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  • Buying a home with no money down | Buying | Mortgages | 1.866.257.0158
    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 Most people that rent think that in order to buy a home they need to have a ton of money saved up This just isn t true It doesn t matter if we call it No Down Payment Cash Back Mortgage or No Money Down At the end of the day all these programs do is allow you to buy a home with no money down The fact is you can buy a home with first and last month s rent Does this mean there is no cost to you No In some cases you will be required to pay the legal fees to close even though you are buying a home with no money down However the legal fees are not usually more than first and last month s rent We can even arrange to get you the money for the closing costs Is some cases where people are looking to buy with no money down it is possible to arrange with the lender to provide the money to pay the legal fees up to an extra 3 Basically the bank will give you the money for the down payment and closing costs at the lawyer s office This means that you won t have to pay anything at all Why are you renting With the programs that are available I don t know why more people don t buy homes Why pay off someone else s house when you can pay that same equity

    Original URL path: http://www.moneytime.ca/mortgages/purchasing-a-home/no-money-down (2014-10-22)
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  • Gifted Down Payment | Buying | Mortgages | 1.866.257.0158
    are those that buy their home with 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 Confirmation of down payment When you buy a home if it is with a mainstream lender it is required for the mortgage lender to verify where the down payment came from They are verifying a couple of different things First that the money is had not come from any illegal activities Second they are verifying that the money is not coming from a borrowed source ie loan credit card or line of credit There are basically two options when it comes to the verifying the source of funds From own resources Depending on where the money is coming from the requirements are different Bank account If the money is in a savings account or chequing account it will be required to show an accumulation of the funds from within your bank account for the most recent 90 day period This means that you would be required to show your bank statements for the last 90 days The account statements shown can be paper based or from your online bank account however they must have your name on them If for some reason your name is not on them you can show a void cheque or something else that shows your name and account number so that they can be cross reference RRSP If the money is sitting in some type of an invesment account ie RRSP TFSA etc you will need to provide your most recent statement No further documentation is usually needed Gifted down payment When the money is being given to you by

    Original URL path: http://www.moneytime.ca/mortgages/purchasing-a-home/gifted-down-payment (2014-10-22)
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  • Jumbo Mortgage in Canada | Buying | Mortgages | 1.866.257.0158
    others don t consider jumbo mortgages until you are borrowing over 1 000 000 1 Million Lending limits All banks lenders and mortgage companies have guidelines and rules Within these guidelines are their lending limits and they have both minimum lending limits and maximum lending limits The confusing thing is that the method that they calculate the lending limits changes from lender to lender For example Lender A might have a maximum loan amount of 1 2M but when it comes to calculating the Loan to Value it might be on a sliding scale Meaning they might allow 95 of the first 600 000 85 of the next 250 000 and 65 of the remaining amount These numbers don t mean that this is what is available or that this is all you can get I m simply showing one ficticious example of how the rules guidelines might change how the lender will lend and how much There are so many different lenders and each one has their own guidelines that it is important to call the office if you are looking for a Canadian jumbo mortgage so that I can help you with your specific situation Mortgage rates In the USA the term jumbo mortgages typically comes attached with higher interest rates This is not necessarily the case in Canada In fact there is usually a very good chance that you can get fully discounted rates with a jumbo mortgage Larger house larger mortgage larger risk Many clients and prospective clients don t understand why a jumbo mortgage application goes through such scrutiny The fact of the matter is that with a larger mortgage comes a lot more risk Think of it this way Every bank lender and mortgage company has a default rate This means that they know

