Imagine a life with no mortgage. How satisfying it would be knowing that your home is truly your’s. So much cash in hand and much more savings when there is no financial obligation such as the mortgage.
Home financing may bring challenges. Be prepared to deal with as they come up. These can include a loss of income, increased expenses or rising interest rates. The following tips can ensure you’re financially stable through any ups and downs.
You should have downpayment ready, Plan a budget. Check your credit if established. Support your application with required documents. We are Reliable, Trustworthy and dependable.
5 Tips when you are Refinancing Your Mortgage
1. KNOW YOUR CREDIT SCORE
Most people don’t know about the credit. It is vital to have exact credit score and complete report. Your report plays a vital role to assess the chances for successful refinance application.
2. KNOW YOUR EQUITY
If you looking for cash from refinancing your mortgage, you have come to the right place. Your equity in the home is calculated based on the percentage of your home that you have paid off.
3. SPRUCE UP YOUR PROPERTY
Improve the exterior if possible.Your curb appeal can help you with a successful appraisal. Lawn mowing and light cleaning can influence overall appraised value.
4. ORGANIZE YOUR DOCUMENTS
Your lender might ask you for additional documents to support your request for refinance. Send the documents without delay to ensure a smooth closing.
5. CONTACT FINSER MORTGAGES
We are Mortgage Professionals. We offer customized Refinance Solutions for clients with unique needs. Let us help you find the right refinance solution.
Mortgage refinancing can help you to find the right plan for your situation. It can help you to update your financial status and make it feasible for you. With mortgage refinancing you can change the way your rates and terms are, and you can even switch to another lender. With the changing economy, new rumors and myths are likely to surface. Here, we have a list of some common myths associated with mortgage refinancing and what the actual truth is:
1. You should refinance only when you want lower rates.
This is a myth which has been in circulation for a long time. Refinancing your mortgage can surely help you get lower rates but that does not mean that is the only reason you should refinance. Refinancing can be done when you need to change your mortgage to suit your financial situation.
2. It can be done only with variable rate plans.
This again is a myth. Refinancing can be done with a fixed rate mortgage as well. If you plan to do so, you will just have to pay the breaking fees which is used to cover any of the losses which may be faced by the lender when you break the mortgage in the middle.
3. Doing this would be simple.
Well, this really depends on the newer terms you are asking for and how your finances play out. Whether you have enough equity to pay off the loan or if your income is good will still be a relevant factor in the deciding process. This is just like getting a new loan and will require just as much effort and shopping.
4. You should never switch lenders.
Even though mortgage refinancing can be done with the same lender, it is better to shop around and see if someone is willing to give you a better rate and if so on what terms. You could end up saving with shopping this way. It would help you to save money properly.
5. Refinancing your mortgage won’t help you save money.
This is utterly untrue. The process has the main purpose of making the plan more friendly to your financial situation and your requirements. This means, that you have the facility to search for a loan which does save you money. So, this process can definitely help you save your dollars from being spent on mortgage payments only.
6. Refinancing only allows you to change your rates.
With the option to refinance your mortgage, you can change much more than just the interest rates of your mortgage. You can opt to pay more or less than you were initially paying, thereby adjusting your monthly payments and also the term of the mortgage you have taken.
7. If I have a bad financial situation, I can’t do this.
Refinancing can be done even if you go bankrupt. It is obviously going to be a more costly and long drawn out procedure but it can definitely be done, especially with a mortgage broker.
Six steps to get a Perfect First time home buyer Mortgage.
A first time home buyer mortgage is the mortgage a first time home buyer takes to purchase the home of their dreams. These kind of borrowers seem incredibly attractive to lenders as they are less risky than other borrowers. They do not have many loans and are not drowning in debt. There are quite some rewards to getting a mortgage as a first time home buyer. Here we have listed 6steps to the best and the quickest first time home buyer mortgage for yourself:
Steps to Get a First time home buyer Mortgage:
1. Hire a broker:
Yes, this is the first tip for a first time home buyer looking for a mortgage. Even though most people consider a mortgage broker an expense, what they fail to realize is that they could help you save a lot of your hard-earned dollars with the help of exclusive schemes and expertise. They have been in the field for quite a while and will also have dealt with plenty of mortgage borrowers who are first time home buyers. So, it would only work in your favor to hire a mortgage broker.
2. Get pre-approved:
Pre-approval has almost become synonymous with the first time home buyer mortgage process. Pre-approval refers to the process of finding out how much you can afford. It involves receiving an approximate figure which is quite close to the finances you would be receiving in the form of a mortgage as a first time home buyer. This helps you to make decisions with a budget in mind thereby preventing you from any disappointments. It also helps you look profoundly serious when you talk to a seller. It could give you the competitive edge you are looking for with the seller.
