Listening to your needs – Finding the right mortgage solution for you
There are many mortgage options – let’s find the perfect fit!
There are so many reasons why people get a mortgage:
- Their family is growing and they need more space.
- They are searching for their first home.
- They are ready to start their investment property portfolio.
- They are looking to downsize their home for their retirement.
Buying a home is one of the biggest decisions of most people’s lives.
People face major questions like “How do you know what you can afford in today’s complicated market?” Well, that’s where I come in and I want to help!
Trust Steve! That what My Clients Say!
People aren’t one size fits all and neither are mortgages. I will help you find the perfect solution for your unique financial & family situation.
More Mortgage Services
You can turn your home equity into cash. Consider accessing the cash you need for the renovations and improvements you’ve been dreaming about.
NEW TO CANADA SUPPORT
If you have been in Canada for less than 3 years, have landed immigrant status, and have been employed in Canada for a minimum of 3 months, you can qualify for a mortgage.
This is a great option to consider for using as a down payment for a vacation property, for investment in another area, or many other purposes.
You can tap into the equity of your home equity without having to sell your home. This is sometimes called “equity release”. You may be able to borrow up to a certain percentage of the current value of your home.
A commercial mortgage is a mortgage loan secured by commercial property, such as an office building, shopping center, industrial warehouse, or apartment complex.
A commercial mortgage is a mortgage loan secured by commercial property, such as an office building, shopping center, industrial warehouse, or apartment complex.
As an Oriana Qualified Mortgage Agent, my goal is to offer you A Great Mortgage – Made Simple.
To accomplish this goal, I follow a simple process when working with my clients.
1) Getting To Know You, My Client
Before I begin working on my clients’ mortgage financing, I need to know more about them. For example, what are your purchase plans, savings and credit history? What life changing events have you experienced?
When I approach a lender on your behalf, I need to tell your story and demonstrate to the lender that I know my client. If there are missed payments in your history, I will ask you: “What happened?”, without judgement. A missed payment such as an R2 is just a number, but telling me what happened helps me to build your personalized story and provide reasons for things like missed payments. Lenders understand that people face challenges such as a job loss, death in a family, separation/divorce – all of which present financial challenges.
All information that you provide to me is kept strictly confidential. And remember, only with your consent will I run your credit report and approach a lender on your behalf. Running your credit report is part of the process of getting to know you.
Once I know you, I can then go shopping for the mortgage that best meets your needs.
2) Engaging My Partners To Help You
I am constantly in contact with many lenders and partners in the mortgage industry. Before I submit a mortgage application, I will contact a lender to discuss the suitability of a potential deal.
I might contact an appraisal company, or a realtor, to get an initial assessment about the market value of a property.
By engaging my “Partners”, I am better able to match my clients with the appropriate lender.
3) Reviewing Your Credit
Who is in charge: You or Your Debt?
Are credit card bills piling up? Are you feeling overwhelmed? Or afraid to answer the phone, in case collectors are calling? Then you should call me Today!
Lenders want to know how creditworthy you are! That’s just a reality.
The first thing lenders look at is both your credit score and credit reports, as they want to evaluate how creditworthy you are before they lend you money.
Building a strong credit score and history is actually very simple. I routinely offer credit counseling to clients and witness their credit scores improve quickly. These clients are then able to move from more expensive alternative financing to “A Lenders” with a better mortgage rate.
Your credit score/report is your passport to buying a home and securing mortgage financing. However, we all know that scores and numbers can at times just be that…numbers. They do not tell the story of a separation, death, poor health, or the loss of a job. I work with lenders who understand these circumstances and are willing to give Canadians a new start. They understand that everyone deserves a second chance.
For me personally, there is no better feeling than helping my clients improve their credit, take charge of their debts and feel good about their financial future. Trust Me to Help You!
I am committed to helping my clients rebuild their credit where required. Whether you have great or poor credit, I can help create a plan for you.
4) Reviewing My Mortgage Solutions With You
Before you select one of the mortgage solutions I bring to you, I will review the options with you in detail. For example, if we are doing a debt consolidation, I will show you your monthly cash flow savings by going with the recommended mortgage solution.
