Tag Archives: mortgage loans

Two Storey Three Bedroom Home at 331 Harbison Ave , Wpg

Showing Start Wednesday April 9

331 Harbison Ave 056

999-rose -- Open House Small Sign Open.House. Sunday April 13, 2-4 p.m.

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Talk about value for the price!! Not kidding! Must see. New Kitchen 2010. New bathroom 2013. High eff. furnace 2007. New HWT 2013. Spray foam insulation entire attic and entire bsmt 2008. MB closet 2014. New Mn floor HRWD 2008. New 2nd floor lam. hrwd 2013. New light fixtures btwn 2008-2014. Entire interior paint (except MB) 2013.

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Offers Monday evening April 14.

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More information and pictures about this home by clicking on this link: 999-rose.ca

Wanting to view this Home, Contact Realtor Rosalie Drysdale at 204.999.7673 or email Rosalie through her Contact Page.

Mortgage Rate Special : PRE-APPROVE AT 3.09% 5 year fixed — Contact Peter Paley

peter paley special rates

We have a RATE SPECIAL available that you won’t want to miss!

 

Morning everyone!!!

 

This weekend we have some tremendous deals that we can ACTUALLY Pre-Approve your clients!!!!

4 year – 2.97% Fixed for 4 years
5 year – 3.09% Fixed for 5 years

Have you clients call me today!

204.227.2744

Contact me immediately to take advantage of this offer!

Peter Paley

Mortgage Associate

Send me an email

Visit my website

Mortgage Rates for February 24, 2014 — By Peter Paley

                                              
Peter Paley - Your Home and Mortgage Peter Paley

Looking at Purchasing that New Home, Needing a Mortgage,

Contact Peter Paley at Invis Mortgage

At Invis, we are always aware of the current environment and resulting implications, so at any time we can recommend a mortgage that gives you an edge and meets your current needs and future goals.

We regularly receive short-term rate promotions that are not posted online, which means our rates change frequently. Please contact us for these unpublished rate specials.

Terms

Posted Rates

Our Rates

6 MONTHS

4.00%

3.95%

1 YEAR

3.09%

2.99%

2 YEARS

3.14%

2.69%

3 YEARS

3.95%

2.89%

4 YEARS

4.74%

3.29%

5 YEARS

5.34%

3.29%

7 YEARS

6.35%

3.99%

10 YEARS

6.75%

4.39%

Rates are subject to change without notice. OAC E&OE

Prime Rate

3.00%

5 yr variable

2.50%

Whatever your need is today – first or next home, renewal, refinance, renovation financing, equity take out, business–for-self mortgage, investing in property or a second/vacation home, contact us for a review of your situation, and the advice you need to achieve your homeownership dreams. After all, the right mortgage can build your wealth and save you thousands of dollars

Every single day we’re making homeowner dreams come true. And we’re here to help you.

 

Peter Paley Mortgage Associate Send an EmailVisit Website

4 mortgage problems – and how to overcome them

August 8th, 2013 by Lisa J. Gryba, AMP

Tips to help you secure a mortgage approval and a home of your own

Here are a few tips that can assist you in getting your mortgage application approved…

1.    Problem – Your income isn’t high enough to qualify for the mortgage you need.

Solution – Ask someone who has enough disposable income if they will be your co-signer. When someone agrees to be your co-signer they are agreeing to guarantee the lender that your mortgage payments will be paid. It isn’t necessary for this person to be actually living with you or helping you repay the mortgage. Another benefit that a co-signer can provide is if your credit is less than perfect, their credit may compensate for it.

It goes without saying, however, that co-signing is a big commitment with possible financial and legal ramifications for the co-signer should you default on the loan. It is therefore advisable to discuss the financial and legal obligations with your co-signer and for them to seek professional guidance prior to signing any mortgage documents.

2.    Problem – The economy/market currently isn’t conducive to getting a mortgage.

Solution – Wait it out. Of course, this might be easier said than done, but sometimes waiting has benefits. If your credit score needs improving, now would be the perfect time to work on it. You can also take this opportunity to increase your savings or reduce/pay off any debts that you may have. At the same time, the price of homes or even interest rates could drop. These factors will improve your mortgage eligibility.

3.    Problem – You can’t qualify for the amount of mortgage that you want.

Solution – Be flexible and look at purchasing a property that is more within your financial reach. If you are in a situation where you can’t put off purchasing a home until a later date, switching the kind of home you are willing to purchase may make the difference.  What about a smaller house or a different location? There are many different factors to consider. Making some changes now can assist you in purchasing the kind of property you had originally wanted in the future.

4.    Problem – You just don’t have enough funds.

Solution – Find a family member to gift you the money or find someone to purchase the property with you if you can’t qualify on your own. This is a major purchase for anyone, so it is important to find someone you trust and who you will be able to live with.  This is different from a co-signer as the individual will actually be living with you and making mortgage payments along with you.

