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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. 

Tuesday, 16 July 2013

Calgary Real Estate boom as a result of the biggest flood ever? Time for panic buying?

Record floods are driving up demand for homes on all levels, million dollar homes as well as started dwellings. The amount of activities are indicating a buying frenzy, no doubt about it. Not only first time home buyers, but people effected by the floods are looking to buy. High end neighborhoods along the Elbow River were among the areas hardest hit by the flooding, forcing some homeowners, whose properties will take at least several months to repair, to purchase homes elsewhere in the meantime.
Multi million dollar homes that would ordinarily take a year to sell are being snapped up for about 10 per cent more than they normally would within a matter of weeks; reported by realtors. That’s had a ripple effect throughout the city, as buyers have been forced to look further afield to find properties in their price range. This way buyers are bumped down creating a shortage in lower and higher priced properties as well.
Although the values of homes in flood-hit areas will likely drop we can expect prices across the city to rise and stay high for the foreseeable future.
July is usually a quiet month in real estate, except this year.
Calgarians who would ordinarily be looking to rent are being pushed into buying. The rental market is a huge concern. Vacancy rate was already quite tight to begin with and now it’s literally non-existent. People have been panicking. I definitely think it’s spurred people on to make a decision quicker. Mortgage rates are still on the low side, however they are climbing. This will make first time buyers little nervous and start looking. People are eager to buy property not necessarily because they've been directly displaced by the flooding themselves, but because they foresee a tighter market ahead generally.
Will home values in flooded areas drop may depend on whether the city builds berms or dikes to keep the water out next time the rivers spill their banks. Lot of those locations when they have done this type of work, valuation has fully recovered.

Housing market was tight before the floods for renters and buyers. Many buyers now will look in bedroom communities in a hope to get a price break, however most likely they will be disappointed.
Some renters are going to consider ownership. Otherwise, they’re going to consider what’s available to rent outside of the town.
In preparation for the price fluctuations and interest rate increases, one must get a mortgage pre-approval in order to get a rate hold for as long as 120 days. To keep informed follow us on Facebook and get a FREE no obligationconsultation to explore your options.

Thursday, 11 July 2013

Recent surveys tell the truth...

A couple of recent surveys shed interesting light on the attitudes of home buyers in Canada. Both surveys -- one by one of the big banks and the other by CMHC -- suggest home buyers are getting smarter and more sophisticated. But there some who seem to be surprisingly naive.

The bank survey, which polled about 2,000 first time buyers online, indicates more than 30% of first-timers believe interest rates will stay put for the next five years. It is hard to know where this thinking comes from based on the Bank of Canada's clearly stated desire to raise rates and all of the projections from economists across the board. On the other hand the same survey suggests more than three-quarters of first-timers plan to "stress-test" their mortgages to make sure they can handle higher rates.

The CMHC report took a broader approach and surveyed about three thousand "mortgage consumers". Impressively, more than 80% of those surveyed said they were satisfied with their mortgage experience and were confident they got the best mortgage for their needs. But a closer examination of the responses indicates there is room for improvement. Only 49% of people who used a broker (and 33% of those who used a lender) were given follow-up contact. Of those who received follow-up from their broker, 70% "totally agreed" they were satisfied. Just 42% of those who did not get follow-up agreed they were "totally satisfied".

The survey also reinforces the increasing use of the internet in making mortgage decisions. Fully, two-thirds of people looking for a mortgage did research online. Eighty-four percent of respondents used the web for rate comparisons and a clear majority went looking for mortgage calculators. 

Find out the easiest way to get pre-qualified and have the best mortgage custom fitted to your circumstances with the lowest rate possible and the best product reflecting your needs.
MortgagePRO Ltd. is your best bet to get a mortgage even if you have issues, self employed and or new to Canada.

