The Mortgage Centre Mississauga Top 3 Mortgage Financing Tips for 2012

With the Holiday season and New Year right around the corner the Mortgage Centre Mississauga is happy to publish our top 3 mortgage financing tips for 2012.

Mortgage financing tip number 1 - Your bank is not the only game in town.

Many individuals are misguided and think that the bank is the only place to obtain a low interest mortgage. Some think that when their bank declines them for mortgage financing, that it is a sign that they have credit problems. More times than not the bank simply has very conservative lending practices and if you fall an inch outside of their guidelines, you may be declined.

Mortgage financing tip number one is to develop a relationship with a good local Mortgage Broker who can access other funding sources like trust companies, credit unions and mortgage investment corporations. The institutions often offer mortgage interest rates that are comparable to the bank’s mortgage interest rates and won’t make you jump through hoops to get a low interest mortgage approval.

Mortgage financing tip number 2 – If you are using your new mortgage to pay off debt, pay attention to your mortgage amortization. Many people who refinance their home to consolidate debt, make the mistake of extending their mortgage amortization back out over 25 to 30 years. Sometimes a mortgage broker or bank will re-arrange your mortgage this way, assuming that’s what you want.

Ask lots of questions. A mortgage amortized over 20 years will not bear that much greater of a payment than a mortgage financed over 25 years. When you look at all the money you will save on monthly payments as a result of consolidating your debt, there may even be enough savings to reduce the amortization that is left on your mortgage which will see you get your home paid off much faster.

Mortgage financing tip number 3 – Variable rate mortgages are still a favourable choice when obtaining mortgage financing. Mortgage interest rates in Canada are still at historic lows. Ride the low interest mortgage rate wave while you can. Some folks fear variable rate mortgages because they know that if interest rates increase, so will their mortgage rates. Many lenders who offer variable rate mortgages offer an option to lock-in. This means that if mortgage interest rates go up, you can lock into a fixed rate mortgage at any time.

If you are thinking about refinancing your mortgage, the end of the year is a better time than ever to do it. People who list their homes over the holiday season will often list for less because so many folks are pre-occupied with the holiday season so there is less demand. This is a perfect opportunity to get a great deal on a home. If you were thinking of securing mortgage financing to consolidate your debt, you are in a position to start the New Year with a single low monthly payment.

We at the Mortgage Centre Mississauga wish your family all of the best in the upcoming holiday season and the New Year and hope that you have found these top 3 mortgage financing tips useful.

For more information about the Mortgage Centre Mississauga and our top 3 mortgage financing tips for 2012 please contact Paul Mangion by calling (416) 204-0156 or by visiting www.gtamortgagematters.com.

Toronto Christmas Sales on Mortgages – Consolidate Debt and Start 2012 Debt Free

Christmas is right around the corner and there is so much to do. It seems that every Christmas season our schedules are filled with work holiday parties, family get-togethers and let’s not forget Christmas shopping. The last thing on most people’s minds are bills, that is unless you are one of the many Greater Toronto Area (GTA) families carrying a large debt load coming into the holiday season.

Many families are still recovering from debt that they incurred during and after the recent recession. Yes, it was three years ago but to most it feels like yesterday, especially when reviewing monthly credit card statements.

When times get tough it is easy to turn to credit cards to make ends meet and three Christmas’s post-recession, the average debt load of a GTA family sits at $40,000, which is a staggering number. To save money we might find savings by pursuing Christmas sales. Christmas sales are not only found at the mall. There are Toronto Christmas mortgage sales on mortgages all around us.

You may be thinking, Christmas mortgage sales? I have no time to think about my mortgage right now! Now is a better time than ever to take a good hard look at your mortgage and here’s why. Interest rates are still at historic lows and are much lower than the interest you are paying on your credit card debt. You can consolidate debt and start 2012 debt free.

Just like your local Toronto shopping centre may be promoting their latest deal, many Mortgage Brokers in the GTA are holding fantastic Toronto Christmas sales on mortgages, helping families in the GTA to consolidate their debt. The average time it takes to refinance a mortgage in the GTA is 2-3 weeks, so there is more than enough time to get your finances straight before the holiday rush.

If you want to refinance your mortgage to consolidate your debt by obtaining a new first mortgage, a second mortgage or a home equity line of credit, it is a simpler process than you may think, that is if you have a good Mortgage Broker.

1.       Your first step should involve finding out who is offering Toronto Christmas sales on mortgages.

2.       Once you make an application for a new mortgage, it usually takes 2-3 days to get approved if you provide complete information.

3.       If you obtain a CMHC insured mortgage, you will not need to have your home appraised. If you are obtaining a mortgage that is not CMHC insured and need an appraisal, this is not a big deal. An appraisal can usually be completed in 3-4 days (depending on your schedule) and simply involves an Appraiser making a brief visit out to your home.

4.       Next you will visit your Mortgage Broker to sign your new mortgage documents and the documents will be sent back to the mortgage lender who was offering the Toronto Christmas sale on mortgages.

5.       Finally, you will have to attend one final appointment to sign off on the final mortgage documents and presto, you will receive your money.

You can use that much needed cash to pay off your credit card and other debt and the best part is you will sail through December bill free. When January comes, you will not have to face the landslide of credit card bills you likely have in past years. Because you have made the wise choice to consolidate debt before the New Year, you will start January paying less interest and a single low monthly payment. Doesn’t this idea just make you want to sing Jingle Bells?

