Mortgage Intelligence

Oshawa's Mortgage News Desk!


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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

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Happy Canada Day!


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Wow. All these mortgage renewals!

Is your mortgage coming up for renewal this year? If so, you’re not alone. In fact, there’s an unprecedented spike in the number of mortgages renewing in 2018! If you’re one of them, then you’ve got a perfect opportunity to potentially save thousands of dollars. Get in touch with the team at MiMortgage.ca at 1.866.452.1100 to speak to an expert now. Together we can review what your current lender is offering, and also look at the marketplace to see if it makes sense for you to take your mortgage elsewhere.


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Self-employed and bad credit?

If you are self employed, you already know it makes sense to go to a specialist to get the job done. Contact the team at MiMortgage.ca at 1-866-452-1100 to speak to a specialist now!


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Appraisal or Home Inspection… what’s the difference?

Often in a home purchase, home inspections and appraisals are both common practice. So what’s the difference?

A home inspection is often a condition of a purchase and is usually done to protect the homebuyer. A qualified home inspector will assess the physical condition of the home and all of its major systems to help you determine if everything is in good working order. You typically receive a schedule outlining what repairs are needed and by when.

An appraisal is an objective assessment of the home’s value to confirm that the property is suitable as security for the mortgage. This is rarely a problem, but lenders and insurers take on their own financial risk, and they want to feel confident in the property before they approve the mortgage.

If you are thinking about homeownership it’s best that you understand the different processes that you need to follow from making an offer on a property and obtaining mortgage financing. Contact the experts at MiMortgage.ca at 1 866 452-1100 to speak to an expert for more information about mortgage financing.

 


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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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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!