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  • Jim Thornton (Mortgage Broker in Brantford) - 1.866.257.0158
    Gifted Down Payment Jumbo Mortgages Million Plus Refinancing Debt Consolidation Equity Take Out Lower Rate Lower Payment Renewals Rentals Single Family Homes Duplex 2 units Multi unit 3 4 or 5 units Mixed use Multi unit Residential Rentals 5 units Blog About What is Moneytime ca About Jim Thornton First Time Buyer A feeling like no other Buying your first home is a dream come true Debt Consolidation It s not just about money Being debt free means that you have the freedom to do what you want when you want to do it All the banks want to do is sell to Clients Ex banker spills the beans Having been in the mortgage industry for a decade one thing that I am always trying to do is get my clients to understand that the bank is a profit machine The banker is an employee of the bank and therefore told to make money for the bank As employees of the bank they are held to a different in my opinion lower standard than mortgage brokers Read more The benefits of cash back mortgages In 2008 the governement of Canada decided that CMHC Genworth and Canada Guaranty could no longer insure mortgages with no money down 100 financing They did not change the rules at that time regarding cash back mortgages and those programs still exist today Cash back mortgages are a fantasic way for anyone to buy a home Here s how it works Read more The ultimate advantages of working with a mortgage broker in Canada In Ontario and throughout Canada working with a mortgage brokerage rather than dealing with a bank has many advantages One of Canada s largest and fastest growing mortgage brokerages is RMA We have grown our brokerage by providing a wider and more

    Original URL path: http://www.moneytime.ca/ (2014-10-22)
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  • About Jim Thornton | About | 1.866.257.0158
    works with multiple Canadian mortgage lenders banks and insurance companies Head Office 578 Upper James Street Hamilton ON L9C 2Y6 Click here to Apply Online Get approved in as fast as 24 hours X About Us Jim Thornton RMA Call Today 1 866 257 0158 Buying Pre Approvals First Time Buyers Repeat Buyers Purchase Plus Improvements Self Employed Buyers No Money Down Gifted Down Payment Jumbo Mortgages Million Plus Refinancing Debt Consolidation Equity Take Out Lower Rate Lower Payment Renewals Rentals Single Family Homes Duplex 2 units Multi unit 3 4 or 5 units Mixed use Multi unit Residential Rentals 5 units Blog About What is Moneytime ca About Jim Thornton About Jim Thornton Hi my name is Jim Thornton and I m a mortgage broker with RMA also known as Real Mortgage Associates I ve been in the finance business since 2002 starting as a Financial Advisor with Clarica At the age of 18 I started in the world of finance I started by opening my first RRSP and and I just became addicted to the subject and everything about it I love working with various tools and using different techniques to help build wealth for myself and my clients At the end of 2004 I started mortgage brokering as an addition to the products and services that I offered my clients I discovered very quickly that my history as a Financial Advisor gave me a unique perspective when it came to dealing with clients and offering recommendations I not only look at situations as a Mortgage Guy or a Banker but I look at them as a Financial Advisor and whether those recommendations make sense financially Just because you can doesn t mean you should In short my advice is based on Is this something that I would

    Original URL path: http://www.moneytime.ca/about/jim-thornton (2014-10-22)
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  • Buying | Mortgages | 1.866.257.0158
    the minimum 5 down those that want to avoid CMHC and Genworth by putting a minimum of 20 and then there are those that don t have the money or at least not the full 5 downpayment required Read more Buying a home with no money down There are thousands and thousands of people that are renting in your city Whether you live in Toronton Mississauga Brampton Hamilton Oakville Burlington Brantford London Cambridge the list goes on there are people renting here there and everywhere I talk to people all the time that are renting and the sad thing is that about 60 of them had no idea that they could buy a home with no money down They are renting moving renting again because they think it is what they have to do Read more Get a mortgage when your self employed My parents were self employed my grand parents were self employed and aunts and uncles were self employed I come from a very entreprenuriel family that fully support and tout the entreprenurial way Growing up I saw this and was raise to believe that it is the best way to succeed in life I m very grateful that my parents taught me this as I ve been self employed my whole working life out of school that is I ve experienced first hand the benefits and frustrations of being self employed Read more Purchase Plus Improvements Finding your dream house is extremely difficult so as a result we often have to compromise on the new home we buy and then fix it up the way we want Getting a mortgage under the Purchase Plus Improvements program is a great way to get the renovations done I m sure you would agree that it is not a good

