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top 10 reasons to refinancing your home

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Top 10 Reasons to Refinancing your home

 

When interest rates are rising, refinancing may make sense locking in to a rate before they go higher.
Refinancing your home to lower your interest rate is a sensible idea, but not the only reason to.  There are other reasons a home owner may consider refinancing their current mortgage.

  1. Lower borrowing rate. A lower rate could mean thousands of dollars savings in interest over the life of a mortgage. Borrowers with bad credit, might qualify for significant rate change with improved credit.
  2. Consolidating credit cards and other debt at a lower rate is also a prudent move.  This will increase cash flow and lessen the burden on making many payments instead of one.  Consolidating before falling behind payments would be proactive and highly recommended.
  3. Merging a 1st and 2nd mortgage into one.  Having a 2nd mortgage, should be a interim or short term solution.  Carrying a higher rate 2nd mortgage for more than a year can be expensive.  Ideally if you are unable to pay out the 2nd from your own sources, then refinancing your 1st and consolidating the 2nd is a good alternative.
  4. Increasing the value of your home can be achieved from refinancing.  Any major home renovations will add value.  Refinancing and cashing out funds to support the renovation is a good idea.  You may find borrowing on a new 1st is cheaper than having to pay on 2nd mortgage interest payment option.
  5. Making your home energy efficient can be an expensive project.  In some cases there are government sponsored assistance if you improve you make your home more energy efficient.  Refinancing can be used to fund this project which would reduce the home’s energy costs.
  6. Spousal buy out situations.  If you and your partner have decided to part ways, one spouse an buy out the other.  Refinancing allow this to happen and remove the departing spouse from title.
  7. Investments can be in the form of real estate, or paper investments.  Cashing out by refinancing your home is a viable method.  A second home, or investment property can bring significant returns as compare to the cost of funds.
  8. Tax arrears.  You may be in a situation where you owe large sum of money to Revenue Canada, or you are in arrears with property taxes.  Some lenders will allow you to refinance your home to pay off your back taxes.
  9. Education.  Post Secondary and Graduate Programs can be expensive.  If you need to access funds to help you child, you can consider refinancing your home.
  10. Reverse Mortgage.  If your in your retirement years, a reverse mortgage may be what you need to supplement your pension amounts.  Under the CHIP program essentially your are refinancing your home to access the equity.

If you are in any of these situations and are thinking of refinancing your home, contact us for for a free no obligation consultation.

Aldo Mormile is a senior mortgage agent with Mortgage Architects.

He can be reached at416 219-7486 or 1-877-237-2601

 

mortgage stress test

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mortgage stress test

Under the newmortgage stress test implemented by the Federal Government as of October 2016, may limit new home buyers to the amount of home they can afford and qualify for.

The move sparked by potential hikes in interest rates and increasing housing prices, is aimed at insured mortgages up to terms of 5 year terms. This will impact buyers by making them not qualify as much of a house since the benchmark rate used to qualify is at 4.64% even though the rate they may receive could be substantially less. Only borrowers with a down payment of less than 20% will be impacted at this time. Also this is a way to shift some of the risk associated with insured mortgages from the government.

Since the qualify rate is 4.64%, the TDS or Total debt service ratiowill increase forcing the borrower to qualify for less of a home. The reasoning behind this is the speculation that interest rates are on their way up, and the question becomes will the borrower be able to continue to afford the mortgage payments if rates do rise.

Let’s look at an example:

Pre Stress test:

Annual family income:  $125,000

Assuming other monthly debts: $750.00

Qualifying rate:  ( actual borrowing rate) 2.49%

Amount qualified for:       $$703960.35

*** estimated property taxes $4200 per year

After the mortgage stress test:

Maximum purchase price qualified for:  $ 561214.72

Difference is $ 140,000

Alternative Mortgage

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Alternative Mortgage

Alternative Mortgage 

More people are calling these days asking if we arrange mortgages with B lenders.  Starting to believe more borrowers are not qualifying for traditional mortgage financing.  If your bank has turned you down, a B lender mortgage solution ( alternative mortgage), may be for you.

A mortgage, for a credit challenged borrower is B lending or an Alternative Mortgage.

The new Stress Test

Your credit might be great, but if your TDS and GDS is too high based on the new stress test, you may be helped with Alternative Financing.  What is the the stress testand how might it affect you?

B lending has become more common, because traditional requirements have become tightened.  These mortgages are a good alternative.   Priced on shorter terms, and from 1 to 2% above 5 year discounted rates.  The draw back,  is that they will not lend more than 80% of sale price on purchases.  Refinances stop at 80% of the appraised value of the property.  For a guideline on Alternative rates check here.

A good mortgage broker will work with you providing insight and tips on how to edge up your credit over the term.  If you do this well, you may qualify mainstream at lowers rates at the end of the term.

We at RMA we  are instrumental by providing borrowers with solid mortgage advice.  We ensure borrowers get the best chance to qualify at lower rates at renewal time.

If you are credit challenged and looking to buy or refinance a home, be sure to contact us. Ask for a FREE NO OBLIGATION mortgage consultation.

Call us today at 1-877-237-2601 or contact us.

steps for first time buyer

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Steps for first time buyer

First time buyer?

 

For a first time home buyer the buying process can be overwhelming.
Getting to know your options, calculating the costs and getting a
mortgage pre-approval can jump start the process. Following these four
easy steps will increase your confidence and make you ready for your first dream home.

If you are first time buyer visithereand learn more about the first time buyer program.

