1. More choices and options!

While a bank only offers the products from their particular institution, licensed mortgage professionals send millions of dollars in mortgage business each year to Canada’s largest banks, credit unions, trust companies, and financial institutions; offering their clients more choice, and access to hundreds of mortgage products! 

Whether you’re purchasing a home for the first time, taking out equity from your home for investment or pleasure, or your current mortgage is simply up for renewal, it’s important that you are making an educated buying decision with professional unbiased advice.

2. No fees for qualified buyers!

Qualified buyers never pay a fee for the services of a mortgage broker.

Yes, we can. Since we have a diversified group of lending partners, each with different approval requirements, we can find one that best fits our client's needs. This allows us to still get approvals for clients who have been previously declined by the bank.

Fixed-rate mortgages often appeal to clients who want stability in their payments, manage a tight monthly budget, or are generally more conservative.

For example, young couples with large mortgages relative to their income might be better off opting for the peace of mind that a fixed rate brings. A variable rate mortgage often allows the borrower to take advantage of lower rates – the interest rate is calculated on an ongoing basis at a lenders’ prime rate minus or plus a set percentage. For example, if the current prime mortgage rate is 5.5 percent, the holder of a prime minus 0.5 percent mortgage would pay a 5.00 percent variable interest rate.

As a consumer, the best option is to have a candid discussion with your mortgage professional to ensure you have a full understanding of the risks and rewards of each type of mortgage.

Thinking You Don’t Need a Real Estate Agent

You might be able to find a house on your own, but there are still many aspects of buying real estate that can confuse a first-time buyer. Rely on your agent to negotiate offers, inspections, financing, and other details. The money you would have saved on commission can be quickly gobbled up by a botched offer or overlooked repairs.

Going With The First Real Estate Agent You Find 

As much as not having a real estate agent can be a disadvantage, having the wrong one can also make the process more difficult. You don’t want to get halfway into house-hunting before realizing your real estate agent is wrong for you. Ideally, you want to source an agent from a friend or family referral. However, if you are stuck or looking for more options, I would also be happy to provide some referrals as your mortgage professional.

Getting Your Heart Set on a Home Without Doing Your Homework 

The house that’s love, at first sight, may not always be what it seems, so it is important to keep an open mind. If you jump in too fast you may be too quick to go over budget or you might overlook a potential pitfall. Taking the time for proper inspections, budget comparisons and long-term family planning can go a long way in ensuring your first home is the right home!  

Committing to More Than You Can Afford 

This is one of the most common mistakes that first-time homebuyers can run into, but to ensure your future financial security it is imperative to truly consider your budget. You don’t want to sacrifice retirement savings, an emergency fund, or a potential holiday for mortgage payments. You need to stay nimble to life’s changes and overextending yourself could put your investments—including your house—on the line. 

Fixating on the Lowest Interest Rate 

A reasonable interest rate is important, but not at the expense of heavy restrictions and penalties. Make a solid long-term plan to pay off your mortgage and then find one that’s flexible enough to accommodate life changes, both planned and unexpected. I would be happy to discuss all of your mortgage options with you to ensure that you get the best overall mortgage product at an affordable rate that suits YOU!

Choosing a Fixer-Upper Simply for the Cheaper Listing Price

That old character home may have loads of potential, but it is vital to be extra diligent during the inspection period. What will it really cost to get your home to where it needs to be? Negotiating a long due diligence period will give you time to get estimates from contractors in case you need to back out.  

Diving Into Renovations as Soon as You Buy

Whether or not you choose a fixer-upper or simply want to update some things in your new home, it is important not to rush into them. While renovations may increase the value of your home, overextending your credit to get upgrades done fast doesn’t always pay off. Take time to make a solid plan and the best financial decisions. Living in your home for a while before renovating will also help you plan the best functional changes to the layout.  

Not Researching the Neighbourhood

It may be the house of your dreams, but annoying neighbors or a nearby industrial zone can be a rude awakening. Spend some time in the area before you make an offer and talk to local business owners and residents to determine the pros and cons of living there.  

Opting Out of Mortgage Insurance 

Your home is your largest investment and it is imperative that you protect it. Mortgage insurance not only buys you peace of mind, but it also allows for more flexible financing options. Plus, it allows you to take advantage of available equity to pay down debts or make financial investments. If you are ready to search for your first home, don’t hesitate to reach out to me today for expert advice, referrals, and mortgage solutions that are right for you!  

Yes, we can help clients who have had a bankruptcy or consumer proposal. We can also use our solutions to pay off existing consumer proposals.

With a little bit of thinking ahead, and a small bit of sacrifice, most people can manage to pay off their mortgage in a much shorter period of time by taking positive steps such as:

Making mortgage payments each week, or even every other week. Both options lower your interest paid over the term of your mortgage and can result in the equivalent of an extra month’s mortgage payment each year. Paying your mortgage in this way can take your mortgage from 25 years down to approximately 21.

When your income increases, increase the amount of your mortgage payments. Let’s say you get a 5% raise each year at work. If you put that extra 5% of your income into your mortgage, your mortgage balance will drop much faster without feeling like you are changing your spending habits. 