Source: GoldenGirlFinance.com
 
by Lisa J. Gryba, AMP
I am a passionate and dedicated mortgage professional, devoted to enabling my clients to obtain the best mortgage products and interest rates for their nee

How much to save for closing costs

How much to save for closing costs

How much to save for closing cost

Home closing costs can add up. Here’s what you need to set aside

By Robb Engen, Toronto Star
 
Homebuyers are often advised to set aside one to three per cent of the purchase price of their house for closing costs. These fees are explained during the home-buying process, but it is helpful to ask questions so you fully understand how these costs can affect your budget.
 
Legal fees: On average you should budget $600 to $900 for legal fees and an additional $200 to $400 for disbursements, which includes registering the mortgage, completing a tax certificate, and doing a title search on the property. You may also pay fees for postage, faxing and photocopying.
 
Shop around: Some law offices specialize in handling mortgage disbursements and offer cheaper rates. Ask your bank or mortgage broker which law firm they recommend and then call at least three other lawyers for quotes. A few phone calls can save you hundreds of dollars.
 
Property tax adjustment: If you buy a home, the previous owners have paid property taxes to the city. On closing, you will be required to reimburse them for prepaid taxes.
 
Interest adjustment date: Depending on the date chosen by your lender as the interest adjustment (the date the mortgage starts) you may be required to pay interest from the closing date until your interest adjustment date. The maximum amount would be a month’s interest at your mortgage rate.
 
First published in the Toronto Star on March 5, 2012.
 
Source: http://homeownership.ca

Home Renovation Financing Options – By Daryl Harris

Home Renovation Financing Options

By on October 28, 2013

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HOME RENOVATION FINANCING OPTIONS

Whether you intend to finance your renovation yourself or borrow money, you should talk to a financial advisor and to your mortgage broker before you make firm plans. They can help you understand your options and advise on how much you can borrow. This information will help you plan realistically.

EXPLORE YOUR OPTIONS:

Your own resources: For smaller renovation projects, you may consider self-funding material costs, especially if you plan to do the work yourself.

Credit card: Likewise, you can use your credit card to pay for materials for smaller renovations. But be careful not to carry the balance for too long as credit card interest rates can exceed 18%.

Personal loan: With a personal loan, you pay regular payments of principal and interest for a set period, typically one to five years. You also have the option of a fixed or variable interest rate for the term of the loan. The interest rate on a personal loan is typically less than that of a credit card. Unlike a line of credit, once you pay off your loan you will have to reapply to borrow any new funds needed.

Personal line of credit: It is ideal for ongoing or long-term renovations since it lets you access your funds at any time and provides a monthly statement to help track expenses. A line of credit offers lower interest rates than credit cards, and charges interest only on funds used each month. And, as you pay off your balance, you can access remaining funds, up to the line of credit’s limit, without having to reapply.

Secured lines of credit and home equity loans: These options offer all the advantages of regular lines of credits or loans, but are secured by your home’s equity.

Mortgage refinancing: When funding major renovations, refinancing your mortgage lets you spread repayment over a long period at mortgage interest rates, which are usually much lower than credit card or personal loan rates. This type of financing can allow you to borrow up to 80% of your home’s appraised value (less any outstanding mortgage balance).

This provides an overview of financing options available to you. But also make sure to research grants and rebates offered by the federal and provincial governments and local utilities to help fund your next renovation project.

Rule changes for mortgages has changed the amount you can finance and what types of products listed above you can finance.  Good planning and exploring your options will ensure you have a smooth renovation process.  Don’t get into renovations and then try to finance after, you could be left with plenty of unnecessary headaches…pass the Tylenol please.

(Source: CMHC)

Source: Daryl Harris Mortgage Broker

Mortgage Rates for November 26, 2013 — By Peter Paley

                                             
Peter Paley ratemailHeader Peter Paley
At Invis, we are always aware of the current environment and resulting implications, so at any time we can recommend a mortgage that gives you an edge and meets your current needs and future goals.

We regularly receive short-term rate promotions that are not posted online, which means our rates change frequently. Please contact us for these unpublished rate specials.

Terms

Posted Rates

Our Rates

6 MONTHS

4.00%

3.95%

1 YEAR

3.09%

2.99%

2 YEARS

3.14%

2.79%

3 YEARS

3.65%

3.09%

4 YEARS

4.54%

3.39%

5 YEARS

5.14%

3.49%

7 YEARS

6.35%

3.99%

10 YEARS

6.75%

4.39%

Rates are subject to change without notice. OAC E&OE

Prime Rate

3.00%

5 yr variable

2.60%

Whatever your need is today – first or next home, renewal, refinance, renovation financing, equity take out, business–for-self mortgage, investing in property or a second/vacation home, contact us for a review of your situation, and the advice you need to achieve your homeownership dreams. After all, the right mortgage can build your wealth and save you thousands of dollars

Every single day we’re making homeowner dreams come true. And we’re here to help you.

