Mortgage Intelligence

Oshawa's Mortgage News Desk!


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The Perfect Balance of a Low Rate and Flexibility!

Don’t be Handcuffed by a Low Rate Alone!

You’ve heard the term, “Penny wise, pound foolish”. Never has it applied to mortgages more than in the current lending climate. Do you have an understanding of how a low rate can actually cause you to pay more for your mortgage? It’s true!

Take a moment to enjoy the video we’ve prepared for you. Shopping the Internet is an everyday way of finding what you want at the best price, but it only benefits you if you have the in depth knowledge of what you are really buying! Here at Mortgage Intelligence we are the experts when you need a mortgage and with over 50 Lenders to bring you the right balance of great rates and flexible features, you’ll reach your financial goals sooner.

Enjoy the show! Then contact us using the handy form below.

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Home Renovation Financing Options!

There are many reasons to Renovate!

You may want to save energy (and save on utility bills), to make room for a growing family, to improve safety or increase the resale value of your home, or simply to bring a fresh new look to your home. There are also a number of different ways to finance your renovation. Read on to obtain information for a number of financing options, along with practical advice to consider before starting your renovation project.

 

Before You Begin

 

Whether you intend to finance your renovation yourself or borrow money, you should talk to us before you make firm plans. We can help you understand your options, and advise you on how much you can borrow.  We can even pre-approve you for a loan. This information will help you plan realistically. Use the form provided to contact us.

 

 

Explore Your Options

 

Your own resources: For smaller renovation projects, you may consider self-funding material costs, especially if you plan to do the work yourself.

 

Credit card: Likewise, you can use your credit card to pay for materials for smaller renovations. But be careful not to carry the balance for too long; credit card interest rates can exceed 18%.

 

Personal loan: With a personal loan, you pay regular payments of principal and interest for a set period, typically one to five years. You also have the option of a fixed or variable interest rate for the term of the loan. The interest rate on a personal loan is typically less than that of a credit card. Unlike a line of credit, once you pay off your loan you will have to reapply to borrow any new funds needed.

 

Personal line of credit: This is another popular choice for financing renovations. It is ideal for ongoing or long-term renovations since it lets you access your funds at any time and provides a monthly statement to help track expenses. A line of credit offers lower interest rates than credit cards, and charges interest only on funds used each month. And, as you pay off your balance, you can access remaining funds, up to the line of credit’s limit, without reapplying.

 

Secured lines of credit and home equity loans: These options offer all the advantages of regular lines of credit or loans, but are secured by your home’s equity. They can be very economical, since they offer preferred interest rates, however initial set-up costs including legal and appraisal fees usually apply. Lines of credit and home equity loans are usually limited to 80% of your home’s value. With CMHC insured financing, lenders may offer borrowers who qualify the option of making interest-only payments for the first five or 10 years.

 

Mortgage refinancing: When funding major renovations, refinancing your mortgage lets you spread repayment over a long period at mortgage interest rates, which are usually much lower than credit card or personal loan rates. This type of financing can allow you to borrow up to 80% of your home’s appraised value (less any outstanding mortgage balance). Initial set-up costs including legal and appraisal fees may apply. If you need to tap into more of the equity in your home, loans of up to 90% of your home’s value can also be provided when insured by CMHC Mortgage Loan Insurance.

 

Financing improvements upon-purchase: If you’re planning major improvements for a home you’re about to purchase, it may be advantageous to finance the renovations at the time of purchase by adding their estimated costs to your mortgage. CMHC Mortgage Loan Insurance can help you obtain financing for both the purchase of your home and the renovations — up to 95% of the value after renovations — with a minimum down payment of 5%.

 

Other Considerations and Options

 

Planning for the Unforeseen

 

It’s a good idea to set aside a percentage of your renovation funds to cover items not included in your renovation contract, for things you discover you’d like to add once work is under way, like extra or upgraded features, furniture, appliances and window coverings or for contingency. A separate fund lets you make decisions easily, without having to renegotiate your financial arrangements or reapply for new funds.

 

Grants and Rebates for Energy-Saving Renovations

 

Across Canada, renovation grants and rebates are available from the federal and provincial governments and local utilities, especially for energy-saving renovations. If you qualify, they may help pay for some of your project’s costs.

 

  • CMHC Mortgage Loan Insurance for Energy-Efficient Homes: 10% CMHC mortgage loan insurance premium refund and extended amortization periods without surcharge.
  • ecoENERGY Retrofit — Homes: grants of up to $5,000 to offset the cost of making energy-efficiency improvements.
  • Provincial and Municipal Entities Offering Grants and Incentives
  • Rebates and Incentives for Selected ENERGY STAR® Qualified Products in Canada

 

This content is provided for informative purposes only. It does not constitute or substitute financial or other advice. CMHC assumes no liability in connection with the information provided.

 

This information is from the CMHC website.

 

There is only one solution when you need a mortgage. That’s Mortgage Intelligence!  Serving Durham Region & GTA. Apply now!

Want to know if you have enough Equity to Renovate, Use the handy form below to contact us today.

 

 

 


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What Will 2014 Bring to the Housing Market?

From Tighter lending guidelines to Credit Unions stealing market share.

