Tatum Neufeld, Edmonton Mortgage Broker
#213, 4935 55 Ave T6B 3S3 Edmonton, AB, Canada

Buying a home can feel like quite the challenge. If you’re already paying rent, you at least have an idea of what it’s like managing high monthly costs. Those monthly costs usually aren’t the issue when planning to buy a home. One of the most common barriers to home ownership is saving for the down payment. Saving for a 20% down payment can be quite difficult and can put off buying a home for years. If you’re still hoping to purchase a home but see that 20% down pa...yment as an obstacle, then getting an insured mortgage with less than 20% down payment is an option. Click the link below to learn how to minimize your insurance premium on an insured mortgage. https://mortgagesbytatum.ca/how-to-minimize-insurance-prem/ See more

Plans for world domination? I mean plans to buy a house Well, I can help! If you were to get pre-approved , you would have a rate held until . ... Why get pre-approved? Know how much you can qualify for Plan your monthly payments Simplified property search More credibility as a buyer Interest rate protection Obtaining a mortgage pre-approval is free and does not commit you to anything. Why would you not take advantage of it? Ready to get started? Send me a message See more

Don't have a 20% down payment? That's okay! Here's a (major) plus of putting less than 20% for your down payment. Lower rates! ... Wait, really? Yes! Lenders actually offer lower rates to borrowers that put less than 20% down because the mortgage is insured, meaning that they need mortgage insurance from one of Canada's three insurers: Canada Mortgage and Housing Corporation (CMHC), Sagen (previously Genworth), or Canada Guaranty. Insured mortgages are less risk for lenders, therefore they can offer lower rates. Did you learn something new today? Let me know in the comments! See more

Happy New Year! I would like to thank all my clients, partners, lenders, family and friends for supporting me throughout 2020. Wishing you and yours a happy, healthy, and abundant 2021!... Support one another, we got this! See more

5 Reasons To Work With a Mortgage Broker Save this post for later Do you want an excellent client experience, access to the best mortgage rates and peace of mind knowing you're in good hands? ... Then you should work with a mortgage broker when it's time to buy your next property or renew your mortgage! Here are my top 5 reasons why working with a mortgage broker is a financially savvy option for everyone: 1 Industry knowledge A professional mortgage broker will keep up on trends, learn the latest news on interest rates, real estate and all things finance. 2 No fees & great rates It's true! There is no cost to work with a mortgage broker as we are compensated by the lenders we work with. 3 Transparency A reputable, professional mortgage broker will explain the entire process and keep you informed at each step of the way. We are here to offer our valued clients the best client experience, with nothing to hide. 4 Trust We have your best interests at heart, and you can trust that we'll do our best for you! We are also under legal obligation to follow all privacy laws and regulations, and we are very professional when it comes to your personal, confidential information. 5 Flexibility Mortgage brokers can offer resourceful, flexible mortgage solutions and flexible work hours. We understand that our clients may work the same Monday-Friday schedule we do, so we have no problem scheduling a call or zoom meeting on a weeknight. It's nice knowing that you have options beyond the big banks when it comes to your mortgage. If you’re searching for a mortgage solution that genuinely works for you, send me a message and let's get started! See more

For those of you who don't know me, here is a big piece of my story. Meet my Mom, Eva Neufeld, the Broker/Owner of Mortgage Tailors And yes, I am her mini-me but way taller ... When I was growing up, I watched her create an amazing life for us where we got to travel, enjoy family time at our cabin, and so much more. She had the flexibility to take us to school and be present as a mom while still making a great income. Not only was she able to create an amazing life for us, she was also able to help so many people. After my Bachelor of Commerce degree, I worked for a few years in marketing for companies in Edmonton and I just felt like it wasn't the right fit for me, even though I loved marketing. I was ready for a change so I decided to take my mortgage license. I knew that because I was raised with her values and caring personality, I could do it. Now let's fast forward. Sometimes it's hard to believe that it's already been over two years as a Mortgage Broker, but it's awesome doing it alongside my mom. She is incredibly smart, hard working and honestly just the coolest mom. I look forward to continuing to grow my business and seeing her kill it as one of the best Mortgage Brokers in Edmonton! I definitely have a great leader to look up to. Is there someone in your life that's a big part of your why? I'd love to know in the comments! See more

