Your mortgage could be a goldmine of potential savings

A penny saved is a penny earned!  By making the right decisions, your mortgage could be a goldmine of potential savings.

With access to a broad spectrum of over 50 lenders, we will comparison shop on your behalf so you get the right combination of mortgage features and privileges that best meet your current needs, and offer you substantial opportunities to save money over the life of your mortgage.  Together we will look at term, fixed vs. variable, pre-payment and payment options, portability, assumability and any restrictions, penalties and fees.

Using your prepayment privileges and choosing a mortgage that has the most fair penalty should you want to get out of your mortgage early are tried-and-true ways to save money on your mortgage.

If you are like most homeowners, you are focused – for good reason – on finding the best possible rate.  Securing a good rate is important of course, but remember the cheapest is not always best. Some discounted mortgages come with very rigid contracts that could work against you in the future and actually cost you more in the long run.

You will also want to sharpen your focus at renewal time. Just as we did when we originally funded your mortgage, it is important to investigate your options and make sure you are getting the best possible deal. Not auto-renewing your mortgage and making sure you get a fully discounted rate could save you thousands.

Also consider how much your time is worth. Time savings is a definite benefit of working with a mortgage professional. We look after every detail of your mortgage search and the negotiations on your behalf. Why not save time and money; let us show you how! Contact the MiMortgage.ca team now to speak to an expert or to get pre-approved, apply now through our secure website.

Sears Great Canadian Run

Kyle at the 2014 Good Life Toronto Marathon

Seven more weeks to now until race day! Kyle Cosby is currently in training twice a week at the YMCA Gym and he also does a total of 57 Km outdoor running per week.

Long distance running is nothing new for Kyle, as he has run Cross Country for McLaughlin C. V. I., during his tenure in high school. In addition, he also played competitive soccer for the Oshawa Turul Soccer Club. It is his experiences in these two competitive sports, that inspired him to start his running career. Further, he has run several 10 Km and 5 Km races and last year ran the Good Life Toronto Marathon.

Kyle is a Health Educator with the YMCA of Greater Toronto. His work involves creating content and programs for children between the ages of 3 – 15 years, that focus on sports and enhancing their leadership qualities. He also works with community organizations to create partnerships with the YMCA to engage youth in meaningful volunteering within the YMCA and also within their communities. Kyle’s work also involves working with troubled youth and their families.

Kyle’s reason for participating:

“I am running this race to help kids in need, and to give them a fighting chance.”

Your support will help the Mortgage Intelligence team to reach their fundraising goals and help enrich the lives of Canadian children who are suffering from cancer and their families. To sponsor the Mortgage Intelligence – Oshawa Team or a team member, please select one of the following:

Sponsor Team

Chris McBride (Captain)

David Hetti

Kurt Lupson

Kyle Cosby

Malik Hetti

More updates on how the team is progressing will follow on our weekly blogs. Stay tuned!

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Are banks shortchanging consumers?

Image by courtesy of mouthsofmums.com.au

The Bank of Canada (BoC) announced their overnight rate cut to 0.50% last week, in anticipation of stimulating the economy, through encouraging more consumer borrowing. As a result from a consumer’s point of view, many are hoping for better interest rates on their mortgage financing and lines of credit. With the overnight rate at 0.50% at present, the cost of borrowing is at significantly lower, consumers are receiving only a fraction of these savings.

Previously prior to the financial crisis in 2008, major banks passed on any savings due to reductions in rates, to their consumers. However, this was not the case with the most recent rate cut which was announced in by the BoC, in January 2015. Although banks did lower their prime lending rates slightly, majority of savings were pocketed by the bank themselves.

Once again last week we did see a few major banks announce marginally lower prime lending rates, in response to the rate cut announcement and it does not appear that these major banks will be passing on all the savings to consumers. While it is profitable for major banks to pass on a small portion of rate savings to their consumers, this also seems to be the continuing trend since the last quarter!

An informative article of an interview with Calum Ross was published by CBC News.

Are looking to get a mortgage and would like to find out how these lower rates would apply to you? Contact the MiMortgage.ca team now to speak to an expert or to get pre-approved, apply now through our secure website.

