Trusted Tips and Resources

Trusted Tips & Resources

Your Mortgage Now your Trusted Saskatoon Mortgage Experts share a tip on Consolidating your debt with your mortgage

Buying a home is one of the most important and exciting steps in your life.... now that pesky financing! Deal with people who can offer you and your family the best options for you with Your Mortgage Now! Devin Cristo and Wes Will are your Saskatoon Mortgage Experts and they have years of experience helping individuals and families finance their dreams by offering mortgages from a variety of lenders for people from all walks of life.

They are your Trusted Saskatoon Mortgage Experts!

Here they share a tip on Consolidating your debt with your mortgage:

 

 

Debt Consolidation with Your Mortgage

With the availability of credit, you may have a car loan, credit cards or other debt starting to mount, and maybe taking a toll on your budget. For some, it can be easy to max your credit card, get that new car loan, but then find it hard to keep your payments under control. You may want to consider increasing your mortgage to pay these debts out. This will not only reduce your monthly commitments, but also ease the strain on your monthly budget.

If you are thinking about consolidating other debts with your mortgage, you may have questions like:

  • Can you consolidate your current debts into your mortgage?
  • Will my current bank or lender allow me to do that?
  • What will be my monthly repayments on my increased mortgage?
  • Banks or lenders lend against the value of your home, do you have enough equity in your home to increase your mortgage to pay out those debts?

There are many options if you are thinking about consolidating your current debt into your mortgage. It is important to speak to a qualified Mortgage Broker to see which option suits your financial situation. A Mortgage Broker will look at your current bank or lender, and if that doesn't suit, look at different banks and lenders they deal with, so they can explore many different options, and find one that suits you best.


What Type Of Debts Can You Consolidate With Your Mortgage?

All banks and lenders have different rules about what you can consolidate into your mortgage. It is important to get some information from your Mortgage Broker first, so you can learn what you can do, and then make an informed decision on what is the best option for you. Some of the types of debt you can consolidate are:

  • Credit Card Debt;
  • Car loans or personal loans;
  • Business Debt;
  • Tax Debt;
  • Investment Debt.

What Are The Advantages and Disadvantages Of Consolidating Other Debt With Your Mortgage?

Some advantages and disadvantages of consolidating your current debts with your mortgage may include:


Advantages

  • Your interest rate on your mortgage is more than likely cheaper than credit cards and other loans, saving you money.
  • You monthly commitments (repayments) may be reduced, helping your monthly budget out.
  • You may want to make a plan paying that debt down faster by consolidating it into your mortgage, and paying more than the minimum repayment, thus saving you money and interest charges. 

Disadvantages

  • Although the your minimum monthly repayments may of been reduced, some of the debt in the longer term may cost you more money. For example: a car loan may of been taken over a 5 year loan term, but on your mortgage, even though the interest rate may be cheaper, your mortgage may be over a term of up to 25 years, therefore increasing the amount of actual interest you pay on the original car loan, as it is now paid over the remainder of your mortgage term.
  • Reduces the equity in your home. This may be an issue in the future, if you want to buy another home, investment property etc.
  • There maybe a fee to increase your mortgage or refinance your mortgage to another bank or lender.


It is important to talk to a Mortgage Broker, and determine what may be best for your financial situation before you make any decisions. This way you can learn the pro's and con's of consolidating other debts into your current mortgage, and make an informed decision.

 

If you have any questions regarding this topic, please give us a all today at (306) 244-7755 or email us devinandwes@yourmortgagenow.ca

 

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Your Mortgage Now your Trusted Saskatoon Mortgage Experts share a tip on New to Canada and Looking to Buy a Home

Buying a home is one of the most important and exciting steps in your life.... now that pesky financing! Deal with people who can offer you and your family the best options for you with Your Mortgage Now! Devin Cristo and Wes Will are your Saskatoon Mortgage Experts and they have years of experience helping individuals and families finance their dreams by offering mortgages from a variety of lenders for people from all walks of life.

They are your Trusted Saskatoon Mortgage Experts!

Here they share a tip on New to Canada and Looking to Buy a Home:

It’s quite often that we receive calls from prospecting clients who are new to Canada and wish to buy a home for their family. In the mortgage industry, lenders have different programs and will look for different specifications from each client. However; the real power of approval for new immigrant mortgages in Canada is through the mortgage insurers. These insurers are CMHC, Genworth, and Canada Guaranty. Included below are various insurer guidelines. Once we meet their requirements, we are able to obtain the best rates available and terms for your new mortgage.

Summary of the credit and down payment requirements for new immigrant mortgages in Canada:

 

Permanent Residency with 5% down payment:

  • 12 months of bank statements from a Canadian bank account showing regular rental payments and one other payment

OR

  • Credit bureau report from your current country

OR

  • Bank reference letter from your current country (Credit bureau is preferred)
  • Down payment source must be from your own personal savings or investments
  • Income verified via employment letter confirming your position is permanent and your income amount in addition to a recent pay stub.

