Mortgage rates are going up despasito

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Mortgage Rates Are Going Up DespASITOIn the past couple of weeks since the Bank of Canada publically increased the interest rate to 0.75% from 0.50%, we have been notified of by our numerous lenders that their mortgage rates are going up “despasito”, (slowly).

The increase have affected immediately to those borrowers who had a variable rate mortgage, and then to those who are applying for new mortgages either for purchase or refinance purposes and in both variable and fix rate mortgages.

The rate increase effect has been felt also in an increase of mortgage applications as the escalating homeselling price has been not only slowed down but actually reduced in some markets in Ontario.

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Buying a home with challenging credit

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Fear Of Debt ChallengeBuying a home with challenging credit, may lead to stress, then stress may lead to uncertainty which may lead to fear.

A person or cou[le buying a home with challenging credit should not have to face uncertainty nor fear, however, this may be a traditional mistake and very understandable by those living in the situation at the time, buying a home is not like buying a pair of shoes, after all; The financial commitment is a lot greater and is also risky.

Let’s think for a moment that this is the thought of a couple recently married couple that is currently renting an apartment, both working regular jobs, paying their monthly bills, saving what they can, but have had some challenging times and the credit is not so well, now, imagine that they start thinking about buying a condo or a townhome just to stop paying rent that ends in NO home-ownership, then to think about a mortgage, a property tax bill, property insurance etc. Adding to that knowing that the credit is not so well at the moment, the reason for feeling overwhelming is available right there and easy to grab as a valid excuse to give p on a dream, maybe without realizing that continue renting is just building someone else’s dream.The idea that maybe later the time will get better also comes available as the plan that brings comfort to the mind.

I wish that this message could reach to all those in this situation: Buying a home with challenging credit should not be stressful neither it should be postdated, they don’t have to do it alone, they do need to call and get all done for them and actually they don’t even have to know exactly what to do next after placing the call, everything will actually get done for them and the best of all, it is all free.

We are proud to work together with some lenders that understand this specific scenario and are willing to share the risk that this type of business represents by helping applicants get to the moment of being homeowners

If you are reading this and you are in this or similar situation, just call 416-262-7139 now and let’s get it done, continue building up your homeownership dream, and let the regrets rest only on NOT calling.

If you are NOT in this or a similar situation but know of someone who is or are, click here, this content on this page might interest you and you’ll be helping them.

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Small rental mortgage program tips

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SmallRentalProgramTipsThe following may help you get a more realistic expectation on a rental mortgage program and how you can speed up the process and benefit sooner from the investment of that second home (not owner occupied) or third or even fourth home.

Purchasing a second home is not the same as buying your first home, yet, the investment on real estate may be worth the difference.

The rental mortgage program’s terms may vary among lenders, so it is advisable that you check with your mortgage agent the details of your mortgage.

One of the variants between your first mortgage on your owner-occupied property and your non-owner-occupied property might be the lower loan-to-value offered on the first mortgage of your non-owner-occupied property.

Another variant could be the higher net worth of the borrower needed on the rental mortgage program.

The percentage amount of the rental income that can be added to the borrower’s income might also a variant in the mortgage process.

Consulting your mortgage agent saves you time speeding up the mortgage approval process so that you can enjoy the benefits of your investment

Credit, income and down payment affect rates and affordability in any qualification process.

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B2B Bank Equity 50 program

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B2B Bank Equity 50 program

B2B Bank Equity 50 ProgramB2B Bank’s Equity 50 program is great for individuals that have a hard time proving income in the traditional sources. Clients can access up to 50% of their home value on a first mortgage or refinance the current mortgage.

This program has proven to be especially popular with those in pension, and other people whose income does not meet their banks requirements of affordability, self-employed people whose notice of assessment income is not enough and part-time employees.

The B2B Bank’s Equity 50 program offers very flexible ratios requirements that are derived from a low-income period suffered by the family, easing the way out when families struggle to meet their current mortgage payments with their current lender.

If you are currently in a similar position as described above, you may consider the B2B Bank’s Equity 50 program as an alternative to refinance and consolidate your debts and better your current cash flow that may help you get back on your feet sooner rather than later.

Let me help you with your mortgage!

 

Clients can be self-employed, be on fixed income (such as pensions), or simply have limited income reported to CRA

400,000 Maximum loan amount

Requirements

The client must have a domestic (Canadian) source of income

Credit score must be fair, good or excellent

Property must be a marketable property (close proximity to major urban centre)

Must be owner occupied primary residence.

