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Thursday, 12 December 2013

Zero down payment home buying; not a dream, strategy

Not a secret, it is a strategy! You hear this from people; buying a home with no down payment! Many mortgage broker advertise this, however few have the experience and or the connections to do it for you. Rule are few, but has to be followed 100% no matter what. Some component might have a little leeway, but do not count on it. Here are some of the Required Program Qualifications:
1.    Flawless credit history
now derogatory credit rating on your Credit Bureau
all your revolving credits and loans must be paid on time
complete disclosure of all liabilities and good track record of payments
2.    Employment history and qualifications
you will be required to show a letter of employment with 2 years on the job ( if you have changed employer, but in the same profession, a good mortgage broker will be able to explain
self-employed individuals have added qualifications, but it is not impossible with MortgagePRO
3.    Ability to keep mortgage current at all times
without down payment naturally the monthly payments will be higher as the mortgage larger
these payments can be many hundreds of dollars more, requires to show your ability to maintain mortgage without hardship

4.       Qualifying properties
also the importance of the property to be residential, single family, multi family unit like condominiums, duplex and most properties you want to occupy with your family

To get more information, please contact MortgagePRO Ltd. team of experienced mortgage brokers, providing mortgage financing since the turn of the century. We also provide mortgages for people with issues, provide plans, solutions and help to reach your goal, own your dream home. 

Tuesday, 3 December 2013

How to borrow down payment from your RRSP Plan

Home Buyers' Plan (HBP)
   The Home Buyers' Plan (HBP) is a program that allows you to withdraw funds from your registered retirement savings plan (RRSPs) to buy or build  for yourself.  You can withdraw up to $25,000 in a calendar year.
Your RRSP contributions must remain in the RRSP for at least 90 days before you can withdraw them under the HBP, or they may not be deductible for any year.
coupleGenerally, you have to repay all withdrawals to your RRSPs within a period of no more than 15 years. You will have to repay an amount to your RRSPs each year until your HBP balance is zero. If you do not repay the amount due for a year, it will have to be included in your income and pay tax for that year. Now, that can hurt to pay huge amount, avoid it. 
Most importantly get a FREE Consultation session with us and we will help you on the way with the arrangement of the loan as well as to get you the best mortgage rate custom fitted to your circumstances and not of your lenders. 

Wednesday, 27 November 2013

Costly mistakes to go without a mortgage broker

Common mistakes you make on your mortgage will make you the slave of the bank. There are small adjustments, saving you thousands of unnecessary interests. The mistakes are obvious, to avoid them read on and get a mortgage broker who has the experience and the expertise to guide you and advise you. We volunteer for the challenge and also we provide FREE Consultation, provide a plan and a solution custom fitted to your needs and not of the lenders.
Most common mistakes by borrowers are:
1.       When you purchase a home, bank will offer you the longest amortization, as they know well, longest is the term, more interest you will pay. Interest paid on mortgages is the profit of the bank. Principal decreases very little in the first 10 years.
2.       Without a trusted adviser, well connected and well educated, experienced in the mortgage world, you are out there at the mercy of the banks.
3.       When you decide to purchase a home, going to your bank is the last thing you should do; they only offer one product, their own. Your personal banker has no education in mortgages, she is only an administrator at the branch and been told to watch the bottom line, in other words she is instructed to stick the posted rate to you.
4.       Do you think the bank has your best interest ate heart? Think again. Their own interest is what they represent; you can take that to the bank.
5.   Without knowing what are the consequences of you paying out this mortgage earlier IRD will hurt.

By spending more than you can afford and pay the least on a mortgage will make you a mortgage slave for rest of your life, but luckily there are people like us, educated financial advisors, mortgage brokers to look at your financial situation, make a sense of it and help you to get better decision trough education and advice.
Now, there are some useful pointers to make you smile:
1.       Make a down payment as big as you can, saving CMHC and other mortgage insurance payment as much as 5% of the purchase price. When you are a first home buyer, you can get a mortgage with as low as 5% down and when they stick you with the insurance ( only protect the bank) you put no money down, you hard earned money is gone, for what, protect your bank against you?
2.       Have the mortgage set to pay bi-weekly or weekly, it can shave off as many as 5 years off of your amortization. Little extra thinking, not money, will help you to save thousands.
3.       Set your mortgage up like whatever you paid off, you can re-borrow without an application and or to ask for it. This is a great arrangement and like your broker, you can count on it when you need it.
4.       Saving accounts are only great if makes higher rate than your mortgages rate. Good luck it will never happen.
5.       At the end of your term, if they will permit you, pay down the mortgage if you have extra cash, it will not make you rich by earning 2% on a saving account and your mortgage is 3.9%. Simple math, you just didn't know about it.
6.   Pick the right mortgage product and than start looking at the rate, get educated  a little, will help.

