Tajwar Rahman Mortgage Agent
405 Britannia Road East, Unit 101 L4Z3E6 Mississauga, ON, Canada

To understand if mortgage refinancing is worth it, you need to have a good grasp on your finances and your long-term goals. First, how long will you be in the home? You want to be in the home long enough to reach what’s called the break-even pointthe point in time when the money you saved on the refinance outweigh the costs of refinancing. If you plan to move in the next five years, and it will take 10 years to realize the savings of your refinance, then it’s likely n...ot the best move for your finances. You also need to take into account your personal financial situation. If money is tight or your earnings have been cut, refinancing into a lower rate and longer loan term may be necessary to make your monthly payment more affordable. . . #refinance #condo #house #home #townhome #Deferment #townhouse #toronto #vaughan #gta #mortgagerates #rates #interest #lenders #mississauga #oakville #scarborough #debtfree #termthursday #brampton

Homeowners who are hoping to stop foreclosure often dread dealing with the facts that got them to this place, to begin with. Here are some ways to stop a foreclosure. Lenders might agree to wait before taking legal action against you and let you work out a repayment plan that is affordable for you. If your mortgage is an adjustable loan, the lender might freeze the interest rate before it increases or change the interest rate to a more manageable rate for you. If you have s...ufficient equity and meet the lender's lending guidelines, the lender might increase your loan balance to include the back payments and re-amortize the loan. When the lender files a Notice of Default, your options are limited. That is why it is better for you to call your lender before falling behind on your payments because lenders are often reluctant to work out repayment schedules after foreclosure proceedings have commenced.

Buying a new home is an exciting adventure, but it comes with loads of documents, contracts, and other paperwork that require your approval and signature. Important Home-Buying Documents Many of these documents are forms you could be sued over or suffer consequences from if the information provided is untrue. But as a buyer, you must signand reviewall the required paperwork if you want the loan.... Verify the spelling of your name and the property address, including the ZIP code. Check the interest rate, the principal balance of the loan, the term to repay. Confirm the name and address of your lender, the property address, the settlement agent, and the settlement date. Check the recording date and the contract sales price. Review the amount of earnest money you put down, the amount of the loan, and all closing fees. You'll also have to sign a number of documents that seem like they're inconsequential, but every piece of paper in the process serves a purpose. Even if you question the need for some of this paperwork, don't refuse to sign them. Your closing will be delayed without your signature on every necessary document. . . #financing #refinance #condo #house #home #townhome #Deferment #townhouse #toronto #vaughan #gta #mortgagerates #rates #interest #lenders #mississauga #oakville #scarborough #debtfree #termthursday #brampton See more

"Locking" a mortgage interest rate means you'll have a rate that won't budge from the time your lender offers it to you until you close on your home loan. A "floating" mortgage rate is one that is subject to daily market fluctuations. If the interest rate rises by the time you close on your mortgage, you'll lose some buying power. If the rate falls, you'll earn some buying power. When Does It Make Sense to Float or Lock? ... When mortgage rates are showing a trend of decreasing from week to week, it might be more advantageous to float your mortgage rate until you're closer to your closing date. There's a chance you'll get a better rate when it's time for the loan transaction to take place. In a housing market climate much like today'swhere interest rates are trending higheryou might want to consider a mortgage rate lock, provided you have a concrete timeline from when you'd go under contract to your anticipated closing date.

Subprime mortgages are loans that banks deliberately grant to subprime borrowers. They don't include loans that develop credit problems after the acquisition, subprime loans that are later upgraded to prime loans, or government-insured loans. Subprime loans have a higher risk of default than loans to prime borrowers. Banks charge higher fees to compensate them for the additional risk. They may have higher interest rates, greater closing costs, or require more of a down pa...yment. Types of Subprime Loans Interest-only loan Option adjustable rate mortgage loans Negative amortization loans Ultra-long fixed-rate loans Balloon loans No-money-down loans

When looking for flexible options for financing when you’re in a pinch, a personal loan can be a good tool. But are bank loans the best option for personal loans? . Pros of bank Loans You can discuss the loan and apply in person, providing you with a connection to the loan officer. Applying at a bank where you already have an account might get you better terms and access.... . Cons of bank loans Credit requirements might be higher with bank loans. You might pay higher rates and fees, since a traditional bank usually has overhead associated with brick and mortar. You might also join a local credit union to get the personal experience. Credit unions often offer lower rates, since their profitability model is different from a bank’s. . Pros of online lenders You can apply for a loan at any time, since access is 24/7 on the internet. Lower overhead can mean lower interest rates than with bank loans. . Cons of online lenders Customer service might be limited. Representatives might not always be as knowledgeable about finance Whether you choose a traditional bank or turn to an online lender for your personal loan needs, it’s important to compare your options. . . #financing #refinance #condo #house #home #townhome #Deferment #townhouse #toronto #vaughan #gta #mortgagerates #rates #interest #lenders #mississauga #oakville #scarborough #debtfree #termthursday #brampton See more

Almost overnight our homes became our schools, our offices, and our refuge from uncertainty. And while it’s true that many of us may have suffered some cabin fever, the truth is that the concept of home has changed for the foreseeable future. So, as the paradigm continues to shift and home remains the safest place to relax, maybe it’s time to consider purchasing a vacation home. There are also a variety of tax benefits* associated with owning a vacation home. If the home ...is strictly for personal use, you can deduct your mortgage interest and property taxes just like your primary residence. Now, if you’re using the home as a rental property too, the tax situation does get a little more complicated, but there are still breaks to be enjoyed. When it comes to looking for a property, we’d recommend you work with a local real estate agent versus your normal agent. They’ll have the connections and knowledge to help you better navigate that market than your regular agent. Don’t forget that in order for a property to be considered a vacation home, it has to be at least 50 miles from your primary residence.

Thinking of buying a home? I can help! As a mortgage agent, I can offer options banks can't. I will shop multiple lenders for you based on your requirements. My Goal is to get you the BEST RATE POSSIBLE. ... Call me at 647-526-7533

While the vast majority of self-assessment taxpayers submit their tax returns online each year, there are still 6% at least 500,000 people that use paper tax returns. And for those people, the 31 October deadline is looming. If you’ve been leaving it to the last minute, it’s time to get going. Here are seven tips to make the process as quick and easy as possible. Organize your invoices, receipts and other documents... Make sure you have the right forms Calculate your expenses Double-check your details Don’t miss the deadline If you think you might be late, file online instead Plan for your tax payment See more

You may have heard good things about the FHA loan program but is it something you should pursue? The FHA (Federal Housing Administration) has provided mortgage insurance on certain loans since 1934. . So, although these loans are called FHA loans, they actually come from the lender and are simply insured by the government . FHA loans don’t require a large down payment.... The traditional benchmark for a down payment on a home has typically been 20% of the purchase price. In times like these when real estate prices are high, that can add up to quite a large sum of money. But with FHA loans, only a 3.5% down payment is required. . FHA loans don’t require a large down payment. The traditional benchmark for a down payment on a home has typically been 20% of the purchase price. In times like these when real estate prices are high, that can add up to quite a large sum of money. But with FHA loans, only a 3.5% down payment is required. . FHA loans allow for the use of gift funds. A nice feature of FHA loans is that they allow gift funds to be used as part of the down payment with less strict provisions than conventional loans. If you received a large sum of money from family, close friends, or government grant it can usually be documented and used as a source of funds. #financing #refinance #condo #house #home #townhome #Deferment #townhouse #toronto #vaughan #gta #mortgagerates #rates #interest #lenders #mississauga #oakville #scarborough #debtfree #termthursday #brampton

In the first few years of your mortgage term, a bigger proportion of each monthly payment goes towards the interest, and a smaller part towards the capital. With time, the balance shifts, with less going towards interest and more towards paying off your loan. This can make your first few years’-worth of mortgage statements depressing reading, as you won’t feel like you’re making much of a dent in your debt. But don't lose heart: over time the balance will shift, with each payment clearing more of your loan until the end of the term, when you'll be mortgage-free. You’ll also be able to access deals with lower interest rates as you build up more equity (i.e. pay off more of the loan).

