Tuesday, November 30, 2010

Brampton Mortgage Approval Tips and Information

Whether you are looking for a mortgage to purchase a home in Brampton or you own a home in Brampton and want to refinance it, you will want to be prepared and take advantage of local resources that are available to you.

Not every consumer is able to just walk into their bank and qualify or be approved for a mortgage. Banks require that you meet a lot of criteria in order to qualify for mortgage financing.

Also, visiting a bank directly is risky because if they pull your credit report and then decline your application, the next place you visit after will have to pull your credit report again. There are many places in Brampton that you can go to seek mortgage advice and information.

A Brampton mortgage broker is a valuable tool in your “mortgage finding” tool belt. They deal with most of the banks and are able to present you with a wide range of mortgage options. In many cases a Brampton mortgage broker will get you a mortgage and charge you little to nothing because in many cases the bank will pay their fees.

If you have had problems with credit or have a weak financial profile, you may have to pay a Brampton mortgage broker a fee because they may have to source out private mortgage financing to accommodate your financial needs.

Even if you plan to obtain a mortgage a month or two from now, establish a relationship with a Brampton mortgage broker, well in advance! They can give you mortgage tips and information so that when you are ready to apply for a mortgage in Brampton, you are well prepared.

For more mortgage tips and information about applying for a mortgage in Brampton or if you have questions about Brampton mortgage brokers please visit www.gtamortgagematters.com.

Tuesday, November 23, 2010

How To Find A Brampton Mortgage Broker

Brampton is a great area to own a home. It is located in the suburbs of the GTA and is close enough to Toronto that you could commute in and out of Toronto for work.

This is one reason that more and more homeowners are selling their homes in Toronto for a more suburban lifestyle in Brampton.
If you are thinking of purchasing a home or own a home in Brampton and want to refinance, then a strong relationship with a good mortgage broker in Brampton is the right choice.

There are too many conflicts of interest present when you use a Real Estate agent to find a mortgage or go directly to a financial institution yourself.

If you visit a Bank or Finance company you are going to be subject to their lending guidelines and restricted to the credit products they are prepared to offer you.

Other mortgage referrers like real estate agents often have a hidden agenda and will be receiving an incentive or kickback from the broker or institution that they refer their client to.

Do your own research. Find a mortgage broker independently, who works with a wide cross section of lenders so that they can present you with a diverse range of mortgage options.

If you live in Brampton you could take advantage of a Mississauga mortgage broker. Mortgage brokers in Mississauga often serve the Brampton and Mississauga areas and are very knowledgeable about the real estate markets and lending guidelines in these areas. They also may have access to private lenders who prefer to lend in these municipalities.

For more information about how to find a mortgage broker in Brampton please visit www.gtamortgagematters.com

Monday, November 15, 2010

How To Prepare To Apply For A Mortgage Loan In Mississauga

You have lots of mortgage options if you live in Mississauga. Mississauga is part of the GTA and very close to Toronto which is a financial hub.

Unlike homeowners who own properties that have lost value (rural properties or properties located in regions with high unemployment rates), Mississauga homeowners have fared well through the recent recession. Some have even seen an increase in their properties value.

Whether you are preparing to obtain a mortgage in Mississauga to purchase or refinance, you should start planning at least one year in advance if you want to get the best deal. To get the best interest rate and most flexible mortgage term you will need to:

 have good credit

 demonstrate good stability

 be able to prove your income

 have low debt service ratios

With this in mind, here is what you can do to start planning to apply for a mortgage in Mississauga.

1. Request your credit report from Equifax and your TrueAssess Financial Report Card.

2. Ensure that all of your taxes are filed up to date and that you can prove your income.

3. Look at your current debt load and come up with a plan to pay down your debt to acceptable levels.

If you know you have poor credit or can’t prove your income, you’re not sunk. You will simply need more money down if you are purchasing a home or alternately if you are refinancing your home; you will require more equity.

The best thing to do if you want to apply for a mortgage in Mississauga, is establish a relationship with a good Mississauga mortgage broker. A mortgage broker in Mississauga will be both knowledgeable about the real estate values in Mississauga but will also know what the best available mortgage options are.

For more information visit www.gtamortgagematters.com.

Tuesday, November 9, 2010

Mississauga Homeowners Refinance Mortgages To Consolidate Credit Card Debt and Save Money

If you are a homeowner in Mississauga you have likely survived the recent economic turmoil. The real estate market in Mississauga has been more stable than some other GTA real estate markets.

In Toronto, the introduction of new Municipal taxes like the land transfer tax has had an impact on the value of some real estate. As a result of the crisis at GM, unemployment rates in Oshawa are amongst the highest in Canada which has also impacted their real estate market.

