Mortgage Intelligence

Oshawa's Mortgage News Desk!


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March Is Fraud Prevention Month

House Fraud is one of the largest in Canada.

This is largely due to the high value of our homes.                                                            Fraud and Identity Theft

Do you think it’s impossible that your house could be sold without your knowledge?

Wrong! It happens more than you can imagine.

Its starts with Identity Fraud and that leads to Housing Fraud.

This week you will learn how to protect yourself.

The following article is courtesy of RECO. Real estate Council of Ontario.

Fraud and Identity Theft.

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Renovation Financing

Is Renovation On Your Mind?

In the past 4 years many changes have occurred in the mortgage industry. So many lending guidelines have restricted how lenders Renovationwill approval a client, how much they are willing to lend based on the value of home last but not least how is a client’s income derived. This has restricted borrowing for renovation

The refinance ceiling on residential homes is now 80% of the value. In other words if your home is worth $200,000 the maximum mortgage amount that you can be approved for at re-finance is $160,000.

Renovation Financing under the new Mortgage rules is quite restricted.

This is where the old adage, “where there’s a will there’s a way” comes into play. Canada’s Mortgage Insurers, CMHC, Genworth and Canada Guaranty have approved a mortgage option called Refinance and Improve.

Using this very simple option allows you to re-finance to the “Improved Value” thus raising the ceiling on the amount of equity you can take from your home to renovate.

We have created a brief video to explain just how it works. Don’t let the tighter mortgage guidelines of the past 4 years stop you form making the improvements that allow you to enjoy your current home even more!

For more information use the form below to contact us about renovation financing


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Self-Employed Will Suffer!

Expect Further Tightening of Guidelines For The Self-Employed.

Self-Employed

Self Employed lending has always created a balancing act for the borrower. While trying to save on income taxes, deductions that decrease taxable income can now stand in the way of a mortgage approval.Our industry expects to see further tightening in this area in the months to come.

It is expected that all three Insurers in Canada, CMHC, Genworth and Canada Guaranty  will further restrict the lending capacity of lenders such as credit unions and specialty lenders. This may force more Self-employed individuals to seek out other options.

What can you do if you are Self-Employed?

Mortgage Brokers have always provided borrowers with the widest number of lenders and the lowest rates.  Here at Mortgage Intelligence we have relationships with over 50 National and Private sources for mortgages. We can be your best asset when you require a mortgage.

Experience counts as well. For over 14 years our office has been a primary source of approvals for those that are Self-Employed. Why not make the choice and let us help.

This is a good time for you to get some advice if there is a possibility that you will need a mortgage in the foreseeable future.  You may be able to take advantage of the current situation before things change again.  Contact us by using the form below or Apply online now.