If you’re concerned about your finances, you have until 31 October to apply for a three-month payment holiday, which you can do by contacting your lender. . Some lenders will need to be contacted by phone, but most major banks and building societies offer online forms or allow you to apply through your internet banking account. . While it can take a long time to get through to banks at the minute, it’s worth speaking to your lender rather than using a form if you’re int...erested in hearing about alternatives to payment holidays that might be more suitable for your circumstances. . . #refinance #condo #house #home #townhome #Deferment #townhouse #toronto #vaughan #gta #mortgagerates #rates #interest #lenders #mississauga #oakville #scarborough #debtfree #termthursday #brampton See more

Real estate is seasonal. If you’re considering purchasing a home, understanding these seasonal trends can help you more effectively achieve your goals. Here’s what you need to know. Weather Buyers and sellers tend to be more active in the warmer months, with demand on both sides slowing down as the weather coolsespecially in areas with more extreme winter weather. Tourism Local tourism trends can factor in as well, depending on the market. early spring and early fall se...e the best weather and most cultural events, People tend to list their homes during these times to ensure the most exposure and potential interest. In low-tourism times, sellers tend to get more flexible with pricing to accommodate slower demand. The Best Time to Buy for a Good Deal Generally speaking, you’ll get the best pricing if you buy in the winter. Historically, housing prices are lowest in the colder part of the yearspecifically, the first and fourth quarters. December is a particularly smart time to buy. A recent analysis from Zillow shows that home purchases in this month can save buyers as much as $5,000 in some markets

The supply of single-family homes for sale shrank again in August, hitting lows never recorded, according to new data from the National Association of Realtors (NAR). NAR said in its monthly report on Tuesday. By that measure, the supply hasn’t been as small since at least 1982, when NAR first started keeping track, data from the association shows. Low housing construction since the last recession and people deciding to renovate rather than sell their homes has contribut...ed to the low inventory, CoreLogic’s Hepp said. The pandemic also has slowed the rate at which Baby Boomers are choosing to downsize or move to assisted living, which restricts an important source of homes coming on to the market. At the same time, homebuyers are increasingly competing against investors who are buying single-family homes and turning them into rental properties. . Housing demand is robust but supply is not, and this imbalance will inevitably harm affordability and hinder ownership opportunities," Lawrence Yun, NAR’s chief economist, said in a statement. "To assure broad gains in homeownership, more new homes need to be constructed." . . #refinance #condo #house #home #townhome #Deferment #townhouse #toronto #vaughan #gta #mortgagerates #rates #interest #lenders #mississauga #oakville #scarborough #debtfree #termthursday #brampton See more

Mortgage refinancing is what happens when you pay off an existing mortgage loan using funds from a new mortgage loan. Then, the new mortgage takes the place of the old one, and then you pay it off over time. . How Long It Takes to Refinance The refinancing process is just like the process you went through with your initial mortgage. The exact time the process takes depends on the lender you choose and the overall market demand. How the Length of Your Loan Changes... Since refinancing replaces your old loan with a new one, it changes the length of your loan term as well. That term could be longer or shorter than your old one. Costs of Refinancing Your refinancing costs will be very similar to what you paid when initially applying for your mortgage. You Can Get Cash From a Refinance If you’re in need of cash a refinance can be a good option there, too. Dubbed cash-out refinances, these allow you to take out a loan larger than the one you have now, keeping the difference in cash. . . #financing #refinance #condo #house #home #townhome #Deferment #townhouse #toronto #vaughan #gta #mortgagerates #rates #interest #lenders #mississauga #oakville #scarborough #debtfree #termthursday #brampton See more

Alberta continues to have the highest rate of mortgage deferrals in the country. According to numbers shared by the Canada Mortgage and Housing Corporation, many are still using the pandemic support program which is winding down. Nearly 19 percent of Albertans continue to defer their insured mortgage payments, according to CMHC's latest figures. . CMHC president and CEO Evan Siddall tweeted the numbers this week, showing that 18.9 per cent of mortgages in Alberta were defer...red. In May, Siddall had warned a House of Commons committee that the country could see a "deferral cliff" when some unemployed people are required to begin paying their mortgages again this fall. Siddall said around 11 per cent of all homeowner transactional insured mortgages are in deferral across the country, and that factors like unemployment rates and government supports will play a role in deferrals and house prices going forward. . Read More At https://www.cbc.ca//as-mortgage-deferral-programs-wind-dow

Defaulting on a loan means that you have failed to make sufficient payments for an extended period. Lenders will deem a loan in default when you haven't paid the minimum required payment for a certain number of months in a row, as detailed in your loan contract. Loan defaults can happen with any type of loan, whether a mortgage, credit card, or a corporate loan. . What Happens if You Default on a Loan?... . If you default on a loan such as a personal loan or credit card, you will face consequences including late fees, collection procedures, and lawsuits. When you default on a secured loan such as a mortgage or automobile loan, your lender can foreclose on your house or repossess your car. Any defaults on a loan can lead to wage garnishment, which makes it very difficult to meet your everyday financial obligations. . Loan defaults will also show up in your credit history and be reflected in your credit score. Your credit score will decline and it will be very difficult for you to get credit in the future. . . #financing #refinance #condo #house #home #townhome #Deferment #townhouse #toronto #vaughan #gta #mortgagerates #rates #interest #lenders #mississauga #oakville #scarborough #debtfree #termthursday #brampton

A higher percentage of homeowners in Edmonton and Calgary deferred their mortgage payments than in any other major city in Canada, numbers shared by the Canada Mortgage and Housing Corporation show. "We've been dealing reeling already from low energy prices and then shut downs related to COVID have led to people not being able to pay their mortgage bills and led to even more lower prices, leading to more layoffs," said Raja Bajwa, president of the Economics Society of N...orthern Alberta. Canada's big banks announced mortgage-relief programs in March and April allowing mortgage payments to be deferred up to six months. With deferrals coming to an end, it remains to be seen whether those relying on the programs will face foreclosures or find other strategies to continue payments, Bajwa said. . Read More At https://www.cbc.ca//edmonton-calgary-highest-rate-mortgage . #refinance #condo #house #home #townhome #Deferment #townhouse #toronto #vaughan #gta #mortgagerates #rates #interest #lenders #mississauga #oakville #scarborough #debtfree #termthursday #brampton

New business cards in hand, you sit down at your new desk in the brokerage office. Day one. What now? Your first three years are going to be hard work. Difficult beyond belief. In these early days, keep what follows top of mind: Forget brand building, but know that you are a walking, talking brand. Should you invest thousands in ‘branding,’ creating a logo, picking colours, fonts, paperstocks, webpage designs, social media campaigns, mailers, etc.? No. They’ll have little i...mpact. You’re not in sales, but you are selling something. . You are not selling mortgages. You are providing expert advice on mortgages. And there is a huge difference. One results in short-term gains and an inevitable early exit from the business. The other in long-term stability, growth and a prosperous career spanning decades. This is not a job, it is a small businessalso it’s a job. . The gross commission earned is not your paycheque. It is the gross sales of your small business, and your business has expenses. All viable businesses have expenses. Accept that. And budget like a proper business. Attend every single real estate event you can, keeping the above in mind. . Suit up and attend events where you can deepen your market expertise and network. Combine the first four points above to make this fifth point happen with greater effect. Position yourself at real estate events as a learning and listening machine. . . #refinance #condo #house #home #townhome #Deferment #townhouse #toronto #vaughan #gta #mortgagerates #rates #interest #lenders #mississauga #oakville #scarborough #debtfree #termthursday #brampton See more

