balance, you can access remaining funds, up to the line of credit’s limit, without reapplying.

 

Secured lines of credit and home equity loans: These options offer all the advantages of regular lines of credit or loans, but are secured by your home’s equity. They can be very economical, since they offer preferred interest rates, however initial set-up costs including legal and appraisal fees usually apply. Lines of credit and home equity loans are usually limited to 80% of your home’s value. With CMHC insured financing, lenders may offer borrowers who qualify the option of making interest-only payments for the first five or 10 years.

 

Mortgage refinancing: When funding major renovations, refinancing your mortgage lets you spread repayment over a long period at mortgage interest rates, which are usually much lower than credit card or personal loan rates. This type of financing can allow you to borrow up to 80% of your home’s appraised value (less any outstanding mortgage balance). Initial set-up costs including legal and appraisal fees may apply. If you need to tap into more of the equity in your home, loans of up to 90% of your home’s value can also be provided when insured by CMHC Mortgage Loan Insurance.

 

Financing improvements upon-purchase: If you’re planning major improvements for a home you’re about to purchase, it may be advantageous to finance the renovations at the time of purchase by adding their estimated costs to your mortgage. CMHC Mortgage Loan Insurance can help you obtain financing for both the purchase of your home and the renovations — up to 95% of the value after renovations — with a minimum down payment of 5%.

 

Other Considerations and Options

 

Planning for the Unforeseen

 

It’s a good idea to set aside a percentage of your renovation funds to cover items not included in your renovation contract, for things you discover you’d like to add once work is under way, like extra or upgraded features, furniture, appliances and window coverings or for contingency. A separate fund lets you make decisions easily, without having to renegotiate your financial arrangements or reapply for new funds.

 

Grants and Rebates for Energy-Saving Renovations

 

Across Canada, renovation grants and rebates are available from the federal and provincial governments and local utilities, especially for energy-saving renovations. If you qualify, they may help pay for some of your project’s costs.

 

  • CMHC Mortgage Loan Insurance for Energy-Efficient Homes: 10% CMHC mortgage loan insurance premium refund and extended amortization periods without surcharge.
  • ecoENERGY Retrofit — Homes: grants of up to $5,000 to offset the cost of making energy-efficiency improvements.
  • Provincial and Municipal Entities Offering Grants and Incentives
  • Rebates and Incentives for Selected ENERGY STAR® Qualified Products in Canada

 

This content is provided for informative purposes only. It does not constitute or substitute financial or other advice. CMHC assumes no liability in connection with the information provided.

 

This information is from the CMHC website.

 

There is only one solution when you need a mortgage. That’s Mortgage Intelligence!  Serving Durham Region & GTA. Apply now!

Want to know if you have enough Equity to Renovate, Use the handy form below to contact us today.

 

 

 


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10 Easy Ways to Update Your Bathroom!

Make Your Bathroom Revnovation Pay!

When people normally think of updating their bathroom they think of time consuming and costly renovations. While making costly renovation will certainly update your bathroom you do not have to spend that much money to make your bathroom look like a completely different and updated bathroom, by simply making small changes to certain areas in your bathroom you can have a quick and easy style update.

Before you start with updating make sure to de-clutter anything that is old and worn out. Throw out anything that is expired or just taking up space in your cabinets. It is always good to start with a clean slate.

Bathroom Renovation

  1. New Bathroom Accessories – Purchase new accessories such as toilet brush holder, storage bins, soap dishes and toothbrush holders. Choose something out of the ordinary. The clean lines and simplicity of these accessories will add interest without overpowering the space.
  2. Shower Curtain – Choose a pattern that will add visual interest to your space, such as large print (geometric or floral). If you do not like colour try to find something that is just as appealing in black and white to add a clean and classic alternative.
  3. Cabinet Hardware – Unique handles add your own personal touch to your bathroom rather then just the standard metal ones. Glass or acrylic handles can add a touch of class to your cabinets without replaces the whole cabinet.
  4. Bath Mats – Find a mat that is easy to clean.  One that is made from treated wood that can withstand water and dirt. This will bring an element of individuality to your bathroom.
  5. Fresh Towels – This may sound simple but when you buy new towels and hang them in your bathroom they will make a huge difference in the overall appearance. Since towels are used so often they lose their colour and shape rather quickly so replacing them ever so often is a good idea.
  6. Paint Colours – A fresh coat of paint can rejuvenate a space. Since bathrooms are normally smaller in size you do not have to be afraid to use bold colours on your walls. Crisp blues and greens are really good to make the room look fresh and clean.
  7. Paint the Vanity – If you live in an older home your vanities will probably be painted wood vanities with storage. If your budget does not allow you to change the whole vanity, then you can paint it a new colour, something light that will contrast against the bring colour of the walls.
  8. Sophisticated Soaps – The delicate scent of soaps can create a fragrant aroma in the room without being overpowering.
  9. Small Occasional Chair – An occasional chair neatly tucked into a corner is another great way to introduce colour into your space. If the chair has fabric try and make sure they co-ordinates with the shower curtain and paint colours.
  10. Artwork – Create a bold artistic statement by adding an interesting piece of artwork to an otherwise blank wall. Choose one special accent is a great way to tie the entire room together. Something with a graphic pattern that is neutral enough to withstand changing colour schemes.      

This article was revised from yourhome.ca.

Thousand of our clients save everyday. They know the value of having a Mortgage Broker to get the low rate and great terms they deserve. To join them, Apply today

 


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See You at the Home and Garden Show!

Join Us At the Home & Garden Show

 

Look for the Mortgage Intelligence booth and fill in a ballot to win one of our fantastic prizes!
Home and Garden show prizes

Oshawa Home and Garden Show

Friday, March 7 at 1:00pm

GM Centre in Oshawa, Ontario

Free Parking is available.


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March Is Fraud Prevention Month

House Fraud is one of the largest in Canada.

This is largely due to the high value of our homes.                                                            Fraud and Identity Theft

Do you think it’s impossible that your house could be sold without your knowledge?

Wrong! It happens more than you can imagine.

Its starts with Identity Fraud and that leads to Housing Fraud.

This week you will learn how to protect yourself.

The following article is courtesy of RECO. Real estate Council of Ontario.

Fraud and Identity Theft.


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You’ll Be Shocked and Dismayed!

This Undercover Video Will Shock You!

 Melissa goes undercover in Guelph Ontario talking to Financial Advisors offering some of the worst or simply false information to the hidden camera.  A client reveals losing his home & marriage due to bad advice offered to him. Don’t let this happen to you!

Find out who really makes money from your investments!

Watch the shocking revelations in the CBC investigation.