Get more details now!

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Mortgage for single parents

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Mortgage for single parents

Child Support incomeIn Ontario, as of 2011 according to Stats Canada, there were more than 604,000 lone-parent families, and in a staggering 80% of them, the female parent was living with their children!.

Now, this days is very difficult enough for a married or common-law couple to qualify for a mortgage in order to become a home owner, that difficulty is significantly greater for the single parent.

The distress of the single parents enhances their vulnerability against debt and for many their incapacity to understand that they too should be able to afford home ownership, even if they are separated from their spouse or partner

Mortgage for single parents, however, is possible when the qualifications are available, to help with the income, when applying for a mortgage, a single parent should include the following sources of income on top of the regular salary or earnings as a self-employed

Some of our mortgage lenders offer very helpful mortgage products where other proven income rather than the traditional are accepted, ask for details

May I help you with your mortgage?

Mortgage insurers support single parents in their endeavor of home ownership by allowing that their proven child support or alimony is accepted as part of their qualifying income when they meet the following criterias that need to be collected by the mortgage agent in order to present to the mortgage lender:

  • Court ordered or an executed separation agreement (lender must obtain)
  • No more than 50% should be used for qualification purposes
  • 100% may be used provided income represents <30% of gross income and borrower has demonstrated receipt – through T1 General – for a minimum of 1 year.

It is common that many single parents do not know how much is the child support that they should receive for each child, to help with an estimate, here below you can find a table with some income amounts that could help them get an idea of what they should receive as child support in Ontario

Under the Federal Child Support Guidelines, the table amount is determined by:

  • The number of children;
  • The province or territory where the paying parent lives; and
  • The paying parent’s before-tax annual income.

Annual gross income# of Children Monthly child support
$80,0002$1,172.00
$50,0001$450
$55,0001$498.00
$60,0001$546.00
$65,0001$594.00
$70,0001$639.00
$75,0001$682.00
$80,0001$724.00
Annual gross income# of Children Monthly child support
$50,0002$743.00
$55,0002$817.00
$60,0002$892.00
$65,0002$966.00
$70,0002$1,037.00
$75,0002$1,105.00

Table Look-up Disclaimer

The Child Support Table Lookup has general information only. It is not a legal document. The tables were last updated December 31, 2011. To determine how much child support is owed from May 1, 2006, to December 31, 2011, use the 2006 tables. Note that provincial or territorial guidelines may apply in some cases.

Contact me if you need more information for your mortgage.

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Decreasing bond value pushes to higher mortgage rates

Decreasing bond value pushes to higher mortgage rates

Financially speaking, a bond is a debt instrument that based on a current rate pays interests with certain periodicity and investors attracted to profit from those bonds may see their principal invested upon maturity of the bond.
Since the mortgage rates having remarkably low due to a slow pace economy, the profit of the bonds do not seem to be as attractive as before, therefore the price of the bonds for future debts seems to be lowering.
To make the price of the bonds more attractive, there is a need in the market for an increase on the mortgage rates to avoid investors looking for different industries or markets where to invest in search for a higher return.
In short: Mortgage rates may see an increase in the current year.
Advice: Lock your mortgage rates now or soon, however do not fall into the innocent category where you only pay attention to the rate, as a mortgage may be more convenient when including other terms like being portable or assumable.
If you need to switch from your current lender, that may not be a problem as some of our lenders offer free switch and transfers helping to pay the penalties originated by the early switch or transfers in order to save the costs to the borrower and win their business
Feel free to contact me for more information
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Mortgage Agent

Mortgage broker Toronto with quick personalized service, access to lenders offering their lowest mortgage rates through Mortgage agent Jesus del Rio

Mortgage AgentWe can save you thousands of dollars on your residential mortgage, complete your online application, click on the top right banner now

From your TMortgage Broker - Mortgage Edgeoronto mortgage agent, you have quick personalized service and get your mortgage loan approved.

Don’t worry about your credit, submit your online application and let’s get it done now!

If you already own a property, request a property value & comparable sales report when you complete your online mortgage assessment

If you have questions about what type of mortgage you need, learn about the following mortgage products

MortgageSecond MortgageRefinance
Reverse mortgageHome Equity Line of CreditCommercial Mortgage

Whether you are looking for a mortgage to purchase a home, refinance your existing mortgage and your other loans or credit cards in order to pay less interest, or if you are looking for a commercial mortgage to finance your business, you can call me to help you get that financing that you seek.

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Request your *mortgage assessment free*, apply online and get a free one on one meeting

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