Mortgage Intelligence

Oshawa's Mortgage News Desk!


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How to get a kitchen with your new mortgage

Canadians know that a smart home renovation can both increase their property value, and improve the way they live in their home. Putting a renovation on your high-interest credit card can wipe out the value you’re adding, and create months – or years – of financial stress. Good news, there is a better way. You may be able to get that new kitchen (or bathroom, backyard etc.) through your mortgage, typically your most cost-effective way to finance. Here’s how we can help:

PURCHASE Plus Improvements: Perfect for those looking at buying a fixer-upper, a Purchase Plus Improvements Mortgage covers the sale price of the home, plus the cost of any renovations that will increase the value of the property, up to $40,000. Then you can look at financing up to 95% of this future post-reno value. If you’ve found a house with “great bones” that can be renovated into the home of your dreams, then this is the mortgage that can make those dreams come true.

REFINANCE Plus Improvements: Tailor-made for those that don’t have enough equity to refinance, the Refinance Plus Improvements Mortgage allows you to finance up to 80% of the improved value of your home once the up to $40,000 in home improvement renovations are completed. Your lender will advance the total mortgage, pay off your existing mortgage, and instruct the solicitor to hold back the amount for the improvements. Once the lender is satisfied the renos are complete, the solicitor is instructed to release the funds for the renos. There are options we can discuss for carrying your expenditures until the funds are released. Should you have more than 20% equity in your current home, you may be able to simply do a conventional refinance and take out the equity you need.

It’s almost always better to protect your savings, keep large expenses off your credit card, and simply access funds through your mortgage. The team at MiMortgage.ca can even help structure a mortgage with features to help you pay your project off faster – for more savings. There are several steps required to complete these types of mortgages and our experts would be happy to review the process with you. Let’s make your dream a reality!

 

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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.


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Thinking of refinancing your home?

Four valuable tips to ensure you get the best possible deal when refinancing

refinancing your home

Picture by Globe and Mail

Considering a refinance on your mortgage is a big step and will require lots of thinking before you go ahead. Here are a few valuable tips that you should keep in mind when considering refinancing your current mortgage:

  1. Personal and employment circumstances

It is vital that you consider your employment and personal circumstances when deciding on a rate. If you feel that you are likely to be faced with changes to your circumstances in the near future, a variable rate maybe the way forward and then you can switch to a fixed rate once your situation improves.

  1. Explore payment options

All variable rate mortgages are convertible to a fixed rate without any penalties or fees to the applicant. According to the Financial Consumer Agency  of Canada, you will also have the option of capping interest rates to ensure that the rate does not go beyond the rate agreed upon and maintain what is referred to as a “hybrid” or a “combination” where the mortgage is partially financed at a fixed and a variable rate.

  1. State your terms

You can let your mortgage broker know the duration that you would like on your mortgage – from one year up to five years.  The amortization period of your mortgage will be based upon the payment amount and the frequency (weekly, bi-weekly or monthly) of your payments.

  1. Consider a flexible payment schedule

Depending on how fast you wish to complete paying off your mortgage, you have the option of choosing how frequently – weekly, bi-weekly or monthly, you would like to make payments. The sooner you reduce your principle amount will result in lower payments on interest.

Please read the full article on Globe and Mail for more information on refinancing your mortgage.

If you are considering refinancing your existing mortgage in the New Year and would like to speak to a mortgage broker on refinancing options available to you, contact the team at mimortgage.ca today. To get pre-approved today, apply now through our secure online website or speak to one of our agents at (866) 452-1100.

 


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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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Pickering, A Great Place To Live

 

Pickering began as a village and grew to be the gateway to Durham Region!

There is great ethnic diversity within the Pickering today. It is a center for living, working and play within the Durham Region.

pickering ontarioPickering  Ontario has experienced rapid growth in the post-war period. Between 1996 and 2009, the municipality experienced a growth rate of 12 percent (78,989 people to 100,273). Population growth has slowed considerably in recent years, growing only slightly between the 2001 and 2006 census. By 2023, Pickering will be home to nearly 170,000 residents. The province of Ontario has also designated Pickering as one of two municipalities in Durham Region as an urban growth center.  With the Go Transit system, the 401 and 407 Highways, Pickering is linked to the GTA.

Pickering is home to the Pickering Nuclear Station an eight-reactor facility with a capacity of 4,120 megawatts. The first station, Pickering A, opened with four reactors in 1971. Ontario Power Generation the plants’ operator, is the largest single employer in the city. In 2001, the wind-powered OPG 7 Commemorative Turbine was opened on the generating station site.

A number of manufacturers are also located in the city. Major employers include Yorkville Sound  (audio equipment), the Canadian headquarters of Purdue Pharma (pharmaceuticals and health & beauty products), Hubbell Canada (electrical equipment), PSB-Speakers-Lenbrook (stereo equipment) and Eco-Tec Inc. (industrial water purification and chemical recovery systems).

Great Shopping, Pickering Town Center, Schools, Places of Worship abound in Pickering and it’s location on the shore of Lake Ontario provide great outdoor entertainment.  A wide variety of restaurants, sports facilities and historic sites round out the activities that Pickering has to offer.

Pickering is a founding member of the Durham Strategic Energy Alliance or DSEA. The nucleus of the DSEA is primarily Pickering businesses such as Ontario Power Generation, Veridian, Wardrop Engineering, AECL, Intellimeter, Areva and Eco-Tec.

Pickering is a great place to live and as a provider of Mortgage Solutions to all of Durham Region we want you to know that we’re “MiMortgage Team” in Pickering.  

Pickering Mortgages

Pickering Mortgage Brokers can offer the best mortgage rates to suit your needs

Whether you need mortgage financing to buy a home, refinance, or to purchase a commercial or investment property, you want the best mortgage rates and our team of Pickering mortgage agents have access to hundreds of mortgage options to match your specific needs. Our Mortgage Intelligence website explains the mortgage application process in simple terms and offers other great features to educate borrowers about the different mortgage types and rates that are available.

Pickering Mortgage Services Covers All The Bases

We want to share our financial knowledge with you and help make the mortgage process as easy as possible. Our Pickering Mortgage Service covers all the bases from first and second mortgage financing at fixed rates, to commercial and investment lending and reverse mortgages for seniors. Our online Mortgage Intelligence application form saves time by letting you apply for mortgage financing from the comfort of your own home and our full-time licensed mortgage agents are trained to guide borrowers through the application process, from start to finish. Let’s get started today!

Weekly E-Rates Keep You Up To Date On All Pickering Mortgage Rates

Mortgage Intelligence professionals are dedicated to finding the best Pickering mortgage rates for our clients throughout Durham Region. With access to over fifty lenders across the country, we can offer the right mortgage products at the best fixed or variable rates and terms to suit your personal mortgage needs. Many of our clients want to be proactive when it comes to rate shopping and signing up for our weekly e-rates will keep you up-to-date on all the current rates.

Contact us Today. We are your Mortgage Brokers in Pickering!