 

Peter Paley Mortgage Associate Send an EmailVisit Website

New to Canada ? Tips for making your first home purchase

November 13th, 2013 by Lisa J. Gryba, AMP

The top 5 homeownership concerns of new Canadians – and the right questions to ask

Becoming a homeowner can be very exciting, while at the same time can feel a tad intimidating. Some of the most common questions asked by those who are looking to purchase a home, but are new to Canada, are:

  • Do I qualify for a mortgage?
  • What’s a pre-approval?
  • How does buying a home in Canada differ from my home country?

Purchasing a home can be one of the most personally and financially rewarding investments you’ll ever make. But it’s also refreshing to know you aren’t alone. Canadian property virgins all have concerns…and rightfully so.

With this in mind, here are some interesting statistics when it comes to individual concerns of home ownership in your new country…

The top 5 homeownership concerns of new Canadians

  1. Getting approved for a mortgage – 31 percent
  2. Making the down payment on their home – 18 percent
  3. Making the regular monthly mortgage payments – 16 percent
  4. House prices rising in the next two years -14 percent
  5. Mortgage rates going up – 14 percent

There are a lot of uncertainties that come with buying a home. Knowing the right questions to ask can help ease the unknown.

The top 4 questions to ask your mortgage broker

  1. How much can I actually afford?
  2. What are the best mortgage options for my financial situation?
  3. How much do I need for a down payment and what are my options if I don’t have enough?
  4. What are closing costs and how much do I need to set aside?

If you answer these tough questions in advance, you can avoid last minute surprises when it comes time to purchasing your first home on Canadian soil.

Source: News Canada
 
Source: GoldenGirlFinance.com
 

 

I am a passionate and dedicated mortgage professional, devoted to enabling my clients to obtain the best mortgage products and interest rates for their needs.

Can I afford higher mortgage rates ? By Daryl Harris Mortgage Broker

Can I afford higher mortgage rates?

By on November 20, 2013
 
Higher Mortgage Rates
 
Are you prepared for higher mortgage rates?
 
Yesterday, the OECD (Organization for Economic Cooperation and Development) said that the Bank of Canada may need to start increasing rates in 2014 and 2015 by as much 2.25%.   This theory is based on the fact that Canada’s economy will start to gather steam and exports will be higher than expected.  The OECD is a global think tank represented by the worlds leading economies.  They also warned of inflated home values in Canada.
 
On the same day, CAAMP (Canadian Association of Accredited Mortgage Professionals) released their report on the State of the Residential Mortgage Market in Canada.  They survey consumers like you and ask them plenty of mortgage related questions.  One of the big questions asked, Can you afford higher payments if rates increased to 5%.  While the majority of consumers would have no issues with higher mortgage rates, there was a small percentage who would have challenges.
 
Herein lies the question you need to ask yourself, can I afford higher mortgage rates?  A simple solution is to perform a “Mortgage Rate Test”.  
 
Every month, two weeks or week you have a mortgage payment.  Go to this calculator and increase the existing rate on your mortgage by 2.25% (ex. if your rate is 2.89% enter 2.89+2.25 or 5.14%).  
 
You will need your existing mortgage balance and your existing amortization period.  If the payment that appears scares you, some planning and preparation will ease your mind.  Secondly, if you are planning a major purchase that you may be financing either by way of a loan, line of credit or refinance, take the test before the purchase.
 
Higher Mortgage Rates
 
The Higher Mortgage Payment Calcuation
 
The key is to start planning now and implementing strategies to help you when rates start increasing.  I have a 15 minute “Don’t Break the Bank Challenge” that would be based on your situation that can be done in person or via on line to help you be prepared.  Contact me now to take the challenge.  My new tag line will be, “Putting minds at ease since 2013!”
 
Source: Daryl Harris Mortgage Broker

Credit and Loans — Understanding them

Credit and Loans

 

Credit and loan products, such as lines of credit and personal loans, are ways that you can borrow money to pay for goods and services. Responsible borrowing can help you build a good credit history, but using credit to spend beyond your means is dangerous. Before getting a credit or loan product, look at whether you can fit repaying the money into your budget.

GOOD DEBT AND BAD DEBT

“Good debt” is sometimes used to describe types of borrowing that can help improve your overall financial health over time.  For example, a student loan to help pay for education can pay off by helping you get a job with a higher income.

On the other hand, borrowing to buy things that you consume or that have only short-term value is generally considered “bad debt.” For example, going into debt for a vacation means that you will be paying for this long after you have enjoyed the short-term benefits.

Things to consider:

  • Before borrowing, make sure regular payments to repay your debt fit within your budget.
  • Shop around to find the best deal for you.
  • Read the terms and conditions of your agreement, including interest rates and fees, to know what you are getting into. If you don’t understand, ask the lender questions.
  • Pay more than the minimum payment whenever you can. Even a small increase in payments can make a big difference in the amount of interest you pay and how long it takes to pay off the money you borrowed.

If your financial institution offers you insurance or another optional service when you sign up for credit, you do not have to take it. Lenders must get your consent before signing you up for services such as these and cannot automatically add them to your loan, credit card, or line of credit. Learn more about negative option billing and your rights.

Source : Financial Consumer Agency of Canada