Mortgages with Monica

Happy Easter Monday to the Mortgages with Monica Family! Wishing you and your loved ones a beautiful day Mortgages With Monica, Making Mortgages Make Sense *... * * #spring #springhascome #springhassprung #sunshine #sundayfunday #mortgagebroker #mortgage #mortgagetips #mortgagespecialist #mortgageagent #mortgageadvice #mortgagerates #mortgageprofessional #mortgagebroker #gtarealestate #gtamortgagebroker #gtamortgageagent #gtamortgageagents #torontorealestate #torontomortgage #torontomortgagebroker #torontomortgageagent #torontomortgagespecialist #torontomortgagerates #buyyourhome #sellyourhome #womeninbusiness #femaleentrepreneur #femaleempowerment #sunnyday #womensupportingwomen See more

Spring is here Anyone else have an extra pep in there step and ready to tackle this week?! Mortgages With Monica, Making Mortgages Make Sense ... * * * #spring #springhascome #springhassprung #sunshine #sundayfunday #mortgagebroker #mortgage #mortgagetips #mortgagespecialist #mortgageagent #mortgageadvice #mortgagerates #mortgageprofessional #mortgagebroker #gtarealestate #gtamortgagebroker #gtamortgageagent #gtamortgageagents #torontorealestate #torontomortgage #torontomortgagebroker #torontomortgageagent #torontomortgagespecialist #torontomortgagerates #buyyourhome #sellyourhome #womeninbusiness #femaleentrepreneur #femaleempowerment #sunnyday #womensupportingwomen

Don’t stress! The test is not that scary! The rule, which requires all Canadian buyers borrowing from a federally regulated lender to pass the stress test, came into effect as of January 1, 2018. The stress test requires that all borrowers be measured against the minimum qualifying rate which is either the Bank of Canada’s five-year benchmark rate (currently 4.79%) or their contract rate plus two percentage points; whichever is greater of the two. ... In financial terms, a stress test is defined as a process by which a financial institution can determine the worst-case scenario for any investment. For mortgages, it means a stress test is used to determine the risks associated with each loan application. Lenders look at how much the borrower can afford given their current debt-to-income ratio and assess whether they would still be able to make the monthly mortgage payments should the rates increase. As always, it’s very important that potential home buyers consult with qualified mortgage professionals such as myself to ensure you are informed on changing government rules relating to mortgage qualification. Mortgages With Monica, Making Mortgages Make Sense * * * #stresstest #mortgage #mortgagestresstest #mortgagequalification #mortgageprofessional #mortgagebroker #mortgagetips #mortgagespecialist #mortgageagent #mortgageadvice #mortgagerates #mortgages #mortgagebrokers #mortgagefree #mortgagelife #bosslady #femalesinbusiness #womensupportingwomen #femaleentrepreneur #gta #gtamortgages #gtamortgagebroker #gtahomes #gtarealestate #torontorealestate #torontorealtor #torontomortgages #buyyourhome #sellyourhome #interestrates

Where there’s a women, there is magic. - Ntozake Shange Happy International Women’s Day Mortgages With Monica, Making Mortgages Make Sense. ... * * * #womensupportingwomen #womensday #womensday2021 #internationalwomensday #happywomensday #mortgage #mortgagebroker #mortgageagent #gtamortgages #gta #gtahomes #gtarealestate #torontorealestate #buyyourhome #sellyourhome #mortgagerates #refinance #mortgagefree #bosslady #bossladymindset #womenempowerment #womeninbusiness #mortgageapproval #approved #qualifying #mortgagetips #mortgagenews #mortgagespecialist #mortgageadvice #mortgageprofessional

