Mortgage Intelligence

Oshawa's Mortgage News Desk!


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First-time buyers – take advantage of the RRSP downpayment boost by March 1

Using your RRSP money for your downpayment is a great strategy for some first-time buyers. It may help you achieve the 20 per cent downpayment needed to avoid mortgage default insurance premiums, or simply give you a financial boost when you need it most.  First-time homebuyers can withdraw up $25,000 per person under the Federal Home Buyers’ Program (HBP).  If you have saved $25,000 and have enough RRSP contribution room, you can contribute that amount to your RRSP by the March 1 deadline. Then after 90 days, you can redeem those funds under the HBP. Since your contribution counts as a tax deduction, you may get a nice tax refund this spring to further assist you with your homebuying plans. You will however need to pay the withdrawn funds back on a 15-year repayment plan. Contact the experts at MiMortgage.ca at 1.866.452.1100 to for more information on how you can access your RRSP money for a downpayment for your first home.

 


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Eight tips you won’t get from your bank in 2019

If you’ve got a mortgage – or plan to get one this year – you probably know that it’s more complicated than it used to be just a few short years ago. That said, we have many tips and strategies that can help you get the mortgage you need, tweak the one you have, or help you plan for renewal. Here are our top eight:

  1. To get the best deal, you need options. When you go to your bank, you’re talking to one lender. Their best deal might not be THE best deal. It’s also difficult to qualify at a bank if you are self-employed, have past credit issues or finding the stress test a challenge. Credit unions, alternative and private lenders are increasingly helping people get into new homes or refinance their mortgage.
  2. Best-rate quotes are often meaningless. Mortgage rule changes have thrown mortgage pricing up in the air. Your actual rate depends on a whole slate of factors, which is why you can only get an accurate rate quote after an in-depth assessment of your personal situation.
  3. The devil is in the details. People tend to focus on rate, but you can save thousands by making sure you get a mortgage that has fair penalties, allows you to prepay, and ensures you will also be treated fairly at renewal. Don’t end up paying exorbitant fees, or be forced to take a high rate at renewal.
  4. An insured mortgage might be a smart move. If your mortgage is “uninsured” and you want to switch to a new lender for a better rate at renewal, that lender will qualify you using a “stress test”, which may affect your ability to move your mortgage, and giving your lender no incentive to offer you the best rates. It’s possible that you can switch your mortgage to a lower-rate insurable mortgage that has more flexibility.
  5. A 30-year amortization can give you wiggle room on cash flow. A longer amortization (20% or more in equity required) allows you to minimize your mortgage payments and free up cash flow for uses like investing, business needs, post-secondary education, maternity leave, home maintenance, or other life situations.  You can keep your payments at a shorter amortization and only use this flexibility if the need arises.
  6. Monitor your credit score. The best rates go to borrowers with the best credit scores. Lenders are also paying closer attention to any warning signals that clients may have trouble paying their mortgage. If your credit slips and your lender feels your risk has increased, you may be offered a higher rate at renewal.
  7. A rental suite can be a sweet mortgage helper. A home with a rental suite could help you buy a single-family home instead of a condo, get you into that neighbourhood you love, or help you offset mortgage payments in the house you’re in so you can become mortgage free sooner or have the freedom to channel money into other areas.
  8. Plug your biggest money leak. If debt is choking your cash flow and you have enough equity in your home, you may be able to move that debt to your lower-rate mortgage and save thousands. Using home equity to pay down debt is one of my specialties!

It’s a New year. A New chance to make sure your mortgage strategy is working for you and helping you build wealth. Get in touch with the experts at MiMortgage.ca for a review of your situation.  Contact us at 1.866.452.1100 to speak to an expert now!


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Hello 2019!

A big thank you to all our clients, lender and referral partners for your support & patronage, to make 2018 another successful year for Mortgage Intelligence-Oshawa. We wish you all the very best for an amazing 2019!


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Reflections of 2018!

Reflecting on the past year as we come to the end of the another successful year… we are very thankful to our patrons for your support throughtout 2018. We wish you all the very best for 2019!


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Financial comfort & joy!

Contact the team at MiMortgage.ca at 866.452.1100 to speak to an expert now!


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Broker vs Banker

You want it all: the best available rate with exactly the right features you need to live comfortably with your mortgage and pay if off in record time. If you want the perfect mortgage, you need to shop around. And that’s my strength. I offer access to over 50 of Canada’s leading lenders, including major banks, credit unions, and national, regional and private lenders. I do the research for you, finding you the best mortgage across multiple lenders.

Your bank, as great as they are with your day-to-day banking, may not be the best choice for your mortgage because they represent just one available lender. Access to lender choice is one difference between getting a mortgage from a Broker vs a Bank, here are more:

  Your Mortgage Broker Your Bank
Mortgage Rates Mortgage brokerages negotiate discounted rates with lenders, and have access to rate promotions and specials. Rates are set by the Bank. If there’s a better deal in the marketplace, you’ll have to find it yourself.
Objectivity Your Mortgage Broker works for you, not any one lender. Mortgage specialists are there to build business for the Bank.
Solutions Brokers have access to mortgages for the self-employed and those with past credit issues. It is difficult to get a mortgage for certain client situations.
Cost The winning lender pays your Broker for the services and solution provided. Mortgage specialists are paid and incented by the Bank.
Ongoing Service Brokers offer ongoing advice after your mortgage closes i.e. how to pay off your mortgage faster, power down debt, finance renovations or invest in property.  There have been many regulatory changes, so it’s important to have access to a mortgage expert. No proactive ongoing advice is typically provided. You will get an annual mortgage statement.
At Renewal Your Broker will go to bat for you again to make sure you have the best deal possible. You may not be offered the best deal initially, requiring you to proactively contact the Bank to negotiate.

Getting a mortgage is a very significant financial event. That’s why you want someone who is highly specialized in the mortgage marketplace and focused solely on your needs. Get in touch with the experts at MiMortgage.ca for advice that is relevant to your situation.