For more information about Toronto Christmas sales on mortgages to consolidate debt and start 2012 debt free contact Paul Mangion by calling (416) 204-0156 or by visiting www.gtamortgagematters.com.

Debt Relief Options Start at The Mortgage Centre in Mississauga

Debt relief options can sometimes be limited to where you live. Homeowners in the greater Toronto area, including in Mississauga, tend to have more mortgage refinancing options than homeowners in rural areas or areas outside of major cities.

Mortgage refinancing is a great choice if you are looking for debt relief options. If you own a home, refinancing your mortgage can offer you debt relief options and flexibility. Mortgages are often less interest than unsecured loans and other forms of debt consolidation. Mortgages also offer a single low monthly payment and enable you to preserve your credit report, credit score and relationships with your creditors.

As a result of aggressive advertising on the part of Bankruptcy Trustees and Debt Counsellors who advertise debt consolidations, many consumers find themselves making debt settlements with their creditors or filing consumer proposals to find debt relief. This can have devastating impacts to your credit report, destroy your relationships with your creditors and limit future financial options. Often consumers think that they are getting a debt consolidation when they do this, but debt settlements and consumer proposals are not debt consolidations.

If you own your home there are often other debt relief options out there that don’t involve debt settlements or consumer proposals that destroy your credit. You may be thinking that you have applied to your bank for a mortgage to consolidate debt in the past and were told no, or that your credit is so bad that no one will offer you a mortgage. This is often not the case.

Mortgage brokers have access to many mortgage financing options outside of the bank. The Mortgage Centre in Mississauga is an example of a super brokerage who deals with many lenders outside of the bank. Super brokers are the most reputable Mortgage Brokers you can deal with. These are not independent brokers. Super brokers like the Mississauga Mortgage Centre are part of a large mortgage broker network and with that comes credibility and accountability. There are over one hundred locations in the mortgage centre franchise.

Through super brokers like the Mississauga Mortgage Centre you can obtain mortgage financing through lenders like finance companies, trust companies, credit unions, mortgage investment corporations and private lenders. These lenders are not as strict as the major banks and will often grant financing to an individual who has some past bad credit or difficulty proving their income.

Proceeds of a mortgage refinance can be used to pay off credit card debt and start fresh with a single low monthly payment. This is a debt relief option that can not only provide you with a fresh financial start but can also enable you to rebuild your credit as opposed to destroying it.

When refinancing your home, discuss all of your financial options with your Mortgage Broker. Mortgage refinancing can provide a lot of financial flexibility. Choices could include a new first mortgage, a second mortgage or a personal home equity line of credit – all of which are good debt relief options to deal with debt.

For more information about debt relief options and the Mortgage Centre in Mississauga contact Paul Mangion by calling (416) 204-0156 or by visiting www.gtamortgagematters.com

Mississauga Mortgage Broker Finds the Low Interest Mortgage Financing Options over the Holidays

The holiday season is right around the corner and holiday shopping mania is about to begin. Whether you like to prepare for the holidays in advance or are a last minute shopper, holiday financial planning could mean the difference between a stress free new year and facing a landslide of credit card bills.

Homeowners have many options as it relates to holiday financial planning and now is a better time than ever to consider consolidating your debt. Your home is your best shot at securing low interest mortgage financing and there are currently many low interest mortgage financing options available in Ontario.

Low interest mortgage financing options could include a secured line of credit, a first mortgage refinance or a second mortgage, and the best option for you will depend on your personal financial circumstances and the type of debt you are looking to consolidate.

Those who don’t have a lot of debt ($15,000 or less) may be best suited for a line of credit. Lines of credit generally offer low interest rates and you only use what you need. A line of credit is considered a low interest mortgage financing option and gives you the flexibility of a low monthly payment with an option to pay as much as you want (when you have extra money). If you live in Mississauga, a Mississauga Mortgage Broker can help you to obtain a low interest line of credit that offers you the maximum benefits.

If you owe $16,000 - $25,000 in debt a second mortgage may be the best choice. Because second mortgages offer a fixed repayment, this low interest mortgage option will enable you to consolidate your debt and fix your monthly payment so that you know when you will be debt free. With second mortgages, you can set your amortization as low as 5 years which is essentially a 5 year consolidation loan. After you make your payments over 5 years, your debt is paid in full. A $25,000 mortgage financed on a 5 year amortization could bear a monthly payment as low as $500 per/month.

If you owe more than $25,000 in debt, refinancing your first mortgage is likely the best choice. Once you have accumulated a significant amount of debt, a second mortgage amortized over a short period of time may bear a monthly payment that is too much for your budget to take. Refinancing your first mortgage is an excellent low interest mortgage financing option that will create immediate cash flow and put an end to multiple payments to various credit cards.

All of these low interest mortgage financing options will enable you to consolidate your debt, will reduce your payments to one single monthly payment and allow you to start the New Year off without the usual landslide of credit card bills come January. Homeowners in Mississauga should consider speaking to a local Mississauga Mortgage Broker for the lowest interest mortgage financing options that are available locally. For more information about low interest mortgage financing options from Mississauga Mortgage Broker Paul Mangion, call 416 204 0156 or visit www.gtamortgagematters.com