Mortgages by Jay Sekhon

In recent news, the office of the Superintendent of Financial Institutions (OSFI) has proposed changes to the bench mark stress test rate that will take affect on June 1st 2021. The stress test rate which originally was 4.79% will be bumped up to 5.25%. Which means you’ll need to qualify at your contracted mortgage interest rate plus 2% or 5.25%, which is the benchmark rate (or floor) used to qualify uninsured mortgages. This change would potentially reduce the purchasing ...power for uninsured borrowers by 4% to 4.5%. What is a Stress Test? In finance, planning for a worst-case scenario is called a stress test. A mortgage stress test is a way of determining exactly how much you can afford under various circumstances. If your income was reduced or you lost your job, could you still afford to make mortgage payments? What if interest rates spike or you need to refinance your home? Mortgages are never hard with me, find out for yourself! CALL/TEXT/EMAIL/DM (647) 706-9367 [email protected] #definitivemortgagegroup #verico #residential #commerical #refinance #mortgage #preapproval #approved #realestate #condo #house #toronto #brampton #mississauga #oakville #debtfree #gta #vaughan #scarborough #private #lender #rates

Getting a mortgage with me is as easy as 1..2..3! Just follow the 3 simple steps and I’ll take care of the rest. Many Canadian homeowners pay too much for their homes because they are not getting the best mortgage financing available in the market.... The mortgage process can be intimidating for homeowners, and some financial institutions don't make the process any easier. But I’m here to help! I’m a VERICO Mortgage Advisor and I’m an independent, unbiased, expert, here to help you move into a home you love. CALL/TEXT/EMAIL/DM (647) 706-9367 [email protected] #definitivemortgagegroup #verico #residential #commerical #refinance #mortgage #preapproval #approved #realestate #condo #house #toronto #brampton #mississauga #oakville #debtfree #gta #vaughan #scarborough

To my fellow realtors.....let me add value to your business by letting you focus on the sale of the home and increasing your conversion ratio. Save you the time and energy by pre-approving your clients by reviewing their financial situations to avoid any hardships coming closing time. Giving you the clear picture before you step out so you can peacefully find your clients dream home. With 30 years of experience behind us to help your clients seek alternative or tailored fin...ancing for their specific situations. Let’s connect! CALL/TEXT/EMAIL/DM (647) 706-9367 [email protected] #definitivemortgagegroup #verico #residential #commerical #refinance #mortgage #preapproval #approved #realestate #condo #house #toronto #brampton #mississauga #oakville #debtfree #gta #vaughan #scarborough

What is Cash Back Mortgages? Having extra cash as small as it may be when you purchase a home does help. You might want to renovate, purchase furniture, or simply have cash on hand during the first few months of homeownership. Fortunately, some lenders are offering Cash Back Mortgages Right Now!! A cash back mortgage, your lender advances you a cash lump sum when your mortgage closes. It is a percentage of your mortgage amount which varies on what the lender is offering at ...the moment. The cash rebate you receive when you get a cash back mortgage is tax-free and you can use it for any purpose. Common Uses of Cash Back: To pay for renovations or furniture purchases. To pay for closing costs, such as legal fees and land transfer tax. To supplement cash flow during the first few months of home ownership. To pay for renovations or furniture purchases. To invest or save. To pay down high interest debt. CALL/TEXT/EMAIL/DM (647) 706-9367 [email protected] #definitivemortgagegroup #verico #residential #commerical #refinance #mortgage #preapproval #approved #realestate #condo #house #toronto #brampton #mississauga #oakville #debtfree #gta #vaughan #scarborough #private #lender #rates

The answer is no but wait keep reading. People are often discouraged from purchasing a home because of the standard 20% downpayment rule that almost everyone keeps talking about. But in actuality the downpayment is altered according to the type loan you secure. The percentage is calculated depending on the purchasing value and what you qualify for. Less then 20% downpayment will require Mortgage Default Insurance -High Ratio Mortgage. More then 20% downpayment does not requi...re insurance- Conventional Mortgage Planning is key but educating yourself first is essential. Swipe to learn more -> CALL/TEXT/EMAIL/DM (647) 706-9367 [email protected] #definitivemortgagegroup #verico #residential #commerical #refinance #mortgage #preapproval #approved #realestate #condo #house #toronto #brampton #mississauga #oakville #debtfree #gta #vaughan #scarborough

