Devon Melanson Mortgages

Breaking news my friends... The Ministry of Finance has decided to honour the new qualifying stress test rate of 5.25% for uninsured (20% down or more) AND insured mortgages (less than 20% down). If you’ve been following me for any amount of time you know how I feel about this change. Personal opinions aside, this may not affect your buying power as much as you think.... If you’d like to know how much you will qualify for under these new rules - feel free to reach out to me. If there’s a will, there’s a way - when you have a Mortgage Professional who cares about you like I do The proposed change will begin June 1st, 2021. Source: @mortgageproscan Devon Melanson Licensed Mortgage Agent FSCO #12728 (647)379-8714 [email protected] #gtarealestate #gtamortgages #ontariorealestate #mortgageagent #mortgagebroker #realestate #realtor #success #homebuyers #homebuyertips #homeowners #gtarealtor #mortgageprofessional #canada #ministryoffinance #canada #finance #mortgagespecialist #ontariorealtor #realestatetips #realestateagent #stresstest

Happy *Belated* National Real Estate Day! I wanted to wish all my real estate industry friends and followers a Happy National Real Estate Day (Even if I’m a couple days late). I sincerely appreciate your hard work and partnership. I’m thankful to be surrounded by some of the best in the business. My referral partners go to great lengths to ensure their clients’ experiences are nothing but the best - and I love that.... If you’re in the industry in any capacity, thank you for being you! Sincerely, your friendly neighbourhood Mortgage guy and friend - Devon Melanson Devon Melanson Licensed Mortgage Agent FSCO #12728 (647)379-8714 [email protected] #gtarealestate #gtamortgages #ontariorealestate #clientlove #mortgageagent #mortgagebroker #realestate #realtor #success #homebuyers #homebuyertips #homeowners #gtarealtor #referral #ontariorealestate #canadarealestate #appraisal #lawyer #realestatelaw #realestateagent #nationalrealestateday

FAQ FRIDAYS What is Title Insurance? Lender title insurance is a one-time premium required to insure your mortgage and cover any risks to title. It is typically covered for the amount of your mortgage and will be available until your mortgage is fully discharged. ... Should any challenges arise in relation to title, your mortgage will be fully insured and covered for protection, giving you and your lender added security and peace of mind. Devon Melanson Licensed Mortgage Agent FSCO #12728 (647)379-8714 [email protected] #gtarealestate #gtamortgages #ontariorealestate #firsttimehomebuyer #titleinsurance #mortgageagent #mortgagebroker #realestate #success #homebuyers #homebuyertips #homeowners #insurance #faq #instagram #mortgage #canada #ontario #ontariorealestate #miltonontario #miltonstrong

I’ve been working towards getting on this list and made it happen in April Thank you to my team lead Jason for sharing the top performers for April and all the continued support from yourself and the team. I appreciate all the support and love from my family, friends, clients (who are now friends) and referral partners (who are also friends)! I’m so fortunate to be surrounded by like-minded individuals and go-getters!... This is a big deal for me and I guess now I can give myself a bit of a pat on the back Devon Melanson Licensed Mortgage Agent FSCO #12728 (647)379-8714 [email protected] #gtarealestate #gtamortgages #ontariorealestate #mortgageagent #realestate #homebuyers #homeowners #mortgage

