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Self-Employed? Secure a Mortgage in GTA

Posted by samanthas on June 17, 2013 in Home Living Tips with No Comments

self-employed mortgage OakvilleThere are plenty of reasons why the banks turn home owner hopefuls down for a mortgage. Bad credit, low income, lack of adequate down payment and being self-employed are just some of the reasons why getting a mortgage with a traditional bank can be almost impossible. Canadian mortgage rules along with banks are becoming more and more stringent in their rules and criteria to provide borrowers with the mortgages they need to buy a home. Unfortunately, for many, getting this mortgage can be a real challenge, and can be a stressful situation for many.

In particular, if you’re self-employed, you may not have the adequate amount of history showing positive cash flow. You might be earning commissions that are not necessarily adequately identified at tax time. Many banks look at those who are self-employed as a big risk, particularly if the business is fairly new and is small in magnitude.

The good news is that looking to a bank is not the only option. Working with an independent mortgage broker can be the answer you are looking for to secure the mortgage you need. Brokers will look around at various lenders who are in the business of supplying mortgages to people who are self-employed. They understand your needs, and will look at things other than your financials and tax notice of assessments.

Many lenders will supply self-employed mortgage Oakville for Ontarians. Brokers will negotiate the best rate possible, and will help to arrange a mortgage package that best suits your needs and your situation.

If you’re in the Oakville and surrounding area, work for yourself and are looking for a self-employed mortgage Oakville, give Marcelle Tiqui a call at the House of Mortgage Experts. Marcelle is an independent mortgage expert with lots of experience dealing with hard-to-get mortgages, such as those for the self employed. Call her team today at (905) 208-7070 to get started securing your mortgage!


Basics of Refinancing Your Mortgage

Posted by samanthas on August 29, 2012 in Home Living Tips with No Comments

Many homeowners have considered refinancing their mortgage on their homes, considering the current record low interest rates on mortgages. Now is as good a time as ever to refinance your mortgage, and many Canadians who qualify are taking advantage of this option. Those who currently have a mortgage on their home may have different reasons for opting for a mortgage refinance Oakville or other cities in Ontario.

Why Refinance?

Using the equity built up in your home can be very advantageous for many homeowners. In essence, your home can be a great source of extra funds, borrowed at low interest rates. Using the equity in your home as capital can be used to make payments on other high interest loans, debt or other expenses that are charged at much higher interest rates. The following are some reasons why homeowners may choose to refinance their homes:

– Topping up RRSP’s
– Paying off student debt or paying for education
– Paying off high-interest credit card debt
– Funding a large home renovation
– Purchasing investment property
– Build up home equity faster

Whatever reason you may have for freeing up some capital from the equity in your home, a mortgage refinance Oakville, Ontario can be a great benefit to your financial plans.

Free Your Capital and Your Financial Woes

Personal finances can be a source of great stress for many Canadians. For many, it feels as though their finances are like a revolving door, where money goes out just as fast as it came in. For many, getting ahead just seems impossible. By taking advantage of a refinancing program, those who have built up a certain amount of equity in their home and qualify for such a program can get the financial relief they need to pay off any outstanding debt, or fund a large expense.

If you are considering a mortgage refinance, look to expert independent mortgage agents to help you in your quest for financial freedom. The professional team at www.YourMortgageOptions.ca have the expertise and connections necessary to get you the mortgage refinance package you need. Call awarding winning mortgage agent Claire Drage today at 905-330-9488 to help you use your home equity to help pay off your debt faster.


Mortgage Tips to Pay Your Mortgage Off Faster

Posted by samanthas on July 30, 2012 in Home Living Tips, oakville ontario with No Comments

A home is most likely the most expensive investment any Canadian will ever make in their life. Having a mortgage takes up a huge chunk of income and savings, especially if you are trying to pay it off faster. For this reason, many Canadians are looking for simple ways in which become mortgage free sooner rather than later. A specialized and knowledgeable mortgage professional can guide you and provide you with mortgage tips to help you pay your mortgage off faster. Consider the following:

1) Pay Faster & Pay More

Obviously, the more money you put towards your mortgage, and the faster you pay, the faster your mortgage will close. Rather than making monthly payments, try making bi-weekly payments. In this case, you’ll be making 26 smaller payments more frequently rather than 12 larger payments. In this case, you’ll be able to put more towards your mortgage annually.

2) Increase Your Mortgage Installment

By increasing the amount of your mortgage installment, and thus paying more, you can close your mortgage much faster. If you or your spouse has seen an increase in your income, try using that extra money to put towards your mortgage.

3) Make Lump Sum Payments

Banks permit lump sum payments towards the mortgage within certain time frames, so it’s a good idea to take advantage of that whenever you have the funds to do so. These lump sum payments go directly towards the principle, which means quicker payment of the mortgage without paying as much interest.

4) Choose a Shorter Amortization Period

Shortening the life of your mortgage will obviously mean that the closing date of your mortgage will approach sooner rather than later. Of course, this means that your mortgage payments will be slightly higher, but you will be paying less in interest at the end of the mortgage term, and therefore pay your entire mortgage off faster.

5) Use Double Up Payment Privileges

Doubling up your mortgage payments whenever you can will allow you to put some money straight towards the principle, helping you pay less towards interest and pay off your mortgage quicker.

Follow some of these mortgage tips to pay down your mortgage as quickly as possible. Contact a professional mortgage agent, like Lee Anne Taylor, to help you attain a home loan, whether you are looking for a new mortgage, second mortgage, vacation home mortgage or refinancing.  Lee Anne can sit down with you to discuss your goals and find you the best mortgage for your needs.  With access through Dominion Lending Centres to over 50 lenders across Canada, you only have to fill out one application and she shops your mortgage for the best terms and conditions, explaining all your options to you.  Best of all, there is no cost for this service but it could save you thousands over the life of your mortgage.  For a mortgage Burlington, Oakville, Milton or other areas of Greater Toronto- Greater Hamilton, visit www.HomeLoansOntario.ca today or call Lee Anne at (905) 336-8948.