Above is only a snapshot of the overall picture. Great advises, but hey, do not try them on your own. You nowhere a match to a banker, it takes a lot of practice to get results.

We will fight for you and boy, we are good at it. Even if you do not need a mortgage today, come sign up for a FREE consultation session, your will see it, it will give you a picture and a peace of mind beside knowledge and will have first time in your life a plan for the future. 

Thursday, 31 October 2013

What are the benefits of having a good mortgage broker

What are your options when you are looking to finance the biggest purchase of your life? While there are different types of loans available; one of the first things you will need to determine; want to work with a mortgage broker or with a bank. Here's a look at some of the benefits associated with working with a broker rather than a bank:

Benefit #1: A Broker Works for You

Perhaps the greatest benefit to working with a mortgage broker rather than a bank is the fact that the broker works for you. Go to a bank to secure a mortgage loan, the banker is solely concerned with the interest of their own. The mortgage broker, the good one, is looking out for your best interest as he or she searches for the mortgage that is best for you represent your needs and not of the lender.

Benefit #2: Choose from a Wider Variety of Institutions

When you go to a bank to inquire about a mortgage loan, the bank specialist is only representing his or her bank. When you work with a mortgage broker, he or she works with a wide variety of different institutions. As a result, you have a broad range of loan options to select from. Not only can this help you get the best rates, but it also increases your chances of obtaining approval even if you have poor credit.

Benefit #3:Brokers are Highly Trained

While bank specialists do not require any formal training or license, mortgage brokers must have the smart, experience and the education what you will get in a package, increasing your chances of getting approved.. In fact, most Provinces require mortgage brokers to meet a strict set of requirements, mortgage brokers must be licensed and must complete continuing education courses in order to remain licensed In Canada. As such, you can be sure the mortgage broker you work with is current on the latest real estate and mortgage financing rules and events.

Benefit #4: Reducing Credit Report Inquiries

When your credit report is pulled by a lending institution, your credit score may take a hit. When you work with a broker, your credit report only needs to be pulled once in order to recommend the best options. If you go to multiple banks, on the other hand, your credit report will be pulled each time you inquire into a loan.

Benefit #5: Submit Your Information Only Once

Convenience and easy to obtain a mortgage when you have a Brokers work for you and it all can be done by phone, fax, email. After you have submitted all of the necessary information to your mortgage broker, he or she will pass all of the required information on to those mortgage lenders that might be a good fit for you. As such, you are able to submit your information to multiple lenders while only filling out the necessary paperwork one time.

Benefit #6: Free no obligation consultation

After all, you need to be informed and have some knowledge about the process of getting a mortgage. Most importantly, a mortgage broker, a good one, will be able to provide you with a plan, help you to expedite the plan and work with you on a solution as well.

Remember, interest rates are not the most important part of your mortgage. It is important, however the product must match your individual circumstances and needs and not of the lenders.

Wednesday, 2 October 2013

Mortgage Brokers 1: Are you familiar with Private Mortgages?

Wow, how hard can it be to broker a private mortgage, how much and hard do I have to work on a file like that; I have a borrower did not fit last week at the bank, but I know a couple of private lenders, just throw it at them and it will be just dandy to collect a nice fee, for doing nothing. Well, hold your horses, cowboy, I have got news for you. It is not that simple. Private individuals are more careful and more picky than the banks are. Banks set guidelines and they have their employees follow them, I mean Underwriters... Of course private do not have a stringent lending criteria and overlook bad credit, even some can be talked into not so hot location, however the property has to be appealing to them. With private lenders, nothing carved in stone, besides they are charging fees and high rate all adjusted to the risk factors like:

1.       Clients credit, what is in reality not a disqualifying factor, but sends rate higher as bad credit is indication of, you are a risky borrower
2.       Job situation also not the main priority in make a decision for private lender, but certainly can play to set interest rate higher or lower
3.       Property location is important as some markets are just slow, making property to be sold in case of foreclosure a long time, thus biting into equity
4.       Property curb appeal and marketability, like older less appealing properties are harder to sell
5.       LTV is very important, higher it is, higher the fees and the rates are, adjusted to the degree of risk again….

As you can see, there is no free ride for any of your borrower, however there is a chance to get funded if there is a strategy to maintain mortgage current at all times and coupled with a strategy to exit the mortgage by refinancing and or other means.

I will write about private mortgages and as a private lender myself, will give you more insights into how investors think and what makes them to go to your direction, it is more complicated, but manageable and your commission will be generous.   