Let’s talk about how you get qualified for a mortgage! The amount of mortgage you may qualify for depends on two things: income and the amount of debt you are carrying. Financial institutions use two different ratios to measure your borrowing ability. The first is to our Gross Debt Service Ratio (GDSR). The second is your Total Debt Service Ratio (TDSR). The majority of lenders will not approve your mortgage if the ratios exceed 39%GDSR/44%TDSR. Gross Debt Service Ratio ... GDSR is the percentage of your gross income (before deductions such as income tax) required to cover home-related costs, such as: Mortgage payments Property taxes Heating 50% of condo fees Example: Principal and interest monthly: $915.59 Heat monthly: $75 Property taxes monthly: $125 Total for debt service = $1,115.59/month Gross monthly income = $3,500 GDSR calculation = $1,115.59/$3,500 = 31.8% Total Debt Service Ratio TDSR is the percentage of gross income required to cover home-related costs (mortgage payments, property taxes, heating, and 50% of condo fees, if applicable), plus all of your other debts, such as: Credit card payments Car payments Lines of credit Student loans Any other debts Example: Principal and interest monthly: $915.59 Heat monthly: $75 Property taxes monthly: $125 Car loan monthly: $200 Credit card payments monthly: $50 Total for debt service = $1,365.59/month Gross monthly income = $3,500 TDSR calculation = $1,365.59/$3,500 = 39.02% ... let’s not forget the stress test! Keep following for more info. Mortgages With Monica, Making Mortgages Make Sense * * * #grossdebtserviceratio #totaldebtserviceratio #mortgage #mortgagetalk #qualification #mortgagequalification #mortgageguidelines #mortgageguide #mortgageagent #mortgagebroker #gtamortgages #gtarealestate #gta #torontomortgages #torontorealestate #bosslady #womeninbusiness #gdsr #tdsr #mortgageratios #stresstest #refinance #buyyourhome #sellyourhome #letstalk #letstalkmortgage #finance #financialfreedom #educate #education

As 2020 is coming to an end, I am taking some time to reflect on the year. Now more than ever, I am so grateful for family and friends. I am also thankful for the support of my colleagues and clients. Because of you, 2020 has been my most successful business year yet. I cannot show enough gratitude for you all. As I enter my 6th year as a mortgage agent, I look forward to continuing to educate and welcoming many more of you into the Mortgages with Monica family. Mortgages wi...th Monica, Making Mortgages Make Sense * * * #christmas #torontorealestate #holidays #gtamortgage #bosslady #femaleentrepreneur #mortgage #mortgagebroker #mortgageadvice #mortgageagent #mortgagetips #buyyourhome #sellyourhome #torontolife #femaleboss #thankful #grateful #success #mindset #purchase #refinance #reflection #happyholidays #merrychristmas #yourmortgageagentforlife #yourmorrgagecompanyforlife #yourhouse #mortgagebrokers #mortgageprofessional #mortgagefree

So what goes on behind the scenes of Mortgages with Monica? Well, I have my bada$$ (seriously, she’s amazing) assistant Melissa making sure the mortgage process goes as smoothly as possible for our wonderful clients. Melissa has been in the finance industry for over 10 years - and her knowledge in the mortgage field does not go unseen! From underwriting to document collection, Melissa is by my side. She keeps the mood light, when I get super serious (haha!). I’m lucky to have... you, girl! Also, huge shoutout to Kayla Powling for capturing us in our natural habitat - LOL! Mortgages With Monica, Making Mortgages Make Sense * * * #assistant #femaleentrepreneur #girlboss #girlbosslife #hustle #mortgage #mortgageagent #mortgagebroker #mortgages #gta #gtabuy #gtabuyandsell #torontorealestate #holidayseason #myteam #myteamrocks #mortgageunderwriter #underwriter #documents #documentfulfillment #firsttimehomebuyer #buyyourhome #sellyourhome #mortgagetips #mortgageadvice #mortgagerates

It has been my goal this year to support local & small business owners. As we are approaching the holiday season, I would love to be able to get exposure to as many small businesses as possible! So go ahead, comment below with your information - I’ll do my part to get your name out there! Mortgages With Monica, Making Mortgages Make Sense *... * * #christmas #support #holiday #torontorealestate #gta #smallbusiness #smallbusinessowner #smallbusinesssupport #toronto #ontario #mortgage #firsttimehomebuyer #buylocal #buyyourhome #sellyourhome #femaleentrepreneur #femaleownedbusiness #mortgageagent #mortgagebroker #mortgagetips #buy #sell #christmasiscoming #holidayseason #happyholidays #mortgageadvice #mortgages See more