When you’re getting ready to buy a home, you spend a lot of time looking at mortgages, rates, and closing costs, after the home and sale has gone through, you notice that the name of the lender is completely different than the company you chose. Your mortgage has been sold. How to Avoid Having Your Mortgage Sold . There is a clause in most mortgage contracts that says the lender has the right to sell the mortgage to another servicing company. If you’re getting a notice t...hat your loan is being sold, you have two options: go along with it, or refinance with another company. . If you have yet to sign the paperwork, there are ways you can guarantee that your loan will be owned and serviced by the originating company. All you have to do is ask. Big mortgage lenders, like nationwide banks, won’t make that promise. Smaller, more local lenders, like credit unions, might. If you want to avoid having your mortgage sold, start your search with local banks and credit unions. . . #financing #refinance #condo #house #home #townhome #Deferment #townhouse #toronto #vaughan #gta #mortgagerates #rates #interest #lenders #mississauga #oakville #scarborough #debtfree #termthursday #brampton See more

For many people, owning a home brings a sense of pride and freedom that cannot be matched by renting. It is important to understand the pros and cons of homeownership. Tax Breaks Since your home is an asset, you can make money if you sell it for more than you originally paid, and in some cases, this profit may even be tax-free. If you sell your main house, you may qualify to exclude up to $250,000 of the profit from your income, or up to $500,000 if you and your spouse file... jointly. Cost of Owning Even though there are many positive aspects to buying a home, let’s not overlook the potential drawbacks. If you're renting and need repairs, you can generally call your front office or landlord, and they'll fix or replace appliances at no cost to you. Determine How Much Home You Can Afford If you have decided that buying a home, the first step is to know what you can afford. One of the common guidelines to use is the debt-to-income ratio. Your total debt-to-income ratio should not exceed 36%. See more

uying a home is exciting, but figuring out the financing side of things can feel overwhelming. Chin up: Choosing among the different types of mortgage loans isn’t all that painful if you know the lingo. Once you’ve done some homework and nailed down a budget and down payment amount, and you’ve reviewed your credit, you’ll have a better idea of what loan works best for your needs. Here’s a primer on some of the most common types of mortgages. 1. Conventional mortgages... 2. Jumbo mortgages 3. Government-insured mortgages 4. Fixed-rate mortgages 5. Adjustable-rate mortgages See more

As the summer turns into fall, the six-month vacation thousands of Canadians have taken from their mortgage payments will be over. But what happens if your deferral period is about to end and you can’t afford to resume payments? . If you’ll be able to make payments soon If it looks like there’s going to be only a short gap between when your payments are set to restart. ... . Borrowing from a line of credit, if you have one, to make your mortgage payment may be totally fine to paper over something like a one-month gap. Another possibility is calling up your lender and asking if they might extend the deferral period, says James Laird, president of mortgage brokerage. . If you can’t see a way out If you can’t see yourself being able to restart your payments any time soon, it’s unlikely your lender will go for either a further deferral or a longer amortization, Laird says. . While this is a difficult situation, it’s important to start researching options like selling the house or filing a consumer proposal, Lee Simmons says. . . #financing #refinance #condo #house #home #townhome #Deferment #townhouse #toronto #vaughan #gta #mortgagerates #rates #interest #lenders #mississauga #oakville #scarborough #debtfree #termthursday #brampton

Payday loans are easy to find but they might not be the best source of funding because of their high costs. Alternatives to these loans can provide a much-needed relief from the nearly 400% APR payday loans can charge. . Personal Loans Using a personal loan typically allows you to borrow for periods of one to seven years. That longer-term results in smaller monthly payments, so large loan balances are easier to manage. Credit Cards... Credit cards allow you to quickly spend money or borrow against your credit limit with a cash advance. If you already have a card open, that makes things easy. Consolidate Existing Debts Instead of taking on more debt with a payday advance, you may benefit from rearranging or refinancing your current loans. Get a Payroll Advance If your work schedule is consistent, you may be able to ask your employer to provide an advance on your future earnings. Doing so would enable you to dodge hefty payday loan costs. Ask Your Lenders for Payment Assistance If you’re considering a payday loan because you need help keeping up with payments or bills, ask about payment and assistance programs. . . #financing #refinance #condo #house #home #townhome #Deferment #townhouse #toronto #vaughan #gta #mortgagerates #rates #interest #lenders #mississauga #oakville #scarborough #debtfree #termthursday #brampton See more

A prepayment penalty is a fee that lenders may charge when you pay off part or all of your loan balance before the loan’s scheduled maturity date. . Loans like car notes and mortgages are often designed to last for a specific length of time (known as the term), with the loan balance reaching zero at the end of the term. If you pay off the debt early, lenders can potentially charge penalty fees for that prepayment. Why Do Lenders Charge Prepayment Penalties?... . A prepayment penalty discourages borrowers from paying off loans quickly. When lenders issue loans, they expect to earn interest income over time. But when you pay down your loan balance faster than expected, lenders earn less interest, causing reduced profits on your loan. . With a prepayment penalty, lenders can either receive some of the money they expected or incentivize you to stretch out your payments. . . #financing #refinance #condo #house #home #townhome #Deferment #townhouse #toronto #vaughan #gta #mortgagerates #rates #interest #lenders #mississauga #oakville #scarborough #debtfree #termthursday #brampton See more

Everyone dreams of the day when they have paid off their mortgage and they are living mortgage-free. Not many people know that you can achieve this sooner with a few simple steps and a lot of discipline. Set yourself a target You’ll never pay off your mortgage early without some serious planning. If your aim is to pay off your mortgage in 10 years' time, think about how much extra you will need to pay every month. Make payments every two weeks instead of monthly... By switching to bi-monthly payments instead of monthly payments, you can actually increase the amount you payback. Put spare money towards your mortgage Once you have your finances in order, you may find that you have spare money left over at the end of the month. Any extra cash should always go straight towards paying off your mortgage. Remortgage your property Remortgaging is simply paying off your existing mortgage with a new mortgage and using your property as security. Most of the time, people remortgage to be able to secure a better deal and reduce their monthly payments. . #financing #refinance #condo #house #home #townhome #Deferment #townhouse #toronto #vaughan #gta #mortgagerates #rates #interest #lenders #mississauga #oakville #scarborough #debtfree #termthursday #brampton

If you find yourself saying your product is too hard to sell, you may be over-relying on the product to sell itself. If you find yourself waiting around for special promotions and discounts, you may be misunderstanding value and putting too much emphasis on generic product features (including the discount). To turn your sale and your overall sales around, start selling. You have to do the work because the product can’t and won’t do it for you. Demonstrate value instead of... pitching products if you want to sell those lazy products. #businessbranding #smallbusinessmarketing #brandingstrategy #branddevelopment #brandconsultant #brandbuilding #freelancerlife #freelancegraphicdesigner #marketingconsultant #instagramforbusiness #brandingtips #brandingagency #identitydesign #startupbusiness #socialmediastrategy #entrepreneursofinstagram #branding101 #designerlife #techstartup #branddesigner #techstartups #brandingdesign

A personal loan is a loan you qualify for based on your credit history and income. Personal loans are sometimes called signature loans or unsecured loans because there is typically no collateral required to secure a personal loan. How Personal Loans Work? When you get a personal loan, you typically receive your money in a lump sum, and you repay with fixed monthly payments over time. However, the details can vary from lender to lender and there are a few factors to take in...to account. Interest Rates Your interest rate depends on your credit and can be lower than credit card rates. With excellent credit, you may be able to borrow in the single digits. Personal loans typically have fixed interest rates. Your interest rate doesn't change, so you make the same monthly payment for the life of your loan. Repayment Time You usually repay personal loans over one to five years, but other terms are available. Compared to credit cards, personal loans can reduce the amount you spend on interest and provide a definite payoff date. . . See more

Actually, this question comes up often. People want to know how soon can they buy. Sometimes they ask right after they file their consumer proposal, and other times it’s more than five years later, after they’ve paid it off in full. First things first: pay off your consumer proposal completely before you take on major new mortgage debt. If you have at least a 20% down payment, you may even be able to buy as soon as you complete your consumer proposal! As in, immediately.... If you have less than 20% down payment, you will be looking for a high-ratio mortgage, which has default insurance, from one of CMHC, Genworth or Canada Guaranty. In that case, you will need at least two years of clean, new credit since you completed your consumer proposal. But it’s best if you have at least two tradelines (credit card, loan, line of credit, etc.) with limits greater than $2,000.