Saturday, 28 September 2013

Mortgage renewal time, your turn to get even

Yes, this is the time, of course your credit is as good as at the time you have got your mortgage at the first place, to set the rules. First of all, it is time to negotiate with your lender, for a low interest rate and or to change to product into the one, might of not been available for you in the first term. It can be done two ways: call your mortgage broker, the one have helped you before or a new one like MortgagePRO to ensure you have professional help to negotiate. Most importantly, low rate and best rate mortgage can be much easier available for you, when you got an expert going to lenders on your behalf.

Why choose MortgagePRO?Licensed by the Real Estate Council of Alberta (RECA) and a member of the Alberta Mortgage
Brokers Association (AMBA), we bring you the highest quality service governed by the rules and regulations of the industry. Calgary mortgage broker, doing business across Canada, with main office in Calgary, Edmonton, Fort McMurray, Lethbridge, Medicine Hat and all of the surrounding areas in Alberta. We also help our clients in BC as Vancouver mortgage brokers. Through our brokerage network we can provide solutions across Canada.

We work with all the major banks, credit unions, and trust companies and can access unique private funding sources. This combination of institutional and private lenders allows us to provide the ultimate level of flexibility when qualifying individuals for residential or commercial mortgages.
Every situation is unique - and so is your mortgage. Our highly trained mortgage associates will create the best funding mix required to meet your individual needs.
To learn about all of the different types of mortgages and which will work best for you, visit the Mortgage Reference Centre or phone us at 403.253.2022 for an appointment to discuss funding options.
We offer solutions from both Institutional and Private Lenders Compare what each offer below to see what will work best for you.

Wednesday, 18 September 2013

What do you know about private mortgages?

A private mortgage is a lawful affirmation between two parties that aren't economic organisations in which one party acquiesces to loan the other one money in come back for repayment, interest, and the borrower's genuine land parcel if he or she doesn't pay back the lend. The parties engaged could be an enterprise and an individual or two people, like friends or family members. There are pros and cons to this type of arrangement for both lenders and borrowers, but many of the promise handicaps can be bypassed by careful, clear planning and documentation. Some companies also offer personal mortgages as investments, most of which are directed at medium-level, multi-year investors.

Pros and Cons for Borrowers
The major advantages of personal mortgages for borrowers are that they can get one from any person, they don't have the same requirements that banks have to qualify for a traditional mortgage, and the periods of the affirmation can be very flexible. People who loan to borrowers often prefer this kind of placement because it presents them flexibility on both end. Additionally, getting a personal lend means that a borrower may not need to supply much documentation, and it permits borrowers with a relatively easy way borrowing, a way to advance — as long as they make the payments — as well as gain an asset.
Regardless of this, there is habitually the risk of not being adept to pay back, which can lead both to economic problems and to a bad connection between the lender and borrower. This can be especially sore for persons who scrounge from their associates or family members. 

Pros and Cons for Lenders
If structured and documented correctly and lawfully, a lender can receive numerous advantages from a personal mortgage, encompassing a high rate of come back and a steady income from monthly payments. This kind of loan is generally protected, since it's backed by house and it is a way to move money around equitably, since most affirmations last between a few months and a couple of years.
The major danger for lenders is the potential for the borrowers default on their payments. Since numerous of the people who take personal mortgages can't qualify for traditional financing, they may be reluctant or incapable to make regular payments. The lender may furthermore not have any choices if the borrower defaults is to negotiate borrower to transfer over the property to the lender and or commence foreclosure and take title of the property and or sell property by force to recoup investment.

Bypassing troubles
The best way to bypass problems for both lenders and borrowers is to research localized laws before acquiescing to anything and to understand the dangers that come with this type of placement. Furthermore it is a large way to protected both ends, recruit the services of a mortgage broker, get FREE advice even if you will not use the services of the brokerage, one with experience in these kind of dealings. It's exceedingly important for both parties to secure the loan properly, acquiesce on what's going to occur if the borrower can't make the payments, and hold exact replicates of all documentation associated to the affirmation.  Persons lending cash inside a family should furthermore talk about how the new economic setup will affect their relationship and what will happen in the family if certain thing moves incorrect. To bypass troubles , deal only with expert mortgage broker, solicitor and all involved to help you to set up a mortgage.

