Mortgage Intelligence

Oshawa's Mortgage News Desk!


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Are Costly Kitchen Renovations A Necessity?

Kitchen Renovations

Image by courtesy of activerain.com

A question you ask yourself when you are looking to list your home is, if the new owner would prefer the home with the kitchen as it is, so that they could make the renovations and upgrades themselves, or a home with an updated kitchen, which they could move in to immediately. This will depend on each individual and what they are looking for in a home. For example a first time home buyer will look for a home with an up to date kitchen and minimum renovations to be carried out by them.

We all agree that renovations and upgrades to your kitchen are most likely to give you the best return on investment. However, this will depend on if you have the extra cash to invest in renovations to your kitchen. Our advice to you is, avoid making costly renovations or upgrades to your kitchen, unless you are looking to increase the value of your home and also planning on residing at the property for a few more years. Also as we pointed out in one of our previous posts, home buyers can include renovation costs  in their mortgage.

An interesting article published on National Post, on kitchen renovations, will give you an idea of points you should consider if you are making upgrades to your kitchen prior to listing.

If you found your dream home and need advice on mortgages, contact the team at mimortgage 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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Homebuying For Beginners

 A Ten Point Plan For Smart Homebuying

Contact the mimortgage.ca team today, for advice on down payment options for a home, best possible rates or for assistance with planning your finances. 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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Keep Your Water Heater In Good Working Order!

Will you be in Hot Water?

It is never a good day when you turn on the hot water tap and nothing but cold comes out. Our first thought would to be to go and check the hot water tank to make sure you do not have a new swimming pool in your basement. If the floor is all clear of any water the problem might lie within the tank.

plumber

Image by courtesy of activerain.com

If there is water in the basement (I have had this happen when the tank rusted and leaked the water onto the floor), do not step into the basement. Any source of electricity may cause a shock. Call a Plumber right away!

Lowes Homes centers published a great Hot Water Tank maintenance blog that we hope you find helpful.

This is one time you want to stay in Hot Water!

Let “MiMortgage Team” at Mortgage Intelligence help you with a low rate solution when you are making upgrades to your home.  Apply today & save!


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Tap Into Your RRSP

First Time Home Buyers

Use your RRSP as a downpayment.

If you have RRSP savings you have a down payment that you can access now and take up to 15 years to repay. You may also be able to save on CMHC Insurnace when buying your home, but using your RRSP funds to put down more than 5% of the purchase price.  You and a spouse can use up to $25,000 each as a down payment if neither of you has owned a home in the past.

First Time Buyer

Include renovations in your mortgage.

 

We are pleased to provide you with valuable information about using your RRSP so you can buy a home now!     Here is the information RRSP as a down payment

If you wish to take advantage of historically low mortgage rates, please apply now using our secure online mortgage application today!

Do you have a question about using your RRSP as a down payment? Use the handy form below to reach out to us and we’ll be happy to answer your inquiries. If this article is helpful, pleases share it with your Facebook friends!


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Renewing Your Mortgage – A Valuable Opportunity

Image by courtesy of rew.ca

Image by courtesy of rew.ca

Think of your mortgage renewal as a valuable opportunity.  A chance not only to take advantage of today’s great rates, but also get a mortgage product that better fits your current needs.

When you receive a renewal form from your current lender, don’t simply sign it without knowing all your options.  If you do so, you could be paying a higher rate, and end up with a mortgage that might not be best suited to your needs.

Instead, talk to us – we will discuss your interest rate options, and can arrange a rate hold for you.

We will also help you with a customized mortgage strategy.  By the time your mortgage comes up for renewal, you are most likely in a different financial position than when you first obtained the loan.  As our financial and life circumstances change, so does the mortgage product that is best for our needs and goals.  For example, you may wish to access your home’s equity to consolidate other debts, or perhaps help pay for post-secondary education.

At renewal time, make sure you get the most from your financing.  We can speak to any concerns you may have about interest rate trends and advise you on what to do as your mortgage renewal approaches.

Low rates, focused experience and knowledge, plus a helping attitude is what “Your MiMortgage Team” is all about.  Why settle for less? Apply now & save at Renewal!

 


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Bruised or Bad Credit?

Living with debt or bad credit can be very stressful

Help is closer than you realize. Improving your credit rating requires that you take positive action and change your attitude toward money. Follow these steps and be on the road to debt recovery.

Request a copy of your credit report from a credit bureau. If there is an error, contact the bureau and ask it to fix the mistake. It might also help to contact the creditor who reported the error. Some creditors will contact the bureau on your behalf.

If the bad marks on your credit report result from outstanding debts, repay them as quickly as possible. Pay off those with the highest interest rates first.

If your debts are overwhelming, your first step may be talking to us about Debt Settlement  to work out a repayment plan. A counselor will help you consolidate your debts and will contact your debtors on your behalf to reduce or eliminate finance charges. This can reduce your monthly payments by up to 40 percent.

Close all but one of your credit card accounts and cut up the cards to stop using them.  Sell valuables or liquidate assets that will help you repay your debts. Buy the bare essentials (food and gas) and use the rest of your earnings to pay off your consolidated debts.

Work with your credit counselor to repay all of your debts. Meanwhile, live a life that will help you re-establish good credit. Pay rent and utilities or mortgages promptly, keep the same residence and job, maintain savings and checking accounts, set a budget and stick to it. Showing stability makes creditors see you in a positive light.

Once you have repaid your debts, work to build a good credit history. Reduce your credit limit.  Pay your balance monthly.  Try not to use credit for non-essential items. Request a low interest rate credit card. If you must make a charge for a large item, set up a repayment plan to pay more than the minimum each month.

If you don’t qualify for a regular credit card, apply for a secured card.  With a secured credit card, you fund an account up front and then “charge” expenses on it. This card will show up as a credit card on your credit report and, if used responsibly, can help you build a good credit history.

If you are in a similar circumstance and in need of advice, 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.