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.

Here are some other tips for first-time landlords.

Set Aside Maintenance and Closing Costs

You should put aside some extra money to cover buying and managing a rental property. That starts right from the beginning with the closing costs here in Ontario. These include different items like land transfer tax and legal fees as well as a home inspection and PST on the Canada Mortgage and Housing Corporation insurance. That’s if you put down less than 20 percent.

The Best Mortgage Rates and Maintenance

Don’t forget about maintenance. Even replacing a shingle on your roof can cost up to $500.

Treat Your Rental Like a Business

Managing a rental property might not be your primary income or job. However, it’s a source of extra income and a business you need to look after. That means keeping your finances intact and remaining professional at all times with your tenants.

The Best Mortgage Rates For Rentals

Rental investments quite often come with regulations so you’ll need to check with your municipality. Your rental property should be safe and it’s worth the time to spend some money making sure that all the utilities work and everything is up to code.

Plan Fair Rents

One of the best ways to find out if you’re charging a fair rent is to use a spreadsheet. That will help you to figure how much it costs to run your house and what you can charge for rent. We can help you get the best mortgage rates on the purchase, but the other aspects of this business are up to you. Get in touch with us to learn more.

The post Looking for the Best Mortgage Rates on a Rental Property? Check Out These Owner Tips 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.

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As your mortgage broker Toronto specialists, we want you to have the right information to succeed. That includes a good understanding of the documents that you need to apply for a mortgage loan.

Identification

This is at the top of the list because it’s one of the most important aspects. That’s why you will need at least one piece of government issued Photo ID like a driver’s license or Canadian passport. You can use a certificate of Canadian citizenship as long as there’s a photo.

A permanent residence card or certificate of Indian status that’s issued with a photo works as well.

Proof of Employment

Any lender that will consider giving you the money needs proof that you can pay the amount they offer you back. That’s why you’ll need to have evidence of your hourly pay rate and current salary which includes pay stubs.

Looking for the best mortgage rates? You’ll need to show how long you’ve been with your employer and what position you have. Keep in mind if you’re self-employed the rules change a little. If you are your own boss you’ll need Canada Revenue Agency assessments for at least two years.

Debts

It stands to reason that the lender you are applying to will want to know how much you owe. You will need the documents for your financial obligations like student loans, lines of credit , car loans and credit card balances to name a few.

Keep in mind that getting the best mortgage rates and a new mortgage is a big responsibility. Remember to include both moving and closing costs as well as ongoing maintenance costs in your budget.

The post Looking for The Best Mortgage Rates? Get These Documents In Order to Apply appeared first on OMJ Mortgage.

Need a little more convincing about why you should use a mortgage broker? Here’s five more reasons.

• They can save you both time and money. Using a mortgage broker means you don’t need to contact and fill out the paperwork yourself. A mortgage broker looks after all of that for you. They are also on the lookout for the best mortgage rates to save you money.
• They are experts at what they do. These professionals can help you with guidance on different mortgage products and help you navigate market conditions to get the best rates.
• A Toronto mortgage broker is independent. That means they will be unbiased and neutral. They don’t work for any particular institution which means they’re looking for the best solution for you.
• These experts understand the different policies and terms with lending institutions. They are always available to match your needs up with the right bank or other financial institution.
• They can also help you to protect your credit score. Looking for the best mortgage rates on your own means applying at one institution after another. Each application can mean a credit check which, over time, can lower your score. Using a mortgage broker means you should only need to have your credit checked once.

Using one of these experts also means you’ll have access to a wide network of lenders through them. Allowing them to negotiate terms and rates for you means you get the best numbers. Using a Toronto mortgage broker means you can cast the net a little wider for potentially bigger savings. They find the best mortgage that’s suitable for you.

The post Five Good Reasons to Use a Toronto Mortgage Broker appeared first on OMJ Mortgage.

What’s more, we’re the mortgage broker in Toronto that stays on top of industry trends. For example, the latest RE/MAX Hot Pocket Communities Report has just been released.

Here’s what you need to know if you’re looking to get into the market or refinance.

• Over half (55%) of GTA real estate markets reported double-digit price increases for detached homes.
• The first quarter of this year was characterized by strong demand. After the shock and downturn created by Covid-19, experts predict a positive impact going forward due to things like historically low interest rates.

Overall, the report looked at 65 different locations in the GTA. Of those, the biggest gains in average price happened in locations close to Toronto’s central core. Buyers who were looking to move up helped values rise almost 26% in areas like the Annex, where there was a shortage of detached homes.

The Best Mortgage Rates ?

Looking for the best mortgage rates in the most sought after neighbourhoods? We are a reputable mortgage broker in Toronto with access to all the major lenders. That means we get the preferential rates and exceptions to pass along to our clients.