Mortgage Architects supports first time buyers and we believe to being there for you from beginning to end.  If you are planning on purchasing your first home, contact us by phone or email.  We would be happy to assist you and take our time to explain the entire process and we make sure all your questions and concerns are answered.

Call us at 1-877-237-2601 Today.

Alternative Lending Mortgages

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alternative lending mortgages

Alternative Lending Mortgages

Alternative Mortgage Financing

More people are calling these days asking if we arrange mortgages with B lenders.  Starting to believe more borrowers are not qualifying for traditional mortgage financing.  If your bank has turned you down, a B lender mortgage solution, may be for you.

A mortgage, for a credit challenged borrower is B lending or Alternative Mortgage Financing.

B lending has become more common, because traditional requirements have become tightened.  These mortgages are a good alternative.   Priced on shorter terms, and from 1 to 2% above 5 year discounted rates.  The draw back,  is that they will not lend more than 80% of sale price on purchases.  Refinances stop at 80% of the appraised value of the property.

A good mortgage broker will work with you providing insight and tips on how to edge up your credit over the term.  If you do this well, you may qualify mainstream at lowers rates at the end of the term.

We at Mortgage Architects are instrumental by providing borrowers with solid alternative lending mortgages advice.  We ensure borrowers get the best chance to qualify at lower rates at renewal time.

If you are credit challenged and looking to buy or refinance a home, be sure to contact us. Ask for a FREE NO OBLIGATION mortgage consultation.

You may call us directly at 1-877-237-2601

Self-employed mortgage

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SELF-EMPLOYED?

Looking for a mortgage?
Qualify for a self employed mortgage?

As an entrepreneur, you’ve worked hard to create your own business. You understand the value of working with like-minded people who share your passion for success, and believe in the power of the individual.

Now that you are ready to fulfill your goal of home ownership and are looking at your mortgage options, choosing a Mortgage Broker with RMA is a smart move. Why?

A mortgage broker find options for your unique situation.

Mortgage Brokers have access to multiple lenders, allowing you to get the best options and prices.  They work independently, on your behalf, to search out the best lenders, that cater to self-employed mortgages. These mortgages offer favorable terms suitable to borrowers who may not have traditional income documentation.

A mortgage broker can be very helpful by assessing your situation, and coming up with a self-employed mortgage that is best suited for you.

Are you self-employed?  Call us today at RMA to discuss your requirements.

mortgages for self employed

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Mortgages for self employed
You’re not alone.

As an entrepreneur, you’ve worked hard to create your own business. You understand the value of working with like-minded people who share your passion for success, and believe in the power of the individual.

Now that you are ready to fulfill your goal of home ownership and are looking at your mortgage options, choosing a Mortgage Broker with Mortgage Architects is a smart move. Why?

A mortgage broker find options for your unique situation.

Mortgage Brokers have access to multiple lenders, allowing you to get the best options and prices.  They work independently, on your behalf, to search out the best lenders, that cater to self-employed mortgages. These mortgages offer favorable terms suitable to borrowers who may not have traditional income documentation.

A mortgage broker can be very helpful by assessing your situation, and coming up with a self-employed mortgage that is best suited for you.

Are you self-employed?  Call us today at Mortgage Architects to discuss your requirements.

home renovations

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Home Renovations

Home Renovations can increase the value of your home. Updated bathroom or kitchen, new hardwood floors, or energy efficient solutions all are valuable ways to add value and enjoy the benefits of your hard work.

One can qualify for a renovation loan or mortgage regardless of credit. As long as there is enough equity anyone can qualify
 

Mortgage for home renovations

There are various mortgage products suitable for home renovations.  Line of credit as a 2nd mortgage or a stand alone 2nd mortgage.  For refinancing there’s fixed and variable mortgage products from 1 to 10 years.
 

Mortgage  rates

Home renovation loans or mortgages priced based on the borrower’s credit profile.  For  good credit you can  review current mortgage rates here.    For less than perfect or bad credit, you can see the alternative mortgage rates here.
Planning on a home renovation project?  Be sure to contact us and discussing your requirement.  We would be happy to help.
Call us today at 1-877-237-2601

 

home renovations

 

mortgage rates for bad credit

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Mortgage rates for bad credit

Mortgage rates for Bad Credit Mortgages.

Most people  fear when they ask about mortgage rates for bad credit, cringe. typical for bad credit.

This is far from the truth because in today’s market place, mortgage rates for bad credit have actually decreased substantially from 2008 when the sub prime mortgage landscape began changing.

Up to 2008 the sub prime market’s main players were Exceed Mortgage Corp., Accredited Home Lenders, Hsbc Finance, GE Capital, and some other lesser know lenders with very similar programs.  During those years, borrowers with unacceptable credit saw rates from 6 to 9.9%, with administrative fees as much as 4% of the amount borrowed.

Today, these rates fall within a close range from 3.99 to 5.74%, with the majority being around the 4.5% to 4.99% range.  Fees it they are charged by the lender are typically 1%.  See our Alternative lending rates here.

If you consider that for conventional financing, as of today rate, the typical good rate for a 5 year term is 3.04%, a 1.5% to 2% extra for the bad credit, is not bad at all.  True that we may be talking for a 1 to 2 term only but on the other hand, a bad credit situation, ought to be considered a ” temporary” solution and what sets a good broker apart is the ability to capture the borrower and work with them during the transition phase in order to improve their credit sufficiently to eventually move them to a better priced mortgage and lender.

This is how we earn our good reputation as a Bad mortgage expert.

When you are looking for a bad credit mortgage solution, do not settle for any less.

Better yet,  call us directly and we will be glad to help you. Call us at 1-877-237-2601 today.

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