Back to regular programming - with some more information on credit bureaus! So... what is a credit score? Your credit score is a statistical formula that translates personal information from your credit report and other sources into a three-digit score. For example, when you fill out a loan application, pieces of information from the application along with information from your credit report will be used to compute a score that indicates to the lender the statistical probab...ility that you will be come delinquent on the loan. Did you know, some lenders have credit score thresholds; the higher the score, the lower the rate! Here is some information on which lender you qualify with based on your credit score: 680+ = A Lenders (Banks, Monolines, Credit Unions) 600-680 = Monolines and Credit Unions 500-600 = B Lenders (Trust Companies such as Equitable and Home Trust) <500 = Private Lenders or Trust Companies on exception. Mortgages With Monica, Making Mortgages Make Sense. #gta #gtamortgages #bosslady #torontorealestate #gtarealestate #womeninbusiness #toronto #ontario #canada #firsttimehomebuyer #buy #sell #buyyourhome #sellyourhome #credit #creditscore #creditrepair #creditscores #creditscoresmatter #refinance #refinancemortgage #gtamortgagebroker #mortgage #mortgagebroker #mortgagetips #mortgageagent #mortgagerates #mortgagelender

How does your Friday look? I’ve been working away all morning sending off mortgage approvals (woohoo - nothing better than a Friday approval ). I turn around to see a messy bed, but a very happy pup! Does anyone else have millions of pics of the fur babies? Mortgages With Monica, Making Mortgages Makes Sense * *... * #gta #torontomortgages #gtamortgage #torontorealestate #ontario #canada #gtamortgagebroker #gtamortgageagent #mortgage #mortgagebroker #mortgageagent #bernedoodle #bernedoodlesofinstagram #bernesemountaindog #bernedoodlepuppy #thankgoditsfriday #friday #mortgages #mortgagespecialist #mortgagerates See more

Proud recipient of the 2019 Verico Executive Club Award for the second consecutive year! THANK YOU to all of my amazing clients for allowing me to assist you with your financing needs. This one is for you!

Yesterday afternoon, CMHC announced changes to its mortgage insurance underwriting and acceptance criteria. Effective July 1, the following changes will apply for new applications for homeowner transactional and portfolio mortgage insurance: 1. The maximum GDS ratio drops from 39 to 35 2. The maximum TDS ratio drops from 44 to 42... 3. Minimum credit score rises from 600 to 680 for at least one borrower 4. Non-traditional sources of down payment that increase indebtedness will no longer be treated as equity for insurance purposes Have questions about how this changes your current pre-approval? Let’s chat! See more

credit bureaus, credit bureaus, credit bureaauusss Okay, let’s get to some serious stuff. What's actually reported on your credit bureau? ...More than you think!! 1. Personal Identification: Name, address, date of birth and SIN number ... 2. Consumer Statement: Allows the consumer to add a brief comment about any information in the report 3. Credit Information: Details of credit accounts, transactions and history of late payments. 4. Public record information: Secured loans, bankruptcies and/or judgements 5. Third-party collections: Any involvement with a collection agency trying to collect on a debt 6. Inquiries: All organizations or individuals that have requested a copy of the credit report in the past three years. Mortgages With Monica, Making Mortgages Make Sense * * * #torontorealestate #torontomortgages #mortgages #mortgagebroker #mortgageagent #mortgagetips #credit #creditreport #hustle #selfemployed #torontorealtor #toronto #gta #approved #newhome #firsttimehomebuyer #buyingahome #sellinghomes #gtamortgages

Hi I’m the girl behind Mortgages with Monica. Coming from a customer service background, I can say that I have always been passionate about helping others achieve their goals. That is why I find helping my clients with their mortgage needs is so rewarding. Want to know how I can help you? Let’s chat!

