Daniel Strovolidis- Mortgage Broker/Courtier Hypothecaire
800 Boulevard Decarie H4L3L5 Ville Saint Laurent, QC, Canada

The tax-free cash you can get from a reverse mortgage can be used for whatever you need it for. Whether it’s for eliminating debt, buying a vacation property, increasing your cash flow, or providing your family with an early inheritance it’s up to you! You can access up to 55% of the equity in your home and receive the money in a lump-sum payment, periodic installments, or a combination of the two. If you would like to learn more about how a reverse mortgage can be a tool i...n your financial plan, please contact me: Daniel Strovolidis 514-825-5808 [email protected]

We are seeing a slight increase in fixed interest rates. If your renewal date is fast approaching or if you are looking to refinance in the near future, contact me to discuss. 514-825-5808 [email protected] https://www.canadianmortgagetrends.com//bond-yields-surge/

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Your debt servicing ratios (DSR) are one of the most important components when qualifying to buy a home or refinancing an existing property. It shows how much of your income goes towards paying off debts. ... Lenders use this to determine whether or not a borrower is capable of making their mortgage payment. If the percentage is high, a lender will most likely not qualify you. It is important to review these numbers with your mortgage professional and find ways of optimizing these ratios if need be.

Is it time for you to refinance? Rates are at historic lows, and actually, no sign for them to go. DM me or comment below if you would like to talk about refinancing . 514-825-5808

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"What's your best rate?" This is usually the first question most people will ask when seeking a mortgage. It is an excellent and important question, however the rate is only one of the elements that will be part of the mortgage product you select. Did you know that more than 60% of people break their mortgage at the 3 year mark for a number of reasons?( refinancing, sale of property etc.) Fixed-rate mortgage penalties are almost always calculated based on the greater of ...three months interest or interest-rate differential (IRD). But there are key differences in the actual rates lenders use to calculate your IRD. Penalties will almost always be calculated using one of three methods: Standard, Discounted or Posted. Case in point Lender A: Mortgage: $400,000 Term: 5 year fixed Rate: 2.04% Payment: $1,702 Penalty: $2,040 Lender B: Mortgage: $400,000 Term: 5 year fixed Rate: 1.99% Payment: $1,692 Penalty: $15,200 By taking the higher rate with Lender A, you're paying $10 more per month and $600 more for the entire term. Life is unpredictable and you may need modify the loan. Think of the $600 an an insurance policy against a high IRD!

Many borrowers are concerned with long amortization periods and want to pay off their mortgages ASAP, opting for shorter amortization, which obviously implies a larger monthly payment. I recently spoke to a client wanting an 18 year amortization. But what happens if an unforseen event( job loss, illness, pandemic) impact your income and cash flow? People can find themselves in a bind. It would be wise to take a longer amortization period and take advantage of the many fle...xible pre-payment options lenders provide. Many allow for double up payments and annual pre-payment privileges. Case in point: Mortgage amount: $395,200 Monthly payment: $1700 Amortization: 25 years By choosing an accelerated bi-weekly option, one would save $12,456 in interest payments and 2 years 6 months. If one were to increase their monthly payment by $85, one would save $24,814 and 5 years! If one would make an annual lump sum payment of $2,200, one would save $33, 918 and 7 years! By doing it in this manner, a borrower can have the shorter amortization period required but maintain flexibility. Download my app! Sign in and see for yourselves! There are many great tools available to help you make informed decisions https://dlcapp.ca/app/daniel-strovolidis

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Always a pleasure!