For those having trouble qualifying for a traditional mortgage, other solutions are still available, one of which is a private mortgage. . What makes interest only loans appealing is that you are not required to pay down the principal of your mortgage, therefore reducing your monthly payment. Interest-only payments improve the monthly cash flow, but they are not a viable long term solution. . This is why private mortgages are meant to be short-term solutionsto help b...orrowers achieve their goals while they improve their credit, or for emergency lending situations. Private mortgages are commonly used in some of the following cases: Borrowers with inadequate credit to qualify for a traditional bank mortgage Self-employed borrowers with an unverifiable or unsteady income Non-residents Emergency funding for those going through foreclosure. For mobile homes or micro-condos that often can’t be financed For second mortgages/investment properties . It is important to understand the risks before getting a private loan. The first questions to ask yourself are, ‘Will my financial situation changes in the near future so that I can switch to a conventional lender soon?’ and ‘Will I need this mortgage only for a short period of time?’ If your answer is ‘no’ private mortgage might not be a suitable solution. . . #financing #refinance #condo #house #home #townhome #Deferment #townhouse #toronto #vaughan #gta #mortgagerates #rates #interest #lenders #mississauga #oakville #scarborough #debtfree #termthursday #brampton See more

Financial stress can stem from being in debt, not earning enough money, the expense of raising kids, or even being married to someone who isn't good with money. If you can reduce your financial worry, you will be able to focus on other important areas of your life and relax, knowing you have a plan to handle your financial situation. . Create a Budget... Get an Emergency Fund Get Outside Help Determine What You Can Change Track Your Progress . . #financing #refinance #condo #house #home #townhome #Deferment #townhouse #toronto #vaughan #gta #mortgagerates #rates #interest #lenders #mississauga #oakville #scarborough #debtfree #termthursday #brampton See more

Making a budget is the most important thing you can do to manage your money, but many people are reluctant to take this beneficial step. Here are a few reasons to budget your money that may help you look at the process in a new light. Stops Overspending... Spending money without thinking carefully about where it all goes can easily lead you to overspend each and every month. Helps You Reach Your Goals A budget is a plan that helps you prioritize your spending. You can move to focus your money on the things that are most important to you. Helps You Stop Worrying and Enjoy Your Money More When you're budgeting, you get to decide how much you spend in each category. After any leisure activity, you shouldn't feel bad. Puts You in Control Budgeting can help you gain a feeling of control over your money. It allows you to prioritize your spending, track how you are doing, and realize when you need to stop. #financing #refinance #condo #house #home #townhome #Deferment #townhouse #toronto #vaughan #gta #mortgagerates #rates #interest #lenders #mississauga #oakville #scarborough #debtfree #termthursday #brampton

Big banks are reluctant to lend money to people with bad credit, that goes for businesses too. So, if you’re in need of funding to expand your business, you’ll have to look for options outside of traditional lending. Shop for a Microloan Microloans are small, short-term loans for small businesses or those with low capital. Loan amounts are typically less than $50,000 so they're easier to get approval. Peer-to-Peer Lending... Peer-to-peer lending is a type of lending where multiple investors use an online marketplace to contribute to a single loan. Investors review your application and decide whether to contribute to your loan. Merchant Cash Advance If you need access to cash in a short amount of time, a merchant cash advance may be a financing option. Invoice Financing Invoice financing allows you to get cash from your unpaid invoices. Lenders will look at your customer payment history to determine the likelihood of them paying on time to approve financing and to set the rates. Ask Friends and Family Depending on the amount you need to borrow, you may be able to tap into your friends and family members to get the cash you need for your business. #financing #refinance #condo #house #home #townhome #Deferment #townhouse #toronto #vaughan #gta #mortgagerates #rates #interest #lenders #mississauga #oakville #scarborough #debtfree #termthursday #brampton

Understanding Quicken Loans vs. Rocket Mortgage is important if you’re looking to use the company during your home buying journey. Rocket Mortgage is the online mortgage solution offered by Quicken Loans. . During your transaction, you’ll work entirely through the Rocket Mortgage platform. Behind the scenes though, Quicken Loans is the company that actually processes and creates the loan. . Benefits of the Rocket Mortgage Platform... It’s certainly quick: Rocket Mortgage says it can approve a mortgage loan in just eight minutes. Rocket Mortgage also allows you to apply for a loan from anywhere, using only a computer or mobile device and it requires no physical paperwork. Finally, the company is also highly rated by past buyers. Quicken Loans claims the highest customer satisfaction levels in the country. . . #financing #refinance #condo #house #home #townhome #Deferment #townhouse #toronto #vaughan #gta #mortgagerates #rates #interest #lenders #mississauga #oakville #scarborough #debtfree #termthursday #brampton See more

Bank statement loans, also known as self-employed mortgages, allow you to secure a mortgage without the documentation you would normally use to verify your income, such as W-2s and tax returns. . These loans are largely used by entrepreneurs and others who might not have consistent income or a single employer to prove their salary. . How Bank Statement Loans Work? ... Instead of requiring tax returns, W-2s, pay stubs, and employer verification forms, bank statement loan applicants can use their personal and/or business bank accounts to prove their income and cash flow. . Below are the typical requirements for a bank statement loan. . Twelve to 24 months of personal or business bank statements Two years’ history as a self-employed professional Decent credit score (the exact score minimum varies, depending on the lender) Enough cash or liquid reserves to cover several months of your mortgage payment Verification of any liquid assets, like a 401(k) or mutual fund investment A business license, if applicable A letter from your tax preparer or accountant validating your business expenses. . . #refinance #condo #house #home #townhome #Deferment #townhouse #toronto #vaughan #gta #mortgagerates #rates #interest #lenders #mississauga #oakville #scarborough #debtfree #termthursday #brampton See more

It is estimated that 24.1% of Canadian mortgages are up for renewal in 2020 If your mortgage is one of them, or if you’re about to buy a home for the very first time, there are certain factors to consider. With that sentiment in mind, here is our mortgage tips 2 that will save you time and money. Tip #3: Weigh the benefits of making a down payment of less than 20%. If you think making a mortgage down payment of 20% or more automatically guarantees you the ‘best’ rate...think again. While it may come as a surprise, lenders actually offer the best interest rates to high-ratio mortgage borrowers (those who need mortgage insurance because they have less than 20% down). And there’s a very good reason for that. Default insurance makes a high-ratio mortgage borrower low-risk against loss. This makes it cheaper for lenders to fund the mortgage loan, allowing them to pass some of that savings back to the borrower (in the form of lower rates). #financing #refinance #condo #house #home #townhome #Deferment #townhouse #toronto #vaughan #gta #mortgagerates #rates #interest #lenders #mississauga #oakville #scarborough #debtfree #termthursday #brampton