Mortgage lenders will also allow you to make extra payments on your mortgage balance each year. Just about everyone finds themselves with money they were not expecting at some point or another. Maybe you inherited some money from a distant relative or you received a nice holiday bonus at work. Apply this money to your mortgage as a lump-sum payment and watch the results. 

By applying these strategies consistently over time, you will save money, pay less interest and pay off your mortgage years faster!

Did you know? Reverse mortgages are continuing to gain popularity for 55+ homeowners in Canada! For many Canadians who are looking to retire but currently facing high debt load and ongoing expenses, as well as reduced income, it can be a challenge. This is where the reverse mortgage can help!

This product is also a great option for anyone wanting to assist their elderly parents. Instead of selling the home and moving them to a care home or assisted living, a reverse mortgage is a terrific way to access the equity in the home, month by month, to pay for in-home and ongoing care costs.

The goal of the reverse mortgage is to allow Canadians over 55 years to tap into the equity of their home, which assists in comfortable financial living. With a reverse mortgage, however, borrowers are not required to make regular payments. This allows them a considerable inflow of cash, without having to pay off what they owe! The only time payment will be required is when you sell or move out of your home.

Reverse mortgages are designed to allow you to access up to 55% of your home's equity, thereby allowing you to convert your home equity into cash. This can be done as either a one-time lump sum payment, or you can choose to structure it to receive monthly payouts.

Beyond being able to cash in on your home’s equity, a reverse mortgage has additional benefits including:

• No monthly mortgage payments.

• No income or credit qualifications.

• Very low/little paperwork required.

• Title and ownership of property remain in the homeowner’s name.

• Flexible options to break term early if needed

• Penalty waived in the event of death or care home placement to preserve the estate. 

If you are struggling financially or want to have a little extra equity on hand to pay off existing debts, gift money to family, expand your quality of life or simply increase your investment portfolio, contact me today! 

I would be happy to discuss the possibility of a reverse mortgage in further detail with you and ensure it is the best product to suit your needs.

Your credit rating affects all aspects of your financial activities when it comes to borrowing money. Your credit rating also has the ability to affect the job you get, the apartment you rent, and even the ability to open a bank account.

Here in Canada, the two main credit reporting agencies are Trans Union and Equifax. Both agencies have a credit history file on anyone who has ever borrowed money. Every time you borrow money or make a payment on a loan or credit card, the lender then reports the information about the transaction to these two agencies. In addition to credit information, you will also find liens and judgments on your credit report as well as your address and possibly your work history. The accumulation of all of this information is called your credit report.

The information on your credit report varies based on your creditors and what they have reported about you. Potential lenders and others, such as employers, view your credit history as a reflection of your character. Whether we like it or not, our financial habits have a lot to say about the way in which we choose to live our lives.

The credit score, or beacon score, is a number that gives mortgage lenders an idea of your lending risk. Credit scores range from 300 to 900, the higher your credit score the better. The mortgage products and interest rates that you will qualify for are often determined by your credit score.

One thing that many people do not know is that you have the legal right to obtain a copy of your credit report. A mortgage professional can help you obtain a copy of this report and go through it with you to verify that all of the information is true and correct.

The good news is that your credit report is a working document. This means that you have the ability over time, to repair any damaged credit and increase your credit score.

Reasons an Early Renewal or Refinance MAY Be Appropriate At This Time

Fixed mortgage rates are just slightly above their all-time low from a short while ago, however, not by much, which is good. We also know that fixed rates will be heading upwards over time from where they are now, not so good. So, if you are able to arrange your new mortgage now before rates go up further, you may be able to save in the long run vs. if you were to do this process at some point down the road when you will only be able to select from rates that are available at the time (which will very likely be higher than they are today). This applies to both early renewals and refinances.

If you have always gone with a Variable Rate Mortgage and you needed to renew your mortgage during the turmoil when the variable rates were not priced very attractively (e.g. prime + 1.00%), you may benefit from refinancing now to get a new variable rate mortgage at a respectable discount to prime.

Mortgage refinances are less about timing as they are being done to address a goal or need. However, while addressing the purpose of the refinance there are also opportunities to ensure savings can be maximized. Factors such as: term length, fixed vs. variable rate, amortization length, and various other mortgage options, should all be taken into consideration when structuring the refinance.

Reasons an Early Renewal or Refinance MAY NOT Be Appropriate At This Time

Everything in terms of your mortgage may be just fine at this time. Below is a brief list of some situations to illustrate when an early renewal or refinance may not provide any significant savings or benefit:

• The interest rate you have is lower than what is currently available

• Everything about your mortgage is OK, you are just curious to see if there are lower interest rates available. If current rates are very close to what you already have the cost to renew early or refinance may not be able to be recovered as the new rate is very close to your current rate.

• If it is unlikely that the cost to refinance (i.e. penalty) will be able to make up in the new mortgage

Re-examine your mortgage from time to time, and at least once a year. There are thousands of dollars that could be saved in many situations, but they go unnoticed. 

Mark our site, www.completemortgages.ca  as one of your favorites for quick reference, and you can always contact us by e-mail or phone and obtain a FREE mortgage check-up from completemortgages.ca.