Make your home mortgage affordable again, thanks to our lower-rate refinancing. With dropping fixed rates, the new lockdown may push the rates even lower. See if you can capitalize on the lower rates. Let me help you see if you qualify and let's start saving. Mortgage refinance can prove to be beneficial in several ways.... Get cash out for any purpose Consolidate high interest credit cards Lower your monthly payments Renovations and home improvements Programs for self-employed Canada's best prepayment options Getting lower interest rates Access equity in your home Consolidate debt CALL/TEXT/EMAIL/DM (647) 706-9367 [email protected] #definitivemortgagegroup #verico #residential #commerical #refinance #mortgage #preapproval #approved #realestate #condo #house #toronto #brampton #mississauga #oakville #debtfree #gta #vaughan #scarborough

#RATEDROPALERT 5 year fixed rates *Access to 50+ lenders *Proudly apart of Canada’s largest mortgage broker network serving nationwide... Contact me today to find out if you qualify for this rate. *All rates are subject to change at any time. Let’s connect Jay Sekhon (647) 706-9367 [email protected] Residential | Commercial | Private Mortgages | LIC#12352

12 new chapters, 365 new chances. CALL/TEXT/EMAIL/DM (647) 706-9367 [email protected]... #definitivemortgagegroup #verico #residential #commerical #refinance #mortgage #preapproval #approved #realestate #condo #house #toronto #brampton #mississauga #oakville #debtfree #gta #vaughan #scarborough

New Year...New Goals! Let 2021 be the year you purchase your dream home. With the hot real estate market and best interest rates, find your home and let me help you close it! The mortgage process can be intimidating for homeowners, and many pay too much because they are not getting the best mortgage financing available in the market. But I’m here to help! Lets connect! ... CALL/TEXT/EMAIL/DM (647) 706-9367 [email protected] #definitivemortgagegroup #verico #residential #commerical #refinance #mortgage #preapproval #approved #realestate #condo #house #toronto #brampton #mississauga #oakville #debtfree #gta #vaughan #scarborough

**Tip Tuesday** Buying a home is one of the biggest investments you will ever make. Let me guide you through every step of the process. While every mortgage is unique and tailored differently, I have complied a list of documents required for a new mortgage or refinancing. ... The most common reason for delays in getting approved for a mortgage is missing or incomplete information. These documents will help finalize the mortgage process quickly and efficiently. Employment and Income Verification Letter of Employment Two most recent paystubs T1 Tax Forms Notice of Assessment(NOA) T4 and T4A Slips Business articles of incorporation (if you are self-employed) Personal Financial Documents A mortgage pre-approval(if applicable) Credit report Bank Account Information Statement of assets or investments Additional income sources Down Payment Documents Savings or statement of investments from the last 90 days Sale agreement of an existing property Withdrawals from your RRSP through the Home Buyer’s Plan (HBP) (if applicable) Gift Letter (if applicable) Property Documents Purchase and sale agreement MLS listing Legal description of the home (address) Other Documents Two forms of identification (ex. Driver’s Licence, passport, etc.) Complete details of other properties owned Lease or rent agreement of properties owned Most recent mortgage statement for existing property (if applicable) Last property tax bill(if applicable) CALL/TEXT/EMAIL/DM (647) 706-9367 [email protected] #definitivemortgagegroup #verico #residential #commerical #refinance #mortgage #preapproval #approved #realestate #condo #house #toronto #brampton #mississauga #oakville #debtfree #gta #vaughan #scarborough

