Getting the best mortgage rates for you is our business. And giving you a checklist to get things in order before you apply. Following is some of what you’ll need.

• If you’re an employee, it’s a good idea to get a letter of employment that’s dated within the last two months. Make sure to include your most recent T4 slip. You will also need to include a pay stub that’s dated within the last 30 days.
• If you can get your most recent bank statements together, that will help with the application process. Try to get ones that cover the last six months. If that’s not possible, three months will do.
• Got a pre-approval letter? You should include that with your mortgage application.
• If you’re buying a new property and selling off your existing one, a copy of the Agreement of Purchase and Sale is important. Especially if you’re going to use the one you’re selling as a down payment.
• Someone like a family member might be helping you with the down payment. If that’s the case, the lending institution will more likely need a gift letter. It will need to confirm that the money does not need to be repaid.

That’s just some of the information you’ll need to get together. At OMJ Mortgage Capital we are happy to walk you through the entire process. What’s more, our team of ex banking executives is dedicated to getting you the best mortgage rates. We are the mortgage broker in Toronto with experience and compassion.

The post Here’s a Preapplication Mortgage Broker Toronto Checklist appeared first on OMJ Mortgage.

• It’s a good idea to begin with your credit report. Remember, one of the first things any lender will look at is your credit. Make sure that the report is accurate and that your scores are where they should be. If you need to do a little work on your numbers, start by paying your bills on time and a little more than the minimum.
• Plan to pay your mortgage off faster. Find out if you can make lump-sum payments on the principal or accelerated payments. For example, some lenders will let you make two monthly payments which equals 24 year. You can accelerate that by making them every two weeks which equals 26 per year.
• Make sure to ask about any prepayment penalties. As your mortgage broker in Toronto we suggest you find out whether you’ll be penalized for paying off the mortgage quickly and early. Some people can afford to double up on payments during certain times during the term. It’s important to find out whether you’ll be penalized for trying to get to your end goal sooner.

Finally, it’s a good general rule to borrow less than you’ve been approved for. Here’s a few guidelines that can help you figure that part of your financing out. Your housing costs should not exceed 32% of your gross income. Your total debt should not be more than 40% of that same number.

If you need some help navigating through the process,  we are the mortgage broker in Toronto that can help.

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Spending Everything You Qualify For

One big mistake occurs when first-time homebuyers use what they qualify for on the house. It’s a mistake because they need to factor in other items like food, transportation, maintenance, and utilities into their budget.

The amount a lending institution qualifies you for doesn’t take into account your overall financial picture. Don’t forget to factor in your other payments along with the mortgage numbers.

Another Mortgage Broker in Toronto Tip: Look Past The Staging

It’s important when you’re shopping for a house not to fall in love with the staging think that it’s the status quo. Keep in mind that some sellers remove personal belongings so staging companies can come in and redecorate rooms.

It’s important to keep in mind there’s a big gap between these perfect designs and the way you will actually live in the house. For example, stagers quite often take away appliances like blenders, microwaves, and coffeemakers to make a countertop look like it has more room.

Ask About The Bigger Components

Don’t be tricked by the staging company. It’s important to ask about the bigger components like AC units and furnaces as well as plumbing and the foundation. These are essential parts of any home you want to buy.

As an experienced mortgage broker in Toronto, we also like to suggest that you confirm floor plans for condos. It’s not uncommon for numbers to be copied from several building plans and need to undergo last-minute changes. Avoiding any surprises later on means measuring the rooms yourself.

The post Tips For Your Mortgage Broker in Toronto Team on Avoiding These First Time Homebuyer Mistakes appeared first on OMJ Mortgage.

These are regulated and licensed professionals . They do a lot of work for you like gathering documents as well as verifying income and employment and helping you with your credit history. Mortgage brokers use the information they put together to help make applications for loans and negotiate the terms involved.

They can also help on the closing day to keep the transaction running properly. These experts work with the bank’s underwriting department as well as the title company or closing agent and your agent.

 How Is A Mortgage Broker Toronto Different From a Loan Officer?