3. Go house hunting early:
With a mortgage pre-approval in hand, you can now finish your house hunting process with vigor. Start searching for houses and you will find many listing to suit your first time home buyer needs. This is probably the most exciting part of the entire process. The earlier you start, the faster you would be able to complete the process. It will also allow time for scouring other neighborhoods which were not initially on your list. All of this with the guarantee of a fixed amount in payment could make the process a lot quicker than you would imagine.
4. Choose your mortgage:
After the process of home hunting is over, the duties of the first time buyer will kick in. In this step, you need to sit down with your mortgage broker and find the right plan which will fulfill all your requirements. Since you have a pre-approval in hand already, mortgage brokers will use it as a base to give you the mortgage. Negotiate it down to a reasonable rate and choose the perfect mortgage for yourself.
5. Talk about the costs involved:
The payment for the home will not be the only cost you incur for your mortgage as a first-time buyer. There could be a lot of costs involved which you may be unaware of. Make sure you are made well aware of the costs, hidden or visible. As a result, this can help you find out if your mortgage lender is duping you or not. Mortgage brokers can help you see through the red flags in the documents and assist you in finalizing the perfect mortgage for your needs. It is also advisable to keep a small portion of your mortgage amount separately for such hidden costs so that you are not surprised when they do show up.
6. Save early for your down payment:
The down payment is a very integral step to getting your mortgage. Depending on your financial status, credit score and income, you would be assigned to pay a certain amount as down payment for your first time home buyer mortgage. This down payment needs to be saved Certainly for and then paid off promptly to ensure a quick and comfortable process for the first time home buyer mortgage process. After all the processes have been completed to the dot, it is time to sign on the dotted line and claim your mortgage. You can then take custody of your home and have a happy stay there.
call Finser mortgage for more details or you could visit: https://finser.ca/first-time-home-buyer/
check out our another bog to get a clear idea: https://finser.ca/tips-for-first-time-home-buyers/
The process of Mortgage renewal
Mortgage renewal is a very simple process when compared to other types of mortgages and their terms and conditions. But this does not, in any way, mean that we shouldn’t put as much effort as we did while acquiring the mortgage in the first place. The mortgage renewal process starts once your term has ended. But, mortgage experts say that the process for mortgage renewal actually starts at least four months in advance.
These are the Four steps involved in the Mortgage Renewal process:
Step 1: Understand your needs:
At that particular point in time, what are you looking to get out of your life in the next five years? This is a very important question as it can help you determine what kind of rates and schemes you are looking for. If you are planning to go for a big investment in the future such as your child’s education, then you need to go for lower rates. But if you have gotten a raise, you can opt for higher rates in your mortgage renewal contract.
Step 2: It’s time to shop!
Most of us would have our date of maturity for the mortgage marked on our calendar. We just need to start shopping for rates four months in advance of this date. The shopping process begins with you contacting a mortgage broker. You can consult with them and decide what rates would be the best for you and from whom you can get them. The broker will work to get you a good deal for your mortgage renewal.
Step 3: Compare and decide:
After you have shopped around and have gained enough knowledge, you need to compare all the rates you have seen and decide on the mortgage renewal plan. The lowest rates are sometimes not the best. Consider all the factors of cost and time. The penalties and other terms also need to be understood. Take your time to decide. If you start shopping early, you can make a well-informed decision in the last 30 days before maturity.
Step 4: Sign on the dotted line:
After you have decided on the mortgage renewal plan, all you have to do is a sign. Take the contract from your lender and sit with a mortgage broker to understand if it has been done according to your plan. Consulting a lawyer isn’t a bad idea either. If everything seems fine, go ahead and sign.
for more details visit: https://finser.ca/mortgage-renewal/
The Benefits of Debt consolidation:
Debt consolidation is simply the combining of all your debt into one debt. This is cleared off with monthly payments at low-interest rates. It is an automatic payment and can help you recover your financial status with ease. It also helps you to bring back a stability to your finances. But why should you know the benefits of debt consolidation? You’re already paying money to different people at varying interest rates, regularly. Here are the top five benefits which can help you decide if taking a good debt consolidation plan from one of the best brokers such as Finser Mortgages can help you.
The top five benefits of taking a good debt consolidation plan from one of the best brokers such as Finser Mortgages:
- Lower rates: The first reason to consider this option for your debt, be it a credit card or other accumulated debt from mortgages, you can consolidate all your debt for much lower rates than you had initially. This can help you save a lot on your payments. It can turn out to be a prosperous decision for you.
- Single payment: If you are tired of paying multiple lenders, at various times, with different rates and interests then debt consolidation is the right step for you. In this method, you need to make only a single payment to the lender, every month for the stipulated period of time. This is an automatic payment and is extremely easy and quick.
- Bad credit: If your finances are about to go down the drain or are affecting your credit score, you can opt for a service which lets you consolidate your debt. This method can help you even out your finances and make sure that you are improving your credit score as you pay off your debt with ease.
