Mortgage Intelligence

Oshawa's Mortgage News Desk!


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Six reasons why a second mortgage can be a smart move

Every month, you put money against your mortgage. Over the years, thanks to all those payments (and a healthy increase in home values), you’ve built up some equity. Way to go! Sometimes, we want to be able to tap into that equity. But new mortgage rules have made it harder to refinance a mortgage. No surprise, then, that we’re seeing a jump in second mortgage financing. Here are six reasons why a second mortgage might be a smart move for you too:

  1. A second mortgage can be a great way to access available equity without having to break your first mortgage.
  2. Ability in some cases to refinance up to 85 per cent loan to value.
  3. Second mortgage interest rates can be significantly less than credit cards. You can use the second mortgage to pay off your high-interest credit card debt, which will clean up any bruised credit and get you in a better position to qualify for the best rates later.
  4. Ability to use this lower-cost financing as you see fit – pay off debt, renovations, cash flow for your business, an investment, tuition, wedding, trip, or other major expenditure.
  5. That second mortgage can help you complete your purchase if your downpayment is a little short of what you need.
  6. A second mortgage is often easier to qualify for than a secured line of credit.

The value you’ve built up in your home is a wealth-building tool, and usually the best place to borrow funds when you need them. That’s why – for a growing number of financially savvy Canadians – a second mortgage can be a smart move! Get in touch with an expert at MiMortgage.ca to find out if this is the way forward for you.

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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.


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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.


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Are you ready for interest rate hikes ahead?

It’s time to evaluate your financial future

interest-rates

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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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

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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Low Rate Line of Credit!

Unbeatable Rates for Lines of Credit!

As a business professional, you know the value of having a Line of Credit to record your expenses and help keep personal charges separate from business expenses. We’ve got the answer!

Home Trust Equity Line Visa

Our Equity Line Visa offers you a Line of Credit, secured to your property so you can set a limit higher than credit cards offer.

Rates are as low as 4.99% OAC

Need better cash-flow for your business? Use the form below to discuss an Equity Line Visa.