ZooMortgage
7694 Islington Ave. Unit#2 L4L 1W3 Vaughan, ON, Canada

Here is a little tip for those of you wanting to Purchase or Refinance your home. For every $450.00 car payment you eliminate approximately $100,000.00 of mortgage that would otherwise be available to you......So if your approved for $500,000.00 mortgage, and after checking your credit find you have a car payment of $450.00 your mortgage approval drops to $400,000.00. So when applying for a mortgage and you want maximum Purchasing or Refinancing power pay off those car loans early.

Third Bank Of Canada Rate Increase Since Last Summer And What It Means To You! Here’s a look at how this and future rate increases impact mortgages and home equity lines of credit. Variable-rate mortgages:... If you are currently in a variable rate mortgage your monthly payment will increase approximately $13.00 per $100,000.00 of mortgage based on a 25 year amortization. Home equity lines of credit: If you have a secured line of credit (Heloc) for every $25,000.00 of balance you carry your monthly payment will increase by approximately $5.20 a month interest only payment. So to put this into perspective if we get even a 1% interest rate hike your payment on a variable rate mortgage will increase by $52.00 per $100,000.00 mortgage with a 25 year amortization. On a $500,000.00 mortgage your increase will be $260.00 a month. So if the bank of Canada is expected to raise another 2 or 3 times as economists are predicting, then if you can afford the payment increase above of 1% you should have no worries. If you feel it is starting to get difficult to make your payments then you might want to consider at locking in your rate. Remember that at times like these it is always good to have a reputable mortgage broker who can put things into perceptive for you and give proper advice.

A Drunkin Christmas from my family to yours! #christmas2017 #family #bulldogs #friends

During the holiday season, our thoughts turn gratefully to those who have made our success possible. It is in this spirit that we say thank you and best wishes for the holidays and New Year.

As the bank of Canada decided to test the market by raising interest rates by .25% the effect on your variable mortgage payment for a $500,000.00 mortgage at 25 year amortization will be approximately $61.00 a month depending on your discount rate.

Happy Canada Day to all of you And hope your having a fabulous long weekend!

Have you seen our latest news?

Exceptional Mortgage Rates With Outstanding Service

Wow check it out 5% down 2.49% 5 yr fixed rate mortgage. Just visit ZooMortgage and apply or call.

Starting Feb. 15, 2016 the new rules for down payment come into effect. 5% on first $500,000.00 mortgage and 10% on remainder of mortgage. In other words anything over 1/2 million dollars will be calculated at 10% down payment. Feel free to visit www.zoomortgage.ca for more advice.