 

Work Visa with 10% down payment:

  • Bank reference letter from your current country (Credit bureau is preferred)

OR

  • Credit bureau report from your current country
  • Down payment source must be from your own personal savings or investments
  • Income verified via employment letter confirming your position is permanent and your income amount in addition to a recent pay stub.

 

Permanent Residency with 10% down payment:

  • 6 months of bank statements from a Canadian bank account showing regular rental payments and one other payment.

OR

  • Credit bureau report from your current country

OR

  • Bank reference letter from your current country (Credit bureau is preferred)
  • Down payment source must be from your own personal savings or investments
  • Income verified via employment letter confirming your position is permanent and your income amount in addition to a recent pay stub.


We want to work with you and our lenders to ensure you receive the best rates and terms available for your new home purchase. As experts in new immigrant mortgages in Canada, our goal is to ensure your new home purchase is enjoyable, clear, and professional.


 

 

If you have any questions regarding this topic, please give us a all today at (306) 244-7755 or email us devinandwes@yourmortgagenow.ca

 

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Your Mortgage Now your Trusted Saskatoon Mortgage Experts share a tip on Mortgage Payment Frequency Options

Buying a home is one of the most important and exciting steps in your life.... now that pesky financing! Deal with people who can offer you and your family the best options for you with Your Mortgage Now! Devin Cristo and Wes Will are your Saskatoon Mortgage Experts and they have years of experience helping individuals and families finance their dreams by offering mortgages from a variety of lenders for people from all walks of life.

They are your Trusted Saskatoon Mortgage Experts!

Here they share a tip on Mortgage Payment Frequency Options:

 

 

When it comes to deciding how often you’d like to make your regular mortgage payments, you can choose which mortgage payment frequency option will best benefit you. You have the option to synchronize your mortgage payments with your pay schedule. In Canada, you can choose from five different mortgage payment options: monthly, bi-weekly, accelerative bi-weekly, or accelerated weekly. Since most employees get paid bi-weekly, this schedule option is the most popular.

Some payment frequencies actually accelerate your mortgage repayment allowing you to reduce the total amount of interest you pay over the life of your mortgage. Choosing an accelerated payment also gets you out of mortgage debt years sooner.What Are Your Options?

What Are Your Options?

Monthly Mortgage Payment
A monthly mortgage payment is when your mortgage payment is withdrawn from your bank account on the same day of every month (i.e. on the 1st). With a monthly mortgage payment, you make 12 payments per year.

Bi-weekly Mortgage Payment
A bi-weekly mortgage payment is when your monthly mortgage payment is multiplied by 12 months and divided by the 26 pay periods in a year. With a bi-weekly mortgage payment, you make 26 payments per year.


 

 

Accelerated Bi-weekly Mortgage Payment
An accelerated bi-weekly mortgage payment is when your monthly mortgage payment is divided by two and the amount is withdrawn from your bank account every two weeks. With an accelerated bi-weekly mortgage payment, you still make 26 payments per year but the payment amount is slightly more than a regular bi-weekly mortgage payment.


 

 

Weekly Mortgage Payment
A weekly mortgage payment is when your monthly mortgage payment is multiplied by 12 months and divided by the 52 weeks in a year. With a weekly mortgage payment, you make 52 payments per year.


 

 

Accelerated Weekly Mortgage Payment
An accelerated weekly mortgage payment is when your monthly mortgage payment is divided by four and the amount is withdrawn from your bank account every week. With an accelerated weekly mortgage payment, you still make 52 payments per year but the payment amount is slightly more than a regular weekly mortgage payment.

 

 

The Benefit of Accelerated Payments
The one major difference between regular and accelerated payments is how the payment is calculated. With an accelerated payment option, you end up making roughly one extra payment a year. It’ll cost you a little more on a monthly basis, but will save you thousands in interest and help you pay off your mortgage even sooner.

 

If you have any questions regarding this topic, please give us a all today at (306) 244-7755 or email us devinandwes@yourmortgagenow.ca

 

Find them on Facebook here! 

 

Your Mortgage Now your Trusted Saskatoon Mortgage Experts share a tip on The Benefits of Purchasing a Smaller Home

Buying a home is one of the most important and exciting steps in your life.... now that pesky financing! Deal with people who can offer you and your family the best options for you with Your Mortgage Now! Devin Cristo and Wes Will are your Saskatoon Mortgage Experts and they have years of experience helping individuals and families finance their dreams by offering mortgages from a variety of lenders for people from all walks of life.

They are your Trusted Saskatoon Mortgage Experts!

Here they share a tip on the benefits of Purchasing a Smaller Home: 

Thinking of Purchasing a Smaller Home?   

