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46 Empey Street, Brantford, ON, N3S 7R2.
Phone: (519) 757-0110.
Fax: (519) 757-0110.
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Refinancing: Take A Realistic Look.
Living with debt can sometimes feel like the weight of the world is on your shoulders. If you’re living with not-so-great credit, and a mortgage that feels combersome, perhaps it’s time to take a look at refinancing in order to save some money. Don’t just sit idly by! Take action and talk to one of our mortgage agents today!
Start to gather up all the necessary documentation to make your application look the most attractive. This includes pay stubs, last year’s tax documents, and any other supporting information that you’ve got. For instance, job history shows security, so ask your company’s human resources department to write up a letter documenting your length of employment, position and salary. When in doubt, bring in as much supportive information as you can — it helps show that you’re a good candidate for refinancing.
Be realistic with your expectations and let’s get working together! We’d love to hear from you soon.
Negotiating Your First Mortgage.
We found this awesome article in The Globe and Mail and wanted to share it with you!
It’s been a lot of hard work, but you are finally ready to join the ranks of the home-owning class.
You’ve paid off your debts, socked away enough money for a decent down payment, trolled through open houses and found the perfect place. Your offer has been accepted and you have two months to close the deal. This is when many first-time home buyers finally get around to arranging their mortgage…….
First Time Home Buyers Share Their Tips!
If you’re looking for your first home, these couples have some first-hand experience they’d like to share with you. Their advice is actually pretty simple – see what you think!
RED FLAGS when seeking out a mortgage.
When you’re shopping for a mortgage there can be a red flag that you need to be aware of. And if you miss it, you could be spending THOUSANDS more than you need to.
Most people will seek a “pre-approval” when they are shopping for a mortgage. This process involves checking your credit score and lets you know that you are financially ready enough to carry a mortgage. But this pre-approval process does not mean you are ready to go out shopping for a home just yet. You haven’t secured a particular mortgage quite yet. It’s called a PRE- approval for a reason because you’re not officially approved for anything yet.
We’ve been hearing more and more about brokers that pull an awful bait-and-switch with their clients. Here’s how it works.
The broker tells you after being pre-approved that “I can get you an excellent mortgage at this fantastic rate through Such-And-Such Bank.” He doesn’t give you any paperwork guaranteeing this rate at this bank. You just take his word for it. So you go ahead and start shopping for a home.
Suddenly, when it comes time to close, the broker calls you and tells you they’re “terribly sorry but Such-And-Such Bank is no longer able to provide you with that great rate” and that “they’ll find you a new mortgage but it will cost you more in fees to do so.”
Now you’re stuck! You’re closing on your new house and you need financing; and because there is no time left, you have no choice but to take this new mortgage and pay the broker these additional fees. Unethical brokers use this method to squeeze more fees out of you because they’re putting you into adesperate situation at the last minute of closing. And it’s not right.
At Crescent Mortgage Corp we DO NOT gouge clients with this type of situation. We believe it’s unfair, cruel, and not appropriate for brokers in good standing with our industry.
HOW YOU CAN PROTECT YOURSELF:
When you are ready to start shopping for a new home, we recommend that you sit down with one of our mortgage agents and get your financing options in writing . We’ll provide you with fair, unbiased advice with no surprises . Get a second opinion from us before you assume your mortgage options are set in stone. We want you to get the best rate and terms possible, not gouge you during this exciting time in your life!
Your best interests are in our best interests. Give us a call.
Tips For Saving Your Down Payment.
Did you know that most Canadian financial institutions and mortgage lenders require at least a 5% down payment? So how can you save up when you’ve got so many other bills to pay each month?
Let’s say the purchase price on the home of your dreams is $250,000.00. This means that a minimum 5% down payment would be $12,500.00. Add to this about 1.5% in closing costs ($3750) and perhaps a small fund for emergencies, initial renovations, deposits for utilities, furniture and new gadgets for your home… this figure quickly jumps to around $20,000.