    Original URL path: http://www.moneytime.ca/mortgages/purchasing-a-home/jumbo-mortgages-in-canada (2014-10-22)
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  • Refinancing | Mortgages | 1.866.257.0158
    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 Refinance for a lower rate Mortgage interest rates are so low right now they are low in fact that they are still sitting near their all time lows Just because you might be mid term right now doesn t mean that you can t take advantage of these ultra low rates In many cases you can SAVE THOUSANDS AND THOUSANDS of dollars by refinancing your mortgage for a lower rate Read more Equity Take out The term Equity Take out Mortgage is the process of taking money out of your property for a different purpose Property values are constantly changing After the credit crunch in 2008 the values of homes out West Alberta British Columbia have really been hit hard In some cases these valuation drops are so significant that there is a negative equity situation Meaning there is more money owed than the property is worth Read more Debt Consolidation We re all creatures of habit for some of us the habit is to pay off debt and for others the habit is to utilize credit The trouble is when you don t know what category you fall into There are many people out there that think they don t use their credit cards that much but if you add up their debts it can be quite substantial Once people decide that enough is

    Original URL path: http://www.moneytime.ca/mortgages/refinancing-a-mortgage/ (2014-10-22)
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  • Debt Consolidation | Refinancing | Mortgages | 1.866.257.0158
    be quite substantial Once people decide that enough is enough and now they really want to work on paying off their debt the first place they tend to go is their bank The problem is that this usually not the best place to go for many reasons the least of which being that they are out for their bottom line Where did all the money go In recent years banks have really been cutting back their unsecured lending This means that they the banks are tending not to lend money to people without using some sort of collateral ie house car boat etc The reason being if the borrower doesn t pay the loan back they have nothing to take from you of the same value The best that they can hope for is to take you to court and get a judgement to get the money This creates an added finanical cost in addition to a lot of time to recoupe their money Use the equity in your home and save big One of the most valuable assets that you own is your home properly used this asset can help you get out of debt Using the equity from your home to consolidate your debts is a powerful way to improve your financial situation In most cases we are able to help our clients lower there monthly payments by 500 to 1000 AND we are also able to show them how to cut on average 5 years off their mortgage at the same time For example let s say you save yourself 500 mth your natural reaction might be to buy something because now you have extra money every month to pay the payments This is the worst thing you can do Many banks and lenders will encourage you to do a mortgage loan refinance and debt consolidation but then not offer you any further advice I m different As a Financial Advisor I look at things differently than a typical bank rep or mortgage broker I look at the whole situation and how I can help you improve all areas reducing debt increasing lifestyle and creating wealth Check out how you can become DEBT FREE in 12 years and have 91 000 to show for it Before Debt Consolidation Item Value Pmt Mth House Value 275 000 Mortgage 160 000 1 261 TD Visa 4 758 143 PC M C 6 321 189 TD Line of Credit 9 765 195 Car 1 8 243 247 Car 2 12 946 404 Total Debt 202 033 2 439 After Debt Consolidation Item Value Pmt Mth House Value 275 000 Mortgage 202 033 1 814 TD Visa 0 0 PC M C 0 0 TD Line of Credit 0 0 Car 1 0 0 Car 2 0 0 Total Debt 202 033 1 814 That s a savings of 625 mth In this case consolidating would save the homeowner 625 month over 12 years If the homeowner then invested only 400

    Original URL path: http://www.moneytime.ca/mortgages/refinancing-a-mortgage/debt-consolidation (2014-10-22)
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  • Equity Take-out | Refinancing | Mortgages | 1.866.257.0158
    About Jim Thornton Equity Take out Benefits of mortgage refinancing Lower payments Save thousands on interest Lower balance at maturity If you are considering a mortgage refinance Call Today Toll Free 1 866 257 0158 The term Equity Take out Mortgage is the process of taking money out of your property for a different purpose Property values are constantly changing After the credit crunch in 2008 the values of homes out West Alberta British Columbia have really been hit hard In some cases these valuation drops are so significant that there is a negative equity situation Meaning there is more money owed than the property is worth The rest of the country was a lot more fortunate with the valuations of homes First off the home values didn t climb quite as high as the West secondly the property values stagnated slightly but have since risen even more creating more available equity Available equity To find out if you have enough equity available for what you want to do calculate the following 85 of Estimated Market Value Mortgage Balance s Total Equity The maximum that you can access for an equity take out is 85 of the Estimated Market Value The Canadian goverment implemented this guideline shortly after the credit crunch Refinancing your mortgage If you already have a mortgage on the property you will need to do a refinance in order to get the equity take out mortgage The process of refinancing is simple basically the broker will get you approved for the new mortgage and on closing the new lender will payout the old lender and you will get the left over money New equity take out mortgage If your house is currently free and clear meaning there are no mortgages on it then you will need to

