Mortgage Intelligence

Oshawa's Mortgage News Desk!


Leave a comment

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.

Advertisements


Leave a comment

New mortgage rules start January 1, 2018.

Act now to restructure your debt.

 

By using the equity in your home to consolidate your high-interest debt into a new or existing mortgage, you can boost your monthly cashflow, pay down your debt faster and save potentially thousands of dollars in interest. Unfortunately, new mortgage rules may affect your ability to access your home equity. Act now to realize these benefits:

Consider the following example – existing mortgage, car loan and credit cards total $400,000. Roll all that debt into a new $412,000 mortgage (including a fee to break the existing mortgage) and just look at the payoff:

 MONTHLY PAYMENTS*
TOTAL DEBT CURRENT NEW
Mortgage $350,000 $1,746 $2,055
Car Loan $25,000 $517 $0
All credit cards $25,000 $650 $0
TOTAL $400,000 $2,913 $2,055

That’s $858 less each month!

If you put $500 of your monthly savings back into your mortgage payment, you’ll reduce your amortization from 25 years to 19. Or you could invest in RRSPs or RESPs and reap some tax benefits. The choice is yours.

To find out how you can lower your debt, boost your monthly cashflow and be mortgage-free quicker, before the new rules come into effect, contact the experts at MiMortgage.ca at 1 866 452-1100 today!

*3.49% mortgage, 5 yr term, 25 yr amortization. Credit cards 19.9% and car loan 9%, both 5 yr am. OAC. Subject to change. For illustration purposes only.


Leave a comment

Mortgage choice – monoline lenders

Finding a perfect mortgage that fits your life is like finding the perfect home. It’s an important decision that requires a lot of shopping around. That’s where we come in. With access to over 50 of Canada’s leading lenders, we are a one stop shop. We work with major banks, credit unions, and national, regional and private lenders. One specific lender type that we work with is called a “monoline” lender, which focuses just on mortgages and doesn’t take deposits. They don’t have other products to cross-sell, which differentiates them from a bank or credit union.  They are an important part of the mortgage market because their mortgage products and low pricing improve consumer choice and ensure that our banks remain competitive. Most monoline mortgages 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.


Leave a comment

The Mortgage Broker Advantage

Increasingly, Canadians are turning to mortgage brokers for their first and next mortgage, taking advantage of the value and convenience of their services. One of their most compelling reasons to work with a mortgage broker is that they have access to a wide range of lending sources, making it significantly easier to match borrowers with the mortgage product that best suits them. When you’re dealing directly with one financial institution, you just don’t know if you’re getting the best deal because they’ve only got their own menu of products to offer you.

If you are dealing with one of the largest mortgage brokers in the country, you’ll also enjoy considerable bargaining power. A large brokerage has clout with lenders to negotiate volume discounts that lead to lower rates and greater product choice than other companies. And, brokers are generally paid by the lender rather than the borrower, making it a logical choice to always consult with a mortgage broker.  They’re shopping the market for the best rates, doing all the work, and there’s no cost to you.

But a mortgage broker’s role extends beyond securing financing – to arranging the home appraisal and lawyer or notary, reviewing the purchase contract and statement of adjustments, securing mortgage life insurance, and keeping tabs on the entire closing process. And that’s just during the mortgage transaction. The broker then stays in touch, keeping clients apprised of new mortgage offers and rate fluctuations, and advising when to lock in a variable-rate mortgage.

Ultimately, the role of your mortgage broker is that of a trusted advisor and it’s a relationship that can last a lifetime. Many mortgage brokerage clients have been referred by word of mouth, and many are even second- and third generation client families.

Whether you’re taking on your first mortgage or a long-time homeowner looking to refinance, consolidate debt or leverage your equity to acquire a new property, a mortgage broker is a wealth of information. They can advise about down payment requirements, mitigating credit history issues, mortgage payment and prepayment options, interest-saving strategies, purchasing vacation, investment and commercial properties, qualifying with supplemental rental income, and mortgage options for new immigrants.

When you get a mortgage, most likely the biggest financial commitment you’ll make in a lifetime, it’s critical that the person you’re dealing with is knowledgeable, able to answer your questions, and has access to a full range of lenders so you get the best mortgage for your needs. Contact the experts at MiMortgage.ca at 1 866 452-1100 or apply online now!

 


Leave a comment

Capital gains tax: a quick primer

Leading up to the last federal budget, there was speculation that Canadians should brace for some changes in capital gains rules. That didn’t happen, and that’s good news. The sale of your principal residence for a gain is still a tax freebie.  If you are selling a property other than your principal residence, then you’ll pay tax on 50% of any gain you realize. That rate first went into effect in 1972. The inclusion rate was increased to 66.6% in 1988 and then to 75% in 1990 as part of a two-stage increase.  But it was ratcheted back down in 2000, and landed once again at the 50% rate where it has remained to today. You are now required to report the sale of your principal residence on your tax return. While still tax exempt, you may be asked to prove that it was your principal residence. If the feds do once again increase the inclusion rate, we can expect the government to provide ample advance warning to allow people to adjust their financial situations. So basically no real changes, but keep good records!

Want to find out more information on how capital gains from the sale of your residence will affect you? Speak to an extpert at MiMortgage.ca at 1 866 452-1100 now!


Leave a comment

Verifying Your Downpayment

If you are at the downpayment verification stage of the homebuying process, you are either looking at putting an offer in or you have already made an offer on a property. Please remember to make the offer subject to financing, so that your mortgage broker has sufficient time to obtain the necessary approval for financing. Once an approval has been granted for your mortgage, your lender will require confirmation of downpayment.

Here’s how you can show where your downpayment is coming from:

Need help with understanding how much downpayment you should put down and the required documents to show your downpayment? Contact the team at MiMortgage.ca at 1 866 452-1100 or apply online now!


Leave a comment

Downpayment Savings Strategies

Saving for a down payment requires descipline & determination, whether you’re working towards saving for a minimum downpayment like most first-time homebuyers or 20% down.

Here are a few strategies that will help you to get started with saving.

If you are at the stage of working out your downpayment strategies towards homeownership, it’s time for a meeting with the team at MiMortgage.ca. Contact us at 1 866 452-1100 or apply online now!