If you’re wondering about the difference between a mortgage broker and loan officer, the answer  is simple. Loan officers work for one lending institution. They get paid salaries plus bonuses.

A loan officer sells and writes only those loans the employer they work for offers the public.

Mortgage brokers, on the other hand, can work independently or with a firm. They can deal with many different lenders to find products specifically geared to their clients. In other words, mortgage brokers are able to give first-time homebuyers and other borrowers access to a wide range of loans.

A mortgage broker in Toronto saves you a lot of time. Applying for preapproval with different lending institutions can take hours. Choosing the right broker means learning all that you can about their approach to clients, the level of knowledge they have and their communication style. Get in touch with us today to learn what we can do for you.

The post What You Need To Ask A Mortgage Broker in Toronto appeared first on OMJ Mortgage.

• Before you start interviewing brokers, think about the kind of house you want. Are you thinking about having a family or do you already have children? Do you need to be close to shopping and schools or are you looking for a condo life? It’s not necessary to have all the answers, just a general idea of the kind of property you want.
• A good mortgage broker needs to have more than just the best mortgage rates. Look for one that has experience in the field that can help you whether you’re looking for residential or commercial property. They should have access to a variety of different lenders in Canada as well as many different features and rates.

Services

• If you’re looking for a residential mortgage broker in Toronto, they should have a variety of services. A good company will look after different people looking for properties like first-time home buyers and self-employed people. They’ll be able to help you with a variety of different options like investment properties and vacation homes.

Make sure the company you are considering using has the ability to customize solutions. They should also be able to help you with fast preferred rates and easy preapprovals so the whole process is hassle-free.

Flexible Creative Solutions

A good mortgage broker in Toronto will be able to provide you with flexible creative financing capabilities. They should be able to get the money you’re looking for from alternate and private lenders as well as big institutions. Finally, any company you’re thinking about using should have decades of experience in the field.

The post Looking for a Mortgage Broker in Toronto? Check Out These Tips appeared first on OMJ Mortgage.

That said, here are a few tips on looking for a house.

There are many different sources that can help you find the home that’s right for your budget and family.

• Working with a real estate agent can help you. Many buyers find these are the keys to finding the right property.
• You can find lots of homes for sale online. Get the statistics and a wide variety of photos on websites like this one.
• Visiting sites that are under development will allow you to see brand-new models. You can also get information from the builders.

Checking a few boxes when it comes to location helps.

• A home closer to the downtown core will have a better resell value.
• Some buyers will want more community-type features like shops and restaurants. Take some time to look at nearby attractions and parks.
• If you’re planning on or have already started a family, you want to look at the school district quality. The process entails visiting local schools and assessing the programs. This is important for people without children too. Having a house close to local schools makes resale more interesting to a broader spectrum of shoppers.

Data suggests most families stay in their current home for about 14 years. If you’re thinking long-term make sure that your choices can accommodate for an in-law suite or a new child.

Renovated?

As a mortgage broker in Toronto, we also suggest that you take a look at the condition of the property. For example, if it has been renovated or is almost new, it’s considered move-in ready.

The post A Few Tips on Looking For a House From Your Mortgage Broker in Toronto appeared first on OMJ Mortgage.

A Budget

One of the first things you’ll need to do is develop some kind of budget. Before you even start looking for your first house, putting together a general idea how much you can afford is important. Here’s a calculator that can help you get started.

Don’t forget to factor in costs like property insurance and property taxes. If you’re new to the country, paying for some services like water, hydro and heat might be a new experience.

Down Payment

The next step is to save for a down payment if you need one. Keep in mind that we are always here to help you get the best mortgage rates. We have a team that’s made up of professionals with four decades of combined experience in the industry.

As far as the down payment goes, there are certain typical requirements.

• Newcomers should aim to get a conventional mortgage. If you have a down payment that’s 20% of the purchase price or a little more, you can get one of these without mortgage insurance.
• Some people don’t have that much money to put down initially. You can still qualify but you’ll need  what’s called mortgage insurance.
• Some people starting out in the country may not have Canadian employment history. Those folks might need to put down a larger down payment of up to 35% or more.