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Moving into a smaller space does have its benefits, and there are a variety of reasons for downsizing your home, even if you're not retiring. Are you:

  • An empty-nester and no longer need a large home?  
  • Tired of the up-keep of a large house, both inside and out?  
  • Wanting to reduce your living expenses?  
  • Traveling more?  
  • Ready to put your energies in creative projects, not housework?

     

Even though downsizing usually means leaving a home full of memories, a familiar neighborhood, and friends, it also helps you de-clutter and free up your time by spending less time cleaning and maintaining your home, and having more time for other things.

 

 

Another great benefit - smaller homes are less expensive to purchase, and less expensive to keep (mortgage, insurance, taxes, heating, cooling, electricity, etc.). There is also a wider market to sell a smaller, reasonably priced house to a larger percentage of the population than a more expensize, less affordable one. A great opportunity for those looking to build their equity and not yet ready to buy into a large home.

 

 

Looking to Move Out of the Renting Lifestyle?

If you are still living as a property renter and are thinking of purchasing your first home, one thing to take into consideration is the space you will actually need and how much you'll be able to afford.

 

 

Some things to start asking yourself before deciding on the type of property you want to buy:

  • Do you have a growing family and require the space for play and sleep?

     

  • How long do you plan on living in your first home? 3 years? 5 years? Or are you looking for that forever home? Maybe you only need a starter home right now and don't want the hassle of cleaning the extra space you are not using.

     

  • Are you looking for a place with a yard to finally move out of your condominium suite? Even if you don't have a family to accommodate in order to buy a home, owning your own living space can be very rewarding, especially when you have your own yard to entertain friends and family.

     

  • Will you be able to afford the maintenance of your new home? As a home owner, after all, you essentially are your own landlord. A pipe bursts in the middle of the night? Guess who’ll be up fixing it or calling (and paying) the plumber? (Hint: you.)

     

Whether you are buying a home to fit your growing family, or are looking to purchase something smaller to fit your own needs, chances are, you'll need a mortgage.  

 

If you have any questions, please feel free to give us a all today at (306) 244-7755 or email us at devinandwes@yourmortgagenow.ca 

 

Find them on Facebook here! 

 

Your Mortgage Now your Trusted Saskatoon Mortgage Experts share a tip on adding Home Renovations to your Mortgage

Buying a home is one of the most important and exciting steps in your life.... now that pesky financing! Deal with people who can offer you and your family the best options for you with Your Mortgage Now! Devin Cristo and Wes Will are your Saskatoon Mortgage Experts and they have years of experience helping individuals and families finance their dreams by offering mortgages from a variety of lenders for people from all walks of life.

They are your Trusted Saskatoon Mortgage Experts!

Here they share a tip on adding Home Renovations to your Mortgage:

Are you having problems finding the right home? Maybe you have found a great home but the kitchen was outdated. You can stop overlooking these properties. There are mortgage programs available that can help you move into a home with a new kitchen or beautiful hardwood flooring.  

Both CMHC and Genworth Insurance offer a program called “Purchase Plus Improvements” which allows you to purchase a home, renovate it and incorporate the cost of the renovation into your new mortgage - for as little as 5% down payment based on the improved value of the home.

These improvements must be permanent to the home or property. For example, new windows, roofing, a new garage, bathroom renovations and kitchen renovations would all apply. A new washing machine or refrigerator would not because it is not a permanent part of the home. Although, a built in range or dishwasher would be eligible because they are permanently attached to the home.  

How It Works

Let’s say you were to purchase a home for $200,000 and wanted to do $30,000 worth of improvements, CMHC/GE will insure a mortgage based on 95% of the “improved value”. In this example, your down payment would be 5% of $230,000, or $11,500. This can only be approved if the renovations you make add value to the home. For this example, the insurer and lender would have to agree that the renovations increase the value of the home by $30,000.

When making an offer on a house, make the offer conditional for a longer than normal conditional period, if possible. Borrowers must provide a quote from a contractor, before closing on the house, which is then submitted, my your Mortgage Associate, to both the mortgage lender and CMHC/Genworth for approval. 

 

On closing day, the lender will submit the total mortgage amount to your lawyer. The improvement amount is held by the lawyer until the renovations are 100% completed and the added value of the home is confirmed by an appraiser. Since the funds will not be released to you until the work is complete, we recommend that our clients apply for an unsecured line of credit so the initial costs can be paid and work can begin. You also may be able to find a contractor who is willing to be paid for the work upon completion. 

 

The advantages of utilizing the Purchase Plus Improvement Programs are that the cost of the renovations are incorporated in a low interest mortgage.

 

 

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TrustedSaskatoon.com
129 21st St E #500
Saskatoon, SK   S7K 0B2
Ph: 306.244.4150

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