UNDERSTADING YOUR CREDIT

 

For many of us, debt is a way of life. Instalment payments and credit cards can be useful financial tools. However, if not controlled credit eventually can control you. To qualify for a mortgage loan, your credit history doesn't have to be spotless, but your history must clearly show your willingness to pay your debts.

First Time Buyers

Buying your first home can be one of the most rewarding and exciting experiences in your life. Getting the mortgage for your first home, on the other hand, can be an overwhelming experience.  Our gaol is to make the mortgage financing experience a pleasant one for you the consumer.

As a first time home buyer you can purchase a home with as little as 5% down to a maximum purchase price of $300,000.00.  With an excellent credit rating you could quality for a No-Money down mortgage, which allow you to get into a home with very little down. Your only output would be the initial deposit on the property which goes towards your closing cost.

Debt Consolidation and Mortgage Refinancing

Many Canadian have debts ranging from high interest credit cards with interest rates of 17%, to loans with interest rates of up to 28%. We will show you how to use the valuable equity in your home to pay off these high interest credit cards and loans. We will also show you how to reduce your monthly debt load and pay your mortgage off faster. This allows you to have more disposable income each month for savings or investments. 

Mortgage Renewal and Transfer

Most Canadians homeowners renew their mortgage every 3-5 years. CMHC stats show that over 50% of all Canadians accept the first rate their bank offers which is higher than the discounted rate we can arrange for you. We are here to earn your business not only by providing great service, but also the lowest mortgage rate available to you. We will show you how to secure the lowest rate possible when your mortgage is up for renewal, or if you are transferring your mortgage to another financial institution to benefit from a lower rate.

No Money Down Mortgage

With a good credit rating and job stability, you may qualify to buy a home with No Money Down. We will show you how to stop renting and start owning a home today.  Let us show you what is required in order to qualify for this mortgage.

CLOSING COSTS

A mortgage helps you buy your home, but there are many additional costs that you need to consider. Some costs you will pay at the start of the home-buying process. Other charges, known as closing costs or disbursements, are related to your final purchasing stage. Then there are general expenses such as moving expenses and home decorating costs. Make sure you budget for these additional costs.

Variable Rate Mortgage

Everybody's heard of Variable Rate Mortgages but very few people understand what they are and how they work. For these reasons some people tend to shy away from one of the best products available to help them pay down their mortgage faster. As one of the most innovative mortgage products available, the variable rate mortgage is increasing in popularity among Canadians. The variable rate mortgage caters to individuals who have a higher risk threshold and believe that the bank rate will either remain stable in the near to mid future.

The greatest difference between variable rate mortgages and fixed rate mortgages is how the rates are set. Variable rate mortgage rates are set based on the Bank of Canada rate. The chartered banks add a slight premium to the Bank Rate to establish the Prime Rate. This is what most lenders use to price their various variable rate mortgage products.

The fixed rates, on the other hand, are set based on the yield in the bond market. The bond yields are very volatile and tend to fluctuate, often due to political and economic conditions. This volatility makes it impossible to gauge what fixed rates will do, even in the short-term. There are three main components to a VRM product that consumers should be aware of. It offers an ongoing “prime minus” feature (meaning the rate is discounted below the bank’s prime rate). There is often an opening or teaser rate. (Usually for the first 3 month), and each bank or mortgage company offers a lock-in feature. This feature allow you to lock in any variable rate mortgage at any time for a term equal to or greater than the duration of the current variable rate term.

Mortgages for Self-employed

Many self employed individuals find it difficult to obtain a mortgage as their income may vary from year to year. There are mortgage products available to the self-employed which allow alternative documentation to qualify for the mortgage. Our self-employed clients have taken full advantage of this program to complete their mortgage transaction and have praised the lenders for this long awaited alternative. This mortgage applies to all business owners, contractors, consultants and commission sales people.  We will structure a mortgage to fit almost any income and credit situation.

Commercial Mortgages

Whether it’s a church, vacant land or commercial property, we have access to some of the best commercial mortgage rates in Canada. We help companies in Canada to get the lowest rate mortgages possible. We will show you how to save money on your next commercial loan or renewal. If you are thinking of purchasing an apartment building, a church, a vacant land or a multi-family dwelling, we have special programs designed for multi-family properties and other vacant and non-vacant commercial properties.