Liquidity and other advantages
Some third-party personal investors offer seller-financed mortgages as a buying into vehicle. Investors can then purchase and deal them through a financial exchange. For demonstration, the shareholder can deal the equipment at a later designated day for a discounted cost and give the trader a lone lump-sum fee instead of the usual monthly payments. 
Furthermore private mortgages can be sold or bought on this website with great advantages to lenders:

•Liquidity by being able to post and offer your mortgages to other investors looking for investments
•No need to advertise and accumulate huge expenses when you want to sell a mortgage
•Easy post one-time low-fee puts you front of perhaps thousands of investors

Thursday, 12 September 2013

Get Mortgage free faster, is it all hot air or a strategy

Do not for a moment misunderstand me, I am not trying to be difficult, but this video kind of got my attention and after I have watched it a few time, I have decided; there is no real substance to this, other than nice people talking to an even nicer bank adviser. Let's face it, there are no miracle, only changing your budgetary behavior, saving more and pay in more to your budget, however it is certainly also depends if you get the right product at the first place. As we say, it is not a mortgage, it is a strategy and must be handled by people know how it works. Our experience and problem solving skills allow us to overlook your situation real fast, come up with a plan including a solution and help you to follow through with the strategy, rewarding you with a lot of save of your hard earned money. There are many ways to save, here are some advises, however to get the best respond to your question might be in for you to register for a FREE session with one of our expert to assess your situation and work together. Once again, there are no miracles just careful planning to get you mortgage free faster and save a lot in the process.
We are a team of the best mortgage brokers Calgary Alberta, Vancouver mortgage brokers in British Columbia.  Low, best mortgage rate first, second mortgages for purchase, re-mortgage, refinance. Programs for self employed, new to Canada, bad credit people. While we are helping people across Canada, we have gained tremendous experience not only with mortgage lenders, but thousands of situations and WE STRONGLY BELIEVE your serve your best interest, when you have some education of mortgages, so you can make a better informed  decision when it comes to your mortgage and over all financial well being. We can help you to get you better educated by taking the first step and visit our Mortgage Reference Centre and do some surfing. In advance, let me give you a little advise to start:
You will not get mortgage free, just because the bank is nice, they are simply ways to make it less expensive by paying into extra... this is how it works;

  1. First of all get a mortgage with flexibility
  2. Mortgage with higher percentage of option to increase payments
  3. Make extra payments when you make good money, have little extra
  4. Take advantage of these options to pay in at due date
  5. Option to pay down your principal during the term
  6. Try to save a lump sum to pay at term maturity
  7. Choose weekly or by-weekly payments, will save a lot in interest
  8. Making payments more often, shortens the amortization period as well
  9. Other tricks are also in the works to make you mortgage free faster, while you save a bundle on interest payments.
Shorter amortization will result is saving on interest, paying down principal faster and give you a chance not only be a slave of your mortgage, but to strategical advances of your financials to be on the better end of your life. I am not even talking about the stress factor. Do not hesitate to look us up for a FREE advice, today.

Wednesday, 4 September 2013

To be or not to be, variable or fixed rate mortgage, that is the question

Providing a precise answer would be foolish as none of us has a crystal ball. Mortgage Brokers debate as fixed rate climbing and variable is kind of yoyo, leaving borrowers hard to pick.
“You’re seeing a one per cent spread between variable and fixed so it almost doesn't make sense to go with a fixed rate right now,” brokers read in Mortgage Broker News. “It didn't make sense while the fixed rates were historically low; now the discounts on variable rates are getting better and the fixed rates are increasing.”
Many Brokers still think fixed rate will work for their clients better. Now the most important in all, you consult your Broker ask to explain you both products and when you are well informed, you will be able to see clear the advantages and short comings while determine which serves your needs the most. 
Many Broker think fixed rates are at all-time lows, even though we've seen them going up lately.However under 4% I don't think is too high. Five years at between 3.5-4% you are good.
Clients considering variable ask Your Broker if the product can be locked at 5 year fixed, in case the interest rate rise get out of hand. In that case, enjoy your variable for as long us it does not try to surpass the fixed rate. Win-win all the way. Read more about this on Mortgage Reference Centre a site created for clients interested to be on the top of things.
Do not make a decision before you consult us, you might make the most expensive mistake. A Calgary Mortgage Broker, based in Calgary but provides services across Canada, will provide you with a tool: knowledge, do not pass on the opportunity for a FREE consultation session, might be surprised how much you will save.
Mortgage Brokers in Calgary and across Canada are knowledgeable and have the ability to serve you the best of their ability, however there are differences. You must see it before you hire one. Of course, every situation is different but a good Broker will recognize YOUR priorities and not of the lenders.
We are here to consult you to empower you with a plan, even if you decide to go on your own or with other Broker. Our main objective is to serve and protect you to get the best possible rate, the lowest rate custom fitted to your needs whether you are Looking for  Calgary Mortgage Broker for Alberta or a Vancouver Mortgage Broker for BC, British Columbia.

+myprivatelender +mortgagePRO ltd

Friday, 30 August 2013

Is my mortgage affordable? Can I make it affordable?