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Sears Great Canadian Run

Enjoying an afternoon of fun in the pool with Carly and Nathan.

Its eight more weeks to go until race day and Kurt Lupson and his training partner Chris McBride are busy with their training. On top of the intense running schedule, Kurt also does  kick boxing & jiu jitsu on Sundays, weight training on Tuesdays and plays hockey with Chris McBride on Thursdays.

Kurt is a Fire Alarm Technician at Mircom and he is in charge of checking building fire safe equipment and ensuring all safety equipment is operational and on par with the safety code. His typical work week ranges from 46 – 56 hours and can be extremely stressful. As a result four years ago, Kurt started running 5 km a few times a week as a fitness regime. Since starting running, he has participated in three marathons – Whitby International Marathon, Toronto Scotia Bank Marathon and the Mississauga Marathon.

Kurt’s reason for signing up:

Kurt with his son Nathan

“This is a great cause! I have seen how people can be affected by cancer and wanted to do my part by helping, in any way that I can.”

To sponsor the Mortgage Intelligence Oshawa Team or a team member, please select one of the following:

Sponsor Team

Chris McBride (Captain)

David Hetti

Kurt Lupson

Kyle Cosby

Malik Hetti

Your support will help the Mortgage Intelligence team to reach their fundraising goals and help enrich the lives of Canadian children who are suffering from cancer and their families.

Stay tuned for more weekly blogs with updates on how the team is progressing.

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Three things borrowers should be aware of following the rate cut

Image by courtesy of the Globe & Mail

The Bank Of Canada’s (BoC) rate was cut to 0.5% on Wednesday. This announcement was big no surprise, as the nation was in anticipation of a rate cut, for the last few months. In addition, BoC has also projected slower growth for the country, for the remainder of the year.

On a positive note, a rate cut means more consumers will be looking for mortgages at cheaper interest rates. Following the announcement of the rate cut, consumers looking to borrow should keep an eye out for the following three thing:

1. The reaction to rate cut from banks

For banks, prime rate cut means not having to pay too much as interest payment to depositors and on the flip side, lowering the prime lending rate means eating in to their margins. TD Bank, Royal Bank of Canada & Bank of Montreal have already announced prime rate cuts, with effect from this week. While it all sounds great that the overnight lending rate has been slashed down to 0.5%, it remains to be seen, by how much the banks will lower their prime rate as a result of the rate cut.

2. The impact of the rate cut on the housing market

Borrowers having access to cheaper loans will be like adding fuel to the fire in an already soaring market. Further, the increase in the number of buyers in the housing market may also lead to housing prices being pushed up further!

Note to borrowers: please ensure that you maintain your debts at a manageable level.

3. Should you borrow more?

Once again, while access to cash at cheaper rates increases the opportunities for investment, it is however advisable for borrowers to be cautious in where they choose to invest. Ensuring that your net return (after taxes) is greater than your interest expenses. Looking at income generating property maybe something worthwhile looking in to.

An article published by the Globe and Mail will enlighten readers on things they should be watching out for with the announcement of rate cut.

If you are looking for a mortgage and would like to explore options available to you,  contact the MiMortgage.ca team now to speak to an expert or to get pre-approved, apply now through our secure website.

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Sears Great Canadian Run

Chris with running partner Kurt

With nine weeks to go until race day, Chris McBride the Mortgage Intelligence – Oshawa team captain and his training partner Kurt Lupson are vigorously training for the big race. Their training entails shorter runs (7 – 8 Km) on Sunday & Monday, cross training on Tuesdays, 10 – 15 Km from Wednesday – Friday. Although the duo are unable to schedule longer runs during the week, due to their full time jobs and demanding schedules. This training schedule helps them to stick to a consistent routine. They focus on longer runs ranging from 25 -30 Km on Saturdays.

Chris & Caralin with their son Grayson

Chris is an IT Change Manager at TD Bank and he finds running helpful to relax, with his challenging career. He also believes that “you set a goal and you work towards it. Once you have reached your goal you only want to get better so you set another and it continues to evolve.”

Reason for participating:

Chris says “there are many reasons to participate in this event. My sole reason is, I have found something that I am good at and through my running if I can help raise money and awareness for those in need, it is a ‘must do’ for me.” I truly believe in the phrase “pay it forward”. I do like to do what I can, to help those in need and those in my community.

