MortgageWithMike

Helping You to Build a Better Future!

[mortgagewithmike]

Patience is required when you are in the business of service others.

Patience is one of the biggest challenge that I face in my line of work. At times this can be hard because every file is time sensitive.

My solution; know what’s required of myself and my clients. Then once they are informed on the process and expectations, a complete by date is set.

#motivation #inspiration #patience #acceptance #bepatient #mortgage #mortgagebroker #mortgagehelp #credit

[mortgagewithmike]

Tip 1: One of the 1st thing buyers should consider when looking to purchase a home is their credit report. This is a snapshot of your repayment history that the lender will look at to determine your credit worthiness. Tip 2: Your down payment is important because the more of your own money that you put up the safer the lender feels lending to you and will usually offer you a better rate. Tip 3: Get an expert to do the negotiating for you. As a mortgage agent I work with my clients to find the best rate possible by shopping against all the big banks and lending institutions so they offer us the lowest rate. I will do the same for you. Tip 4: Paying off your debts, starting with low balances will help with your qualifications. The less your monthly payment the safer the lender feels and will offer you a great rate. If you would like help with obtaining a great mortgage rate, get in touch with me on my cell @ 647-548-6036 or www.mortgagewithmike.ca #mortgagetips #mortgage #firsttimehomebuyer #homebuyer #househunting #mortgagerates

[mortgagewithmike]

“I am excited to now offer you a free Home Buyer’s Guide so you can be an educated buyer. If you are thinking about buying a home or wants to know what the process looks like, head to http://www.centum.ca/mortgages/residential/homebuyersguide for your free guide. Have questions? Don’t be afraid to reach out at mortgagewithmike.ca just message me on here! I look forward to hearing from you!”

[mortgagewithmike]

Having a budget it the best way to get ahead and stay ahead. Here are 6 Great reasons why you should have a budget. For more tips and information please contact me www.mortgagewithmike.ca

[mortgagewithmike]

Are you starting to get that homeownership itch? If you are thinking of making the switch from renting to buying, reach out to a CENTUM Mortgage Agent near you! We will make sure homeownership is right for you! www.mortgagewithmike.ca

[mortgagewithmike]

When applying for a mortgage it’s important to know where you stand and what you can afford. At Centum we believe in arming you with the right information to make an informed decision. We work the terms and amortization schedule to fit your budget and your future plans. With a well thought out mortgage, you won’t exhaust your budget. Get in touch with me today to discuss what best fits your situation www.mortgagewithmike.ca #mortgage #mortgagehelp #amortization #futureplans #firsttimehomebuyer #homebuyer #budget #mortgagetips #lenders #preapproval #yourfuture #family #finance #financetips

[mortgagewithmike]

There are a lot of our clients who are unclear about the “stress test” and are asking the same questions. The new Bank of Canada mortgage qualifying rate has increased from 4.99% to 5.14%. What does this mean? - It will reduce your maximum mortgage amount by approximately 1.5% - Your interest costs will still be based on your contractual rate Head to www.mortgagewithmike.ca to clear up your concerns! We are here to provide you with advice and help navigate these changes. Our advice is free! #mortgage #firsttimebuyer #firsttimehomebuyer #homebuyer #qualifyforamortgage #mortgagehelp #mortgagequestions

[mortgagewithmike]

Buying a home will cost a fair amount of money but here are some tips on how you can save a few dollars along the way! I am not bias or anything but you should definitely follow suggestion #5.😁 Get in touch with me today www.mortgagewithmike.ca #mortgagetips #savemoney #homebuying #firsttimehomebuyer #firsthome #mortgagewithmike

[mortgagewithmike]

Be the most attractive potential buyer at the open house and get pre-approved today! We make it simple with The Express Mortgage! It is safe, secure, easy and takes no time at all!

Go to www.mortgaewithmike.ca to learn more and find out your options. Reach out to me today!

#getpreapproved #preapprovedforamortgage #mortgage #firsttimebuyer #firsmortgage #youarepreapproved #potentialbuyer

[mortgagewithmike]

10 Days left to take advantage of the tax benefits from using your RRSP!!! Did you know you can use an RRSP to help maximize your down payment on a home? The Government of Canada has a great program called the Home Buyer's Plan which allows you to leverage your RRSP interest-free. Check out the slideshow and contact a CENTUM Mortgage Professional to see if it is the right solution for you! With the deadline quickly approaching, contact me today for more info! RRSP contributions for the 2017 tax year have to be in by March 1, 2018! Go to www.mortgagewithmike.ca #rrsp #downpaymenthelp #downpayment #interestfree #homebuyerplan #househunting #homebenefits #taxbenefits #contributions

[mortgagewithmike]

REASONS TO REFINANCE:

1. To take advantage of low interest rates

Don’t let penalties deter you; first, know the numbers. Breaking your contract for a lower interest rate can save you money over time, depending on the penalty and the size of your outstanding mortgage. If you hold a variable rate mortgage, then expect to pay a penalty of three months interest, and if you hold a fixed rate mortgage, then you will pay the greater of three months interest or interest rate differential penalty (IRD).

2. To access equity (cash) in your home

By refinancing, you can access up to 80% of your home’s value less any outstanding mortgages. That’s extra money for investment opportunities, home renovations, or your children’s education. There are several ways to access this equity including breaking your mortgage, taking on a home equity line of credit or blending and extending your mortgage with your current lender.

3. To consolidate debt

If you have enough equity in your home, you will be able to pay-out high-interest debt through a refinance. For example, if you have a number of outstanding debts, such as a car loan, a line of credit, or credit card bills, you may be able to consolidate all of the debt through the variety of refinance options available.

METHODS OF REFINANCING YOUR MORTGAGE:

There are several options available to you when considering a refinance which include: breaking your mortgage contract early, taking out a home equity line of credit or blending and extending your mortgage with your current lender.

1. Break your existing mortgage contract early

You would consider breaking your mortgage early if you wanted to obtain a lower interest rate or access equity from your home. In this case you eliminate your existing mortgage and take on a brand new one with any lender.

2. Add a home equity line of credit

A home equity line of credit gives you access to the equity in your home at your own discretion. You are responsible for interest only payments each month on the outstanding balance. You can access a home equity line of credit through your existing lender and a small subset of other lenders.

3. Blend and extend your existing mortgage

Your existing mortgage lender may offer you a ‘blended rate’; essentially, a ‘blend’ of your current mortgage rate plus any additional money you borrow at current market rates. Blended rates are almost always higher than the most competitive mortgage rates on the market, so make sure you compare the blended rate against the savings if you break your mortgage.

COSTS OF REFINANCING YOUR MORTGAGE:

The cost to refinance your mortgage depends on the strategy you use to access equity or lower your interest rate. No matter which strategy you use you will always incur legal costs as a laywer must change the financing on title. The good news is if your mortgage balance is greater than $200,000, many brokers and/or lenders will cover this cost.

If you are breaking your mortgage in the middle of your term to access equity or lower your interest rate your lender will charge you a prepayment penalty. For fixed mortgage rates this penalty is the greater of three months interest or the interest rate differential payment (IRD). For variable mortgage rates this is simply three months interest.

Visit my site for more info and to get in touch with me www.mortgagewithmike.ca