It is estimated that 24.1% of Canadian mortgages are up for renewal in 2020. If your mortgage is one of them, or if you’re about to buy a home for the very first time, there are certain factors to consider, to ensure you end up with a mortgage that works in your best interest. Tip #1: Ask about pre-payment privileges. The more interest rates rise, the bigger portion of your monthly mortgage payments will go toward the interest versus the principal. Pre-payment privileges ca...n help you pay down your mortgage faster. . What exactly are pre-payment privileges? They offer you the flexibility to prepay a percentage of the mortgage principal before the end of the amortization periodwithout penalty. In some cases, lenders may offer you their ‘best rate’, at the cost of not allowing you to make pre-payments on your mortgage during the set term. . So be sure to ask your lender what kind of pre-payment privileges your mortgage allows to provide you with the option of making extra payments. The savings potential of taking advantage of pre-payment privileges . Let’s say you have a $300,000 mortgage, currently at a 5-year fixed rate of 3.29% and amortized over 25 years. By making annual pre-payments of just $2,000, you would save $21,787 in interest and pay your mortgage off 3.5 years faster (assuming the interest rate remains constant over the amortization period). . . #financing #refinance #condo #house #home #townhome #Deferment #townhouse #toronto #vaughan #gta #mortgagerates #rates #interest #lenders #mississauga #oakville #scarborough #debtfree #termthursday #brampton See more

Instinctively it would make sense to pay off your mortgage as quickly as you can, to reduce your debt and to build up more equity in your home in case you wanted to borrow against it. But this isn’t always the case. . When does paying your mortgage aggressively make sense? .... Canwise Financial President James Laird identified three kinds of people for whom an aggressive payment plan would be prudent. . The first are people who have mortgages with a high interest rate, since any additional payments (also known as prepayments) go towards reducing the principal. The second kind are people with access to a HELOC, which can be used as their emergency fund. . In that case, the money you’d otherwise put away for unexpected purchases might as well go towards your mortgage. The third group are people uncomfortable with other investment vehicles like stocks and bonds. The big positive to paying a mortgage down aggressively is that it entails zero risk. And it’s better than letting the money sit under the mattress. . When does paying your mortgage aggressively not make sense? If you have a super low rate, don’t rush to pay it back, Laird recommends. It’s cheap money. Take advantage of it. . Another instance where paying a mortgage down aggressively would be unwise is when the property in question is a rental property or houses a home-based business. The goal of living in a house is to enjoy it and make memories in this home. If your budget is so tight that you cannot enjoy the house as a home, you will regret the purchase, she said. . . #refinance #condo #house #home #townhome #Deferment #townhouse #toronto #vaughan #gta #mortgagerates #rates #interest #lenders #mississauga #oakville #scarborough #debtfree #termthursday #brampton See more

If you are recovering from a bad credit event, such as a consumer proposal or personal bankruptcy, you should make every effort to restore some lustre to that damaged credit history. A good way to get started would be by opening two new credit facilities and using them vigorously. It’s not hard to spot a past bankruptcy with a casual glance at a client’s credit report. Many will have a low-limit Home Trust Secured Visa or Capital One Mastercard. . Can you ask your bank for ...a secured credit card? Most bank staff do not promote secured credit cards, and in some cases aren’t even aware they can offer such a product. But they do, and it’s often there for the asking. Typically, they use them for consumers with no previous credit history, although they can make an exception for others. Be honest and explain how important your personal credit history is to you, and that you are embarking on a project to rebuild it and are willing to put up collateral to get their card. If approved, your money will likely be invested in a term deposit or GIC. . Why is this a good idea? Down the road, as your credit bruises heal, you will be left with whatever credit facilities you put in place following the bad credit event. Mortgage lenders and automobile finance companies will place more weight on a $2,000 visa card from a major chartered bank than they will form one of the lesser card issuers. And after a couple of years, the banks return your security deposit and life carries on.

In the modern age where social networking and other online tools are so prevalent, mortgage professionals need to be conscious of their reputation online. It is important to manage your mortgage business’s online reputation to give you a competitive advantage against others in your industry, build your reputation as a thought leader and expert in your industry, and drive engagement and credibility for your business. . Here are my 10 tips to mortgage brokers to elevate your ...name on social media. . Stay updated Be consistent Focus on a platform Encourage participation Entertain your audience Be passionate Remain professional Provide a solution Avoid over-promoting Use widgets . . #refinance #condo #house #home #townhome #Deferment #townhouse #toronto #vaughan #gta #mortgagerates #rates #interest #lenders #mississauga #oakville #scarborough #debtfree #termthursday #brampton See more

Buying a home is probably the biggest purchase you’ll ever make. But there’s good news: the government wants to help. That’s why Canada Mortgage and Housing Corporation (CMHC) launched the First-Time Home Buyer Incentive (FTHBI) in September, 2019. . Eligible home buyers will receive up to 10% more money toward their home purchase, in exchange for a corresponding share in the equity of their new home. The incentive is a second-ranking mortgage, which is registered immedia...tely following the first insured mortgage. . Read More At https://www.educatorsfinancialgroup.ca//understanding-the/ . . #refinance #condo #house #home #townhome #Deferment #townhouse #toronto #vaughan #gta #mortgagerates #rates #interest #lenders #mississauga #oakville #scarborough #debtfree #termthursday #brampton See more

An 80-10-10 loan is a mortgage structure whereby you pay 80% of the home's purchase price via a main mortgage, another 10% as a second mortgage, and a final 10% as a down payment. . In this post we’re discussing 2 main benefits of 80-10-10 Loans . It keeps you from paying mortgage insurance: The main benefit of getting a piggyback loan is that it spares you from the costly PMI that is typically assessed on conventional home loans when you don't make a down payment of at l...east 20% of the home's purchase price. . It avoids the need for a jumbo loan: If you have your eye on a high-priced home but have either a high income that isn't readily available (from a new job, for example) or high-value but illiquid assets, the second loan in an 80-10-10 loan arrangement can boost your borrowing power so that you don't have to take out a jumbo loan. . . #refinance #condo #house #home #townhome #Deferment #townhouse #toronto #vaughan #gta #mortgagerates #rates #interest #lenders #mississauga #oakville #scarborough #debtfree #termthursday #brampton See more

An 80-10-10 loan is a kind of "piggyback" mortgage structured in a way that the borrower simultaneously takes out the main mortgage amounting to 80% of the home's purchase price and a second mortgage that piggybacks on the main mortgage for another 10% of the price. You cover the remaining 10% of the price as a down payment. How an 80-10-10 Loan Works Homebuyers should ideally make a down payment of at least 20% and obtain a mortgage for no more than 80% of the home's pur...chase price. If you get a conventional loan and don't make a down payment of that amount, you'll ordinarily need to pay private mortgage insurance (PMI).1 If, say, you make a down payment of only 10%, you'll need to get a mortgage with PMI for 90% of the home's purchase price. #financing #refinance #condo #house #home #townhome #Deferment #townhouse #toronto #vaughan #gta #mortgagerates #rates #interest #lenders #mississauga #oakville #scarborough #debtfree #termthursday #brampton

Besides having a property that is literally all yours, one of the main reasons homebuyers likely decide to pursue homeownership is to escape the unpredictability of rental rates. The principal and interest portions of your monthly mortgage payments have some sort of stability over the life of your loan. There are instances where your mortgage payments can change. Your Homeowners Insurance or Property Taxes Increased ... Your Eliminated Your Private Mortgage Insurance You Refinanced Your Mortgage Your Mortgage Interest Rate Increased Your Lender or Servicer Made a Mistake #refinance #condo #house #home #townhome #Deferment #townhouse #toronto #vaughan #gta #mortgagerates #rates #interest #lenders #mississauga #oakville #scarborough #debtfree #termthursday #brampton