To sponsor the Mortgage Intelligence – Oshawa Team or a team member, please select one of the following:

Sponsor Team

Chris McBride (Captain)

David Hetti

Kurt Lupson

Kyle Cosby

Malik Hetti

 

Your support will help Mortgage Intelligence team to reach their fundraising goals and help enrich the lives of Canadian children who are suffering from cancer and their families.

Stay tuned for our weekly blogs with updates on how the team is progressing.

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So many lenders to choose from!

You want it all: the best available rate, with exactly the right features you need to live comfortably with your mortgage… and pay it off in record time. If you want the perfect mortgage, you better shop around. And that’s our strength. We offer access to over 50 of Canada’s leading lenders, including major banks, credit unions, and national, regional, and private lenders.  Your bank – as great as they are with your day-to-day banking – may not always be the right choice for your mortgage because they represent just one available lender.  Here are just some of the lender choices we make available to you –

Are you looking for a mortgage? We can tailor mortgages to suit your financial needs and circumstances. Contact the MiMortgage.ca team now to speak to an expert or to get pre-approved, apply now through our secure website.

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Sears Great Canadian Run

The Mortgage Intelligence – Oshawa team is due to participate in the Sears Great Canadian Run, to raise money in the fight against ending childhood cancer, on September 12, 2015. The 125 Km (25 Km x 5) relay run will commence in Toronto and finish in Blue Mountain.

The team consists of five members – Chris McBride (Captain), David Hetti, Kurt Lupson, Kyle Cosby & Malik Hetti. These individuals are a group of avid runners who are dedicated to their running regiment and community. These individuals strive to achieve their health and fitness goals, and also help educate and motivate those around them.

Mortgage Intelligence – Oshawa Team

We urge you to please dig deep in to your pockets, as you can make a difference by donating generously. Your support will help us to reach our fundraising goals and help enrich the lives of Canadian children who are suffering from cancer and their families. The proceeds from this event will go towards national research initiatives and pediatric oncology initiatives at Sick Kids.

To sponsor the Mortgage Intelligence – Oshawa Team or a team member, please select one of the following:

Sponsor Team

Chris McBride (Captain)

David Hetti

Kurt Lupson

Kyle Cosby

Malik Hetti

The race is ten weeks away, so please stay tuned for more blogs with updates on how each member of the team is progressing as we count down.

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Smooth move!

Nine tips to survive the buy/sell

Image by courtesy of streatham-removals.com

So there may be a possibility of a move in your future. This can be a stressful juggling act: selling one home, buying another. We deal with these situations all the time, and have some tips for you, for making a smooth move through these two transactions:

1. Dig up your mortgage papers. You will want to begin with the facts on your current mortgage. Find out if it is portable. If so, you may want to carry your mortgage to your new property: saving you discharge penalties. Next you might want to find out, if there are there any conditions to port the mortgage, and if you need more funds, and the possibility of a blended the rate?
2. Ask about penalties. If you want to pay out your mortgage, what is the penalty? Sometimes it may be worth paying a penalty for a much lower overall interest rate. We can run the numbers for you.
3. Find out what your home is worth. Get a market evaluation of your home from your realtor. Understand the costs involved in selling; you will want to know how much you will have available to purchase your new home.
4. Get a mortgage pre-approval for your new home. Know how much you can actually afford.
5. Ready to shop. With your realtor, start the business of buying and selling.
6. Plan your downpayment. If your downpayment funds are coming from the sale of your current home, you will need to provide a current mortgage statement and a copy of a fully-executed sale agreement.
7. Qualify for your mortgage. This will be similar to getting approved the first time, although your employment, credit situation, or lender guidelines may have changed, which means qualifying could be different. We will advise you accordingly.
8. Bridging any gap. Sometimes the sale of your old house closes after you take possession of the new one. Your lender may be able to provide a short-term bridge loan.
9. Make a smooth move. And celebrate this important milestone!

 

We can help you with all of the mortgage details for your new home! Call the Mimortgage team at 1 866 452-1100 today, to speak to an expert or to get pre-approved, apply now through our secure website.

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