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  • Axiom Mortgage Solutions Inc. - Qualification Tutorial
    your GDSR be below 32 As of October 2006 lending practices now allow a GDSR of up to 35 and in circumstances where a borrower s credit is exceptionally strong may allow for a GDSR of up to 39 This coupled with the option of extended amortizations significantly increases consumers borrowing power Total Debt Service Ratio Your TDSR is the percentage of your gross monthly income that is used towards your housing expenses plus your other monthly obligations The expenses used in this calculation are principal and interest taxes and heat plus half your monthly condo fees if applicable plus student loan payments credit card payments and car loan payments etc The following is an example of a TDSR calculation assuming a 150 000 mortgage with monthly payments of 1115 59 Principal and Interest 1115 59 Heat 75 00 Taxes 125 00 Car Loan 200 00 Credit Card Payments 50 00 Total for debt service 1565 59 Gross Monthly Income 3500 00 GDS Ratio calculation 1565 59 3500 4473 or 44 73 In the above example the homeowner is spending 44 73 of their household income on housing expenditures and other debt In order to qualify for a mortgage traditionally lenders have required that your TDSR be below 40 Since October of 2006 lenders can process and approve up to 42 TDSR In the case where a borrower has exceptional credit the lender may allow for a TDSR of up to 44 CREDIT Credit is a critical component but is also one of the easiest to improve given time If you do not know your credit status review your credit report to learn more and ensure accuracy What is a Credit Report A credit report is a history of how consistent you have been at meeting your financial obligations A credit report is created when you first borrow money or apply for credit On a regular basis the companies that lend money or issue credit cards to you banks finance companies credit unions retailers etc send the credit reporting agencies specific and factual information about their financial relationship with you including when you opened the account if you make your payments on time if you have missed payments or have exceeded your credit limit Credit bureaus receive this information directly from the financial and retail institutions and report it They do this to assist new inquiring lenders in making decisions about granting you credit Your credit report is a history that will help lenders determine what kind of lending risk you are and how likely you are to repay your obligation on time What is a Credit Bureau A credit bureau is a private for profit business that gathers and reports your credit information for a fee to whomever has been given permission to request it There are two major consumer credit bureaus in Canada Equifax and Trans Union What is reported Personal identification Name address date of birth and Social Insurance Number SIN Consumer statement Allows the consumer to

    Original URL path: http://ed.ifirst.ca/index.php?option=com_content&task=view&id=29&Itemid=61 (2015-03-14)
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  • Axiom Mortgage Solutions Inc.
    to Apply Now Mortgage Renewal Renewals Term at an end Don t just sign your banks first offer let us help you get the best rate Click here to Apply Now Term Posted Rate Our Rate 1 Year 3 14 2 69 2 Years 3 14 2 24 3 Years 3 80 2 44 4 Years 4 54 2 54 5 Years 4 84 2 73 7 Years 5 30

    Original URL path: http://ed.ifirst.ca/index.php?option=com_cmlm&Itemid=108 (2015-03-14)
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  • Axiom Mortgage Solutions Inc. - Mortgage Calculators
    try our wide variety of mortgage calculators Mortgage Calculator Use this calculator to determine your monthly payment and amortization schedule Mortgage Compare Use this calculator to compare mortgage terms rates and amounts Let us help you decide which loan is better for you Mortgage Payoff Save thousands of dollars in interest by increasing your monthly mortgage payment Mortgage Qualifier This calculator helps you determine just how much house you can

    Original URL path: http://ed.ifirst.ca/index.php?option=com_content&task=view&id=56&Itemid=121 (2015-03-14)
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  • Axiom Mortgage Solutions Inc. - 100% Financing
    just sign your banks first offer let us help you get the best rate Click here to Apply Now 100 Financing There are still a limited number of options available for borrowers without a downpayment FLEX DOWN Down payment is borrowed example Credit Cards Line of Credit and Personal Loan Credit score must be high Insurance premium of 3 35 added to mortgage Client can qualify for best discounted interest