The scary credit bureau - I promise, it’s not as scary as it seems when you understand it! A credit bureau is a history of how consistently you meet your financial obligations. Your bureau is created when you first borrow money or apply for credit. On a regular basis, the companies that lend money or issue credit cards to you send the credit reporting agencies specific and factual information about their financial relationship with you, including when you opened the acc...ount and if you make your payments on time, miss payments or have gone over your credit limit. Credit bureaus receive this information directly from the financial and retail institutions and retain it to help other lenders make decisions about granting you credit. Your credit report is a history that will help lenders determine what kind of lending risk you are if you are likely to repay your obligation on time. Mortgages With Monica, Making Mortgages Make Sense. * * * #torontorealestate #mortgagebroker #mortgageagent #mortgage #mortgagetips #mortgagerates #credit #creditcards #creditscore #creditboost #creditbureau #gta #firsttimehomebuyer #gtahomes

Having an expert in your corner can be the difference between making a decision and making the decision. Here are 10 reason why you should use a mortgage professional: 1. Get independent advice on your financial options. 2. Save time with one-stop shopping. 3. I negotiate on your behalf. ... 4. More choice means more competitive rates. 5. Ensure that you’re getting the best rates and terms. 6. Get access to special deals and add-ons. 7. Things move quickly. 8. Get expert advice. 9. No cost to you! 10. Ongoing support and consultation. See more

Getting into the mortgage business was not a walk in the park for me - starting any new business comes with its own obstacles. But the one thing I remember telling myself was - why wait until tomorrow? Five years later - I LOVE what I do. I LOVE helping my clients through the mortgage process. If you know me, my clients are my family. It’s almost 2021 - Delete your distractions and get started!! There is no better time than now. Mortgages With Monica, Making Mortgages M...ake Sense. * * * #mortgage #mortgagebroker #mortgageagent #mortgagetips #motivation #motivationalquotes #gtahomes #gta #sellyourhome #buyyourhome #firstimehomebuyer #refinance #torontolife See more

Thank you to Artigas Cruz and the Sandy Casella Team for having me on your Facebook Live!

As a mortgage professional, I can help guide you through all of your options allowing you to make an informed decision based on your current and future needs. Having an expert in your corner can be the difference between making a decision and making the decision. Here are 10 reason why you should use a mortgage professional: 1. Get independent advice on your financial options. 2. Save time with one-stop shopping. ... 3. I negotiate on your behalf. 4. More choice means more competitive rates. 5. Ensure that you’re getting the best rates and terms. 6. Get access to special deals and add-ons. 7. Things move quickly. 8. Get expert advice. 9. No cost to you! 10. Ongoing support and consultation. Mortgages with Monica, Making Mortgages Make Sense. * * * #mortgagebroker #mortgage #mortgagetips #mortgageagent #mortgagespecialist #mortgagerates #mortgageadvice #mortgages #mortgagebrokers #mortgagelife #toronto #gta #firsttimehomebuyer #homedecor #homesweethome #homeoffice #buyingahome #sellyourhome #mortgageexpert #mortgageindustry

The mortgage stress test has come down to 4.94% effective today. Curious to know what you are pre-approved for? Let's chat! Happy Monday!

Does Refinancing Make Sense For You? As we are currently experiencing unprecedented times, people carrying debt going into this pandemic are accumulating more unsecured debt daily. Refinancing can help increase cash flow while paying a lower interest rate. If you would like a complimentary review to see if refinancing makes sense for you please call 647-204-8621 or email [email protected]. Please note, you must own a home and have equity in the home to qualify fo...r a refinance. As always, I am here for your support! We will get through this together!

It was a pleasure being on the ProperTea podcast with Katie&Katie - what a fun experience! Click the link below for some mortgage tips and answers to some very popular mortgage questions!

That’s right! For homes over $500,000 you are required to have 10% down payment for the portion of the purchase price that is over $500,000! You only need 5% down payment for portion up to $500,000. Here’s how it works: $700,000 Purchase Price 5% of $500,000 = $25,000 10% of $200,000 = $20,000 Minimum down payment required = $45,000... Want to know more? Let’s chat . . . #mortgage #mortgagebroker #mortgagerates #mortgagelender #mortgagetips #mortgageloans #mortgagelife #mortgages #mortgagebrokers #mortgageadvice #gtamortgages #firstimehomebuyer #homebuyers See more

Do you want more information regarding the CMHC changes effective July 1? Well look no further! In this video I explain what the changes are, and what these changes mean for buyers effective July 1. As always, if you have any questions please do not hesitate to reach out!

