• Prioritizing is the first step in putting this kind of money together. Ask yourself if you can cut back on the number of times you go out to eat and take a vacation. Do you need to drive a newer car and buy all the latest items? Tightening your belt is the best way to save for a home. Besides, you’ll have new expenses to pay like utilities and property tax you will need to budget for when you get the keys.
• Paying off your debts as much as possible is a good idea. Start with your credit cards. It’s hard to save money when you’re paying interest to someone else. Begin with the credit card that has the highest interest rate.
• In Canada, you can use the Tax-Free Savings Account to put aside some money. You can put together a down payment tax-free using one of these. Get in touch with a financial planner or advisor to find out more about how these work.

As your mortgage broker Toronto, we understand how it can be overwhelming when you’re saving for a down payment. If you’re feeling stuck at any point, a credit counsellor is a professional who can help supply some ideas.  

When you finally put together the money, we can help you by getting the best mortgage rates. OMJ Mortgage Capital has an excellent track record of proven results. What’s more, we take great pride in the fast turnaround times and very quick approvals that we provide to our clients.

The post Mortgage Broker Toronto Tips for Saving for A Down Payment appeared first on OMJ Mortgage.

Set Some Objectives

It’s important to make sure your company has a clear idea of what you are willing to accept and what you want. You should know the amount of money you need as well as the interest rate you’re willing to pay. Having a good idea of the repayment schedule that’s acceptable is also important. Likewise for the specific date where you will need the financing.

Get Your Financial Projections Ready

Put together some financial projections for two years. These need to cover both cash outlays and inflows as well as include a balance sheet and some numbers on your total income. Estimate your yearly expenses and don’t forget to include items like loan repayments, interest, utilities, rent and payroll.

Put A Business Plan Together For Commercial Mortgages

When you are looking for the best terms and rates on commercial mortgages, you need to make sure that you portray yourself as a low risk. It’s helpful when you use data from different sources and various statistics to back up the numbers on your business plan.

Go Over Your Credit History

All lending institutions take a look at the way that you have handled your past debt. For them, it’s a clear indication of how you will handle it going forward. Making sure that your credit history is up to date is essential.

Having a good credit mix is important. You should avoid mistakes like opening different accounts all at once. The same can be said for making too many credit inquiries at the same time. Be sure to separate your personal credit from your business credit.

The post Here’s a Checklist for Applying for Commercial Mortgages appeared first on OMJ Mortgage.

Here’s a few tips to avoid that situation and have prospects offer quotes higher than what you are asking for.

Pick The Right Time.

A little research can help you decide on the best time to put your house up for sale. The beginning of May is considered a great time to put that sign on your lawn. Properties that are listed at the beginning of summer or end of spring generally sell quicker and get higher prices.

We can get you the best mortgage rates on a new place after you’ve sold.  What’s more, we don’t usually suggest that you list in the Winter. That is generally the time of the year when supply and demand are at the lowest. However there is one bright spot. Listing during the that time means that your house will have less competition.

Another Mortgage Broker Toronto Tip: Price That Property Right

The first step is to find out exactly what your property is worth. Then you should lower the price by 15 to 20 percent.  That will usually cause a frenzy of buyers coming in with multiple bids. The end result will be your home will get bid up over the price it is worth.

Granted, it’s a risky strategy that’s not for everyone.

Here’s a final tip from your mortgage broker Toronto that’s less adventuresome. Every buyer is looking for storage. Take half of the close out of every closet and organize what you leave in there. Buyers tend to look in cabinets and closets so they should be kept clean and tidy.

The post Great Tips From Your Mortgage Broker Toronto to Sell Over The Asking Price appeared first on OMJ Mortgage.

We are the Mortgage Broker in Toronto that looks after our clients. That means we follow the trends you need to know about. Like Canada’s home debt crisis. Research tells us that household debt loads in our country have gone up 4% since the beginning of the pandemic. Even the Bank of Canada has sounded a warning note saying Canadian households have large mortgages compared to their salaries.  

Advice to Manage Debt From Your Mortgage Broker Toronto

We can help in a variety of ways including finding the best mortgage rates. Here’s some advice on how to manage  your debt. It will help you build a strong financial foundation.

