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Mortgage Intelligence is comprised of the most knowledgeable, ethical and professional mortgage professionals in the Canadian mortgage industry. We are pleased to have Steve Somerville as a member of our team. For any information regarding purchases, renewals, refinances and home equity, Steve will work on your behalf to get you the best product that suits your needs at the most competitive rates. Please contact Steve to help you every step of the way. Visit: www.stevesmortgages.com
7 reasons to use a Mortgage Broker over your BankCheck it out
Borrowing money is harder for many self-employed Canadians. While there is broad recognition that self-employed Canadians are reliable borrowers, it may be difficult to navigate the mortgage process and the different options available specifically for this group. We can help turn the tables. These individuals may run their own businesses, or work in a profession where the main source of their income is predominately capital gains, a form of income that is generally not considered by most “A Lenders”.
We work with self-employed homebuyers every day and understand the challenges that they may face when arranging a mortgage especially with no standard proof of income. Our brokers are experts when it comes to mortgage solutions and have access to multiple options, including mortgage products designed specifically for self-employed Canadians. They can pinpoint which lenders have more favourable terms and requirements and advise you on how you can improve your options to get the best possible rate and terms.
The more complex your mortgage situation, the more sense it makes to use an experienced mortgage professional who can help simplify the process and help you achieve both your short-term objectives and your long-term financial plan. Most of all, they allow you to stay focused on your business, alleviating the burden of many time-consuming and frustrating tasks and meetings associated with securing a mortgage and will also work around your busy work schedule. Many will even travel to your work site if required to make the transaction as convenient as possible for you.
Remember, that independent mortgage professionals work for YOU, not the lenders or banks, so you can rest assured that their advice is unbiased and in your best interest when it comes to finding the right lender and right product to meet your needs. Find out what your options are, give us a call.
First-time home buyer
Here’s to buying like a pro the first time!
Buying your first home is one of the most important financial decisions you’ll ever make and getting the right advice from a mortgage professional is a great way to start.
Before you start looking for your dream home, your Mortgage Intelligence professional can help you find out how much you can qualify for so you can shop with confidence. They’ll explain the process and even assist in getting you a mortgage pre-approval so you can take advantage of today’s low rate environment by locking in today’s rate for you for a set period of time, typically 90 to 120 days.
Understanding your down-payment options is important as you get ready to buy your first home. This is right time to consult with your mortgage professional who can explain the requirements and options available to first-time buyer only when it comes to down-payment. Generally, the min down-payment required depends on the purchase price with the min being 5% down. For homes $500,000 and under 5% down is the min required. For homes over $500,000 but less than $1 million, you need 5% down-payment on the first $500,000 and 10% for any amount over that. If your purchase price is $1 million or more, a minimum 20% down-payment is required. Mortgages with less than 20% down are subject to default insurance which is usually added to the mortgage amount.
At Mortgage Intelligence, we work with over 60 lenders from major banks to private lenders. Your mortgage professional gives you access to multiple lenders and finds the right mortgage for you with only one application. They help you navigate the process, explain your options and present you with mortgage solutions that best meet your need. Having the right combination of mortgage features, privileges and rate is key. The right mortgage goes beyond just the rate--it's important to also consider term, prepayment options, refinancing penalties, restrictions, and fees.
Your mortgage professional will not only find the right mortgage for you but also provide strategies to help you pay your mortgage off faster and shave thousands off interest costs in the process.
Your credit history is integral when it comes to the mortgage approval process because that history is a reliable indicator of how you will manage your mortgage and your finances in the future. Your credit score is calculated using information in your credit report including your payment history, how much debt you’re carrying and the length of your credit history. Lenders use the score to helps determine the risk and your creditworthiness when you apply for a loan. Credit scores above 660 are generally considered good, very good, or excellent. These individuals receive lower rates, and can get loans easier than those that do not fit into this range.
Those with less than average scores or with lower scores who fall into the “poor” credit range may face higher interest rates, difficulty getting better loan terms or qualifying when applying for a mortgage. Buyers with poor credit may have to put down a larger initial down payment or require a co-signer to be able to qualify for the mortgage they need to get into their dream home.
Your mortgage professional can review your situation and coach you on how best to improve your credit over time. That's why it's a good idea to talk to a mortgage broker as soon as you can. As your good credit history becomes established, your borrowing options will increase. If you wish to get a mortgage while you work on bettering your score, we can help!
At Mortgage Intelligence we are committed to helping Canadians realize their dream of home ownership. Our brokers have access to many lenders, from banks to private lenders, and a multitude of mortgage solutions. Even if you have poor credit, you have options and our brokers will work with you to find the right solution that best meets your needs. Call for a free consultation.