We are bringing you the top 5 predictions for the housing and mortgage

market in 2014. mortgage predications 2014

The Globe and Mail provides insight into what we should expect.

Read the full article here.

When it comes to sound mortgage advice and great rates, our customs turn to our team of knowledgeable and experienced Mortgage Agents. Shouldn’t you?

What are your thoughts on the predictions. Use our handy form to leave a comment.


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Moving To Port Perry

Port Perry


Welcome to Port Perry! Port Perry’s population has been counted at a little over9500 and growing. There are over Port Perry Ontario350 merchants and stores in the town and over 15 bed and breakfasts for travelers looking for that cozy place to stay.  There is a cruise boat that will take you on a tour of Lake Scugog and a marina that allows you to park your own tour boat if need be. For the more restless at heart there is a casino just on the outskirts of town a number of pubs to stop in at for a pint and some entertainment. There is also a winery, a town hall and a town ghost. It’s the perfect place to be!

Scugog Shores Historical Museum and Archives is dedicated to preserving the history and pre-history of the Lake Scugog area.

Experience life in an earlier time. Eleven authentically restored buildings in a peaceful rural setting are furnished to reflect mid to late nineteenth century. Realistic displays recreate the lifestyles, commerce and industry of the period. Come tour the village buildings and enjoy a pleasant stroll through our heritage gardens. 

Downtown Port Perry is more than shopping – it is an experience; one that attracts thousands of visitors each year. The pristine Victorian architecture is what gives our downtown its unique charm. The historic buildings host an eclectic mix of business including retail merchants, restaurants, attractions, financial institutions and professional services. 

Port Perry promises the perfect day trip for anyone looking to indulge in a little shopping or entertainment. One stroll down our Victorian streets lined with beautiful shops overlooking the shores Lake Scugog is all the convincing you’ll need! Port Perry is the perfect escape.

The merchants and businesses located in Downtown Port Perry make up our Business Improvement Area (BIA). This dedicated group of entrepreneurs is committed to making every visit to Downtown Port Perry an experience to remember. From the beautifully appointed facades and window displays to the friendly, personalized service, we savour every moment you spend with us.

Port Perry is a great place to live, especially if you enjoy an active life. “Your Durham Mortgage Solutions Team” makes it possible to buy a cottage or a permanent home on the shores of Lake Scugog.  We work and live in Durham, so we know the towns like Port Perry that make up this fantastic Region. Won’t you come to Port Perry for the charm and stay for the lifestyle. Let us make it happen.

Port Perry Mortgages

Let Port Perry Mortgage Brokers Get The Best Pre-Approval Mortgage Rate

Getting pre-approval is an important first step when buying a home and Port Perry mortgage brokers are there to help you every step of the way. We provide an online Mortgage Intelligence application form right on our website for your convenience and we’ll submit it to one of our lenders for the best pre-approval fixed or variable rates available. Whether you’re buying your first home or your next home, let us help relieve some of the stress so you can concentrate on finding the right home that fits your budget and lifestyle.

Port Perry Mortgage Services offer the best mortgage rates and more

When you’re looking for a company that offers a host of mortgage options for renewals and refinancing, or home purchases and commercial mortgages, Port Perry Mortgage Services can deliver. We have established good working relationships with both traditional lending institutions and private lenders so we can always offer our clients the best mortgage rates available. Our Mortgage Intelligence services also include free mortgage calculators, informative videos and weekly e-rates, to name just a few.

Port Perry Mortgage Rates Can Include Private Mortgage Loans

Even when people have experienced financial difficulties and suffer from a poor credit rating, they still need financing for a mortgage. Here at Mortgage Intelligence, we understand that some borrowers need alternate financing options and that’s why we work with a diverse group of private lenders to find the right mortgage solution at the best Port Perry mortgage rates. We also understand there are variable and fixed rates and fees associated with private lending and we’ll explain every detail of your private mortgage application with you. Remember, there’s no fee if you’re not approved, so apply online and let’s get started!

Apply today, start saving tomorrow!


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Welcome Rosemary and Dennis!

David Hetti and Elfie Hayes of Mortgage Intelligence Oshawa

welcome Rosemary Madden and Dennis Street to the MI Team!

Elfie and David Welcome Rosemary and Dennis

Elfie Hayes, Dennis Street,  Rosemary Madden  David Hetti

Recently Rosemary Madden and Dennis Street joined the MI Team. The Grand opening was held at Rosemary’s office at 375 Simcoe Street South
Oshawa, ON.

It was standing room only as the Oshawa Chamber of Commerce,  the Mortgage Intelligence Team, local

Dignitaries and our Lender Partners  helped welcome Dennis and Rosemary to the largest Mortgage Intelligence team in Durham Region.  Both Rosemary and Dennis are seasoned agents and had e long careers at The Mortgage Centre.  Rosemary was the original Broker of the Mortgage Centre in Pickering.

When their firm was old this past summer it was time to look to a progressive future with MI.  Both Rosemary and Dennis bring great value to the MI team as Mortgage Intelligence bring products and support to them.  The end result is that everyone benefits from the addition to the team.

Rosemary is a veteran of the Mortgage Industry and Dennis has used his years of experience to serve the commercial realm.

Your MI Team  Welcomes you both to Mortgage Intelligence!