Do not wait until January to start planning for the new year! There I said it It's a new year and time to get serious about your goals. ... If buying a home is on your radar for 2021, join myself and Thomas Harrington - Revere Real Estate for our First Time Home Buyer Webinar (via Zoom) on Thursday, December 17th at 6PM. What you will learn: The true first step in buying a home How and when to start house hunting How to make the right offer on a home Getting your final approval What to expect in a home inspection Closing the deal and getting the keys to your dream home We'll be there to answer all of your questions on the home buying process. To register, visit the link below. We hope to see you there! https://buyyourfirstedmontonhome.com/ See more

Yesterday, the Bank of Canada left its target overnight benchmark rate unchanged at what it describes as its "lower bound" of 0.25%. The Bank's Governing Council acknowledged that Canada's economic recovery continues to require "extraordinary monetary policy support." Accordingly, it will hold its policy interest rate at the lower bound until economic slack is absorbed so that the Bank’s 2% inflation target is sustainably achieved, which may be achieved "i...nto 2023." BoC’s next scheduled policy announcement is January 20, 2021. https://www.cbc.ca//bank-of-canada-benchmark-interest-rate See more

Over my career as a real estate agent these are the top 4 questions I get asked all the time by my clients, yet I never really see agents answering these online.... Here are the top 4 frequently asked questions about buying a home that no one really answers. Download the YEG home buyer's guide to get a complete walkthrough of the home buying process from start to finish: https://thomasgharrington.com/buyers-guide-download/ Start your home search here at: https://www.westedmontonliving.ca/ Information courtesy of Thomas Harrington - Associate Broker/REALTOR at REVERE in Edmonton. Not intended to solicit buyers or sellers under contract with another real estate brokerage in Alberta.

November is Financial Literacy Month in Canada I am committed to helping you become knowledgeable about everything you need to know when it comes to making one of life’s biggest financial decisions, buying a home. Being financially literate isn’t just about saving for a down payment and qualifying for a mortgage. There are other costs to consider when looking to buy a home and when owning a home. ... Beyond the down payment, other costs that are commonly forgotten in the home-buying process include: Deposit Home inspection Appraisal Closing costs (e.g. lawyer fees, title insurance, property tax adjustments) Moving costs Costs that should be considered before owning a property include: Mortgage payments Insurance Property taxes Condo fees (where applicable) Repairs and upkeep Utilities Furnishings and decor Before you start looking for a home, I'd recommend creating a realistic budget to understand what you can afford. I will help you understand what your maximum purchase price is, but it's important to remember that the best financial decision you can make when it comes to buying a home is to buy one that you can , with room left to still pursue your other financial goals. By taking charge of your finances and looking at the bigger picture before jumping into the home-buying process, you can ensure that you are empowered, informed, and ready to own a home. Whether you’re looking to buy your first home or making the switch to a home that better fits your family, buying a home is a big decision and I am here to help! See more

Did you know I have a mortgage blog on my website? I consistently post education about: Home Buying... Refinances Renewals Credit First Time Home Buyers Mortgage News Click the link below! https://mortgagesbytatum.ca/blog/ See more

Are you a millennial looking to buy a home in the Edmonton area? Get yourself from #HomeGoals to a home of your own by joining myself and Thomas Harrington - Revere Real Estate for a First Time Home Buyer webinar where you will learn everything you need to know to get started with the home buying process. We will show you how to prepare and plan for your future as you step into your new role as a homeowner. ... When is it? Thursday, December 17th at 6PM The best part? You can join us from the comfort of your own home (via Zoom). You'll leave the session with everything you need to know about purchasing your first home and some amazing home buying resources! Better yet, tag a friend who would be interested in joining you! To secure your spot, visit the link below. https://buyyourfirstedmontonhome.com/ See more

Did you know that the average borrower breaks their mortgage at 3 years & 7 months? Say what?! That's a lot of people who change their situation since entering into a commitment with their lender.... That's why with my clients, we always have an in depth conversation about your future and payout penalties. We can plan as best as we can but I also understand that . Big banks calculate their payout penalties different than some of our monoline lenders, and the difference matters...BIG TIME. Want to learn more about payout penalties and how they might affect you? Send me a message and let's chat! See more

