Debt Consolidation

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.

Debt consolidation

The top five benefits of taking a good debt consolidation plan from one of the best brokers such as Finser Mortgages:

  1. 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.
  2. 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.
  3. 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.
  4. 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.
  5. 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.

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home buying

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.

  1. 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.

  1. 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.

  1. 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.

  1. 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.

  1. 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.

Private Mortgage

Self-employed individuals, persons who are new to Canada and other people with bad or bruised credit history may not be able to avail a traditional mortgage. It is better for them to go for a private mortgage. Even people who fit the criteria for a traditional mortgage opt for a private mortgage because they get better rates and are quicker with the processing. But what are private mortgages? Nothing but mortgages from private lenders. Here is a summarization of why considering a private mortgage is better than waiting till you are eligible for a traditional one;

  • Less documents are required.
    In many instances, self-employed individuals have been denied a traditional loan because they could not confirm their income on paper. Similarly, citizens who are new to Canada do not have a credit history and this makes them seem risky to lenders. But in such a mortgage, the need for less documents provides for a wider eligibility range for individuals.
  • Flexible with credit history.
    Most private lenders understand that you are looking towards them mainly because you have less credit history or a bad one. This means that they are way more flexible than the traditional lenders. If you have enough equity in your property or can make a significant down payment, then your credit history is of no consequence. This can really help self-employed people get the loan they want.
  • The value of the property is considered not your finances.
    Private lenders provide private mortgages based on the value of the property you are buying or taking the mortgage against. If the property has good equity, it seems like a lesser risk to lenders and hence they can offer good rates and make good deals.
  • Fast financing.
    One of the perks of getting a private mortgage is the speed. Since there is much less documentation involved and the rates are more favorable, the process moves along much faster. Mortgage brokers are able to find the best rates quickly and can help you customize the best rates and terms into your scheme.
  • Private mortgage brokers can get better deals.
    Since private lenders have higher risk tolerance than the banks, they are able to give you low rate deals and be flexible with the customization of the plan. This can make it more favorable for you as the private mortgage broker will be working according to your finances.


Commercial Mortgage

A commercial mortgage is a common term among business professionals and you may have heard of it as a source to fund your business suggested by your colleagues or other experts. But what is it really? Are you eligible for it? If so, how can you get it? We answer all these questions below.

What is a commercial mortgage?

Commercial mortgages are loans and funds utilized to finance a commercial property. This means that if you are looking to buy an estate or a building for your business, then a commercial mortgage can help finance that for you. These loans are available from lenders who can be private or part of a financial institution or a bank. Mortgage brokers can help you find good rates for your commercial mortgage.

Who is eligible for a commercial mortgage?

Business owners, investors and other business professionals with a business idea which is credible enough to be financed by a lender can avail a commercial mortgage. These mortgages are little riskier than general mortgages and hence lenders have deeper checks.

What are the requirements for getting a commercial mortgage?

There quite a few requirements that need to be fulfilled by someone looking to get a commercial mortgage. First and foremost, anyone looking to get this mortgage must have a good credit score. They should be able to repay the loan in a timely manner. Since more risk is involved this is a very important factor. The debt service ratio is also considered to be integral since if you have too much loan already assigned to your name, it is inadvisable to take such a loan on. You should have finances for a down payment which is larger than that of normal mortgages. But most importantly, you should have a good business idea to convince the lender to invest in you.

How can a mortgage broker help you?

A mortgage broker has the experience required to guide you through the entire process while making sure that you are working according to the schedule you had planned out. Mortgage brokers can even give you tips on how to make your business presentation attractive to the lender. They can help you meet better lenders and offer you the benefits of better rates. Since they are experienced in the field they can help you move along the process of getting the mortgage at a faster pace than would normally be possible.

self-employed mortgage

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.

  1. 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.
  2. 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.
  3. 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.
  4. 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.
  5. 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.
home equity loan

A home equity line of credit is a way to borrow money against the equity present in your home. Like any other credit card payments or loan payments, you are required to make monthly payments against the borrowed amount. Some benefits are listed below:

  1. It provides lower rates when compared to other types of credit.
    A home equity line of credit generally provides lower rates when compared to other credit loans as it is an amount you are borrowing against the equity present in your home. The lender has a very low risk involved when it comes to losing and hence he can offer much lower rates.
  2. It is a flexible plan.
    A normal loan allows you to receive a determined sum of money and makes you pay fixed installments every month until the end of your term. But, with a home equity line of credit plan, you can borrow the amount you see fit. It can be a minimal amount or the maximum you are allowed to borrow. The monthly installments are also variable.
  3. Tax advantages.
    With a home equity line of credit, you can claim certain tax advantages. Since it is essentially a mortgage, you are allowed to claim a refund of the interest amount on your tax returns.
  4. Rates can be changed.
    This is a benefit and a disadvantage of the home equity line of credit. When the rates are low, this may seem like a beneficial plan but the rates can increase also and we may end up paying much more than we thought we would have to. Thus, it is better to consider what the purpose of the withdrawal is and if a loan is necessary.
  5. You should consider your finances
    A lot of people are attracted to taking HELOCs because of the low rates. But if you are making the investment in something which cannot replenish itself then you will be left with nothing but debt to pay off.
  6. It is a way to secure easy cash.
    A home equity line of credit can help you secure easy cash. It is a sum borrowed from your home and the value can be easily given to you. This even enables cash payments to be made.
  7. It can be used for anything.
    A home equity line of credit does not have any restrictions on use. It can be used for home improvements or a trip to Hawaii!
Second Mortgage

Second mortgages refer to the mortgage you take out on a home with a pre-existing mortgage plan. Second mortgages are a complicated plan to consider and you should really look at other options before considering them. If you require a low amount or want a simpler plan which doesn’t wreak havoc on your finances, consider other options such as bank loans. Here are the top four things to about second mortgages that can help you decide if they are right for you.

  1. It provides easy access to a large sum of money.
    The top benefit of getting a second mortgage is that you can have quick and easy access to a large sum of money. You would be taking this mortgage against the remaining equity in your property. Second mortgages can cover a higher amount than your initial mortgage. They allow you to access a large amount of the equity lying in your home.
  2. Second mortgages can be taken for a lot of reasons.
    The amount you get from your mortgage can be used for multiple reasons. People take out second mortgages for paying off education loans or credit card loans. It can even be used to fund a renovation or the purchase of a new property. It can even help when you are considering a refinance and do not want to pay the penalty associated with breaking the term. It can be useful to pay off other mortgages. With other plans, you may be limited to the amount of money you are allowed to borrow. But this can help you access a lot of equity and provide you with a large amount of money.
  3. Mortgage lenders are available aplenty.
    There are a lot of places you can borrow money for your mortgage from. Bankers, private lenders and more financial institutions have come up to help you secure a loan which serves your needs. It is best to go through a mortgage broker as so many options could be confusing to someone who isn’t seasoned in these deals. You can avail the best offers with the help of a broker.
  4. The Higher is the norm.
    Such mortgage plans allow you to access more equity in your home and hence are susceptible to higher rates. The mortgage lenders are taking a huge risk as they are willing to be paid second and hence the higher rates.
refinance mortgage

Mortgage refinance is a process which allows you to refinance your mortgage in a way which could maybe save you a lot of money. It provides a way for you to look at your current financial position and then plan and get a mortgage which is relevant.   There are a few mistakes to avoid when you are planning to do a mortgage refinance and they are:

  1. Ignoring your credit could be harmful.
    Having a good credit score is as important when you do a mortgage refinance as it was when you first bought the mortgage. Don’t let go and not pay your bills. Maintaining a good credit score is crucial to receiving the best rates and terms on your mortgage refinance deal.
  2. Don’t open new credit cards before the process of mortgage refinance.
    You may be getting attractive offers in the mail about how there are a few hundred dollars off on your first purchase and that they are offering you so much in return. You are likely to fall prey to these schemes and buy a few credit cards to avail the benefits. But credit card purchases can affect your credit score by quite a few points and render you under qualified for a mortgage you would have originally qualified for.
  3. Don’t accept the first offer you get.
    Mortgage refinance gives you the opportunity to really reduce the burden of mortgage on you. Look at rates and term plans from various lenders and make sure to compare the prices on the same day. This can ensure that you get the best rates and term plans and you can really afford to pay the mortgage on time and easily.
  4. Don’t forget the interest rates!
    A lot of people make the mistake of factoring in the monthly payment and not the interest rates while doing mortgage refinance. They increase the term plan so that they can have lower monthly expense. But in such cases, the interest rates are so high that you end up paying a lot more than you would if you’d taken a moderate or short term plan.
  5. There could be more costs than you are aware of.
    The first thing to consider before refinance is if there is a penalty involved in early payment of the loan. Consider all the costs and talk to a mortgage broker to avoid being caught off guard.