Take Equity out of your home for any reason.  If you need to send your son or daughter to University or College, free up some of the built up equity by getting a HELOC, or home equity line of credit.  Take advantage of today's lower rates, and take your wife on that dream vacation. Whatever you may need, take advantage of the appreciation in your home, and pull out some exciting opportunites.  Call me today and I will walk you through this easy process.

If you have encountered various reasons in your life that have caused slow payments or other credit damaging times, there are specific steps that need to be taken to repair it and get you back on track.  Over the years, I have assisted many Canadian's repair their credit and realize their dream of home ownership. 

Call or email today, and we can determine whether or not you can qualify now, or if not, how to prepare you for qualifying in the future.

How exciting! Your first home. So many options, zero down, 3% down, 5% down, interest only, heloc's, variable rates, gifted down payments, saving for your own down payment, 40 year amortizations.....  getting confused yet?

There is a specific strategy to buying your first home, the funny thing is, it isn't actually about your first home.  Its preparation for your last home, and making the right choices that will enable you to eventually be mortgage free in your forever home by making the right choices starting with your first home.  I help people with their dream of being mortgage FREE.  There is a distinct way to do this, and if you begin by learning how with your FIRST home, you will save thousands and thousands of dollars in interest, and in time.  Call me today to get started.

» RENEWALS

Your existing mortgage is just about at the end of its term. You bank has sent you your renewal agreement in the mail, and all you have to do is sign on that little line and you don't have to worry about a thing.  Really?  What is the rate?  How long is the term?  Does it have the same pre-payment options as last time?  How can you be sure?  Make sure to find out if that is the BEST rate you can get in the current market today.  Nine out of ten tiimes, your bank will offer you the posted rate, not the discounted rate.  Take a look at the rates on my site right now.  See the difference between posted and discounted?  Call me today, I'll get you the BEST rate available, along with the best mortgage strategy to assist you in your goals of being mortgage FREE.  After all, isn't that the ultimate goal?

Typically, if you have realized a great deal of equity appreciation in your home in recent years/months, then you may want to use that "cheap money" to pay off some of your high interest debt, such as credit cards and loans.  When considering this, it is a good idea to get in touch with a mortgage professional, so that they can explain to you the benefits, and costs involved with a debt consolidation.  Many people benefit hugely, and end up saving literally thousands of dollars in interest payments when they do a debt consolidation. 

A common misconception with first time home buyers, is that they can buy their home, and "roll" their debts into their mortgage.  THIS IS NOT POSSIBLE.  The only way that you can buy a house, and potentially pay down some debt at the same time, would be if you bought a home with a "cash back" component.  You could then use that cash to pay off some of your debt, but you cannot add in your debts to your mortgage.   Keep in mind, however, that cash back mortgages usually come with a higher rate and insurance premium.

» PURCHASE PLUS IMPROVEMENT- Explained

What is it, and how does it work?

Add on the cost of the improvement to your mortgage , this is how it works:

You’ve found a house that you like but it needs improvements. The Purchase Plus Improvement program will allow you to add the renovation cost to the purchase price, so you can benefit from a low mortgage interest rate and make only one payment.

Before I can submit this type of transaction to the lending institution, you will need to supply me with a quote and/or a renovation contract. Since, in today’s market, subject removal days are short, you will need to have the quotes/contract available a few days before subject removal date to give the lender some time to process the transaction. It is possible that the insurer, Genworth or CMHC will want to perform an appraisal of the property, at their cost, to confirm the work to be completed.

If, for example, the house is priced at $300,000 but it needs another $20,000 in renovations. You can add in the renovations cost to the purchase price and CMHC or Genworth will lend against the total value (purchase price plus the renovation cost).

Purchase price $300,000
Renovations $20,000
Total cost $320,000
Lending value $320,000
Max. Mortgage $304,000 (95% of $320,000)
Min. down payment $ 16,000

For amounts over 20% of the purchase price or $40,000, Genworth will want estimates from a renovator, or a supplier like, Home Depot or Rona if you plan to perform the renovations yourself.

One of the first misunderstandings with Purchase plus Improvement, is that most people do not realize that they will have to pay for the renovations themselves, until the work is completed. The lender will madate that the solicitor "hold back" the addtional cost added to the mortgage, that represents the improvement amount. Once the work has been completed, an appraiser will have to supply the solicitor with an inspection report, that tells the solcitior all the work has been completed as agreed. Only then, can the solicitor release the funds from his trust account, to pay for the improvements. My advice in these circumstances, is to take advantage of family, or lines of credit to finance these costs until completion.

When you choose to use The Mortgage Group, you can rest assured that you have the best team behind you, fighting to make your dreams happen. If you have a situation where your bank has said no, we will find a lender who says “Yes!”