• You can refinance.  There are a few things you need to do before you take this route. First off, it’s important that you know how much equity you have. This is the percentage of your property that you’ve paid off and you own. Keep in mind that most institutions won’t let you refinance 100% of that number. Requesting a mortgage statement from the bank is a good way to get started.
• Watch out for any prepayment penalties.  Our advice is your mortgage broker in Toronto is that you also need to be aware of prepayment penalty fees.  For a fixed-rate mortgage, this will be either three months interest or what’s called the interest rate differential. With a variable rate product, you’ll need to pay three month’s interest.

Don’t forget that when you refinance you’ll  need to consult with a lawyer. They will review the existing conditions for your present loan and register a brand-new mortgage.  Remember, it’s a lawyer’s job look after the entire transaction. Their fees generally range from $700 all the way up to $1000 dollars.

You might want to consider switching lenders. If the balance on you owe is over a certain amount, the new institution might look after the legal fees for you.

The post Mortgage Broker Toronto Advice for The Debt Crisis appeared first on OMJ Mortgage.

Here are a few tips for getting preapproved.

• Checking on and improving your credit score where necessary should be a priority. The higher the score, the more lenders see that you are committed to repaying loans. There’s a range of scores to look at. Poor credit is below 599 in Canada. Most people fall within the range of fair credit which is a score of 600 to 679. Numbers above 680 mean that you have very good credit.
• You can improve your credit score before you apply for a mortgage by paying your bills on time. Remember having a long credit history is good so you should keep your oldest credit card active. Keep your spending down to under 30% of your credit limit.
• Our mortgage broker Toronto team also suggests that you try to keep your income as stable as possible. That usually means hanging onto your day job. It’s not the only factor that matters. Staying with one employer for the long term helps your chances of being preapproved.

Try to save as much as possible for a good down payment. The reasons this is a good idea are simple. The bigger the down payment, the less money you will need to borrow. That means you’ll have less interest to pay in the long run.

Bypassing Insurance

If you can save up to 20% you will also bypass mortgage default insurance. We like to suggest this as your mortgage broker Toronto specialists so you can save thousands of dollars. Finally, you should put together a realistic budget before you start house hunting to give you a good idea of what you can afford.

The post Mortgage Broker Toronto Tips For Getting Preapproved appeared first on OMJ Mortgage.

That’s why we put together a list of the best ways that you can save for one of these.

• One of the best ways to put this kind of money together is to set up an automatic savings account. Make sure that it’s direct deposit and that you decide not to use the money for anything else but a down payment.
• Lowering your expenses is another great way to save the money together for a down payment. Cutting out entertainment and any trips you may have planned will help you save.
• We can help you get the best rates on a mortgage. We also like to suggest that our clients pay off high interest rate credit cards first. With the money that they save they can inch closer to getting the keys for that first or second home.
• Some of our customers even decide to get a second job. If you do, you’ll more than likely be able to make bigger deposits into that savings account. Even looking for something seasonal or temporary can make a big difference.
• Some people even look into borrowing some money from one of their retirement plans for a down payment. Talk to your human resource or payroll department to see what you can do.

When you’ve put the money together, we are the mortgage broker in Toronto that can help you get the best rates and terms.  Get in touch with us when you are ready and we will be happy to help.

The post Your Mortgage Broker Toronto Offers Up Some Excellent Ways To Save For a Down Payment appeared first on OMJ Mortgage.

Here’s a few situations where they are actually a good idea.

A second mortgage through our mortgage broker in Toronto services can:

• Increase your equity and the value you have in your home. Renovations through this type of money have two different benefits. For popular changes in bathrooms and kitchens, you can get up to 75% of the amount invested after you sell. One of these financial tools can help you increase your enjoyment if you decide to stay too.
• Sometimes, a homeowner might need funds quickly and that’s where these second mortgages are helpful. Perhaps a job loss or an unforeseen medical issue rattles your finances. Second mortgages are a good option if you’re looking to avoid the high interest rates on an unsecured loan. They also help you steer clear of the issues surrounding a payday loan.
• Other people take on a second mortgage if they’re looking to finance a big purchase like a new vehicle. Still others use the money they get to pay for a child’s education or pay off some kind of outstanding debt.

These financial tools allow you to borrow significant amounts of money. Keep in mind they are also secured by your house. On the other hand, you’ll have access to more money than you could without using that as collateral.