    Original URL path: http://www.moneytime.ca/mortgages/refinancing-a-mortgage/equity-take-out (2014-10-22)
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  • Refinance for a lower rate | Refinancing | Mortgages | 1.866.257.0158
    Investing in stocks or equities Education funding for yourself or a child RRSP top up Opening a new business If you are thinking of doing any of these things Call Today Toll Free 1 866 257 0158 Mortgage interest rates are so low right now they are low in fact that they are still sitting near their all time lows Just because you might be mid term right now doesn t mean that you can t take advantage of these ultra low rates In many cases you can SAVE THOUSANDS AND THOUSANDS of dollars by refinancing your mortgage for a lower rate Refinance mortgage for a lower rate Homeowners often inquiry how they can get a lower rate on their mortgage In many cases they think that a phone call to the lender is enough for them to just drop the rate however this is not the case The process of getting a lower rate on your mortgage is called refinancing This is when you actually pay off your existing mortgage and a new mortgage is issued Some lenders might call it early renewal but this is just a play on words to try and stop you from shopping around to get the best rate In order to refinance your mortgage for a lower rate your broker will get you approved for a new mortgage During the process the new lender will be told which bank you are currently with and they will make arrangements for your current mortgage to be paid off in full From there your solicitor will be instructed on what to do Refinance mortgage to lower your payments By refinancing your mortgage for a lower rate you will ultimately get a lower mortgage payment if the amortization period remains the same or is lengthened The lower payment on your mortgage will be your payment going forward Save thousands by refinaning your mortgage The total savings over the term of a mortgage can be absolutely huge after you refinancing Now keep in mind you will incur expenses for refinancing your mortgage These expenses will include but are not limited to interest penalty for breaking your mortgage discharge fee appraisal fee and legal fee There is no way to tell you exactly how much your expenses will total until the process is complete but you can find out how much your penalty will be by simply calling your existing lender and asking them how much your penalty would be if you paid off your mortgage today Whatever amount your lender gives you is only good for that day but it will give you an idea The amount can change based on interest rate movement and time to maturity Once you get your penalty amount call me and I will help you try and figure out whether it is worth it for you to refinance for a lower rate In many cases you can save thousands of dollars in a very short period of time Your total savings will

    Original URL path: http://www.moneytime.ca/mortgages/refinancing-a-mortgage/refinance-for-a-lower-rate (2014-10-22)
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  • Mortgage renewals | Renewals | Mortgages | 1.866.257.0158
    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 Mortgage renewals Get the best when renewing your mortgage Rate protections for up to 6 months Fast approvals No cost switches on renewal If your mortgage is renewing in the next 6 months Call Today Toll Free 1 866 257 0158 Canadian mortgages are setup differently from their U S counterparts In the USA it s very common to see 25 or 30 year mortgages In Canada the most common mortgage term is 5 years Your mortgage can still be spread out over 25 or 30 years but the term with a particular lender is for a shorter period of time Process when your mortgage renews Regardless of the term that you have chosen at the end your term your mortgage is up for renewal This technically means that your mortgage has matured and the balance is now due and payable Typically what happens at this point is that you will get a renewal offer from the lender In recent years banks have been leaving the renewal offer to the last month or so Basically they hold off sending out the letters until the timelines are so short that the client doesn t really have enough time to shop around Start looking 6 months prior to your mortgage renewal I ve deal with lenders that will allow us to lock in rates for as long as 6 months prior to closing This means that if you call me 6 months before your mortgage renews I can get you approved and protect your rate from rising The beautiful thing is that if the rate goes lower I can still get

    Original URL path: http://www.moneytime.ca/mortgages/mortgage-renewals/mortgage-renewals (2014-10-22)
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