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With holiday purchases – a lot of them put on plastic – soon coming due, many Canadians are sorting through bills and realizing that they have too much high-interest credit card debt.  This new year, consider taking charge of borrowing costs by paying off higher-interest consumer debt with funds secured through mortgage financing. 

A common mortgage option for consumers which offers flexibility is a Home Equity Line of Credit – or HELOC – which allows you withdraw funds as needed for a set period.  The real benefit is that you can put a HELOC in place for a one-time cost and charge up then pay down the line of credit many times over, never needing to re-qualify.  Your payments fluctuate depending on current interest rates and the outstanding balance over the month.  A HELOC can be convenient for paying off higher interest debts, as you withdraw and pay (relatively lower) interest on only what you need. 

Mortgage refinancing also offers a plan to reduce your debt – after the agreed upon amortization period, your balance is zero.  With HELOCs, after the set draw period, there may be an amortization period during which any outstanding amount is repaid.  In contrast, with revolving credit – such as credit cards – you may be paying a lot in interest without ever reducing the principal.  

You may be surprised to learn how much you can save with a debt consolidation strategy.  We can offer expert advice on smart ways to manage your debt.  Contact us to access your options today! 

Many home sellers at some point entertain the idea of becoming landlords and renting out their current homes rather than selling. I realize being a landlord in not for everyone but this is how I got into having a rental house myself in the past and it worked out very well. A portion of the rent received can be added to your income and can make the process of getting into a second house for yourself very realistic. I would be happy to explore that avenue with you if it is something you are considering.

If you would like to receive weekly rate updates please let me know and I will add you to my rate mail distribution list while you are in the market.

If there is anything I can do you assist you in your process please do not hesitate to ask. I have various resource pieces available that may assist you including:

1. Sample purchase contract
2. Property financing feature sheet
3. Property feature checklist- required by lenders & CMHC for financing.
4. Moving checklist
5. How to Sell Your Home for More Guide
6. Seller disclosure form
7. Buying a home guide
8. Buy first or sell first considerations
9. First time buyer's guide (great for you to share with prospective buyers buying their first home)
10. Lawyer recommendations: I have gift certificates I can offer you towards legal fees.
11. Recommended realtors, and appraisers. I have realtors which I recommend who offer no obligation / no pressure market evaluations to ensure your home is priced correctly. Some offer no charge third party staging consultation with listings as well as 2 Air Miles per dollar of selling price if you decide to list with them in the future.
12. Property manager recommendations if you want to consider being a hands off landlord.
13. And more.

I am happy to provide you this information at no charge, just let me know what you need. All I ask is for you to consider me for your own, or your potential buyer's mortgage needs. I am also happy to provide a second opinion if you are looking at your mortgage options already. There is no fee for my service, the selected lender pay me a finder's fee for most personal mortgages OAC. Simply call or email me for more information.

If you have any questions or require any further information please do not hesitate to contact me. If you know of someone selling their own home or in the market for a new home, or looking for a new mortgage feel free to forward this message, I always appreciate the referrals!

Call or email for more information.

-Brian

Step 1: Mortgage Pre-Approval 
Arranging a pre-approved mortgage is one of the most important steps in the buying process.  It not only protects you in the event of an interest rate increase, but also provides you and your realtor a starting point for looking at homes – the last thing you want is to find your dream home and then be short of financing.  We can obtain a pre-approval for you promptly. 

Step 2: Go Shopping 
This is where a good realtor makes all the difference.  He or she will help you find a property that suits your needs and ensure any contract to purchase protects you.  With such an important decision, expert guidance is a crucial element.  If you do not have a realtor already, we would be happy to make a recommendation.

Step 3: Mortgage Application 
Once you have found a home and signed a contract to purchase, we will ask you for income and down payment confirmation, as well as any other information required.   

Step 4: Subject Removal 
Subject removal happens once you have received confirmation that your mortgage is unconditionally approved.  We will walk you through this process along with your realtor.  You can also opt for mortgage insurance coverage such as Mortgage Life Protection, Mortgage Critical Illness Protection and Mortgage Disability Protection.

Step 5: Legal Documentation 
At this stage, we and your realtor will arrange for documentation to be sent to your lawyer.  Usually the lawyer/notary will call you one to two weeks before the closing to make an appointment for you to sign the mortgage and title transfer documents. 

For expert advice throughout the mortgage process – and o find a mortgage that’s right for your needs – contact us today.