Managing Your Money

It is time to act cautiously!

Following the rate cut announced by the Bank of Canada last week, the major banks have passed on a part of rate cuts to their borrowers. In addition, there seems to be more speculation around uncertainty in the Canadian economy and a possible rate cut in March, if the oil prices do not sustain.

As we have mentioned in our previous posts, this is the time to act cautiously with your debts. The economic conditions are an indicator for you to focus on:

1. Paying off as much debt as possible

2. Increasing your savings every month

3. Getting a mortgage that is suitable for you and not just a low rate.

4. Managing your finances wisely

Please read article and watch the video on the Financial Post for information.

If you are looking to buy a home and need advice on how to manage your finances, contact the team at mimortgage.ca. To get pre-approved today, apply now through our secure online website or speak to one of our agents at (866) 452-1100.

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Is An Error Destroying Your Credit?

Your Credit Could Be Destroyed By A Simple Error!

As an experienced Mortgage Agent I have seen many different Credit reports.  There have been many instances when clients have come to us to get pre-approved and their credit scores have come out low or lower than anticipated due to incorrect information on their files. Until these credit issues are repaired, they cannot move forward with a mortgage.

Most common errors are:

• A collection that is not yours
• An account that is paid but shows up as it is in arrears
• Someone else’s information on your bureau.  

Whatever the case may be there is usually a way to fix it.

First of all you must collect all the documentation to prove that your credit is clean.

Then have your proof of identity ready to share with the Credit Bureau.

Contact the Credit Bureau with the information and give them a full explanation of the error and why you believe it should be corrected.

It may take time to make a correction on your credit bureau but it can be done.  If you are in the process of trying to obtain a mortgage and it becomes clear that there is an error on your credit bureau the team at mimortgage.ca are ready to help you clear it up and get the mortgage that you want.

The team at mimortgage.ca are able to advice and assist you with improving your credit and also offer suitable mortgage solutions if you are looking to buy or refinance your home. To get pre-approved today, apply now through our secure online website or speak to one of our agents at (866) 452-1100.

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BoC Reduces Overnight Rate to 0.75 Percent

Good news for Homeowners!

The overnight rate cut announcement made by the Bank of Canada on Wednesday, certainly did take everyone by surprise. Bank of Canada’s reason for the overnight rate cut to 0.75 percent is as a result of all-time low oil prices. This certainly is good news for you homeowners and prospective homeowners.

 

To you, this would mean:

• All-time low oil prices will result in you having more disposable income.

• Lower variable interest rates on mortgages.

• Low rates however does not mean you need to accumulate more debt.

• This is a great opportunity for you to utilize some of the extra cash to pay off your mortgage or other loans in principle and interest payments that will result in reducing your debt and accumulate more assets.

• To utilize part of the extra cash to build your savings or towards a future pension plan for yourself.

Please the read the article on CTV News for more information.

If you are a homeowner or a potential homeowner and in need of advice on planning your finances, contact the team at mimortgage.ca today. To get pre-approved today, apply now through our secure online website or speak to one of our agents at (866) 452-1100.

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Are you ready for interest rate hikes ahead?

It’s time to evaluate your financial future

Image by courtesy of Fermanian Business & Economic Institute

Of recent times, there have been lots talk of economic prosperity in Canada this year and also speculation of interest rate hikes sometime in the spring of 2015. Central Bank rates are expected to rise to around 1.25 to 1.50 percent by the end of this year. For us consumers, this would mean higher borrowing costs and higher payments on debts such as auto and other consumer loans, lines of credit and variable rate mortgages. Indications of economic growth and interest rate hikes are intended to steer consumers like you & I to evaluate our financial future and plan ahead in anticipation of any changes.

One such payment to evaluate will be your mortgage. Make sure you tailor make your mortgage to your specific needs not just the interest rate. For example, pre-payment flexibility/penalty, amortization and overall debt exposure. The lowest interest rate may not always be the best option for you as it may tie you to a higher pre-payment penalty.

Please read the articles on CBC News and The Globe and Mail for more information.

If you are looking to get a first mortgage or refinance and need advice on options available to you, contact the team at mimortgage.ca today. To get pre-approved today, apply now through our secure online website or speak to one of our agents at (866) 452-1100.

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Who’s Got An Unbelievable 5 Yr Rate Today????

Look No Further!

Mortgage Intelligence has  5 yr fixed rates as low as 2.79%

If you need a mortgage contact us today using the handy form below or Apply now with our secure on-line application!

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Managing Your Debt Weight

4 tips to becoming financially healthy in the New Year

 

After all the festivities and fun activities in the past couple of weeks with most of us going overboard with our spending, it is back to reality and time to make a few resolutions for the New Year. Your resolutions maybe along the lines of leading a healthy lifestyle by working out more and eating healthy and becoming financially healthy by curtailing non essential spending, paying off and reducing debts.  Here are four simple tips to that can help improve your financial health:

Image courtesy of Credit.com

1. Reducing credit card payments
2. Curtailing & reducing non-essential spending
3. Improving your credit
4. Build your savings while paying off debts

Please read the full article on Credit.com for information.

If you are burdened with accumulated debts and would like advice on how you can improve your situation, speak to one of our agents at (866) 452-1100.

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