I hope everyone is staying safe and healthy during this unprecedented time. Please see the attached list of contact information for lenders if you wish to discuss deferring your mortgage payment. As always, please reach out with any questions! I am here for your support.

Bank of Canada decreases it overnight rate to .25%. Curious to know how this affects your mortgage? Please reach out with any questions!

Effective March 23, 2020, the Bank of Canada 5-year Benchmark Qualifying Rate is dropping from 5.19% to 5.04%.

COVID-19 Mortgage Update: Many lenders will be offering deferred mortgage payment options for Canadians. Please reach out to your lender directly for more information. As always, feel free to reach out with any questions!

Last month’s announced change to Canada’s insured mortgage stress testwhich was to take effect April 6has now been put on hold.

The Bank of Canada has made an unexpected rate cut, cutting the central bank's benchmark interest rate by 50 basis points to 0.75 per cent.

The Bank of Canada announced today a half percent drop in prime rate, making it now 3.45% How may this impact your variable rate? Contact me today to chat about your mortgage options!

Instead of the Bank of Canada 5-Year Benchmark Posted Rate, the new benchmark rate will be the weekly median 5-year fixed insured mortgage rate from mortgage insurance applications, plus 2%. These changes will come into effect on April 6, 2020. More information to follow.

In order to qualify for certain mortgage and loan products, a minimum credit score is essential. Even if your score is sufficient to qualify, you might find the rates being offered will be lower if you have a higher score. Feel free to reach out if you have any questions!

The Bank of Canada (BoC) announced yesterday that it’s maintaining the overnight rate at 1.75%. This means that there is no change to variable rate mortgage holders.

After much speculation regarding an interest rate decrease, the prime rate is held at 3.95%.

Canadian reverse mortgage debt swelled by 26.43% annually in September, bringing the outstanding balance to $3.88 billion as of that month. As consumers are utilizing reverse mortgages more frequently, this can have a direct correlation to the lack of inventory as seniors are no longer downsizing. Reverse mortgages, if used correctly, are a great tool for seniors to obtain money for renovating their existing home to put on the market, provide a gift to their loved ones for a purchase of their first home, or to purchase a rental property for themselves and diversify their income streams.

What the Results of the 2019 Federal Election Mean To You - A note from Mortgage Professionals Canada: The 2019 Federal Election is over. We congratulate all those who were elected, and look forward to working with all parties and their leaderships in the coming weeks and months. Our initial expectation is that mortgage rules and related policy will not be a to be a top priority for Justin Trudeau’s 156-seat minority government. We do believe the Liberals will implement thei...Continue reading

During the past few weeks, representatives from Mortgage Professionals Canada have been working diligently to reinforce the message that the Board of Directors and members have asked that we discuss with policymakers since the beginning of 2018; namely the following changes to the mortgage macro-prudential rules: A reduction in the mortgage stress tests The reintroduction of a mortgage insurance-eligible 30-year amortization for first-time homebuyers A stress test e...xemption for borrowers who have paid as agreed through their first term and who wish to renew with another lender Please refer to this article for more information regarding where your political parties stand in the upcoming election.

The minutes from the Federal Meeting in July highlighted three main reasons for the cut, including recent signs of deceleration of the economy and concerns about persistently low inflation. Officials also believed a rate cut would be a "prudent step from a risk-management perspective.''

The First-Time Home Buyer Incentive helps qualified first-time homebuyers reduce their monthly mortgage carrying costs without adding to their financial burdens. This program is available as of September 2, 2019 for any closings on or after November 1, 2019.

Is your mortgage coming up for renewal? Let me help you obtain a lower rate! Transferring your mortgage is at no cost to you and can save you thousands!

Mortgage Professionals Canada will be making a case for changes to the federal mortgage eligibility and financing laws and their impact on Canadians and the economy. Their goal is to adjust the stress test to an appropriate level and allow the mortgage industry to offer more accessible products.

The Bank of Canada is keeping its key interest rate unchanged and also appears to be in no hurry to move the interest rate any time soon because, unlike recent statements, the announcement today removed all mentions of a need for future increases.