    Original URL path: http://www.moneytime.ca/mortgages/purchasing-a-home/ (2014-10-22)
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  • Get pre-approved for a mortgage | Buying | Mortgages | 1.866.257.0158
    257 0158 The first step to buying a home should be getting preapproved for a mortgage This is arguably the most important step for a few different reasons How much of a mortgage can I qualify for First and foremost it allows you to find out how much you can qualify for Notice the wording I didn t say how much you can afford I said how much you can qualify for It s important to understand the difference between what you can qualify for and what you can afford Borrowing guidelines determine how much someone can qualify for when applying for a mortgage and what you can afford is determined by completing a household budget and deciding how much you can afford comfortably Sometimes the two are not that same Remember just because you can get approved for a higher mortgage doesn t mean you should Save your time by getting pre approved By getting pre approved for a mortgage you are able to know up front whether you qualify for a mortgage or not This means that you aren t going to waste your time or your Realtor s time by looking at houses when you can t get approved Too often people look at dozens of houses without getting pre approved Unfortunately that ends up wasting their time and their Realtor s time As a matter of fact most Reator s today want to know that a client is pre approved prior to showing them the first home Guarantee your rate By getting pre approved for a mortgage you are able to guarantee your mortgage interest rate for a set period of time This length of time can vary from one lender to another ranging anywhere from 30 days up to a full year The nice part is that when you guarantee your mortgage rate it means that if the interest rates go up within the guaranteed period that your interest rate is protected If the closing date falls within the guarantee period then you will get your guaranteed rate even if mortgage rates have gone up There are even certain lenders that will automatically give you the lower rate if mortgage rates go down further Not all pre approvals are created equal Many people think that a pre approval is a pre approval is a pre approval Confusing huh Well it s important to note that not all pre approvals are the same they vary from lender to lender The conditions of the pre approval change the policies change around rate guarantees too Most importantly getting a pre approval from a local bank branch can be devastating Banks and lenders are businesses The bank representatives job is to get you to complete an application and to try and stop you from shopping around As a result when the bank pre approves someone THEY ARE NOT APPROVING YOU They are just saying based on the information you told us we ll approve you for XXX XXX at

    Original URL path: http://www.moneytime.ca/mortgages/purchasing-a-home/pre-approvals (2014-10-22)
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  • First time home buyers | Buying | Mortgages | 1.866.257.0158
    again Make your offer conditional Any Realtor worth their salt will not allow you to submit an offer without placing conditions in the offer This is important especially as a first time home buyer Putting a condition in the offer protects you from being force to buy a lemon of a house It also protects you from having to buy the house if the bank says they won t lend you the money for some reason Here are the conditions that you want to make sure that you put in an offer Financing After getting pre approved for a mortgage it s not over you still need to get a formal approval The bank or CMHC Genworth might not like the property or area that you are buying in and might still come back and say no Therefore you need to have a condition in the offer that protects you from this This condition typically gives a first time home buyer 7 days from the date of acceptance to find mortgage financing That s where I come in You contact me and I ll go ahead and find the financing for you If for some reason the banks don t want to do it you simply let the offer expire and you get your deposit back Home Inspection This condition is typically for 7 to 10 days from the date of acceptance as well It allows you time to hire a professional home inspector to look at the property you are buying and make sure that you really know what condition it is in The home inspector with go through the whole house including the roof weather permitting and the attic looking at windows the basement overall structure etc They will go through and find out as much as they can about the condition of the house This usually costs about 450 and yes the cost is your responsibility A lot of first time home buyers don t want to pay the money for that because they don t understand the importance PAY IT It is so important to protect yourself Hopefully it is money wasted but in the even that the inspector finds something big you will be thanking yourself for spending the money FYI A family member that is in construction is not a trained inspector Inspectors know exactly what to look for Insurance This is an important one that is very common Having a cluse condition of insurance in your offer guarantees that you won t have to buy the house if you can t get reasonable insurance For example some old houses still have knob and tube wiring in them Insurance companies don t like knob and tube wiring as it can be a fire hazard especially as it gets older Most first time home buyers don t realize the ramifications that things have on your insurance rates so you should make sure this condition is there In this example it is likely that the insurance

    Original URL path: http://www.moneytime.ca/mortgages/purchasing-a-home/first-time-home-buyers (2014-10-22)
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  • Repeat Buyers | Buying | Mortgages | 1.866.257.0158
    end up paying Get pre approved and lock in your rate Take a look at the pre approvals page this site and you will find there are many benefits of getting pre approved these benefits also apply to repeat buyers Getting pre approved should really be the first thing that you do when you are considering selling your home and buying another one Even though you know that you are going to have no problem getting approved for a mortgage it s still really importanted to get pre approved Take a look at the pre approvals page and you will see why Find a Realtor you can trust and list your home I always recommend to my clients that you should have a Realtor that you can trust Don t just pick the Realtor that is selling the house you want to buy Take the time to go out and find a Realtor BEFORE you start looking at homes Be careful when it comes to Buyer Representation Agreements as there can be drawbacks to signing one A B R A is designed to protect Realtors from wasting their time They serve a great purpose as many people do not consider the time effort and cost involved with serving clients These agreements basically guarantee that if you buy a home within a certain length of time within a certain geographical area that you agree to let them handle the purchase for you so that the Realtor can receive the commission for the sale If you end up buying a house using a different Realtor or even privately you are agreeing to pay them a set commission rate based on the price of the house that you buy or a flat fee It is understandable why Realtors today get them signed but here are a couple of tips for you to consider Length of time Don t sign agreements that are long I would keep it to 3 or 6 months at the most I ve seen them as long as 1 year but I think that is way too long Realtor you can work with Make sure you like the Realtor before you sign the agreement There are a lot of cases where people start looking at houses with their Realtor and realize they don t like them or worse can t trust them Make sure you can work with that Realtor because you re stuck with them once you sign a B R A Geographic area Don t take a vague geographic description like Ontario or South Western Ontario I ve had clients looking within the city limits of London Ontario and then found that they didn t like anything They decided to look in Brantford Ontario a completely different area but they were forced to use a Realtor that didn t know the city because their B R A said Southern Ontario and was for 1 year in length The best thing to do is to sign a B