MORTGAGE DEFAULT INSURANCE By law, Canadian banks can only provide mortgage loans to homeowners/homebuyers with at least a 20% down payment, unless the mortgage is insured against default. Many don't know this, but there are actually (3) mortgage default insurers:... 1. CMHC (Canada Mortgage Housing Corporation) 2. Sagen (Formerly known as Genworth) 3. Canada Guaranty Mortgage Default Insurance helps borrower's acquire a home sooner. Default Insurance can also be required by lenders in unique situations when borrowers have more than a 20% down payment, for example - if the property is in a remote location or if the borrower is qualifying under a high-risk special program. This isn't extremely common. Mortgage Default Insurance protects lenders in the event of a borrower(s) defaulting on their mortgage. It does not protect the borrower(s) or guarantor. Many borrower's confuse Home Insurance (Which does protect the borrower) with Mortgage Default Insurance. The Mortgage Default Insurance premium is paid by the borrower(s) to the lender. The premium is added to the principal amount of the loan and repaid over the amortization period. How is the Premium Calculated? The premium is calculated as a percentage of the principal amount of the loan. The percentage is determined based on the Loan to Value ratio of your mortgage. The loan-to-value ratio is a term used by lenders to express the ratio of a loan to the value of an asset purchased (taking into account existing equity in the property and/or the down payment). Each 5% increment will allow you to have a lower Default Insurance Premium rate. What do you think about these FAQ Friday posts? Is this helpful?! Devon Melanson Licensed Mortgage Agent FSCO #12728 (647)379-8714 [email protected] #gtarealestate #gtamortgages #ontariorealestate #gtarealtor #mortgageagent #mortgagebroker #realestate #realtor #faqfridays #homebuyers #homebuyertips #homeowners #homedecor #mortgagetips #homebuying #insurance #homebuyingtips

Want access to awesome, transparent, and informative content each month This is one of the topics discussed in this months monthly VIP Club Newsletter. If you want to become a part of my exclusive VIP Club for absolutely FREE, comment your email below , message me your email or click the link and you’ll be added!... Why am I pushing my ‘Newsletter’ so much? I’ve decided to stop pushing paid advertisements that mostly go nowhere, and funnel my money where it really counts - Back to you! This includes the monthly giveaways. Check my previous posts to see the winners! It would mean the world to me if you joined. https://melansonmortgages.us2.list-manage.com/subscribe ______________________________ Devon Melanson Licensed Mortgage Agent FSCO #12728 (647)379-8714 [email protected] #VIPClub #gtamortgages #gtarealestate #realestate #mortgage #mortgagetips #firsttimehomebuyer #realestateinvesting #financialliteracy

Property, otherwise known as Home Insurance is a great thing. This is the type of product that many don’t believe they need until they do! Heads up, this is NOT the same as mortgage Default Insurance. If you’re in need, I have an awesome connection to hook you up on your Property Insurance needs before closing on your home. No, I don’t get a kickback - I just think she’s awesome!... ______________________________ Devon Melanson Licensed Mortgage Agent FSCO #12728 (647)379-8714 [email protected] #mortgage #mortgageagent #gtamortgages #gtarealestate #gtamortgagebroker #realestate #miltonontario #canadarealestate #ontariomortgages

Remember this. Pave your own way and keep your uniqueness. Have a wonderful week everyone! ______________________________ Devon Melanson ... Licensed Mortgage Agent FSCO #12728 (647)379-8714 [email protected] #glennondoyle #motivationmonday #mortgageagent #gtarealestate #gtamortgages #gtamortgagebroker

I had the wonderful pleasure of being interviewed by Amanda at WeThinkFinance about mortgages. Here’s a little snippet from the interview where I talk about due-diligence, penalties/rates, and choosing your mortgage professional wisely. If you care to check out the full interview head on over to @wethinkfinance on Instagram and check out their YouTube channel! ... Hope everyone is having an amazing day! ___________________________ Devon Melanson Licensed Mortgage Agent FSCO #12728 (647)379-8714 [email protected] #gtamortgage #realestate #gtahomes #Miltonmortgage #mortgageagent #miltonon #realestategta #financeadvice

It’s a new year, with new goals! If you want to see how I can help you reach your goal of home ownership, contact me! __________________________________... Devon Melanson Licensed Mortgage Agent - FSCO #12728 (647)379-8714 [email protected] #mortgage #realestate #homebuyers #mortgageagent #mortgagerates #professionalmortgageadvice

Those of you with seemingly difficult to reach goals this year; Remember this. #motivationmonday