Did you know that you can use your RRSP's for your down payment if you are a first time home buyer? Generally, the funds in your RRSP need to stay there until you retire for it to make financial sense, as there are penalties for early withdrawals. However, the RRSP Home Buyers’ Plan (HBP) is one exception to that rule, at least for first-time home buyers. With the HBP, you can withdraw up to $35,000 from your RRSP for a down payment on a home ($70,000 ...for a couple), which can make owning a home much more financially achievable. If you’re thinking of using the RRSP Home Buyers’ Plan, there are a few things you should know. Any money you withdraw has to be in your RRSP for at least 90 days. If the money doesn’t sit in your RRSP for at least 90 days, it may not be tax-deductible that year. You must make the withdrawal within 30 days of taking ownership of the home. You can make withdrawals from several RRSPs, so long as you are the owner of each plan. However, you have to receive all withdrawals in the same calendar year. Your first repayment isn’t due until 2 years after you make your withdrawal, and the full amount must be repaid within 15 years after that. As a first-time home buyer, it can be difficult to scrape together enough cash for a down payment on a home. However, if you’ve been diligent in your RRSP contributions, then the Home Buyer’s Plan is a great way to unlock the potential of your savings. See more

The uncertainty associated with being self-employed should not impact or limit your ability to buy the house you’ve been hunting for. So, how is a self-employed individual to navigate the mortgage world? With an experienced mortgage broker by their side armed with four key tips! Have at least two years of tax returns available... Be careful with tax deductions Make sure you're in top shape to buy a home Work with a mortgage broker who really gets you Click the link below to read the full blog post -. https://mortgagesbytatum.ca/quick-guide-mortgages-self-emp/

You've probably heard the term "Mortgage Broker" from your Realtor or friends who've bought a home, but what exactly is a mortgage broker and what do they charge? A mortgage broker is a licensed and regulated financial professional. We act as a middleman between you and potential lenders and work on your behalf to find a mortgage and lender that best fits your needs. Mortgage Brokers are most often paid by lenders when we introduce trustworthy, de...pendable clients. For special or more difficult financing (like higher-risk private lending), brokers typically charge a percentage for their services and the client would be notified well in advance. Thinking about buying a home in the next few months? Let's connect and I'll walk you through what the financing process looks like! See more

What's been happening with mortgage deferrals and interest rates lately? As of the end of June, roughly 760,000 Canadians applied for some sort of mortgage deferral since the pandemic began. Office of the Superintendent of Financial Institutions (OSFI), Canada's banking regulator, announced it will start to phase out the special deferral rules and after September 30th , any deferrals will be treated according to OSFI's normal rules. ... So what are your options if you can't afford to make your payments after your deferral period has ended? The most important thing to do is to be transparent with your lender and ask for assistance, whether that be asking if they will extend the deferral period, amortization or borrow from a line of credit to make up the shortfall. Where are interest rates at these days? This week, the Bank of Canada (BoC) left the key lending rate unchanged at 0.25% where it has sat since March. Even though home sales are setting new records, household spending has rebounded and more than half of the 3 million jobs lost due to the pandemic have been regained, the BoC warns that the Canada is not out of the COVID-19 woods yet and the recuperation phase will be slow and choppy. As such, the BoC confirmed that it will aim to keep interest rates low for years to come by purchasing government bonds. The BoC will continue to provide monetary policy support for some time...likely years. If you're looking to purchase a home or renew your current mortgage, this is a great time to take advantage of historical low rates! For more information, send me a DM. See more

Mortgages can be either insured or uninsured, and the difference matters. Insured mortgages are also called high-ratio, and refers to the ratio between the mortgage amount (the loan) and the total purchase price (the value), also known as the loan-to-value ratio (LTV). If you guessed D you’re correct! An insured mortgage is one with a down payment of less than 20% of the purchase price. The opposite of an insured mortgage is an uninsured mortgage (als...o called a conventional mortgage), which has a down payment of more than 20% of the purchase price. By increasing your down payment, the ‘loan’ portion of the ratio will decrease, thus decreasing your loan-to-value ratio. The most important part to understand of having an insured mortgage is that you’ll need to pay for mortgage default insurance. This is a federal requirement to ensure that higher-risk mortgages are properly insured. While the mortgage default insurance is taken out by your lender, you’re required to pay the premiums by having them added to your overall mortgage amount. The rate of the insurance premium depends on your loan-to-value ratio, with higher ratios having a higher premium. So if you put 5% down compared to 10% or 15%, your insurance premium will be different. Mortgage default insurance premiums typically range from 2.8% - 4% of the mortgage amount. Are you wondering if an insured mortgage is right for you? Send me a DM and let’s have a conversation to see what would be the best choice for you and your family. See more