The current fed funds rate is within a target range of between 0% and 0.25%. The fed funds rate affects all other interest rates. It directly affects rates for savings accounts, certificates of deposit, and money market accounts. Banks also use it to guide short-term interest rates. . Seven Steps to Take Now . Pay off any outstanding credit card debt. Your interest rate will go up as the Fed raises rates. ... Feel better about saving. You'll earn more. But don't lock into a three- or five-year CD. You'll miss out on the higher returns when the Fed raises rates again in 2019. Shop around to take advantage of the best rates on your savings accounts. Big banks raise their rates more slowly than smaller ones. Online banks have the best rates of all. They can be more competitive because their costs are lower. That allows them to have fewer fees. Don't procrastinate if you need to buy appliances, furniture, or even a new car. Interest rates on those loans are going up. Talk to your financial adviser about reducing the number of bond funds you have. You should always have some bonds to keep a diversified portfolio. Pay close attention to the announcements of the Federal Open Market Committee (FOMC). . . #financing #refinance #condo #house #home #townhome #Deferment #townhouse #toronto #vaughan #gta #mortgagerates #rates #interest #lenders #mississauga #oakville #scarborough #debtfree #termthursday #brampton See more

A 15-year mortgage minimizes your total borrowing costs and allows you to eliminate your mortgage debt relatively quickly. But a 30-year loan has lower monthly payments, allowing you to save for other goals and pay unexpected expenses. . Whether you're thinking long-term or short-term, deciding how long you want to commit to your mortgage can affect your finances for years to come. Weighing the pros and cons of a 15-year mortgage can help you make the decision. . Pros... You'll get a lower interest rate and pay less interest overall over the life of the loan. You'll build equity in your property more quickly. Your mortgage is less likely to be underwater if you're forced to sell. . Cons Your monthly payments will be higher because you're squeezing all that principal into a shorter term. Making higher mortgage payments might prevent you from saving for things like retirement or emergencies. You'll be at risk of default and foreclosure if life throws you a curveball, like a job loss, so you can't meet your higher monthly payments. . . #financing #refinance #condo #house #home #townhome #Deferment #townhouse #toronto #vaughan #gta #mortgagerates #rates #interest #lenders #mississauga #oakville #scarborough #debtfree #termthursday #brampton See more

What Does Prequalified Mean? For most lenders, getting prequalified is the first step toward a loan or line of credit. You’ll need to answer a few questions about your income, assets, debts, credit, and/or projected home purchase, and if you appear to meet the lender’s basic qualification standards, they’ll give you an estimate of how much you can afford. . What Does Pre Approved Mean? Pre Approval is a much more comprehensive evaluation of your financial standing. The lend...er will pull your credit report, and you’ll need to provide proof of income, such as W-2 forms and pay stubs, as well as documentation of other financial assets. Assuming you meet the lender’s eligibility requirements, you’ll get what’s known as a pre-approval letter. . Both prequalification and preapproval are important steps in the borrowing or home buying process, but they’re not one and the same. . While getting prequalified can give you a rough idea of what your loan options might look like, it’s not a commitment from a lender by any means. Pre Approval will give you a solid idea of what you can afford as a borrower. . #financing #refinance #condo #house #home #townhome #Deferment #townhouse #toronto #vaughan #gta #mortgagerates #rates #interest #lenders #mississauga #oakville #scarborough #debtfree #termthursday #brampton

It’s smart to get preapproved for a loan before you start shopping for big-ticket items like a mortgage or a car.1 Getting preapproved for a loan means that you know how much money a lender is willing to give you, at which rate, and on what terms. Why Get Pre Approved? A pre approval offers several benefits to borrowers:... You know the numbers: The preapproval process helps you find out exactly how much you can borrow. You'll stay focused: You can narrow down the universe of possibilities when you know how much you can borrow. You'll understand the costs involved: Credit unions, auto dealers, traditional banks, and online lenders often quote attractive rates in advertisements, but not everyone can qualify for those rates. Don't jump at the first lender who's willing to give you the money. Remember, you're not obligated to actually take the money if you get pre approved. Comparing offers helps you learn about various offerings as well as find out who has the most competitive pricing.

Reverse mortgages may be appropriate for some people, but they don’t make sense for everybody. If you and your goals don’t fit the right profile, a reverse mortgage can turn into a nightmare for you and your family. . Rule Out Alternatives Before you use a reverse mortgage, evaluate all the alternatives like downsize, Sell To family, "Forward" loan, earn more. Home for Life... Reverse mortgages work best when youand a co-borrowing spouse, if you’re marriedplan to live in your home for the rest of your lives. Stay on Top of Things When you own a home, the expenses and maintenance never end. You need to be especially diligent with a reverse mortgage in place. Avoid Hucksters Reverse mortgages are powerful financial tools, and they can be extremely helpful in the right situation. Unfortunately, they’re also misused. Take Counseling Seriously You’ll have to complete a mandatory counseling session with a HUD-approved counselor to use the FHA HECM program. Discuss It With Family It’s your house and your money, but your family and others may be affected by your decisions. . . #financing #refinance #condo #house #home #townhome #Deferment #townhouse #toronto #vaughan #gta #mortgagerates #rates #interest #lenders #mississauga #oakville #scarborough #debtfree #termthursday #brampton See more

Watch Out for Reverse Mortgage Scams . Reverse mortgages were developed to help senior citizens who, living on a fixed income, need a supplemental source of income. The idea behind reverse mortgages is to allow homeowners over the age of 62 the use of the equity in their home as an extra income stream. . Unfair Advertising... Spouse Is Not on the Mortgage Flipping Fraud Vendor or Contractor Fraud High-Pressure Sales Fraud By Relatives and Others . . #financing #refinance #condo #house #home #townhome #Deferment #townhouse #toronto #vaughan #gta #mortgagerates #rates #interest #lenders #mississauga #oakville #scarborough #debtfree #termthursday #brampton See more

A 20% down payment is preferred by most mortgage lenders, but not everyone has that much cash available to them and you can get away with much less. . The 20% Goal It's worth it to strive to come up with as much of a down payment as possibleideally 20%. .... Save Your Tax Refund You can increase your federal income tax withholding if you lack the discipline to save something of each paycheck. . Set Aside Savings Periodically The secret to making a savings account grow is to make identical deposits at the same time every month. . Borrow From Your Parents It's not unusual to ask your parents for money to help you buy a home. . Ask the Seller for the Money You'd be surprised at what some sellers will do if you're willing to pay their asking price. Some will give you the down payment as a credit, pay your closing costs, or both. . Consider 100% Financing You might qualify for a 100% loan if you have excellent credit and your community offers special first-time home buyer programs. . Tap Your Retirement Funds Certain retirement accounts will let you borrow from them to buy a home. Check with your accountant for current regulations. . . #financing #refinance #condo #house #home #townhome #Deferment #townhouse #toronto #vaughan #gta #mortgagerates #rates #interest #lenders #mississauga #oakville #scarborough #debtfree #termthursday #brampton See more

Private mortgage insurance has been a component of some home loans since 1957. It effectively guarantees the lender that its loan will be paid, so having such a policy in place can help some borrowers get approved for a loan they wouldn't otherwise qualify for. This insurance is often required if you make a down payment of less than 20%. . How Private Mortgage Insurance Works Like any other type of insurance policy, you're paying premiums to cover damages should an unfor...tunate event occur. The insurance company is liable for paying off your loan if for some reason you find yourself unable to do so. . 2 Lenders consider that this is more likely to happen if you have less of an ownership stake in the propertyyour equity is less than 20% at the outset because you didn't put this much money down. . . #financing #refinance #condo #house #home #townhome #Deferment #townhouse #toronto #vaughan #gta #mortgagerates #rates #interest #lenders #mississauga #oakville #scarborough #debtfree #termthursday #brampton See more

