Outside of rate ... what else is important to you?

People are so conditioned by media, financial institutions, and others to focus on rate.

Sad Fact …. Did you know that most people do not qualify for the lowest rate.

Every year, sometimes almost daily it seems, policy and legislation change happens. These changes will many times limit how the regular person earns or spends their money.

In my opinion, we all need to hold government representatives to account for all their money spending as well as understand what legislation they are trying to pass.

Remember it is your hard-earned Taxpayer’s money.

When you are applying for your Mortgage, regardless of purchase refinance or transfer the quality, accuracy, and speed at which you can provide the required information can affect the rate that you are able to obtain. That is one thing that the rapidly changing rate environment of 2022-2023 proved. (10 Rate hike from March 2022 till July 2023). As people who own homes or want to you need to see what you can reasonably afford and work towards making that happen. There is no crystal Ball.

Mortgage Professional needs to answer certain basic questions to arrange your money.

How do you earn income? Employee, Business For Self, Professional, Commission, Fulltime, Parttime, Investment, AirBnb, Rental, pensions, WSIB, disability, child tax benefit …

What is your credit? O to 900. (a 900 is relatively rare in Canada) 1.

Is your property … Land, single home residential, duplex, multiplex, apartment, commercial, condo, hobby farm, Farm, acres, waterfront, island …

What will the money be used for… owner occupied, rental, business, commercial, renovations, purchase, refinance, construction, purchase + Improvements …

Is the land …Freehold, leased land, condo …

… the details matter, and it will cost you more or less for rate, depending on the deal details, income, lenders and products.

The Mortgage Broker will try to determine the suitable mortgage that you’re looking for by asking more question and finding those answers through a full application and intently listening for what is most important to you and how you want to live.

Do you want to …

• Save more Monthly each month (Positive Cash Flow)
• Options - Interest only or no interest payments
• Pay off debt and improve credit.
• Add monthly income and be a Private Lender.
• Enjoy quality time and life differently by refinancing- add some travel, age in place, renovate, add income, gift early inheritance… options.

Outside of rate ... what else is important to you?

• Pay off Mortgage / Debt faster.
• Do you want 1yr,3yr,5yr, 10yr?
• Fixed rate or Variable rate?
• Pre-paid, Interest only or no payment options?
• 1st Mortgage, 2nd mortgage, Secured LOC. MC or Visa to payout all the debt.
• Bank or Credit Union
• online access to information
• Private money
• Portability
• Reduced penalty

What’s your RATE is not as important in the end as …

• how to I want to live?
• will that accomplish what I need?
• and what will my monthly cash flow be?

1. 1. Borrowell.com/blog/how-to-get-900-credit-score-canada#

Melinda Baker                                    Mortgage Broker                  Verico The Mortgage Station 11707                 

705-220-1608                                   melinda@themortgagestation.ca