Mortgage Intelligence

Oshawa's Mortgage News Desk!


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Are you ready to buy a home?

There’s lots of perks for owning your own home – monthly payments you make will be towards paying off your mortgage instead of paying a landlord, build home equity, become a part of a community and you can decorate the way you want!

Here’s what you need to know, to get started..

To find out more about how much you can qualify for, get in touch with the team at MiMortgage.ca. Call us at 1 866 452-1100 to speak to an expert or apply online now!

 


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What’s up with zero downpayment? For some, it can make all the difference.

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Image by courtsey of erastarr.com

Many Canadians are not aware that zero down is alive and well and offered by a handful of excellent lenders to qualified borrowers. Of course, you have to wonder if zero-down can possibly make good financial sense. The answer is both yes and no.

A zero-down mortgage is not for everyone – but for well qualified homebuyers, a zero-down plan can get them into their homes faster, saving potentially thousands in rent, and providing a jump start on building wealth.

If you have excellent income and credit, and the ability to manage your mortgage payment and ongoing housing expenses comfortably within your budget, then you could be a candidate for a zero-down mortgage.  Consider that the money currently going to rent could be helping you build home equity right now, and that we continue to be in a period of historically low interest rates.

So how can you get around saving that critical minimum downpayment required to qualify for an insured mortgage? You can borrow the downpayment from a line of credit, personal loan or family member. With excellent credit and stable income, your interest rate will be fully discounted. The loan payment of course will be used in your qualifying calculation, and your mortgage insurance premium will be higher. You’ll also need to have funds set aside to cover your closing costs.

Want to learn if you qualify to purchase now without waiting, how to build your downpayment faster, or the steps you can take to improve your credit rating so you qualify for a great rate when the time comes? Contact the team at MiMortgage.ca. Let’s talk!

 


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5 ways to improve mortgage qualifying success

 

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Yes new mortgage rules have made it harder to qualify for a mortgage, whether you are a first-time buyer or looking to renew or refinance your mortgage with a new lender. That’s why you should get yourself mortgage ready well in advance.  Here are 5 tips to help you do just that:

  1. Get your credit report. Getting a copy of your credit report will let you know how you will be viewed by lenders. You can order yours for free through the mail or for a small fee online at www.equifax.ca. If you spot a problem, contact Equifax to resolve the issue.
  2. Polish your credit. You can boost your score by several points fairly quickly with continual good credit habits. Most importantly, pay your bills on time, every time. Don’t let your credit accounts exceed 50% of the credit available. Before you cancel any credit cards, get advice. And don’t apply for a store card just to save on your purchase that day. Make a habit of checking your credit score each year, and watch how those good credit habits push your credit score skywards!
  3. Cash is king. Plan to go into homeownership with the maximum downpayment possible. If you are in the “saving up” stage of preparing for homeownership, now is the time to meet. There are several downpayment savings strategies available that we can put to work for you.
  4. Get a boost from family. Parents and grandparents have enjoyed the personal and financial benefits of home ownership themselves, and see how hard it is today to make that important first step into the market. Check to see if they are willing to help by gifting or loaning some or all of the downpayment, or by helping you with other debts.
  5. Start a dialogue early. Get in touch with the team MiMortgage.ca earlier on in the process to talk about your purchase, refinance or renewal plans. We can help you be fully prepared to get you where you want to go, and to make sure you can take advantage of any opportunities that come your way.

Also remember, history has proven that it is almost impossible to perfectly time the market.  Further, home ownership has proven to be a very solid investment in the long term, so focus on buying a home when you are financially ready and when it fits your lifestyle;


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Real Mortgage Story for September

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Cameron and Chloe are both employed and residing in Durham region. Cameron’s two children from his previous relationship are living with the couple. Shortly after the couple got together, Chloe’s parents and brother, turned to the couple for support and ended up residing with them.

During this time, Chloe was injured at work and was unable to care for her parents. Further as a result of Chloe being off work, the couple were behind on their mortgage and utility payments. They filed for a consumer proposal but were unable to maintain payments. In addition, their home was going in to power of sale.

In an attempt to remedy their situation the couple contacted the team at MiMortgage.ca with regard to refinancing their mortgage. Through the refinance the couple were able to pay off their consumer proposal, their outstanding collections and bring utilities upto date. The terms of their mortgage were:

  • Interest rate of 8.49% for one year
  • Monthly payments of $1,167.37 (interest only)

We were able to obtain financing through a private lender. In one year, we should be able to take them to an equity lender and obtain lower interest rates. Interest only payments will enable the couple to get financially back on track and re-establish their credit.

Whatever your financial circumstances maybe, it’s worth having a conversation with the experts at MiMortgage.ca to find out the way forward for you. Contact us to speak to an expert today!

 


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Is An Error Destroying Your Credit?

Your Credit Could Be Destroyed By A Simple Error!

As an experienced Mortgage Agent I have seen many different Credit reports.  There have been many instances when clients have come to us to get pre-approved and their credit scores have come out low or lower than anticipated due to incorrect information on their files. Until these credit issues are repaired, they cannot move forward with a mortgage.

Most common errors are:

  • A collection that is not yours
  • An account that is paid but shows up as it is in arrears
  • Someone else’s information on your bureau.  credit repair

Whatever the case may be there is usually a way to fix it.

First of all you must collect all the documentation to prove that your credit is clean.

Then have your proof of identity ready to share with the Credit Bureau.

Contact the Credit Bureau with the information and give them a full explanation of the error and why you believe it should be corrected.

It may take time to make a correction on your credit bureau but it can be done.  If you are in the process of trying to obtain a mortgage and it becomes clear that there is an error on your credit bureau the team at mimortgage.ca are ready to help you clear it up and get the mortgage that you want.

The team at mimortgage.ca are able to advice and assist you with improving your credit and also offer suitable mortgage solutions if you are looking to buy or refinance your home. 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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Rent-to-own for beginners (7/7)

How does rent-to-own serve a person with bad credit?

If you are looking to buy a home on rent-to-own and want to find out more information on how you can improve your credit, contact the mimortgage.ca team today. To get pre-approved today, apply now through our secure online website or speak to one of our agents at (866) 452-1100.