I suspect that by now, mortgage professionals and clients are well cognizant of B20; the underwriting guidelines for residential mortgages that OSFI, the regulator of all Canadian economic organisations, has enforced on all regulated lenders and CMHC. These underwriting guidelines have been created at the insistence of the Financial Stability Board, the financial oversight association of all G20 countries. The creation of these guidelines is a direct outcome of the economic crisis caused by poor American mortgage lending practices. It’s absolutely vital clients and brokers get a good overview of the position: the components of B20 in general terms and what it means to lenders; what it means to them, the brokers; and, then, how we at MortgagePRO are responding.

Components of B20.
The guideline groups out what OSFI considers to be careful residential mortgage underwriting standards. A residential mortgage is advised to be an “A” or any other product, like a HELOC, that is protected by a residential house -- up to a four-unit house.

The guidelines set five values for sound residential mortgage underwriting:

·         All lenders must have a policy explaining risk appetite, governance and oversight mechanisms to ensure lenders pursue their own principles.
·         Lenders should confirm the borrower’s persona, backdrop and illustrated enthusiasm to service debt obligations on a timely basis.
·         Lenders must consider the borrower’s capability to service their debt obligations on a timely cornerstone.
·         Lenders should be persuaded that the worth of the property being financed has been confirmed by an unaligned third party.
·         Lenders must stress check their portfolio of enterprise for unlikely, but reasonable scenarios to work out the impact to their business. Lenders are anticipated to impose a higher grade of due diligence on higher risk deals, perform ongoing risk assessments on the insurers they use and usually pay close vigilance to the risk adhered to their residential mortgage portfolio.

While not one of the principles, on a quarterly cornerstone, lenders must now publicly reveal their book of business by insured vs. uninsured borrowings, amortization buckets, and mean LTV at origination. They must furthermore provide commentary on the influence on residential mortgage loans and HELOCs in the happening of a financial worsening.

What does this means to our clients?
In terms of “A” deals; perform now, brokers should understand their purchaser,their economic circumstances and be persuaded that their client has the ability to repay.
For HELOC “A” purchasers, LTV on the HELOC piece of the accelerate has been limited to 65%. Brokers can still provide their purchasers with an 80% LTV choice by blending the HELOC piece with a fixed or variable piece if the HELOC product permits, such is the case As I suppose is the practice now, brokers must understand their client, understand their client’s financial attenuating factors and be persuaded that their purchaser has the proficiency to repay
With MortgagePRO HELOC merchandise dwelling works. For purchasers, that we call alternative lending purchasers, encompassing “B,” NIQ and Stated earnings purchasers, brokers will probably have to supply a little more data. The biggest challenge will be business-for-self (BFS) purchasers who do not have traditional earnings confirmation articles.

What does this means to MortgagePRO Mortgage?
Well in abstract, not much has altered. Our previous underwriting principle was generally compliant with B20 regulations. We have alternative lenders, which is BFS and “bruised borrowing” mortgage lender. We have always undertook due diligence to determine the borrower’s proficiency to make repayments.
We also offer “A” residential mortgages and have very comparable HELOCs, which is now restricted to 65% on the HELOC portion as a outcome of B20. Prior to B20, we did not have asserted TDS and GDS ratios in our alternate lending principle. Consequently, our underwriting principle will now include TDS and GDS ratio bounds for our alternate lending goods. These bounds will be considerably higher than "A" lending requirements as our major aim will continue to be on double-checking affordability for the borrower.
B20 does state that if a lender advances a “nonconforming mortgage,” the LTV is restricted to 65 per cent. At MortgagePRO where you well informed, a non-conforming mortgage is one where a borrower has either (or both) a lower-than mean beacon score and/or the borrower’s ability to service the suggested debt will not be confirmed to our approval. Defining a non-conforming mortgage beyond this is difficult at this time.
In response to the challenge to approve income grades for BFS clients who do not have customary earnings confirmation documents, for the last two years, we have requested bank declarations as a means of doing so. That will not change. If a BFS client states he/she has earnings of $75,000 per annum, we would anticipate to see bank declarations that would propose the enterprise can pay the borrower $75,000 every year. We may furthermore need to glimpse individual bank statements, illustrating individual earnings at this grade.
This all supposes no customary earnings documents, such as levy comes back, are available. We propose brokers continue to inquire their clients, “is this mortgage affordable for us?” Our anticipation is that we are persuaded that our clients can pay for and can repay this liability and we can glimpse in their bank statements that the liability is affordable…

We understand every client has unique needs and circumstances and therefore we advise you to set up a FREE no obligation consultation with one of our specialist to provide free advice and or set up a plan custom fitted to the individual need of YOU.