As your mortgage broker  Toronto, we want you have all the information to make the right choice. That’s why it’s important to point out that you run the risk of foreclosure if you stop making payments on a second mortgage.

The post Some Good Reasons To Look At A Second Mortgage From Your Mortgage Broker Toronto appeared first on OMJ Mortgage.

For example, here are some common mistakes people make during the mortgage approval process. Avoid these pitfalls and things will go more smoothly whether you’re buying commercial or residential real estate.

Stay Away from Large Purchases

It’s tempting to start buying new appliances or furniture when getting ready to receive the keys to your new house. However, it’s not a good idea to make any big purchases before closing on your mortgage.

Buying things with cash will take a dent out of your savings. Using your credit card to buy big items can affect your debt-to-income ratio. Neither one should spike when you’re waiting to close the deal on a new piece of real estate.

Don’t Change Jobs

As your mortgage broker Toronto, the lenders we deal with want to be sure your source of income is steady and reliable before they lend you money. Changing jobs during the preapproval process might make you look a little risky to these people.

Sometimes changing careers can be out of your control. If you’re considering quitting your job, it’s a good idea to stick it out until after the mortgage is closed. Even then, you’ll need to carefully think about how you’re going to pay for extra expenses like utilities and property tax.

Avoid Late Payments

Finally, keep an eye on making loan and credit card payments on time. Be sure to pay more than the minimum so there won’t be an impact on your credit rating.

The post Looking for Mortgage Broker Toronto Advice? Avoid These Mistakes During the Mortgage Approval Process appeared first on OMJ Mortgage.

Here’s what those kinds of low rates might mean to those of you who are looking for a mortgage.

For People Looking to Refinance

These are difficult economic times for millions of Canadians. If you’re looking to switch or refinance your mortgage these lower Bank of Canada numbers (currently 0.25%) are a good opportunity to find a lower rate at a financial institution.

Here’s a refinancing tip that will help you steer clear of trouble. It’s best to determine your goals before you start shopping for a new mortgage. For example, shortening the term of your loan is one of the things you can aim for. Of course, lowering your interest rate and corresponding monthly payments is another goal for many Canadians during these times.

You should also keep in mind that refinancing is about qualifying for a brand-new loan. That means you’ll need to have a good credit score in place and income stability. Lenders will still be watching to make sure you don’t present a big risk.

For Renters Looking to Break into the Market

With rates this low, it’s a good idea for people like renters looking to break into the market to consider some of the creative solutions available.

For example, you can look into the possibility of extending your amortization. By extending the amount of time it will take to pay your mortgage off, your monthly payments can be reduced.

We are always ready to help as your mortgage broker Toronto. Take a look at our team and then get in touch today.

The post Mortgage Broker Toronto Advice on Taking Advantage of Covid-19 Low Rates. appeared first on OMJ Mortgage.

There’s room for optimism when you look at the resale home numbers released by TRREB for the month of September. On the upside, the GTA numbers for resale homes was 11,083 and that’s a 42.3% bump from September of last year.

One Potential Headwind

However, as you may have already suspected, there’s at least one potential headwind we need to report on. Toronto Regional Real Estate Board President Lisa Patel offers something to consider in a recent TRREB press release.

“Further improvements in the economy, including job growth, would support strong home sales moving forward,” she says. “However, it will be important to monitor the trajectory of COVID-19 cases, the related government policy response, and the impact on jobs and consumer confidence.”

Related Mortgage Broker in Toronto News

In related news, there are reports some smaller northern Ontario communities are attracting big city real estate dollars. Recent home sale prices in places like Sudbury and North Bay have increased to an average of $300,000 from $260,000 dollars.

The report indicates most real estate professionals in places like Timmins and Sudbury expect this trend to continue.  There’s more than cheaper prices.  These cities attract people interested in walkability and public green spaces. However, any gains could be offset by expenses such as higher food costs.

Personal Real Estate Corporations

Finally, realtors in Ontario can form personal real estate corporations now. More changes are expected soon including an update on the code of ethics. This will benefit people looking for the best mortgage rates through a mortgage broker  Toronto. New disclosure requirements are also in the works in order to better protect consumers.

The post Resale Housing Report Shows Big Bump in Sales: Mortgage Broker Toronto News appeared first on OMJ Mortgage.