Tap Into Your Equity!

- Renovate / Expand Your Home!

fix a roof, build your dream kitchen, landscape your property, accommodate your growing family, etc.

- Make A Large Purchase!

pay for a wedding, buy that recreational vehicle you've been dreaming of, go on a well deserved trip, etc.

- Finance Your Child's Education!

give your children the financial support they need to go further with their education

- Save Your Money!

consolidate your debts, reduce your monthly payments and increase your disposable income immediately

Maybe it's time you thought about tapping into your equity - contact a mortgage broker today!

THE TOP 5....

Here are the TOP 5 Reasons to Deal with a Mortgage Broker

1. Product Selection

Mortgage brokers have access to many different mortgage products as well as success to a variety of mortgage options for customers with previous credit issues, self employed persons and even bankruptcies.

2. Mortgage Brokers Represent You

As your representative, brokers find the absolute best mortgage solution for you. We don't work for lenders or banks, your best interest is a mortgage broker's number one priority!

3. Market Knowledge

Mortgage brokers have the training, experience and local market knowledge that will help customize the best mortgage solution for you while helping you understand the mortgage process - which can be complicated for some.

4. Mortgage Focus

Mortgage brokers search for the best combination of pricing, interest rates, discounts, conditions and overall value for you. Your focus is our focus.

5. It's A FREE Service!!!!!!

Mortgage brokers are not paid by you. They are compensated for their services by receiving a commission from the lender. We don't get paid until you have the mortgage solution that works best for you!

These are just a few reasons why it makes sense to choose a mortgage broker for your next home purchase, mortgage renewal or to help consolidate current debt. Contact me today to ask about the full benefits of having a mortgage broker do all the leg work for you!

Thinking Of Buying A New Home?

Use this calculator to get an idea of what you'll be able to afford:

A - Your annual salary (before deductions/Line 150 on your tax return)

$_____________

B - Your spouse's anual salary (if applicable)

$_____________

C - Other income (rental, dividends, etc.)

$_____________

D - Add total income (A+B+C)

$_____________ (= D)

E - Multiply D (total income) by 3.3 to get approxamite size mortgage you can afford.

$_____________ (D x 3.3)

$____________ (= E)

F - For home purchases, determine the money you have for down payment

$ _____________

G - Add your amount of potential mortgage to your own payment, to help you asses the home purchase price you can afford.

$_____________ (E + F)



***NOTE - any fixed expenses may reduce the amount you can afford

"TIP-ICALLY SPEAKING"

Quick Tips for home buying...

• Get a list of all closing costs (IE: legal fees, land transfer taxes, administrative fees, etc.)
• Make a list of all documentation you'll need to provide (IE: recent pay stubs, income tax notice of assessment, old mortgage statements, confirmation of down payment, etc.)
• Get Pre-Approved! (Getting a pre-approval for your mortgage is the easiest way to determine what price range you can shop for - most lenders will hold an approval for 3 or even 4 months!)
• Anticipate possible further expenses (IE: buying a home that needs repairs or extra maintenance, landscaping, upgrades to the property, etc.)

~ The Right Mortgage For You ~

FIXED OR VARIABLE INTEREST RATE?

In very broad terms, home buyers who chose a fixed interest rate mortgage take comfort in the knowledge that their interest rate is fixed (or "locked in") for the the full term of the mortgage and their principal and interest payments will remain constant for a specific period of time. But not all fixed interest rate mortgage customers are the same. Some prefer to choose a very short term for their mortgage (as short as six months) in order to get a lower interest rate. Others are more comfortable choosing longer terms, such as two or five years. What they all have in common is the need for something more predictable.

Home buyers who choose a variable interest rate are usually more apt to accept a little risk in hopes of lowering their overall cost of borrowing. With most variable (or changing) interest rate mortgages, your interest rate may vary from month to month. Variable rate mortgages have typically had lower interest rates than long-term fixed interest rate mortgages. When interest rates change, the payment amount remains the same. However, the proportionate amount that is applied toward interest and principal will change. If interest rates go down, more of the mortgage payment is applied to the principal balance owing. This can help a homeowner pay off the principal portion of a mortgage faster.

NO DOWN PAYMENT?

Many Canadians find themselves able to afford the cost of owning their own homes but not having enough of a down payment to make a purchase.

As mortgage brokers, we can offer you the opportunity to purchase a new home, without the strain of having to come up with a down payment. If a lack of a down payment is keeping you from buying a home - you should talk to a mortgage broker immediately about their "No down payment mortgage" options. If you can cover your closing costs, this mortgage solution may be exactly what you've been looking for! We can help you buy the home you want, with the savings you have now. Contact me to find out how the "No down payment mortgage" may be right for you!

RENEWING YOUR MORTGAGE

Although a mortgage is one of their most important financial decisions, many Canadians don't put as much thought into renewing their mortgage as they should. We, however, see your mortgage renewal as a unique opportunity to make sure it reflects your current needs. Are you considering paying off your high-interest credit card debt or loans, or are you interested in financing a home renovation, dream vacation, recreational or investment property? Contact a mortgage broker today to discuss how you can save money on your next re-finance.

SHOULD YOU USE YOUR RRSPs?

Today, about 50% of first-time home buyers use their RRSP savings to help finance a down payment. With the federal government's Home Buyers' Plan, you can use up to $20,000 in RRSP savings ($40,000 for a couple) to help pay for your down payment on your first home. You then have 15 years to repay your RRSP.
To qualify, the RRSP funds you're using must be on deposit for at least 90 days. You'll also need a signed agreement to buy a qualifying home.
Even if you have already saved for your down payment, it may make good financial sense to access your savings through a special home buyers plan. For example, if you had already saved $20,000 for a down payment - and assuming you still had enough "contribution room" in your RRSP for a contribution of that amount you could move your savings into a registered investment at least 90 days before your closing date. Then, simply withdraw the money through the a special home buyer's plan.
The advantage? Your $20,000 RRSP contribution will count as a tax deduction this year. Use any tax refund you receive to repay the RRSP or other expenses related to buying your home.
While using your RRSP for a down payment may help you buy a home sooner, it can also mean missing out on some tax-sheltered growth. So be sure to ask your mortgage broker whether this strategy makes sense for you, given your personal financial situation.

Every situation is unique and there are different options for each case - that's why mortgage brokers are there for you as a free service!