- Faster clearance: Debt consolidation can help you gain enough money to make an investment of the right kind. Since your monthly payments make your payment easier, you can have a good amount in hand while you are shaping up your credit score. It is like having a smart move in your back pocket. Since there is one payment, you can clear your debts quickly.
- Savings: Debt consolidation can help you reduce the amount you are paying as installment and interest. Low rates can help you survive with ease. Debt consolidation is usually a great idea as it can really promote the savings plan of various citizens. It can really lower the amount you are spending on clearing your debts.
for more details visit: https://finser.ca/debt-consolidation/
Buying your first home can be both exhilarating and terrifying. It’s a bit like riding a roller coaster – there is the thrill of the ride, yet there can also be fear of the unknown. Oftentimes, when first-time homebuyers apply for a mortgage, they are not sure what kind of mortgage to apply for. They may also be uncertain of how they should be managing their own finances during this new phase of their lives.
If you are thinking about purchasing your first home, a mortgage advisor can help you manage some of the ups and downs of this important transaction.
Here are five tips that first-time home buyers should follow when they apply for a mortgage.
- Manage your existing debt
Before applying for a mortgage, consider how much debt you already have and what your monthly payments are. A mortgage professional can help you understand how much you will be able to afford in mortgage payments once your current debt payments and other expenses are taken into account.
- Consider all homebuying costs
Don’t make the mistake of thinking that you only need a down payment to get into your first home. First-time homebuyers have to consider other expenses as well such as appraisal fees, mortgage insurance, and closing adjustments. By making sure that you are aware of all possible costs, you won’t be caught off guard with unexpected expenses.
- Don’t put your finances under too much pressure
Just because you can qualify for a certain mortgage amount, doesn’t mean you have to buy a home worth that full amount. Owning a home has a number of expenses associated with it other than mortgage payments. These include property taxes and maintenance. Giving your finances a little extra breathing room can help you to relax and enjoy your new home all the more.
- Explore different types of mortgages
Many first-time home buyers automatically default to applying for a fixed rate mortgage, but this may or may not be the best type of mortgage for you. Your mortgage broker can help you determine the best type of mortgage to fit your needs and your circumstances.
- Use a mortgage broker who will shop around for you
Don’t assume that the financial institution that you bank with is your best option for a mortgage. Just like you would shop around for a phone plan to get better rates, it is important to shop around for the best mortgage rates. A small difference in your interest rate could translate into thousands of dollars over the life of your mortgage. Mortgage brokers have access to a large pool of lenders that they can shop around with to get the best rate for you.
Buying your first home is a big step and having a professional mortgage broker to assist you is a great way to make sure that everything goes smoothly. To learn more or book a consultation, call the team at Finser Mortgages at 1-855-534-6737.
A self-employed mortgage is a loan available to business owners and entrepreneurs and individuals who are working for themselves. These are considered to be mortgages of higher risk as the income of the borrower depends on the business and is not fixed. This is why lenders are a little weary when it comes to giving self-employed mortgages. Here is a list of mistakes to avoid when getting a self-employed mortgage. This can help you ensure that you are approved for the mortgage.
- Don’t understate or overstate your income.
The most common mistake self-employed people make is to either overstate their income to get better loans or understate their income to avoid tax payments. If you have overstated your income, the lender might give you a better offer but you will be left with nothing to cover the costs of the home. Providing adequate income information can get you the right loan.
- Don’t avoid credit cards.
Most individuals seeking a self-employed mortgage assume that not having a credit history or having very little of it will ensure that they do not have a bad credit score. But lenders handing out self-employed mortgages want to know if you are capable of paying off your debts on time. Not having a credit history can work against you.
- Don’t focus only on interest rates.
Interest rates are only a part of the payment in self-employed mortgages. There are legal fees, taxes and even the principal of the mortgage to be considered. Even if the interest rates seem attractive, you must look at the additional, hidden and overall costs involved.
- Not considering your options could cost you.
You may feel that you will not get a better rate than the one your bank, to whom you’ve been a trustworthy client is offering. That is hardly ever the case. There could be rates which could result in a difference of thousands for you and you would be unaware. You must shop around before finalizing.
- Don’t forget to hire a mortgage broker.
The best thing to do when seeking a self-employed mortgage is to hire a broker. If you have bad credit or are unable to understand the procedures, a mortgage broker can make it simple and also give you access to a number of lenders. He can also help you decide the best plan for you.
Finser Corporation Canada Ltd.
Operating as Finser Mortgages
Mortgage Brokerage, Lic#10413
2430 Meadowpine Blvd, Unit 100,
Mississauga, Ontario. L5N 6S2
Mortgage Brokerage serving
Mississauga, Brampton, Oakville, Milton and Toronto