There are lots of different options for you to look through. That’s why taking advantage of our mortgage broker in Toronto services makes sense.

The post Here’s a Newcomers Checklist from Your Mortgage Broker in Toronto Team appeared first on OMJ Mortgage.

If you fit into these categories, don’t despair if you’re looking for a mortgage with bad credit. There are options for you to look at. Here’s a few tips on how to get a loan  during tough times.

Work On That Credit Score

Here’s the bottom line on your credit score and the ability you have to get a mortgage. The higher the score, the lower the mortgage rates and the lower the payments you’ll need to make. If you’ve got bad credit, you might want to take some time repairing these numbers.

Staying in your credit limit on any credit cards or lines of credit helps. This tells any banking or financial institutions that you are not too badly overextended.

Mortgage Broker in Toronto Tips on Down Payments

Sending the right signals to financial institutions is a good way to get a mortgage when you’ve got bad credit. Consider a bigger down payment than normal if you’re in this position. The minimum down payment is generally 5% on a home that’s worth $500,000 or less. Keep in mind that if you’re trying to get a mortgage with a down payment of less than 20%, you’ll also need mortgage insurance.

Remember there’s some simple math involved with a larger down payment. The more you can put down at the beginning, the less you’ll need to pay off. That means you can save literally thousands of dollars in interest over the course of a mortgage. Finally, remember we’re always here to answer your questions and lend a hand.

The post Mortgage Broker in Toronto Tips for Getting a Loan With Bad Credit appeared first on OMJ Mortgage.

ID

It doesn’t matter whether you’re looking to get the money from a bank or other financial institution. It’s important to start with the right identification like a driver’s license and a passport. Your Social Security Card is another must-have to get your preapproval process underway.

There’s no understating how important pre-approval is to the whole process. You’ll save quite a bit of time looking for a house since you’ll only consider the ones in your price range. Offers to purchase are taken more seriously because sellers know that you are backed financially. What’s more, real estate agents take you more seriously too.

Good Reasons

These are all good reasons to get your documentation in order. Make sure to include:

• Proof of Income. This usually means you should have a few years of pay stubs. If you’re self-employed, profit to loss statements are acceptable.

• Tax Returns. Make sure that you have some tax returns for a few years at least. All lenders need to have a complete snapshot of your income.
• Credit History. As your mortgage broker in Toronto, we also suggest you look at your credit history before starting the pre-approval process. If you don’t have a credit history to speak of, documents like regular bill payments and utility bills can help.

Keep in mind you need to have records of any investments that include retirement accounts and other bank statements. Not only are we your mortgage broker in Toronto specialists, we also pride ourselves on supplying useful information that can help you get the keys to your first home.

The post Here’s a Preapproval Checklist from Your Mortgage Broker in Toronto appeared first on OMJ Mortgage.

Preapproval allows you to do several things like:

• Estimate what your monthly mortgage payments will be. Here is the mortgage calculator that will give you both the payment and schedule.
• Getting preapproved will also give you the high-end amount of money that you qualify for. At some point during the process, you’ll need to provide a home mortgage broker in Toronto or lender with some information. This can include personal information as well as proof of your employment. It’s also a good idea to have data about any financial obligations and debts.
• You’ll also be able to lock in an interest rate for a specific amount of time depending on the lender you choose. The timeframe can be anywhere from two months to 120 days depending on the institution you’re dealing with.

What the Numbers Mean

When you work your way through this process, you’ll get a maximum amount that you’ll get from a lender. It’s important to keep in mind that figure isn’t necessarily a guarantee for a mortgage loan. It’s always a good idea to play it safe and look at different properties including ones in lower price ranges.

That way you won’t be stretching your budget right to the maximum.

One of the important areas to focus on are the above-mentioned financial obligations. It’s a good idea to put some numbers together for any car leases or loans you have outstanding. Make sure to add in credit card balances and any spousal support or child support payments.

As your mortgage broker in Toronto, our job is to find you the best rates and terms.

The post Looking to Get Preapproved? Here’s How to Get Started From your Mortgage Broker in Toronto appeared first on OMJ Mortgage.