Monday, 26 August 2013

Realtors need Mortgage Broker they trust

Networking of Realtors and Mortgage Brokers benefits clients!

Believe it or not, more people are choosing to use real estate agents than ever before. In correlation to the increased demand for real estate agents is the so-called democratization of information – the opening of the internet and the general trend of consumers choosing how and when they purchase products. You might analyze the statistics on Internet adoption and demand for real estate agents, an you will arrive to a story and see the picture.
Perhaps the greatest value a real estate agent provides for the home buyer is a sense of security that they are making the right decision and that the deal is correctly put together. 
With abundance of accessible information online, it is likely home buyers are realizing just how much information is available and are recognizing the need for an expert in the purchasing process
Compared with last year statistics a whopping 20 per cent more people using Realtors. That’s a good news story for Canadian real estate. After an onslaught of news about an uncertain economy over the last four years, along with a general opening up of information online, you would be forgiven for assuming that Realtors’ future in the marketplace might be at risk. The numbers are not reflecting that, and the story doesn't stop there. More and more Realtors are pairing up with mortgage brokers. There are advantages for such collaboration and the one is that mortgage brokers such MortgagePRO is providing pre-approval in the matter of hours. Now that saves time and energy as the Realtor will only show properties to potential buyers, what they can afford. 
Also there is a general misconception by potential home buyers, credit bureaus as good as they can read it. There is more to it and a good mortgage broker can and will work on your approval, even when client have thought it is out of reach. MortgagePRO has a team of seasoned mortgage brokers experienced in creative financing, solutions for difficulties and plan to succeed. Not all mortgage brokers have the same degree of expertise and the smart to overcome obstacles for a positive results. MortgagePRO does.

The other good news, we not only provide exceptional fast service, we also pay a referral fee to our Realtor friends

Saturday, 17 August 2013

CMHC-panic or just caution-tightening rules

This news was provided by MortgagePRO Ltd!
We believe a well informed client makes better decision. We keep you posted!
The housing market may be recovering just  very quick for CMHC, the government crest company that has a key function in forming the market.
Doug Porter, chief economist with BOM, wonders if lodgings statistics over the last couple of months displaying sales and prices rebounding might have spooked the CMHC.
“I believe this step is being taken because we have seen some signs in latest weeks that the market is not chilling as much as had been expected,” said Mr. Porter, on the market. “All the debate has been if we will have a supple or hard setting down and I would inquiry if the market had any setting down whatsoever.” Canada Mortgage and Housing Corp. is limiting guarantees it boasts banks and other lenders on mortgage-backed securities. Today's best mortgage rates!
CMHC has notified mortgage lenders that they will each be constrained to a maximum of $350-million of new assurances this month under its nationwide Housing proceed Mortgage-Backed Securities (NHA MBS) program.
The federal crest company was granted administration to guarantee up to $85-billion this year under the program — of which about $66-billion was pledged by the end of July and approaching the total of $76-billion in all of 2012.
“As a result of this unforeseen increase in issuance volumes to designated day and to better organize volumes going ahead, CMHC will be inserting a formal share process later on in August,” the bureau said in an Aug. 1 note to lenders. Mortgage Brokers Calgary Alberta 
Last week, both realtors in both Vancouver and Toronto released outcomes showing a reinforcing market in Canada’s two most costly towns for housing.
Toronto July sales were up 16% from a year ago with average charges increasing 8% during the identical time span. Vancouver sales were up about 40% from a year before and were 0.1% above the 10-year mean.
CMHC’s move may boost mortgage rates ascribed by Canada’s largest banks by between 15 and 45 cornerstone points, nationwide Bank Financial Inc. analyst Peter Routledge said in an Aug. 5 research note. A basis issue is 0.01 percentage issue. Smaller competitors that don’t glimpse their funding charges boost to the same degree may advantage, he said.
“CMHC is impelling back on the banks, (saying) ‘You’re going to take more risks on your balance sheet if you desire to compose these mortgages.’ Well, the banks aren't going to compose the mortgages,” said vice president and portfolio supervisor at Baskin Financial Services, which owns Canadian bank portions, notified Reuters. 
“No way are they going to take on risk when every person is concerned about the market … so this is going to cool off the market.”
Canada’s five biggest mortgage lenders — Royal Bank of Canada, Toronto-Dominion Bank, Canadian Imperial Bank of Commerce, Bank of Nova Scotia and Bank of Montreal — have utilized the CMHC’s nationwide Housing Act Mortgage Backed Securities (NHA MBS) program to alter borrowings into securities with CMHC, or government, backing.
The program allows investors to purchase government-backed mortgage paper and permits the lenders to issue mortgages at a lower cost.
But investment Minister Jim Flaherty has conveyed concern that the lodgings market might overheat and contaminate the finances and has taken a number of steps in latest years to stem the flow of mortgage borrowing.
Last summer, Mr. Flaherty introduced tighter directions for mortgage lenders and borrowers — a change that the genuine estate and lending commerce state was the main cause for a slowdown in residential house sales that began last August and proceeded through the first part of 2013.
This jump, Mr. Flaherty furthermore went as far as to publicly chastise some banks for dropping their mortgage rates too low.