Your credit score is one of the most important factors when applying for a mortgage. Interest rates are set partly based on your riskiness as a borrower. The riskier you are to a lender, the higher your interest rates will be. Mortgage lenders use credit scores to determine whether you qualify for the mortgage. A loan savings calculator, can demonstrate the impact of credit scores on mortgage rates. Enter required details and get an idea of what your mortgage terms woul...d be. Your mortgage lender can give you exact terms after reviewing your complete financial details and down payment. It may be helpful to improve your credit score before applying for a mortgage so you can qualify for a lower mortgage rate and save tens of thousands of dollars over the life of the mortgage.If you have a low credit score, review your credit reports to see the items that are affecting your credit score. . . #financing #refinance #condo #house #home #townhome #Deferment #townhouse #toronto #vaughan #gta #mortgagerates #rates #interest #lenders #mississauga #oakville #scarborough #debtfree #termthursday #brampton

Besides having a property that is literally all yours, one of the main reasons homebuyers likely decide to pursue homeownership is to escape the unpredictability of rental rates. Landlords can jack up rent prices at their discretion, and you're expected to either pay up or move out. We highlight some common reasons below. ... Your Homeowners Insurance or Property Taxes Increased Your Eliminated Your Private Mortgage Insurance You Refinanced Your Mortgage Your Lender or Servicer Made a Mistake Your Mortgage Interest Rate Increased

Significant drops in employment in Canada’s major cities will keep downward pressure on housing demand, with sales and home prices not expected to rebound to pre-COVID levels until 2022, according to CMHC’s latest Housing Market Outlook. Short-term uncertainty will lead to severe declines in sales activity and in new construction, said CMHC’s As the virus is overcome, cities will bounce back, but there is significant uncertainty with respect to the path and timing of the... recovery. The market will also continue to be impacted by health measures, such as social distancing, making purchasers reluctant to look for a new home (and) thereby putting downward pressure on the volume of sales. CMHC also noted that the speed and timing of the housing recovery is uncertain and will vary significantly by region. For example, Toronto, Montreal and Ottawa are expected to return to normal conditions sooner and see less severe home price fluctuations compared to the Vancouver, Calgary and Edmonton markets. . mortgage #financing #refinance #condo #house #home #townhome #Deferment #townhouse #toronto #vaughan #gta #mortgagerates #rates #interest #lenders #mississauga #oakville #scarborough #debtfree #termthursday #brampton

Mortgage Deferrals ‘Buying Time’ For Canadians, Bank Of Canada Says The pause in mortgage payments are giving people a chance to get back to work. TORONTO A Bank of Canada economist says the current economic recovery could be different than the recovery from the financial crisis of 2008.... Mikael Khan, the Bank of Canada’s director of financial stability, said that while the employment rate has fallen due to the pandemic, house prices are recovering and keeping homeowners from filing for insolvency. Khan said breaks from mortgage payments have bought homeowners some time to get back to work amid the COVID-19 pandemic and economic downturn. The fact that these deferrals have been available is really, really important, said Khan. Ultimately, what matters most when it comes to defaults is people having a job, having their incomes. What the deferrals are doing is they’re essentially buying time for that process to unfold.

3 Ways to Pay Off Your Mortgage Quicker Owning a home can be incredibly expensive depending on where you live. Although mortgages are common, nobody likes being in debt for an extended time period. Set up biweekly payments: One of the easiest ways to help you pay off your mortgage faster is to make biweekly mortgage payments. The biggest benefit to biweekly payments is that there are 52 weeks in the year (not 48), so you end up making 26 half-paymentsor 13 full payments... a year. That extra payment can make a significant difference in your principal balance and knock years off your mortgage. Make additional payments throughout the year: You can also make additional full payments on your mortgage throughout the year. One extra payment will make a big difference, but one every quarter will help you pay down the mortgage fast. Live simply and reduce unnecessary spending: Making small sacrifices in your day-to-day life can help you save additional money that you can apply toward your mortgage. Reducing these small costs can help reduce your mortgage term by a few years in the long run.

Prospective homebuyers were reassured today that interest rates will remain near historic lows for a long time, according to Bank of Canada Governor Tiff Macklem. The BoC chief made the comments during a conference call following the Bank’s interest rate meeting, where it left the overnight lending rate unchanged at 0.25%, at its effective lower bound. Interest rates are very low and they are going to be there for a long time, Macklem said. Canadians and Canadian ...businesses are facing an unusual amount of uncertainty, so we have been unusually clear about the future path for interest rates. In the Governing Council’s official statement, it said it would hold the policy interest rate at the effective lower bound until economic slack is absorbed so that the 2 percent inflation target is sustainably achieved. Observers say that implies the Bank has no plans to start raising rates until at least 2023. Based on the Bank’s new forecasts, this implies it has no intention of raising policy rates for several years, wrote Capital Economics economist Stephen Brown.

HYBRID MORTGAGES Hybrid mortgage is a term used when there is more than one type of mortgage contained in a single mortgage registration. The registration could include a fixed rate portion, a variable rate portion, a line of credit portion, or any combination of these. . Each lender will have their own unique name for this type of mortgage allowing anywhere from 2 to 100 different products contained in the registration of the mortgage. This product is often suggested f...or the savvy borrower who will use this as part of their overall financial plan. . . #mortgage #financing #refinance #condo #house #home #townhome #Deferment #townhouse #toronto #vaughan #gta #mortgagerates #rates #interest #lenders #mississauga #oakville #scarborough #debtfree #termthursday #brampton See more

If you’re in a position to help your kids buy a home (and help yourself reclaim your home), you have many options. But a giftotherwise known as a living inheritanceis among the most sensible. Here are three reasons why: Gifting money makes the most sense for tax reasons If you’re in the position to not need the money coming to you, that windfall will just amount to a big tax hit. However, if you were to turn around and gift it to your kids, it’s no longer a tax burden for ...you or them Gifting money makes the most sense for legacy reasons. Shirtsleeves to shirtsleeves in three generations. This old proverb neatly sums up what happens when large sums of money are passed down through a family. You’ve no doubt heard of wealthy heirs who finally get their hands on the family fortune, only to squander it away within a generation. Gifting money makes the most sense for legal reasons. If you want to help your kids with their mortgage and you don’t have the liquidity to hand over a sizable amount of cash. Gifting a portion or all of the down payment, like gifting anything else, severs the tie you have with the money. None of it belongs to you, nor does the liability that comes with how it will be used. But the best part of gifting your kids money to buy a home, will come when you are invited over for the first time and can see the fruits of all your labour: a better life for your children and their family.

Expect to pay about 3 percent to 5 percent of the new loan amount for closing costs to do a cash-out refinance. Your closing costs will include lender origination fees and an appraisal fee to assess the home’s current value. Shop around with multiple lenders to ensure you’re getting the most competitive rates and terms. #mortgage #financing #refinance... #condo #house #home #townhome #Deferment #townhouse #toronto #vaughan #gta #mortgagerates #rates #interest #lenders #mississauga #oakville #scarborough #debtfree #termthursday #brampton See more

How much money can I get from a refinance with cash-out? While lenders typically allow homeowners to borrow up to 80 percent of the home’s value, the threshold can vary, depending on your credit score and type of mortgage.