    Original URL path: http://ed.ifirst.ca/index.php?option=com_content&task=view&id=15&Itemid=82 (2015-03-14)
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  • Axiom Mortgage Solutions Inc. - Fixed Rate vs. Variable Rate
    following are some things you will want to consider when evaluating your options between fixed and variable rate mortgage products Can you afford to take a variable rate mortgage There is some risk associated with a variable rate mortgage you need to assess your ability to service the mortgage in the event that rates do rise One of the things you can do to mitigate the risk of rising rates is to fix your payment at a set amount higher than the minimum requirement For example setting your payments based on the current five year fixed rate will allow you to provide a buffer in the event that rates rise Setting your payments higher will also allow you to further take advantage of the lower variable rate by allocating more of your payment to pay down the principal Does a variable rate mortgage fit your risk profile Once you have decided you can afford a variable rate mortgage the next thing you will want to assess is if a variable rate mortgage fits your personality lifestyle and comfort zone If you are the type that can t sleep at night knowing that your rate may change by 25 then a variable rate mortgage may not be the best option for you Many studies suggest that from a historical perspective a variable rate is a good bet Just keep in mind that no one can predict where rates are going to be with any certainty and none of the economists who make the predictions will be making your mortgage payments What should I look for when choosing a Variable Rate Mortgage Payment frequency Make sure you are aware of the options available before deciding Some lenders may not allow certain variations of payment frequency Conversion to fixed rate Does the lender

    Original URL path: http://ed.ifirst.ca/index.php?option=com_content&task=view&id=21&Itemid=83 (2015-03-14)
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  • Axiom Mortgage Solutions Inc. - Purchase Plus Improvements
    build a new one and roll the cost of the improvements into the balance of the mortgage This allows homebuyer to benefit from the low interest rate associated with a mortgage and the simplicity of one mortgage payment while putting down less than 20 of the home s as improved value To acquire this type of mortgage the first thing you must do is make the offer conditional on a renovation mortgage program such as CMHC s Purchase Plus Improvements program The next step is to acquire at least three quotes from contractors to determine the cost of the renovations CMHC will approve a loan of up to 95 of the as improved value of the home or the value of the newly constructed home provided the money you re putting into the home does in fact improve the value While newly constructed homes may receive up to four monetary advances before the home is completed with refinanced or newly purchased homes CMHC only advances up to 95 of the original value You must be prepared then to finance the renovations and improvements up front keep all your receipts and await reimbursement after the renovations are complete and the lender has time to evaluate the as improved value If you re thinking about performing renovations on a new home but you ve put down more than a 20 down payment consider taking advantage of a Home Equity Line of Credit HELOC a low interest line of credit that is secured against your home Example Usual way of financing Purchase Price 300 000 00 Less 5 down payment 15 000 00 Financing Rquired 285 000 00 Plus 3 15 insurance premium 8 977 50 Total Mortgage 293 977 50 Mortgage payment 3 5 1 467 74 month Purchase plus Improvements Purchase

    Original URL path: http://ed.ifirst.ca/index.php?option=com_content&task=view&id=20&Itemid=84 (2015-03-14)
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  • Axiom Mortgage Solutions Inc. - RRSP - Home Buyers Plan
    Rate and Shop with Confidence We are Canada s mortgage experts Click here to Apply Now Mortgage Renewal Renewals Term at an end Don t just sign your banks first offer let us help you get the best rate Click here to Apply Now RRSP Home Buyers Plan Tax savings aren t the only reason to invest in an RRSP With the Federal government s Home Buyers Plan HBP first time homebuyers have the opportunity to put that tax free cash towards a new home Each individual involved in the purchase of the home may withdraw a maximum of 25 000 from their RRSP provided it is the first home for all parties involved The home must be used as a principle residence and all funds must be withdrawn from the RRSP within 30 days of the property s closing date You have 15 years to repay your RRSP loan and payments must start two years after the initial home purchase Every year you will receive a notice of assessment stating the amount you have repaid your total balance and the required amount for your next payment For more information about the HBP visit Canada Revenue Agency s website Back

    Original URL path: http://ed.ifirst.ca/index.php?option=com_content&task=view&id=18&Itemid=85 (2015-03-14)
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  • Axiom Mortgage Solutions Inc. - Line of Credit
    or RRSP contributions renovations vacation cottage investment properties etc The HELOC is secured against your property so the interest rate is much lower than an unsecured line of credit The HELOC is very attractive to investors or self employed individuals as the monthly payment required is very low interest only Clients that have a HELOC also have the added benefit of a fully open mortgage that can be paid down as much as they want at any time with no penalties Also you are able to re draw the funds from the line of credit at any time up to the credit limit It is the same concept as a credit card but with a much better rate As well you only pay interest on the amount of money that you have used not your total credit limit You are able to borrow up to 65 of the value of your home You can keep the line of credit for as long as you own the home So if you pay it off and need money quickly all you need to do is write a cheque You do not have to apply for a new loan With most lenders if

    Original URL path: http://ed.ifirst.ca/index.php?option=com_content&task=view&id=16&Itemid=86 (2015-03-14)
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