Michelle Leonard Mortgages
835 Topsail Road Suite 202 A1N 3J6 Mount Pearl, NL, Canada

Understand Your Mortgage Options When it comes to mortgages, there can be a lot to know! Do you go with a fixed-rate mortgage or a variable-rate? What are the terms? What are the penalties? Which is the best payment frequency? With so many questions and so many lender options, it can be hard to find the best solution for you. That is where a DLC Ideal Mortgage Professional can help. Rate is only ONE of the many features in selecting the best mortgage product that meets your f...inancial goals. With access to over 30 lending institutions, Dominion Lending Centres Ideal Mortgage Professionals are familiar with a variety of mortgage products allowing them to help find the best mortgage for YOU! Plus, unlike banks, mortgage agents are a third-party service focused on YOUR needs. This means that you can get the best rates and unbiased advice all for FREE from someone whose only goal is helping you achieve your dream of home ownership. #mortgage #refinance #mortgagebroker See more

Not only does life not stand still our schedules change, our needs change, and even our goals can change. Success and even happiness are often moving targets. That’s why I like to touch base and remind my clients that it’s a good idea to have an annual review of your mortgage. A review may show that everything is working according to plan. Or we may turn up an opportunity that can save you money or help you better reach your goals by tweaking your mortgage or re-arranging y...our finances. We would especially recommend setting up a mortgage review if you: are considering moving up or downsizing your home. want an investment property or vacation home. have a prime plus variable mortgage (we have very attractive prime minus variables). want to assist your child to buy a home and you are wondering if you should help. have high-interest debt outside your mortgage. want to pay your mortgage off faster. want to make some major renovations to your home. need low-cost funds for a wedding, tuition, travel or other major expenditure. are coming up for a mortgage renewal within the next year. Give me a call and we’ll set up a convenient time to talk. I look forward to having a conversation about what’s new with you! And, as always, feel free to extend my offer to friends or family who might appreciate a free mortgage review. See more

How much home could your rent buy? Take a look at how much mortgage your current monthly rent could cover. Your monthly rent cheque doesn’t have to be money out the window. It could be building you equity in your own home! Keep in mind that home ownership involves costs beyond the monthly mortgage payment like utility bills, insurance, and property taxes. We can help you determine what you can comfortably afford. ... Get pre-approved today and have your rate held for 120 days! This way you don’t have to worry about rates rising while you are house hunting, and both realtors and sellers will know you’re serious, which means you’ll be in a good position to get the home you want. YOUR DREAM HOME MAY BE MORE AFFORDABLE THAN YOU THINK! Call today to learn more!

The process of qualifying for a mortgage begins long before you decide to buy a home! But if you make a plan to improve your financial fitness ...you'll have no shortage of lenders willing to compete for your business. When the time is right for you to buy a home, make sure you are financially fit and eligible for the best possible mortgage rates. Here are five tips to boost your financial fitness: 1. Whip it. Whip your credit rating into shape: pay your bills on time...every... time. Keep your oldest credit card for its history, and make sure it is always paid on time. Try not to apply for new credit, which includes co-signing for any type of loan. 2. Follow the 33% rule. Never run up a cred it card or line of credit past 33% of its available limit . If you've got a $3,000 limit, then $1,000 is your absolute ceiling. 3. Cash is king. Gather up the maximum down payment possible. The more money you put down on a home, the better. 4. Be prepared. Put together a file folder with the following: pay stubs, or proof of self-employment income, list of debts and assets, and current bank statements. I can advise what you'll need. 5. Start a dialogue. Let's discuss your plan, and get off on the right foot in your homebuying journey! Contact me for a free consultation today!

Applying For a Mortgage: What Lenders Are Looking For When you apply for a loan it’s important to understand what lenders look for in their applicants. Of course, depending on the type of loan that you are applying for the different factors that lenders look for change. The following list contains all the different things that lenders may be looking for when you are applying for one of their mortgage products: 1. Credit Score Your credit score is an indicator of how responsib...le you are in meeting your debt payment requirements. When you miss payments your credit score is hit. 2. Credit History Since a lender has to pull your credit file when searching for your credit score, they will be looking at your credit history for the following information: Who gives you credit right now? Who has given you credit in the past? Have you defaulted on any accounts? Which? Do you have any debt in collections? 3. Assets For secured loans, lenders will want to have an idea of what assets you have and how much they are worth. Lenders love it when you have home equity. Otherwise they look for things like cars, RVs, boats, furniture and other high-valued assets. 4. Debts Just like lenders are interested in what you own, they are also interested in what you owe. Lenders will want to know how much debt you have, and who you owe to. They want to know if you have a mortgage, or a car loan. They’re also interested in learning if you have credit card debt or other high-interest debt. Basically, they want to understand how much debt you have, and how much more you can take on. One of the ways lenders evaluate this is by taking a look at your income to debt ratio. This is done using the Gross Debt Service Ratio (GDS) and Total Debt Service Ratio (TDS), and they demonstrate your ability to cover your debt servicing costs. 5. Income Probably the most important factor behind loan qualification is your income. Of course, this is best demonstrated by the fact that it’s very difficult to qualify for a loan without income (you would lack the ability to pay down your loan). Without income, your risk of default is greatly increased and lenders like to avoid risk. Your income determines not only how large a loan you can qualify for, but also the term and possibly the rate of your loan. Again, be aware that different financial products have different requirements. If you are applying for a loan from a bank then it’s very likely that the bank will be analyzing your entire financial position. On the other hand when searching for a second mortgage, many second mortgage lenders ignore your credit score and instead focus on your income to debt ratio. Do you need help making sense of it all? Speak with a Dominion Lending Centres Ideal Mortgage broker today.