Monday, 8 July 2013

We pay referral fee to our Realtor Friends

MortgagePRO understands the unique and important strategy of networking. We are a mortgage brokerage, helping clients with their mortgage approvals for many years, most importantly clients with all kinds of issues like: new to Canada, self employed, less than perfect credit. We are experienced in sorting out issues, deal with them and provide positive answer to people the banks turned down.
As a Realtor, you want your clients to be successful with their property purchase. Pre-approvals mean you will close more sales but spend less effort and time to earn your commissions as you can focus on properties that you know they can afford. The difference between Pre-Qualified and Pre-Approved client is, you actually close the sale with a Pre-Approved client.
Your clients will get the property they want faster and easier with our Client Pre-Approval Program. We also pay referral fees to Realtors - an extra commission so you get an even better return on your effort.
For more information on the benefits of our Pre-Approval program visit the Realtors section at The Mortgage Reference Centre or email our president to discuss in details how can we form an ironclad alliance where we help each other for the common goal: to succeed in helping our clients to establish home ownership.
We will provide your client with a FREE Consultation Session, to assess the circumstances and the needs of them and also to provide a plan for approval. We are well connected, experienced and have not only Banks to lend, but other Non-Conventional lenders as well, with very competitive rates and products. We also have Private Lenders, providing help when client has been turned down everywhere, helping with down payment and temporary financing.
Another topic: we fix homeowners credit via Private Mortgages, equity loans and pay referral fee to you in case we were successful in funding.
If we can not do it, most likely nobody else will. 

Thursday, 4 July 2013

Mortgage Interest rate hikes; are we safe

We, at MortgagePRO believe in a well informed home buyer can make a better decision, thus save thousands on interest and pick a mortgage product, with our help, best suites their individual circumstances and future plans. We offer FREE consultation session to help you to see clear choices.
This week, some Canadian banks hiked the fixed rate on their five-year mortgage period by 20 cornerstone points to 3.29%. Not amazingly, lodgings bears are declaring that mortgage rates are now in an uptrend that will disintegrate the housing market. While we may be headed into an era of intensified instability, I’m still not convinced the bells are alarming. Here is why:
1. Fixed-mortgage rates ticked up this week because they are charge off bond yields and the last mentioned have been moving up as signals mount that the North American economy is profiting traction (leading to the Federal Reserve hinting that it may need to breeze down its monetary stimulus). But when the finances elevators off into a self-sustaining phase, employment and earnings development will furthermore be gaining momentum—which, in turn, will offset the harmful influence of rising interest rates on dwelling prices. There is not anything unusual about this dynamic: it seems regularly in the annals of business circuits.
2. Empirical data does not support the thesis that higher mortgage rates inescapably convert into smaller dwelling charges. In fact, a study of monthly housing data from 1980 to mid-2010 by mortgage expert MortgagePRO discovered that the majority of rate rises in Canada did not smaller house charges.
3. It is still an open question whether or not an uptrend has started in mortgage rates. Usually more than one increase is needed to make that call. But if an uptrend is starting, it’s worth noting that variable-rate mortgages stay tied to the Bank of Canada’s lending rate—and it will not be modified upward until the housing market is adept to take it in stride.
4. Annals shows that the initial rounds of rises in mortgage rates are actually bullish for the lodgings market because persons mulling a house buy are given a nudge off the fence. There is anecdotal clues for this already: “Multiple lenders are reporting high submission volumes [due to] persons endeavouring to trounce rate increases.”
5. There is a fair allowance of pent-up demand on the margins that could be encouraged by higher mortgage rates to go in the market. Growing number of families who put their conclusion to purchase on hold as an outcome of stricter lending guidelines are starting to become hardworking afresh in the owners market. Some of the people who have been leasing or living with parents in wants of buying a dwelling at a smaller cost may be getting married, having children, obtaining wages rises, or else easily concluding they can’t delay any longer.
6. If a increase in mortgage rates is starting, the Canadian market has a much greater capacity to soak up it than the U.S. back in the 2000s. About 70% of mortgages in Canada are actually fixed-rate mortgages and most of those are for five-year periods. This means rate rises will feed into the market slowly since only a portion of these mortgages come due every year. Just before the U.S. lodgings crash, about 75% of mortgages in that country were on variable rates and the Federal Reserve was aggressively going by car them up. Finally, a recent National Bank economic study discovered only 7% of borrowers under CMHC’s mortgage insurance program had reduced borrowing rankings, compared to 28% in the U.S. at the end of 2006.
7. The rate increase broadcast this week was for published rates. It is still rather supportive, and discounted rates are even lower, beside 3% on the 5-year period. Furthermore, it would not be surprising if published rates lagged rises in bond yields (and/or discounted rates lagged released rates) for the cause mentioned. The incredible shrinking mortgage rate a slowing down lodgings market places even more force on the banks to cut their [profit margins] as they battle for share in a dwindling market.
8. True, there may arrive a time when the finances become overheated and the Bank of Canada needs to squeeze. But that might be happening in the distant future and policymakers will be efficiently chastened by what occurred in the housing-meltdown countries to be more circumspect about precipitating lodgings busts. Eventually, ongoing development in incomes, along with the government’s tinkering with mortgage rules to hold a lid on charges, should have by then conveyed valuation down to safer levels.