What's the difference between a Broker vs a Banker? Technically a mortgage is a mortgage but the difference of who you work with to secure it can mean saving thousands in the long run. As a mortgage broker, it’s my job to make sure that, that mortgage fits your needs now and 5 years down the road too. Why wouldn’t you get a better deal from your bank on a mortgage?... Many home buyers pop in to their bank believing that their life-long relationship will in some way give them a leg up in the process. However, even though you’ve been working with the same bank for many years, when it comes to a mortgage they’ll offer you the same rates and options they would anyone else. Depending on your personal financial situation, and even which bank you deal with, there are only so many things they can offer you. I haven’t mentioned much in terms of options but most people don’t know the devil is in the details. There can be many hidden fees and charges if you need to make any changes to your mortgage down the line. What it will cost you for breaking your mortgage term has a direct relationship to how it will affect the lender more specifically, how much money they will make off of your mortgage in interest. That’s something the bank won’t be so excited to tell you about, but it’s one of the key options we look at in detail together before deciding on which mortgage solution is the best fit for you and your family. When you’re ready to make the leap to become a new homeowner, give me a call at 780-288-0643 and we’ll take a look at . Together we’ll find the best financial choice for you, to ensure you’ll be ready to snap up that dream home when you see it! See more

If you don't already have your mortgage renewal in your calendar, you'll know it's time to renew when your lender sends you a renewal statement in the mail. The statement includes a new mortgage rate and term offer, which you can sign and send back...however, it's in your best interest to take a more proactive approach. Here are my top 5 mortgage renewal tips: 1 Consider your current financial goals... Before you sign your mortgage renewal, you should first review your financial goals. You want to be sure your current provider can offer a mortgage product that suits your needs. 2 Start to shop around early While your current lender will likely send you the renewal statement in the last 30 days of your mortgage term, you can start negotiating as early as 120 days before your maturity date. 3 Ask for a better mortgage rate With those renewal statements, lenders make it too easy for you to answer the "should I renew my mortgage now?" question. They know you're busy and that you'll pay for this convenience. Typically, lenders don't offer their existing clients the best rate. There are usually better rates available from other lenders. 4 Get a rate hold When you shop around for a better rate, a good strategy is to use a mortgage broker. A mortgage broker can pull your credit report once and find a list of lenders who will work with you, and the best rates they can offer. 5 Give yourself time to switch lenders You may be wondering "when should I start looking?" The answer is as early as possible. This gives a mortgage broker time to find the best product for you and get the paperwork ready, so you're not left scrambling at the last minute. The bottom line 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. By following these tips, doing your research, and working with a mortgage broker who can provide you with mortgage renewal advice and tips, you’ll get the best lender, terms, and rate for your current financial situation. See more

Yes I'm happy...why you ask? For home buyers and borrowers looking to renew their mortgage of course! Well, the Bank of Canada reduced the benchmark qualifying ratea.k.a., stress test ratefrom 4.94% to 4.79% this week.... What does that mean for borrowers? It will make qualifying a bit easier and permit some people to borrow fractionally more. Just how much more? Well, not a whole lot in the scheme of today’s average home prices but every small buying power improvement helps! For example, a buyer earning $70,000 a year and purchasing with the minimum 5% down would be able to afford roughly $4,000 more home, or about 1.2%. If you are wondering how these changes may affect you or you're looking to find out what you can qualify for, send me a DM and let's start the conversation. See more

5 THINGS YOU NEED FOR A MORTGAGE PRE-APPROVAL Save this post for later -?... With a pre-approval, you can: Know the maximum amount of mortgage you could qualify for Estimate your mortgage payments Lock in an interest rate until December 12, 2020. ... Getting the required paperwork together is key to having the pre-approval process run smoothly. Here is a list of documents you will need -- keep in mind that lenders may require additional information, but this list is an important starting point: 1 Identification 2 Proof of income Letter of employment, current pay stubs, previous 2 years Notice of Assessments and potentially T4's. If receiving child care benefit, child support, or alimony, additional documentation is required. For self-employed applicants, there is additional documentation required such as T1 Generals and other documents if incorporated. 3 Proof of down payment and ability to pay closing costs 90 days bank statements for any account the down payment funds are in/transferred from. RRSP statements if first time home buyer. Gift letter (if applicable). 4 Information about your debts or financial obligations Your mortgage broker will pull your credit, which will give access to your current credit score and list of debts and financial obligations. 5 Proof of any other assets Buying a home is a great investment, and worth the time to get your financing pre-approved. By doing so, you gain peace of mind knowing that you're all set and ready to go. Be sure to start your pre-approval before you go house hunting and I'll help you get everything in place! Send me a message to get started. See more