5) Reviewing Rates With You
The new mortgage rules in 2016 and 2017 have made quoting mortgages rates more difficult.
Quite often I am asked, “What are the current mortgage rates”? With the current mortgage market today, after the introduction of the new mortgage rules, this is not an easy question to answer anymore.
There are many things to consider when it comes to mortgage rates:
- Are you enquiring on a fixed or variable mortgage?
- Is this a purchase, renewal or a refinance?
- If you are purchasing, how much is your down payment? Is it more or less than 20%?
- What is your credit score? With an excellent credit score, you will receive a rate discount.
- When is the closing date? Quick closings can have a rate discount.
- Is this a rental property or owner-occupied property?
- What is the value of your current property in comparison to the amount of mortgage you may be requesting?
- What amortization are you looking for 25 or 30 years? Most often there is a rate premium for the 30-year amortization.
- What is your mortgage term? A rate for a 2-year fixed mortgage is different than a 5-year fixed mortgage.
Once I know your answers to these questions, I can then give you some mortgage rate information.
7) Acting In The Best Interests of My Client
Throughout the process, I always have my client’s best interests in mind. I am working for you (the borrower) and NOT the lender. What this means is that I do not place my interests before my clients’ interests. In the end, I want my clients to know that I have heard their wishes and concerns and provided a mortgage solution that meets their needs. And most importantly, throughout the process, I am there for my clients…even up to when they get their keys to their new home.
6) Communicating With You Through-Out The Process
Personally and professionally, I don’t like being kept in the dark, so I treat my clients how I would like to be treated: how I would treat my family and friends.
You can rely on me to be honest, clear, professional and understanding!
First Time Home Buyers
I find helping clients purchase their first-home is so rewarding as I witness my clients to realize their dream of homeownership. I understand their excitement and anxiety as purchasing a home is probably the largest investment that they will make in their lifetime. My clients are entrusting me to guide them through the process and I am committed to being there for them.
Here is some useful information to keep you on track.
- For first-time home buyers, the Federal Government’s Home Buyers’ Plan allows you to use up to $35,000 of your RRSP savings ($70,000 for a couple) to help finance your down-payment (not taxable as long as repaid within a 15-year period).
- The Federal Government offers a First-Time Home Buyers’ Tax Credit to help with the purchase of a first home. The $5,000 non-refundable tax credit provides up to $750 in federal tax relief.
- All land or an interest in land, when purchased in Ontario, is subject to the land transfer tax. Beginning January 1, 2017, the maximum amount of the land transfer tax refund is $4,000 (was previously $2,000).
- The Financial Consumer Agency of Canada offers a three-step guide to successful mortgage shopping: 1) Know what you need and want in a mortgage; 2) Shop around and get pre-approved; 3) Make the right decision for your needs. An independent mortgage agent is able to help you with these three steps.
- The Canadian Mortgage and Housing Corporation (CMHC) website provide a wealth of information for home-buyers. For over 65 years, the CMHC has been helping Canadians achieve the dream of home ownership.
Buying a Home
As a homeowner myself, I know that buying a home can be the biggest investment most of us make in our lifetime. That’s why I care so much about my clients!
When you get a pre-approval from me, it’s so much more than just a rate hold. I take the time to underwrite your application before sending it to a lender so it has the maximum potential for approval.
I only work with lenders who will issue an underwritten mortgage commitment so you know how much you can afford and the deals don’t fall through at the very end. When you work with me, you’ll avoid any last-minute surprises.
Many people don’t realize that a “Bank Pre-Approval” is just a rate hold; it’s not really a “Pre-Approval”. One Bank even advertises that you can be qualified in 60 seconds. This is a scary thought because they are really implying that you are only worth 60 seconds of their time!
When purchasing you might want to consider embedding any costs for improvements right upfront into your mortgage, so you can build your dream home right from the start.
I’ve heard the following statement so many times and I share your frustration:
Why is it easier for my employees to get a mortgage from a big bank than me; yet I’m the one paying them?
I understand how you feel and want you to know that I work with lenders every day who cater to the self-employed individuals. I will help you demonstrate your credit-worthiness and income potential, even if your declared income may not reflect your true income.