Homeowners should never accept a first-rate offer from their existing lender. Without any negotiation, simply signing up for the market rate on a renewal is unnecessarily costing the homeowner a lot of money on their mortgage.

Generally, it is a good idea to start shopping for a new term between four and six months before your current mortgage term expires. Many lenders send out your renewal letter very close to the time that your term expires and this does not give you ample time to arrange for a mortgage term through a different lender. This means that you need to be tracking your own mortgage term timeframe and know when it is time to start shopping for a good mortgage renewal rate. 

Before you ever hear from your lender about renewing your mortgage term, call us at Complete Mortgage Solutions, you will be amazed at what they can accomplish on your behalf! 

Your mortgage is one of your biggest expenses. For this reason, it is imperative to find the best interest

rates and mortgage terms you possibly can. By shopping around at renewal time you can save substantial amounts of money over the life of your mortgage loan. Don’t be one of the 60% who just simply sign their renewal letter and send it back. Use the services of Complete Mortgage Solutions to ensure the lenders compete for your business.

Complete Mortgage Solution’s mortgage professionals can lock-in an interest rate for you for anywhere from 60 – 120 days while you shop for your perfect home. By locking in an interest rate, you are guaranteed to get a mortgage for at least that rate or better. If interest rates drop, your locked-in rate will drop as well. However, if the interest rates go up, your locked-in interest rate will not, ensuring you get the best rate throughout the mortgage pre-approval process.

In order to get pre-approved for a mortgage, a mortgage professional requires a short list of information that will allow them to determine your buying power. A mortgage professional will explain to you the benefits of shorter or longer mortgage terms, the latest programs available, which mortgage products they believe will most likely meet your needs the best, plus they will review all of the other costs involved with purchasing a home.

Getting pre-approved for a mortgage is something every potential home buyer should do before going shopping for a new home. A pre-approval will give you the confidence of knowing that financing is available, and it can put you in a very positive negotiation position against other home buyers who aren’t pre-approved.

Many Canadians have successful small business ventures and would not trade the lifestyle for anything in the world. However, many begin to question their lifestyle and business choices when they first attempt to obtain financing for their home, or even something as simple as a new credit card or vehicle. The nature of self-employment income can sometimes leave the self-employed looking like poor credit risks, even though they may actually have a more stable source of income than those who are working 9 to 5 for an employer.

Thankfully, Canadian mortgage lenders are starting to understand the importance of self-employment in our culture, and are making great mortgage programs available to the self-employed to finance their primary residence and even their vacation homes.

Licensed mortgage professionals at Complete Mortgage Solutions are experts at assisting self-employed individuals with getting a mortgage, and they will ensure you get the best mortgage available through one of Canada’s largest lenders.

Obtaining a mortgage if you’re self-employed has never been easier, and you will be excited to learn that the mortgage products available today are structured to help you succeed in your business and your personal life.

Refinancing is a great option for customers who would like to use the equity in their homes to:

• Consolidate debt to get a more affordable payment
• Purchase a vacation property / cottage / 2nd home
• Purchase an investment / rental property
• Pay for education or other life events
• Do some other investments

It's incredible how home values in Durham have skyrocketed over the last few years. Let Complete Mortgage Solutions help you unlock your home’s potential.

Mortgage Insurance Provides a Quick, Easy, and Affordable Solution to Protect Your Investment.

Buying a home is one of the single largest purchases you will make in your lifetime. At Complete Mortgage Solutions we also believe it is an investment in you and your family’s financial future… an investment that needs to be protected.

45% of uninsured Canadians included life insurance among their top five financial priorities and 21% ranked it in their top three – yet they still have no coverage.

76% of parents said they worry about their family’s financial situation in case of their death according to a recent Ipsos Reid report.

What would your family do if something unfortunate happened and they were left to make the mortgage payments on their own?

Mortgage Protection Insurance protects your investment while helping secure your family’s financial well-being in the event of death of you and/or your spouse. Should something tragic result in the passing of you or your spouse, the mortgage on your home would be paid off, allowing surviving family members to use other existing insurance to carry on with life, maintain their lifestyle and recover from your loss.

The mortgage insurance offered through Dominion Lending Centres has some great features that traditional bank mortgage insurance doesn’t provide. That includes portability – so when it is time to renew your mortgage you won’t lose your coverage (or have to re-qualify) no matter how many times you change homes or lenders in the future – and premiums don’t increase with changes in health or as you get older.

In addition, Mortgage Protection Plan includes two vital insurance products for your mortgage protection: Life Insurance and Total Disability Insurance.

With this coverage in place, your mortgage is protected not just in the event of death, but also if a serious accident or illness leaves you unable to work. Most traditional term life policies only cover you in the event of death.

HOW TO APPLY

Your Complete Mortgage Solutions mortgage professional can walk you through the ins and outs of mortgage life insurance, the applicable costs, as well as provide you with instant coverage and a money-back guarantee, just in case you choose alternative coverage and cancel your policy within 60 days.

Talk to your Complete Mortgage Solutions Broker or Agent today, and make the simple choice to protect your mortgage with life and disability insurance today.