Are you excited about the thought of buying your first home, but just can’t figure out how to get that down payment nailed down? It’s not easy to save up for something as monumental as a down payment. However, having a strategy in place for your down payment can have great long-term financial benefits and set you up for success as a homeowner. ... Homebuyers in Canada have some great options when it comes to buying a home. Here are a few of the choices when planning your down payment: Conventional mortgage. This means you can put down 20% or more down payment towards the purchase of a home. Insured or high-ratio mortgage. This means you can purchase a property with as little as 5% down payment (for homes up to $500,000) and have mortgage insurance from one of Canada’s three insurers: Canada Mortgage and Housing Corporation, Genworth or Canada Guaranty. Home Buyer’s Plan, which lets first time buyers borrow money (a maximum of $35,000 or $70,000 per couple) from their RRSPs to apply to their down payment. While these options can help narrow down your choices and help get you closer to understanding what you need for your down payment, you still need to have a solid savings plan in place. The more you can save, the less you’ll spend on interest over the course of owning your home, and the faster you can build up equity. Be sure to talk to your mortgage broker about which option is best for you. I can guide you through the home buying experience and help you find a mortgage solution that really works for you! Send me a message to get started See more

Did you know that a Mortgage Broker has access to 30 different lenders? You might be thinking "Okay...and how would that affect me getting a mortgage?" With access to multiple lenders, we can find solutions to your mortgage needs that one lender alone cannot accomplish. Each lender has its own internal policies regarding income, credit, down payment and acceptable properties. Being turned down by one lender doesn't mean you don't qualify, just not with... that particular lender. Some of our lenders offer specialized lending options including alternate income sources such as child care benefit and maternity leave, borrowed down payment, and New to Canada. I have the experience, expertise and options to maximize your chance of approval. Send me a message and let's start the conversation! See more

It’s not you, it’s your mortgage Just because you’ve agreed on a mortgage, doesn’t necessarily mean it’s set in stone. There are several reasons why you may be reconsidering your mortgage. Perhaps you’ve had a major change in your financial situation or maybe you’re interested in buying a new house. Or it could be because you feel your current mortgage rate is too high. Whatever the reason may be, it’s important to make sure that if you are breaking up ... with your mortgage, you understand how and when to call it off. ’ ? As of right now, are you satisfied with your mortgage terms and conditions and are they meeting your personal and financial needs? If you answered no or if you’re not sure, you may want to consider breaking your current mortgage and renegotiating a new one. As interest rates are incredibly low , now may be an opportune time to renegotiate and get a lower interest rate. . When renegotiating or terminating your current mortgage contract, I recommend to speak to your lender first about the potential fees you would pay in order to break your mortgage. Here are some potential fees you may have to pay: Pre-payment/payout penalty Appraisal fee Fee to remove the charge on your current mortgage and register a new one (if applicable) Although you may be saving money with a lower interest rate, you may not be saving as much as you think if you wind up paying a large amount in penalty fees possibly even more than what you would be saving. If you’re currently looking for a new house and unsure if the mortgage is right for you, or if your mortgage is up for renewal soon, it’s important to speak with a mortgage broker you can trust to help you make the right decision. Send me a message and let's review your options to see what makes the most sense. See more

Are you a looking to buy your first home? Here are 5 tips for you! 1 The bank isn't the only place to get a mortgage and your loyalty to them doesn't mean much. 2 There is nothing wrong with taking advantage of mortgage insurance through CMHC, Canada Guaranty or Genworth to get the benefit of more cash flow.... 3 Getting pre-approved for a mortgage before house hunting saves stress and time. 4 Just because you are pre-approved for a huge mortgage doesn’t mean you should buy something at your maximum. 5 You are not a real estate or mortgage expert and that’s ok! Read the full blog post via the link below. https://mortgagesbytatum.ca/five-tips-first-time-home-buye/