Homeowners that are drowning in credit card debt turn to their homes to raise funds to consolidate and fortunately so are more Mississauga homeowners; their equity has likely been preserved despite recent economic turmoil.

If you are a homeowner who has credit card debt, refinancing your home to pay it off is a good solution.

You have many different mortgage products to choose from that include home equity lines of credit, first and second mortgages.

Choosing the right mortgage product to consolidate your credit card debt depends on your short and long term financial goals.

You can use financial calculators and see what your payment would be based on different mortgage amortizations. Just because you refinance your mortgage, doesn’t mean that you negotiate a monthly payment based on a maximum amortization term.

If you consolidated $20,000 of credit card debt into a second mortgage at 12.9%, amortized over 5 years your monthly payment would be about $400 per/mo. Because a second mortgage doesn’t interfere, or impact your first mortgage, once arranged, repayment is the same as a conventional consolidation loan.

This is a prime example of why Mississauga homeowners are turning to their homes to consolidate their credit card debt. For more information about refinancing a home in Mississauga to consolidate credit card debt please visit www.gtamortgagematters.com.

Monday, November 8, 2010

Acquiring The Lowest Mortgage Interest Rates in Mississauga

Many home buyers, who are seeking a mortgage, aspire to achieve the lowest mortgage interest rates. By choosing the lowest mortgage interest rates, the borrower can save an extensive amount of money on monthly mortgage payments during the life of the loan. This will notably reduce the chance of a default on the loan. There are a number of factors that can affect the process of securing the lowest mortgage interest rates, many of which are within the buyer’s control.


The borrower’s credit report greatly assists the lender in determining which interest rates are available to the borrower. A person with a high credit score is a more attractive candidate for a loan. In addition, possessing an adequate credit score will also lower the interest rates of the loan. Therefore the borrower’s credit score should be viewed and improved as much as possible to increase the probability of obtaining the lowest mortgage interest rates. The borrower’s credit report should be taken into consideration before entering into the application process. Allowing for a sufficient time frame to improve the credit scores will enhance the borrower‘s likelihood of being granted the lowest mortgage interest rates available.

The economy can have a direct impact on interest rates as well. When the economy is in a state of decline, interest rates also fall. This can be very beneficial to a borrower with a low credit score who already holds a mortgage. Typically in cases like these, the interest rate of the loan is not within the ideal price range of the borrower. Therefore in times of economic turndown, the majority of mortgage applications lenders acquire are those of people looking to refinance in hopes of obtaining a lower interest rate.

One tool that can be very useful to the borrower and can aid in acquiring the lowest mortgage interest rates is a mortgage calculator. Using a mortgage calculator allows the buyer to utilize a wide range of different scenarios to see how the monthly payment will fluctuate. By entering the lowest mortgage interest rates, along with different down payment amounts and prices, the borrower can see which situation will save the largest amount of money. Acquiring the most affordable mortgage with the lowest mortgage interest rates can provide room in the borrower’s budget for income changes and unforeseen expenses. Having adequate funding will significantly lower the chance of a default on the mortgage.

Tuesday, November 2, 2010

How To Qualify For Toronto’s Best Mortgage Interest Rates

If you live in Toronto you have likely felt the budgetary pinch of the high cost of living. Toronto has become one of the most expensive places in Canada to live. Homeowners especially, have faced higher land transfer taxes and rising property taxes, higher utility costs and more.

So when the cost of living goes up, how can you find cushion in your budget so that you don’t buckle under the financial pressure. The first thing you can do is take a look at your current mortgage terms.

Your interest rate, the manner in which it compounds and amortization, all affect your mortgage payment. The first thing you want to do is see if you qualify for not only a better interest rate than what you’re paying, but Toronto’s best mortgage interest rate.

Qualifying for the lowest mortgage interest rate in Toronto will involve having a strong financial profile. This includes having good income, job stability, low income to debt ratios, a credit score that is at least 680 and minimum 3 years of excellent credit and more.

Those with low credit scores, difficulty proving income and debt service ratios may not qualify for Toronto’s lowest mortgage interest rate, but may still have options. Those who have a weaker financial profile can still increase cash flow and reduce their monthly payments through using home equity to consolidate debt. The weaker the financial profile, the more equity they will need to have in their property.

If you want to qualify for Toronto’s lowest interest rates then do some planning. Request your credit report online at Equifax’s website. You can also request your complete financial report card at TrueAssess. You can speak with a mortgage broker to obtain tips on how you can prepare to build the strongest financial profile in order to qualify for the lowest mortgage rates.

At the end of the day understanding your banks requirements will enable you to be successful when the time comes to look for a low interest mortgage. For more information visit www.gtamortgagematters.com.