Housing-market data are displaying few signals of a hard setting down even in the middle of the precautions  Home sales in Toronto and Vancouver, Canada’s two biggest genuine land parcel markets soared in July, the cities’ real-estate boards described last week.

Friday, 9 August 2013

Rent to own: avoid the traps

Getting yourself into a rent to own situation can benefit you, when you do not have enough down payment and or you have a credit what will take a while to get repaired. It gives you a chance to purchase a property for a set, today price, but pay for it later. If the market will go up, you are the winner.
However you must do a very thorough due diligence or it might will come back to hunt you. Knowledge is gold and you can find some here.
The process is, the vendor and the wanna-be home-owner signs a Lease Agreement with an Option to Purchase, paying rent and some, what will go toward to the down payment. Typically 2-3-5 years within the Tenant has the option to purchase. It is enough time to accumulate  plus save some down payment and or repair credit to be able to obtain a mortgage.
A benefit for the landlord is that tenants who have this option most likely will take better care of the property, since they looking forward to become the owners.
Be aware, make sure the person you are dealing with is the real home owner and not a middle-man, whom has a deal with the real vendor and he is just playing it down to you and making profit on your contract. He might of promised the owner a sure sale in case you will not come through. He will charge a fee and than disappears in tin air, leaving all the headaches to the buyer and the vendor. This would be not the first time or the last time when con artists will take unsuspecting people for a ride. Be sure always deal with a reputable lawyer in the transaction or just simply look for the advise of a seasoned mortgage broker.
To avoid traps, here are some suggestions:
·         any deposits and or funds you put toward to the purchase price of the home to be well documented and to be held preferably in a lawyers bank account and it should not to be paid to the vendor till the sale takes place and you assure to have a mortgage and will be able to finalize
·         look up a good trustworthy mortgage broker, discuss what you are getting into and ask for the help of such to obtain a title, evidencing the owners name and all encumbrances, mortgages on the title and so you will be well informed on all aspect of the property and its owner

·         with the help of a mortgage broker, of course you must choose the right broker, who is willing to help you not only with getting into the agreement but securing you a mortgage down the road and also help to repair your credit, make sure your interest will be registered on title. As your mortgage broker for FREE consultation session and if he give you one you might just found yourself a good alliance and trusted advisor with experience in these type of transactions

Wednesday, 31 July 2013

How to get a mortgage with low credit score

Knowledge, experience and professional attitude, like our Associates!
Well, really? I would of been very surprised if mortgage lenders haven't come up with an idea to fit more people into their box, called; qualifying. The truth is mortgage lenders are out to get their funds earning a profit as much as mortgage borrowers need financing on their home, whether they are purchasing and or refinancing their existing home.
Now this is when is gets little tricky in a borrower point of view; some of this mortgage lenders are not available online and on the street corner with a smiling bank teller and manager, not even a mortgage officer. These mortgage lenders are only available through mortgage brokers like us.
Their rates are fantastic, very competitive with the rates with their friends at like the big five and or local Credit Unions and Trust companies. Their guidelines are easy to understand, their service is fast, friendly and most importantly they are the lenders you can make deals with and or they are lending an open ear when you have to renegotiate your mortgage and or have issues you need to get addressed and the last think you need a bureaucrat looking at you like you are from the moon when you ask them a simple question.
More to it, you must equip yourself with knowledge, have all the information needed to make the right decision. Most people think; well, I will listen to my mortgage broker, he or she knows, "why do I need to know all that, I am not about to get into the profession." " My broker knows, and it is good enough for me." AHHH (buzzzz) Wrong. You mortgage broker, if he or she is any good, possessing knowledge about mortgage products, rates and know all the lenders, the good ones anyway, whom your file if it is packaged right have the best chance to get approved. However your broker need to know about your circumstances, your needs, your plan and other pertaining information to best serve your best interest. Now, if you know some what the broker does, you will supply the right information and the plan what your broker will cook up for you will work and down the road in a year or two you will not feel you must run for cover and or you got a rotten deal from your most trusted adviser, your mortgage broker.
Finally comes to the end to all this gibberish, you must take your time to find the right mortgage broker, the one listens and the one will give you the time of the day to provide you with a free session of information and also asks you question, even some of them are not the most comfortable, but believe me not, the more personal it gets, the better your interest will be represented.
This is how we do business. If you think you might be interested to talk to us, be most assured, we care, we will look at you as a member of our family, and we will treat you just like we would like to be treated. With courtesy, professionalism and with a big smile. After all we would not exists if it would of not been for you. 

