Seven signs you may need a mortgage tune-up

Did you know that just like your car or your home, you mortgage can benefit from a seasonal inspection!  Your car gets taken in for regular servicing to keep it running for the long term, shouldn’t your financial future get the same kind of attention?

Here are seven common signs you need a mortgage tune-up:

1. You are locked in at a higher rate than you could get today – and you want a professional opinion on your options;
2. You’re thinking about moving to a new home this year – or pondering buying an investment property;
3. You’re carrying more than $25,000 in high-interest loans or credit cards and it’s affecting your cash flow;
4. There’s a renovation or home repair project coming up this year – either by choice or necessity;
5. An investment or business opportunity is available – and you wish you could take advantage;
6. There’s a large expense looming – tuition, wedding – and you want to plan ahead; and,
7. Your mortgage is up for renewal this year.

If you haven’t had a mortgage review in the last year – or if you recognize one of the signs that it’s time for a tune-up – then get in touch with the experts at MiMortgage.ca. And if you know someone who could also benefit: consider this a coupon for a free inspection for a friend or family member! A mortgage in tip-top condition is the best way to get you where you’re going in your financial future!

Name(required)

Email(required)

Comment(required)

Submit

Δ

Home Appraisals 101

When you get a new mortgage, an appraisal of the subject property is often required by your lender. An appraisal is an unbiased determination by an accredited appraiser of the estimate of the current fair market value of the property. The appraiser provides the lender with a written opinion of the property’s value, and is client-paid for most refinances, switches, conventional mortgages and only in exceptional situations, high-ratio mortgages.

Appraisals are required for refinances because you can only refinance up to 80% of your home’s appraised value, and for some purchases and switches because the property becomes the lender’s security. Keep in mind that when a realtor gives you an evaluation of a property’s value, that should not be considered an appraisal for financing purposes. And given the housing market in some parts of Canada are seeing multiple offers, some buyers are paying well over asking and the appraiser may determine that the property has a lower value, which could affect the buyer’s financing. As always, please get in touch with the experts at MiMortgage.ca at any time if you have any questions. We’re here to help!

Name(required)

Email(required)

Comment(required)

Submit

Δ

Low-Interest Credit Card for Homeowners.

9.9% interest plus earn reward points! If you typically carry a credit card balance, you can reduce your interest by 50% or more with our Centra Gold Card. By paying less interest each month, you can work towards becoming debt free sooner. Plus you earn reward points that translate into 1% cash back on your purchases.^* Let’s discuss how this card can help you save money during your mortgage years and keep your credit sharp! Contact the team at MiMortgage.ca at 1 866 452-1100 for more information.

*REWARDS: Eligibility for rewards and/or account credit is subject to the terms and conditions of the Collabria MySelect Rewards and Cash Rewards programs. For full terms and conditions, visit http://www.collabriacreditcards.ca/webres/File/Rewards Terms/RTC-0415-FCG – MySelect Rewards Terms and Conditions.pdf. The Collabria Mastercard is issued by Collabria Financial Services Inc. pursuant to a license from Mastercard International Incorporated. Mastercard and the Mastercard Brand Mark are registered trademarks of Mastercard International Incorporated.

Name(required)

Email(required)

Comment(required)

Submit

Δ

Five credit habits that can boost your score

Your credit score is essentially your passport to financial opportunities. With a possible range of 300 to 900, your score tells lenders what kind of a risk you are likely to be as a borrower. A low credit score can prevent you from getting the lowest mortgage rate, or even from getting a mortgage at all. But here’s the thing, this important factor in your mortgage negotiation is entirely within your control. That’s why it’s important to know the key credit behaviors that can boost your score or keep it high:

1. On time, all the time. The single biggest factor in your credit score is having a timely bill payment history. Never let a bill get past due. That one habit is your single biggest game-changer. Set up automatic payments if that will help.
2. Know your limits. Your credit score is based on your balances relative to your available credit. Look at your credit limits and try not to use more than 30 per cent of the available amount. If your limit is $10,000, try to never let the card go higher than $3,000.
3. Don`t let it happen. Don’t ever let any bill go to Collections, even if it’s for a small or disputed amount. These black marks on your credit are hard to erase. If it’s happened, be prepared to explain why, and be sure it’s paid in full and reported to Equifax.
4. Be selective. When you’re asked – would you like to apply for our Store Card to save $X dollars on your purchase today – don’t do it; the high rate that goes with that card isn`t worth your savings on that particular purchase.
5. History is important. Make sure you do have a credit history. You may have a low score because you do not have a record of owing money and paying it back. You can build a credit history by using a credit card.

If you are wondering how to polish up your credit, we would be happy to review your situation and outline your best options for credit improvement. If you want to get a mortgage while you work on bettering your score, we can also advise how that may be possible. Contact the experts at MiMortgage.ca at 1 866 452-1100 to speak to an expert or apply online now.

Name(required)

Email(required)

Comment(required)

Submit

Δ