These amounts can often seem staggering, especially for younger, first-time home buyers who are just starting their careers and may even still be paying down student loans. And of course, this is just the 5% minimum. The benefits of a larger down payment include a lower mortgage amount, meaning lower monthly mortgage payments, lower interest costs, and savings on default insurance premiums.
Consider an automatic, monthly or bi-weekly, savings strategy.
If you sacrifice that store-bought coffee every morning, that pack of cigarettes, or evening out on the town, savings can and do add up quickly! By automatically putting a percentage of each paycheque into savings, most people don’t notice the missing money each month. It works because money that isn’t sitting in our bank accounts, staring us in the face, begging to be spent on non-essentials. You’d be surprised at how quickly you adapt your spending patterns and likely won’t even miss it. As the saying goes, “Pay Yourself First”, and you’ll find your savings grow!
Consider using an RRSP to save.
Canadians have access to a powerful investment vehicle in the Registered Retirement Savings Plan and the often overlooked First Time Home Buyers’ Plan (HBP). Under the home buyers’ plan, Canadians purchasing their first home can take $25,000 out of their registered retirement savings plan and pay it back over the next 15 years without incurring any penalty. For a couple that means $50,000. It provides upfront tax savings (in many cases a tax refund), which can be used to save money faster by compounding growth significantly, even in a relatively short time frame.
Find balance between debt repayment and saving.
Although it’s important to pay off high interest loans and credit cards quickly, other debts such as student loans can be paid off over longer time periods. In some cases the interest may be tax deductible or the interest rate low enough that an accelerated repayment may not be necessary. Making high monthly payments to such loans in the hope of paying them off quickly could jeopardize cash flow and make any savings impossible. Setting a realistic repayment schedule and also implementing a savings strategy may be a better way to realize both goals of debt repayment and saving for a down payment faster.
Saving the significant amount of money that is needed for your down payment can seem like a daunting task. It certainly takes time and dedication but it’s not impossible! Call us at Crescent Mortgage Corp today to talk about how you can get on a fast-track to saving a healthy down payment.
CMHC and other Canadian default insurers increase premiums.
CMHC, which is by far the biggest default insurer in Canada, announced an increase of it’s premium rates last week. The new rates will affect any applications submitted on or after May 1, 2014. Genworth already announced an identical rate hike and the third insurer, Canada Guaranty, is expected to follow suit shortly.
Premiums are set to increase across the board and, although the effect on cost to the consumer has largely been downplayed as insignificant, we consider it important to educate our valued clients on what this means to them.
Let’s consider a client who is purchasing a house at a price of $250,000, with a downpayment of 5% ($12,500). The mortgage of 95% of the value ($237,500) will be insured against default. This means that our client would pay a premium, which is usually added to the actual mortgage balance and amortized over, say 25 years.
The premium on such a loan until May 1, 2014 is 2.75% which, when added to the mortgage, gives a total loan amount of $244,031.25 (loan A). As of May 1, 2014 the premium rate will increase to 3.15% which, when added to the mortgage, gives a total loan amount of $244,981.25 (loan B). This represents an increased cost of $950.
If we consider these two mortgage amounts, amortized over 25 years at a rate of 3.19%, loan A would produce a monthly payment of $1178.79, whereas loan B has a monthly payment of $1183.38. This is an increase of a mere $4.59 per month BUT, even if we assumed that the interest rate stays the same over 25 years, it still represents extra payments totaling $1377 over the course of the whole mortgage. This is of course the initial higher principal of $950 plus the extra interest on $950 paid over 25 years.
Although the increased cost isn’t dramatic, we believe it is important to educate our clients on all aspects of the purchase process. Call (519) 757-0110 or e-mail Alan or Thor and let us help you with your purchase!
Thorsten Haelssig, CFP, CIM ([email protected])
Alan Dunlop, PFP ([email protected])
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