Is 2021 the year for renewing your mortgage? With rates at historic lows. Take advantage of starting early to find yourself the best rates possible. Renewing your mortgage can be quick and easybut signing that renewal slip and sending it back won’t get you the best mortgage rate or product. Please consider the following tips for mortgage renewal time... Consider your current financial goals * Review your financial goals * Make sure your current provider can and will offer you a mortgage product which suit your needs * Consider if it makes sense to Refinance or get a Home Equity Line of Credit(HELOC) to access equity * BEST TIME TO REFINANCE IS UPON RENEWAL TIME Start Shopping Early!! * Start as early as 120 days before your maturity date which may be found on your mortgage statement * Gives you and your mortgage broker the comfort of time to thoroughly search and complete documentation * This definitely gives you time to shop around and consider other providers with better offers Don't be afraid to ask for a better RATE!! * You can ask for a better mortgage rate and, if they want your business, they will offer you one. * On average, mortgage providers only offer their existing customers a discount off their posted rate on a renewal slip. * This isn’t the lowest possible rate, even from your current lender. There are usually lower rates available from other lenders. Get a Rate Hold * Most lenders will let you hold a rate for 90-120 days. * This will give you the security from rising rates and even the opportunity to renegotiate if rates drop The risks of not shopping your rate * Whether you are choosing renewal vs refinance, the bottom line is the same: these hundreds of dollars could be the difference between paying down debt and just making ends meet. * May leave you financially vulnerable Very important to take the time to shop around for the best mortgage rate your financial prosperity depends on it. CALL/TEXT/EMAIL/DM (647) 706-9367 [email protected] #definitivemortgagegroup #verico #residential #commerical #refinance #mortgage #preapproval #approved #realestate #condo #house #toronto #brampton #mississauga #oakville #debtfree #gta #vaughan #scarborough

Tis the season for giving!! A gifted down payment are funds received by immediate family members that could be used towards the purchase of your new home. Did you know that Canada has a no Gift Tax?... Which definitely makes it easier to gift your immediate family members the home buying power to help them qualify for a better interest rate with a higher down payment. 5 Important things to know about Gift Letters in Canada * The gift must come from an immediate family member. This includes parents, siblings or grandparents. * Proof of funds being transferred as a gift * The gift letter is a pre-written template form from whatever mortgage lender or bank is financing your home * The gift letter template will state that this is a gift and that the down payment funds do not need to be repaid. * The Gift letter is valid for atleast 90 days or more proof is required post the 90 day period What is included on a Gift Letter which is signed and verified by both parties * Borrower’s name * Date (not to be more than 30-90 days old, depending on lender policy) * Giftors name, address, and phone number * Giftors relationship to the giftee * Amount being gifted * Statement confirming the funds are a gift and not a LOAN * Address of the property being purchased CALL/TEXT/EMAIL/DM (647) 706-9367 [email protected] #definitivemortgagegroup #verico #residential #commerical #refinance #mortgage #preapproval #approved #realestate #condo #house #toronto #brampton #mississauga #oakville #debtfree #gta #vaughan #scarborough

5 Reasons Canadians should use a broker vs going to their bank: 1. Save time & money 2. Better rates 3. More lenders, more choice 4. No cost to you... 5. Unbiased advice #MortgageBrokers #Verico #HelpingCanadians

10 Great Reason to use a mortgage professional 1. Get independent advice on your financial options. As independent mortgage professionals, we’re not tied to any one lender or range of products. Our goal is to help you successfully finance your home or property.... 2. Save time with one-stop shopping. It could take weeks for you to organize appointments with competing mortgage lenders. 3. We negotiate on your behalf. Many people are uncertain or uncomfortable negotiating mortgages directly with their bank. 4. More choices means more competitive rates. We have access to a network of major lenders in Canada, so your options are extensive. 5. Ensure that you’re getting the best rates and terms. Even if you’ve already been pre-approved for a mortgage by your bank or another financial institution, you’re not obliged to start shopping! Let us investigate to see if there is an alternative to better suit your needs. 6. Get access to special deals and add-ons. Many financial institutions would love to have you as a client, which is why they often offer incentives to attract creditworthy customers. 7. Things move quickly! Our job isn’t done until your mortgage closes. We’ll help ensure your mortgage transaction takes place on time and to your satisfaction. 8. Get expert advice. When it comes to mortgages, rates, and the housing market, we’ll speak to you in plain language. 9. No cost to you. There’s absolutely no charge for our services on typical residential mortgage transactions. Mortgage brokers are generally paid a finder’s fee when we introduce trustworthy, dependable customers to a financial institution. These fees are quite standard and nearly industry-wide so that the focus remains in you, the customer. 10. Ongoing support and consultation. Even once your mortgage is signed and paperwork is complete, we are here if you need any advice on closing details or even future referral needs. We are happy to be of assistance when you need it. CALL/TEXT/EMAIL/DM (647) 706-9367 [email protected] #definitivemortgagegroup #verico #residential #commerical #refinance #mortgage #preapproval #approved #realestate #condo #house #toronto