    Original URL path: http://www.moneytime.ca/mortgages/purchasing-a-home/repeat-buyers (2014-10-22)
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  • Purchase Plus Improvements | Buying | Mortgages | 1.866.257.0158
    home The purchase plus improvements program allows home owners to bury the cost of renovations into their mortgage after closing By avoiding this extra debt it allows home owners to stay above water and not fall behind on their mortgage payments or other monthly obligations Before getting a mortgage under the purchase plus improvements program please review the following tips as there are some important things to consider before applying for it Who can get a mortgage under the purchase plus improvements program This program is available to purchasers that are insterested in improving the property once they own the property but would like to add the cost of the renovations onto the mortgage The program is offered by CMHC and Genworth and applies to purchases with 5 down Unfortunately banks are not allowed to lend based on what your house WILL BE worth when you finish your renovations only what it IS worth now That s why some banks have come up with the purchase plus improvements program It may be possible to get the funds for your renovations but you need to understand how the program works and who offers it It s not available everywhere but that s where I come in I will help determine which bank will be best suited for your individual needs There are some restrictions to the program but I will gladly sit down with you and take the time to explain what they are Who qualifies as a professional contractor A professional contractor is just that someone that performs renovations for a living You will need to get a proper written estimate of the work being completed detailed Please verify that the invoice includes a GST registration number as the lenders will likely want to see that How much can you get for improvements There is no set amount as to what you can get for improvements all lenders are different The best thing to do is call my office and discuss with me your plans and we can find the best lender for the job There are some basic guidlines If you are looking at renovations worth less than 10 of the total value of your new home then it greatly simplifies things As the value of the renovation increases it becomes a little more involved in organizing the advances however it is still very do able Larger renovation projects ie over 40 000 can be done in stages Basically you can start the project and when you get done a certain amount they will advance a portion of the money at the next stage they will advance more and so on There can be up to 4 advances for the renovation project You get the work done and then you get reimbursed A deal breaker for many people looking for a mortgage under the purchase plus improvements program is the fact that the bank will not advance the funds until the work is complete This means that you have

    Original URL path: http://www.moneytime.ca/mortgages/purchasing-a-home/purchase-plus-improvements (2014-10-22)
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  • Get a mortgage when your self-employed | Buying | Mortgages | 1.866.257.0158
    hours taking vacations and not having to answer to yourself On top of that there is the added frustration of trying to get financing for things Fortunately some banks and lenders are realizing that self employed borrowers provide a greater chance for success and stability As a result there are different programs that are available for self employed borrowers One such program is the ability to gross up your income another is to add back certain expenses and the other is a stated income or equity program Being self employed for the last 18 years has allowed me to really understand the in s and out s do s an don t of borrowing money I would call myself an expert in the field of getting mortgages for self employed people because of my extensive experience both professionally and personally Below are the differnent programs broken down including what is required for each one Gross up your income Line 150 On your CRA Notice of Assessment for the most recent year the top line is usually Line 150 This shows your gross taxable income for the previous year after expenses but before taxes One option we have is to gross this number up and use the higher number Some of the banks and lenders will allow this because they know that self employed individuals are able to write down their income and as such their gross income tends to be higher than what is reported on Line 150 The benefit to using this method is that there is no added CMHC Genworth premiums Add bank certain expenses your taxable income With some lenders they will allow us to review your tax returns along with the corresponding CRA Notice of Assessment When reviewing the tax returns I m able to extract certain expenses and add them back to your Line 150 instead of doing the gross up In most cases using add backs will result in a higher income than just the grossing up line 150 The benefit to this method is that the resulting income is usually higher than grossing up and there are still no added CMHC Genworth premiums Self declared income The last method that is available is self declaring your income This is just as it sounds you state the gross income that you have earned Keep in mind that although you can state your gross income before all your deductions this does not give you permission to fraudulently submit a fake income to the lender The intention of this program is to provide a method for people to use an income that wouldn t normally be acceptable by a lender There is a reasonability test for the income being used By this I mean that your income declared must be within reason to that of someone else in the same profession While it is possible for a plumber to make 300 000 per year it is not the norm Therefore the lenders might not allow you

    Original URL path: http://www.moneytime.ca/mortgages/purchasing-a-home/self-employed-mortgage (2014-10-22)
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