When you work with me, you work with someone who understands this issue and can get you approved.
Credit and Debt Concerns
- Are your debts piling up?
- Are you credit cards at their credit limit?
- Are you in a consumer proposal?
- Do you have CRA tax arrears or property tax arrears?
I will review your situation and then approach my network of lenders who specialize in offering debt consolidation and refinancing to those with credit and debt concerns. I am committed to getting you the best deal possible. There is a solution for you in most cases. You just need someone to show you the way!
Debt Consolidation and Refinancing
Eliminate those outstanding debts by using the equity in your home to pay them off and have one simple monthly payment.
Access the equity in your home and take care of home renovation projects, outstanding debts or purchase an investment property.
Why not access the equity in your home and take care of home renovation projects, outstanding debts or invest in another property?
With high interest credit cards, car loans or other financial obligations, why not let me help you roll all these debts into one simple monthly payment? I can even help you lower your monthly costs and give you better peace of mind.
Renewing Your Mortgage
Around 70% of property owners automatically sign back their mortgage renewals – without even checking to see if there’s a better rate somewhere else.
By coming to talk with me, these individuals can potentially save themselves thousands of dollars over the term of their mortgage.
When your mortgage comes up for renewal, your bank will most often offer you the rate that you can tolerate. I will offer you the BEST RATE that I can find!
It is also wise to consider your entire portfolio of debt. If you have credit card debt, you may want to do debt consolidation. My consultation services are free.
A recent IPSOS poll found that 93% of Canadians want to stay in their home during their retirement. Many are on a fixed retirement income, which can make comfortable living difficult without extra financial help. A reverse mortgage may be a viable way of giving you financial freedom in your retirement.
Your initial response to the idea of a reverse mortgage may be “No, I don’t want to be ripped-off” or “I don’t want to lose my home”. I understand this response and unfortunately, much of the negative press about reverse mortgages originated in the US where financial regulations are not as strong as in Canada. Our Canadian financial system received international recognition in 2008 for its stability and ability to weather the effects of the recession at the time.
What is a reverse mortgage? It is a loan that allows you to get money from your home equity without having to sell your home. This is sometimes called “equity release”. You may be able to borrow up to a certain percentage of the current value of your home. The maximum amount you will be able to borrow will depend on your age, your home’s appraised value and your lender.
How does a reverse mortgage work? You don’t need to make any payments on a reverse mortgage until the loan is due. This is usually when you move out of your home, sell it or the last borrower dies. You will owe more interest on a reverse mortgage the longer you go without making payments. This may result in you having less equity in your home.
Advantages of reverse mortgages:
- Stay in the home you love
- Eliminate debt repayments
- Increase your monthly cash flow
- Help a child or grandchild
- Enjoy retirement by travelling and dining out more
- Pay for healthcare expenses, renovations or accessibility retrofits
- Give an early inheritance
- Take that dream vacation…and more
Some disadvantages of reverse mortgages:
I prefer to label these “disadvantages” as “facts” for which you need awareness. You need to understand and have perspective about the structure of the reverse mortgage, including the following:
- Interest rates are higher than most other types of mortgages
- The equity you hold in your home may go down as the interest on your loan adds up throughout the years. For this reason, it is not recommended to start a reverse mortgage at the age of 55. The optimal age is around 75.
- There may be less money in your estate to leave to your children or other beneficiaries
If you would like to learn more about how a reverse mortgage may benefit you, please contact me and I’ll be happy to answer any questions you may have and provide you with more information so you can make the right financial decision.
It was great working with Steve as a first-time buyer. Steve was recommended to me by my realtor whose previous clients had positive experiences working with him. I found a place and made an offer with a fairly short financing time frame. Steve worked quickly to find the option that worked best for me. He made me feel comfortable throughout the process, checking in frequently and diligently answering all of my questions. I would recommend Steve to friends and family..
Having dealt with some pretty poor service from TD with our previous mortgage, it was an absolute pleasure to work with Steve. He keeps you constantly informed through the process, and explains the process so you understand it. We were able to complete this whole process without having to drive somewhere for multiple meetings, everything was done via email or at our house at a time that suited our schedule. Definitely will continue to work with Steve in the future. Thanks!
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