Fixed mortgage rates have been falling in recent weeks, as the cost of financing those loans has gotten cheaper. Banks and other lenders get the money that they loan out in mortgages by borrowing it themselves on the bond market, and the yields on five-year bonds have been falling since late 2018.

Huge congratulations to my client @Adam Kiel for the purchase of his first home! I'm so honoured to be a part of your experience. Thank you for trusting me with your financing!

This is a fantastic information guide for first-time-home buyers. As your mortgage broker, I am here to answer any questions you may have and to guide you in the process of obtaining your dream home! Feel free to reach out with any questions. Happy Friday!

Home Ownership Saving Strategies... Home prices have risen significantly over the last several years, greatly increasing the size of down payments needed for ho...me purchases. Despite higher home prices, last month’s mortgage survey from Mortgage Professionals Canada found that 20% was the average down payment made by first-time buyers in recent years. Here are some cost cutting strategies to employe: 1. Reduced or eliminated dining out (51%) 2. Reduced or eliminated travel and vacations (45%) 3. Sacrificed personal expenditures such as clothing and technology (45%) 4. Reduced or eliminated health and fitness expenditures (37%) 5. Reduced or eliminated car ownership (15%)

Having access to over 25 lenders allows me to offer the lowest rate on the market. The Big 5 are likely not the cheapest option! Contact me to chat about your mortgage today!

Congratulations to my client Meghan on the closing of her condo!! Here is what she had to say: Working with Monica made my experience of buying my first home so easy and enjoyable. Monica worked wonders in finding me the best rate for my personal situation, while simultaneously working around many obstacles that came around me closing on my home while living abroad. She made my life so much easier by working directly with my lawyer and sorting out all the small details. Monica is incredibly trustworthy and always worked efficiently and thoroughly on my case. It is for these reasons I would whole-heartedly recommend Monica to friends, family or anyone looking to purchase a home. She is the best at her craft and you would be hard-pressed to find another mortgage expert who cares more about their client's needs than Monica.

More borrowers are taking advantage of reverse mortgages. Do you qualify? Let's chat!

Stricter fraud detection is in the horizon as CMHC is looking to partner with the CRA to verify income.

Appraisals are one of the key factors in whether or whether not a lender will provide financing on a particular property. When receiving an appraisal report, I always do my due diligence to ensure that there will be no lender issues, and if there are - I can address them beforehand.

Congratulations to Via and Tyler on the closing of their condo! It was a pleasure to secure a comprehensive mortgage package and competitive rate for you both! Here's what they had to say: We loved working with Monica as our Mortgage broker and would highly recommend her to anyone! We were first time home buyers and she went above and beyond to make us feel supported throughout the entire process. She truly cares for her clients and has their best interest in mind. We were ve...ry fortunate to have worked with her as our Mortgage broker. Thanks, Via & Tyler

Condo prices continue to rise in the GTA! The average selling price in the third quarter of 2018 was $745 per square foot, up 11% year-over-year.

The condo market is still on fire!

Community Trust is one of the many trust companies I have access to. These companies are competitive with clients who are who are consolidating debt or perhaps new to Canada and haven’t had a chance to build long-term income streams or credit profiles.

"This will allow us to have access to real data and advise clients what equity they may have if they are trying to make a decision to sell their property and buy a new home, or refinance their existing home."

The Interest-Only Flex is suitable for homeowners and investors looking to purchase or refinance and/or increase cash flow by utilizing an interest-only payment while qualifying on a 30-year amortization.

The whole B-20 mortgage qualification stress test was brought in to slow the market, and that is certainly what’s occurring, and what we’re getting into is more traditional market situation where it’s balanced overall".

During a mortgage renewal, I always shop around for my clients to ensure that they are receiving the best rate/product for their particular situation. The majority of the time I find that I am able to obtain a lower rate than what the current mortgage lender is offering on renewal. Also - most lenders offer incentives to switch over, which could be a major benefit!

Just a few reasons to consider using a mortgage broker over a bank. Click below!

As of October 1 there will be more income verification options for self-employed borrowers; ultimately making it easier to qualify with a traditional lender. Definitely a score!

A step in the right direction for self-employed borrowers!

Want to learn more about mortgages in Canada? Read more: bit.ly/2MuwQGp