Friday, 26 July 2013

MortgagePRO your best bet to find the right mortgage

Canadian for canadians
MortgagePRO is your best choice for getting a mortgage when you purchase or refinance your home. We provide low rate mortgages with the best mortgage products available. MortgagePRO Ltd. is an Alberta Corporation based in Calgary, licensed by the Real Estate Council of Alberta (RECA)and proud member of the Alberta Mortgage Brokers Association (AMBA), we can offer unique mortgage solutions, across Alberta and Canada, truly a Canadian Mortgage Broker - whether you are located in Calgary, Edmonton, Fort McMurray, Vancouver, or elsewhere, we can provide you with financing and refinancing that suits your needs.

Why MortgagePRO

We get you approved when everyone else has said no! This is our specialty and our passion. We love helping clients that assumed they could never qualify to get a mortgage and own a home.
Have great credit? We will help you get the best possible mortgage rates in Canada. We also have the best mortgage lenders Calgary Alberta. Our free online mortgage payment calculator will help you to budget, gives you instant mortgage payment results.

We Have Solutions

Our ability to provide a combination of institutional and private mortgage funds enable us to creatively fund virtually any mortgage - first mortgage, second mortgage, commercial mortgages and more. This gives our clients more opportunity to establish home ownership regardless of their credit history. Mortgage Planning is the most important component for Mortgage Brokers and we are leaders in helping create practical plans that will build your financial future. Mortgage Brokers must have the ability to not only provide you with the best mortgage rates and products, but also they must have the ability to be creative and possess problem solving skills. 

We also specialize in hard to finance individuals

Not every Calgary mortgage broker has the same experience, connections or abilities to help the hard to finance, get a mortgage and restore their credit. Obviously if you have poor credit the cost of borrowing will be higher than someone who can qualify prime rates. We help self employed, new to Canada and also people with less than perfect or bad credit. Simply put you don't know what you can qualify for. We do and we can help. We help hard to finance clients every day. Just because the banks said no doesn't mean you don't deserve to be a home owner. 

   Claim online your  Free Consultation  with one of our Mortgage Professional     

Low credit score?  We can get you a mortgage. 
Short on down payment for a mortgage? We can get you a mortgage.
Banks turned you down?  MortgagePRO can still get you a mortgage. 

Sunday, 21 July 2013

Stress test your mortgage for peace of mind! Avoid being exposed to growing rates!

First time home buyers figure mortgage interest rates will hold at the same low level for another few years. Will they?
In any case when your mortgage comes up for renewal and a new much higher interest rate will kick in, are your certain you will be able to pay the higher mortgage payment? There is 25% chance you will have trouble coming to you and it will not going to be pretty.  
Minimizing the risk of a shocker and the event when you will not be able to afford the new high mortgage payment, you must foresee your situation and act on it now by getting some professional advice to get a plan to avoid huge problems later. Not all of us have a budget and the earning to pull extra hundreds of dollars to be able to pay for the mortgage.
The mortgage industry’s rule of thumb is that total housing costs like: mortgage payments, heating, condo fees if applicable, property taxes) should not cost you more than one-third 32% of your gross income.
Unless you have other way to draw funds from elsewhere, going above this threshold can turn your budget to a negative territory. Especially true if you have other big monthly obligation.
Here are some free advice to minimize your risk
Besides you buy a cheaper home and or put more down payment at purchase, you can:
a.   Get a long term fixed mortgage product so you can budget
b.   Pay higher payments when you can afford it
c.   Pay down other debts, so you can afford higher mortgage payments
d.   Invest into high earning saving accounts to tap in when needed
e.   Choose a mortgage product with ability to rewrite amortization
f.    Get VIR (Variable Interest Rate ) with a cap rate to be able to lock it in
g.   Utilize the by-weekly payment option, save years
…and on and on… There are many options and tricks what you will not get out of your Branch Mortgage officer, however an experienced mortgage broker will be able to advise you on, help you to work up a plan and to minimize your risk of hardship. How to find a good mortgage broker? Let start with if a mortgage broker committed to give you a FREE Consultation session to assess your need and circumstances, it is a show of good intend and a start of a great relationship. Don’t forget it is money and it can make or break You. Until we meet:
Zoltan M. Padar

MortgagePRO Ltd.