Rate watchers are eagerly keeping tabs on mortgage interest rates, as they continue to slide. The 30-year fixed-rate fell to 3.07% over the Fourth of July weekend, another milestone low, according to Freddie Mac. But the reality is not everyone will qualify for a mortgage rate that low. Credit score and down payment are both significant factors in the rate you get, but so is where you live and which lender you choose. A recent report shows Lenders look at FICO scores to ...help determine interest rates. Financial prudence is going to be wrapped up in credit score. But where you live and which lender you use is also going to have an impact on your rate, says Ralph McLaughlin, chief economist at Haus. Read more at https://www.forbes.com//heres-the-secret-to-finding-low-/ #mortgage #financing #refinance #condo #house #home #townhome #Deferment #townhouse #toronto #vaughan #gta #mortgagerates #rates #interest #lenders #mississauga #oakville #scarborough #debtfree #termthursday #brampton

Reasons to use a cash-out refinance There are many advantages to using a cash-out refinance over other types of loan products if you need a large sum of money. Here are some common reasons to use a cash-out refinance: Get a lower interest rate on their mortgage. This is the most common reason why most people do a traditional refinance, and it makes sense for cash-out refinancing, too.... Make value-added home improvements or repairs to your home. Homeowners who use cash-out refi for these types of projects can deduct the mortgage interest from their taxes. Consolidate and pay off high-interest debt. This move might make financial sense, but make sure the math checks out. Cash-out refinancing is beneficial if you can reduce the interest rate on your primary mortgage and make good use of the funds you take out. #mortgage #financing #refinance #condo #house #home #townhome #Deferment #townhouse #toronto #vaughan #gta #mortgagerates #rates #interest #lenders #mississauga #oakville #scarborough #debtfree #termthursday #brampton

First-time Homebuyers’ Five Biggest Mistakes Buying a home for the first time is an exciting time. You’re making quite possibly the most significant financial transaction of your lifetime. Here are five of the biggest mistakes first-time homebuyers are prone to make and how to avoid them. Mistake #1: Buying Too Much Home Before house hunting, it’s a good idea to get pre-approved for a mortgage. When you’re pre-approved, you’ll know exactly how much you can afford to spend... on a home. Mistake #2: Forgetting to Budget for Closing Costs If you’ve never bought a home before, it’s easy to overlook closing costs. They’re just a drop in the bucket, right? Wrong. Closing costs can add up to four percent of your home’s purchase price. Mistake #3: Buying Based Solely on Looks Have you ever stepped foot inside a house and it became love at first sight? Take the time to look at the bones of the home. I’m talking about the roof, windows, furnace, and structure. Don’t get distracted by the stuff that’s supposed to wow homebuyers. Mistake #4: Skipping the Home Inspection In red-hot housing markets, a new trend is for homebuyers to skip home inspections.A home inspection sounds like a lot, but once you get the report you’ll be happy you did it. This is especially important for older houses. Mistake #5: Not Shopping Around for a Mortgage We comparison shop for everything from televisions to vacation packages, but so many people just take whatever mortgage their bank offers them. There’s nothing wrong with your local bank branch being your first stop for a mortgage, but it shouldn’t be your only stop. #realestate #mortgage #financing #refinance #condo #house #home #townhome #Deferment #townhouse #toronto #vaughan #gta #mortgagerates #rates #interest #preapproval #approval #lowrates #mortgagebroker #mortgageagent #termthursday #bank #lenders #mississauga #oakville #scarborough #debtfree #termthursday #brampton

How Home Equity Can Be Used to Pay CRA Debts It’s not unusual to find you owe some money to the Canada Revenue Agency (CRA) after filing your personal tax returns. Especially if you have neglected doing them for a few years. This seems to happen more often to small business owners and self-employed individuals. Ways home equity can be used to pay very large CRA arrears... Borrow money from a family member or close friend, pay the debt, then consider refinancing your mortgage and repay your benefactor. Borrow money from a private second mortgage lender, pay the debt, then refinance down the road. Refinance the first mortgage to a B lender (alternative lender). The new mortgage amount is ideally large enough to clear CRA completely and cover all fees and other debts. When there’s insufficient equity to pay CRA in full, it may be time for a negotiated settlement. My own experiences along these lines involve trustees who will file a consumer proposal on behalf of the debtor. Note: The right solution will depend on the circumstances of each situation. It’s also important to note there are circumstances where homeowners will not be good candidates for eventual traditional lending no matter how we solve the immediate problem.

What are Co-signer options? There are typically two different ways a co-signer can take shape: The co-signer becomes a co-borrower. This is like having a partner or spouse buy the home alongside a primary applicant. This involves adding the support of another person’s credit history and income to the application. The co-signer is placed on the title of the home and the lender considers this person equally responsible for the debt if the mortgage goes into default.... The co-signer becomes a guarantor. In this scenario, he/she is backing the loan and vouching you’ll pay it back on time. The guarantor is responsible for the loan if it goes into default. Not many lenders process applications with guarantors, as they prefer all parties to share in the ownership. But some people want to avoid co-ownership for tax or estate planning purposes #realestate #mortgage #financing #refinance #condo #house #home #townhome #Deferment #townhouse #toronto #vaughan #gta #mortgagerates #rates #interest #preapproval #approval #lowrates #mortgagebroker #mortgageagent #termthursday #bank #lenders #mississauga #oakville #scarborough #debtfree #termthursday #brampton

Importance of Co-Signing for a Mortgage Thanks to tighter mortgage qualification rules and higher-priced real estateparticularly in the greater Vancouver and Toronto areasit’s not always easy to qualify for a mortgage on your own merits. You may very well have a great job, a decent income, a husky down payment and perfect credit, but that still may not be enough.... When a lender crunches the numbers, their calculations may indicate too much of your income is needed to service core homeownership expenses such as your mortgage payment, property taxes, heating and condo maintenance fees (if applicable). In mortgage-speak, this means your debt service ratios are too high and you will need some extra help to qualify. But you do have options. #realestate #mortgage #financing #refinance #condo #house #home #townhome #Deferment #townhouse #toronto #vaughan #gta #mortgagerates #rates #interest #preapproval #approval #lowrates #mortgagebroker #mortgageagent #termthursday #bank #lenders #mississauga #oakville #scarborough #debtfree #termthursday #brampton

Arguments people make against collateral charge mortgages Some people trash the collateral charge because there is often a cost to switching lenders at renewal. I think that’s overstated and no longer factual. It’s so competitive out there if you’re still considered strong borrowers, chances are someone is willing to eat the costs to move you. Also, some lenders are now offering no-cost switch programs for collateral charge mortgages. That was not the case a few years ag...o, and the list of such lenders is growing. Others argue you could be offered less competitive interest rates from your current lender at renewal than you will be from a new lender. Again, if you are a strong borrower, someone is going to offer you low rates, and your current lender, under pressure, will often match or beat competitive offers. For that reason, I view this as less of a concern. Some lenders register a collateral charge for more than the loan amountto as much as 125% of the appraised value of your home. #realestate #mortgage #financing #refinance #condo #house #home #townhome #Deferment #townhouse #toronto #vaughan #gta #mortgagerates #rates #interest #preapproval #approval #lowrates #mortgagebroker #mortgageagent #termthursday #bank #lenders #mississauga #oakville #scarborough #debtfree #termthursday #brampton

Arguments people make in favor of collateral charge mortgages If you wish to borrow more money during the term of your mortgage, you can tap into your home equity without the expense of a mortgage refinance. You can save legal fees. (This is assuming, of course, your personal credit and income are sufficient to qualify for more money.) If you have a mortgage and a Home Equity Line of Credit (HELOC), it may be structured such that every time you make a mortgage payment, ...the amount you pay towards your principal balance is added to your HELOC limit. Large available credit used wisely, is usually a good thing. Collateral charges are often best suited to strong borrowers with lots of equity. They might readily access contingency funds at no cost down the road. This could be by increasing their mortgage loan amount or adding a home equity line of credit to the mix. #realestate #mortgage #financing #refinance #condo #house #home #townhome #Deferment #townhouse #toronto #vaughan #gta #mortgagerates #rates #interest #preapproval #approval #lowrates #mortgagebroker #mortgageagent #termthursday #bank #lenders #mississauga #oakville #scarborough #debtfree #termthursday #brampton