Mortgage Intelligence

Oshawa's Mortgage News Desk!


Leave a comment

Real Mortgage Story for June 2018

Farid & Afra resided in the Greater Toronto Area (GTA) with their three dependant children. They both have stable income and good credit. The couple were looking to buy their first family home in the GTA and were successful in securing a property. Farid & Afra were referred to the team at Mortgage Intelligence-Oshawa by their realtor, two weeks prior to their scheduled closing date, as the couple was not successful in obtaining mortgage financing through a mainstream bank.

The couple had accumulated debt over the years and as a result there debt servicing ratios were higher than usual, which made the transaction difficult. The MiMortgage.ca team was successful in obtaining mortgage financing by using some unconventional income, within four days, from an institutional lender.

The terms of their mortgage:

  • Downpayment 22%
  • Interest rate of 4.69% for five years
  • Monthly payments of $2,190

In the meantime, Farid & Afra also decided to concurrently explore alternate routes of obtaining mortgage financing for their property and the team at MiMortgage.ca did not hear back from them until four days prior to the closing date. The team at MiMortgage.ca were able to get signed mortgage documents, an appraisal, meet all the lender conditions and have their lawyer instructed with within four days. This particular lender worked diligently to close this transaction in within a few days and the transaction closed one day later than the scheduled date.

If you are in similar financial circumstances, maybe it’s time to get in touch with the experts at MiMortgage.ca. We have access to over 50 lenders and are able to provide the best possible mortgage solution, for you. Contact the team at MiMortgage.ca at 1.866.452.1100 to speak to an expert or apply now.

 

Advertisements


Leave a comment

What’s a monoline lender and how is it different from a bank?

We’re often asked about monoline lenders – who are they, what benefits do they offer, and how do you get access to a monoline lender anyway?

These are all good questions.  “Mono” means “one”.  So it’s a “one-line” lender that doesn’t do anything else except mortgage lending.  They won’t be asking you to do your banking with them, or try to cross-sell you investments. They do one thing: mortgage lending.  They’re an important factor in the mortgage market here in Canada because they improve consumer choice and ensure that our banks remain competitive!

How do you access a monoline lender? Our only job is to get you the perfect mortgage – a combination of rate and features that allows you to live comfortably with your mortgage and save money in the long term. To do that, we work with most of the major banks and credit unions, private lenders, and we work with several monoline lenders. There are a few reasons why a monoline lender might be the perfect option for you.

  1. Lower penalties. A monoline lender’s penalty to break a fixed-rate mortgage is typically much less than what Banks charge. If your circumstances change and you need to get out of your mortgage, this could save you thousands.
  2. Easier to transfer. A mortgage with a monoline lender is registered on title as a “standard charge” rather than a “collateral charge”. That means it can be easier and cheaper to transfer your mortgage to another lender at renewal for a better deal.
  3. Great rates. Monoline lenders do not have bricks and mortar branches so they can keep their overhead costs low and focus on competitive interest rates.

Most monoline lenders are only available through mortgage brokers, which is one of the reasons so many Canadians are turning to mortgage brokers for their purchases, refinances and renewals.  Get in touch with the experts at MiMortgage.ca  at 1.866.452.1100 for a review of all your lender options for your next mortgage.

Some of the Monoline Lenders we deal with – Merix, First National, MCAP, RMG, CMLS