Our proven track record includes the ability to fund and structure complex deals for you. That goes for commercial and residential properties across the GTA and beyond.

As far as the recent report goes, RE/MAX noted sales of detached homes were down. However, there were several rural and suburban districts showing signs of growth. York Region was at the top of this list.

The post The Best Mortgage Rates and The Fastest Rising House Prices are Here appeared first on OMJ Mortgage.

Insurance

Cottages can sit for long periods of time. That means there can be additional insurance costs. Increased risks because of weather related issues are one reason. If you’re looking at a property on an island, keep in mind, insurers generally shy away from these. They are harder to get to and more difficult to cover.

Location

Because we are a mortgage broker Toronto team with years of experience, we know how important location is for real estate. Of course, that includes buying a cottage. Choosing an agent who knows the area is essential. That way, if you’re planning on renting out the cottage, they can refer you to a property manager.

Access

Cottages are attractive because they are remote. They’re a quiet place away from the hectic life of the city. Nevertheless, you need to look at that from every angle. For example, if there is only one road that leads to your cottage, you need to find out if it’s cleared of snow. What if it’s only accessible by boat? That adds an extra expense if you don’t already have a boat.

Added Costs

Sure, you can imagine yourself sitting by the lake enjoying the sun. Still, you have to consider things like property taxes and maintenance costs. If you borrowed the money to buy the place, it’s necessary for you to calculate the interest.

However, there’s really no need to worry too much about getting that part of your finances right. We can help by getting you the best mortgage rates on the deal.

The post Cottage Buying Tips From Your Mortgage Broker Toronto appeared first on OMJ Mortgage.

For example, the province recently deemed the real estate industry an essential service. However, it’s important to note it was also recommended real estate agents stop providing open houses. Agents are saying that when gatherings of five or more people became taboo, realtors needed to get creative.

Some of these realtors are responding to the call virtually. Instead of taking prospects right into a property, they film the house from inside and take real time questions.

Hit Harder Than Others

More research is telling us that some sectors of the real estate industry are being hit harder than others. Entertainment retail like bars, restaurants and hotels are at the top of the list. Housing follows close behind. Most experts are telling us that the real estate market will get worse before it gets better.

We are still committed to getting you the best mortgage rates. It’s important that we all look ahead together and stay innovative.

That goes for the way agents are asking people to act in open houses. Some want their clients to wear gloves and a mask. It’s important that visitors during an open house don’t sit on furniture or touch any surfaces like countertops.

On the bright side, reports from realtors across the country say they haven’t seen any panic selling. As your mortgage broker Toronto specialists, we’re committed to informing you about more than the best mortgage rates in these times.

The post Today’s Markets Are About More Than the Best Mortgage Rates: Here’s How Realtors are Tackling COVID 19 appeared first on OMJ Mortgage.

That’s why we’ve taken the time to put together the top renovation trends for 2020. Hopefully, these will help you with your investment as time goes by.

 Home Wellness Takes Centre Stage 

Younger buyers still want a good deal, but wellness is taking a bigger chunk of what they’re looking for this year.  Millennial’s still want the best mortgage rates. However, they’ve been earmarked as the generation that are willing to spend on wellness/healthy products. Non-toxic materials when it comes to the kind of paint used in kitchen and bathroom renovations is one of the big focuses. Water and air purification systems are also high on the Millennial buying list.

More DYI Projects Team up With the Best Mortgage Rates

There’s lots of information about doing things yourself when it comes to renovations in places like YouTube. There’s every indication that more and more people will take advantage of this trend and the number of DIY renovations projects will go up this year.

Consumers are also using technology to get all the information they need to make smart purchases.

Finally, the more things change the more some stay the same. Research tells us that the smart homeowner will still need to put some money away for quick fixes in areas like plumbing.

In other words, getting the best mortgage rates will help you to save some money for an emergency if your roof springs a leak.  Getting in touch with us is easy. We can help you get the mortgage you need.

The post We Supply the Best Mortgage Rates, and Top Renovation Trends for 2020 appeared first on OMJ Mortgage.

They are sometimes referred to as the middleman who can find you the best mortgage rates.

Here’s a few boxes to check while you are looking for the right expert.

• Ask about their experience. Specifically, when you’re looking for a credible Toronto mortgage broker, you’ll need client references. It’s a good idea to ask for contact information if these are posted on a website. You’ll also want to know how long a mortgage broker has been in the industry. Don’t be afraid to write questions down and brainstorm with your family before hand.
• Ask about the requirements. Understanding as much as possible about how the mortgage system works helps you in the end. You’ll be able to get the necessary documentation together before the process starts.
• It’s also a good idea to get your credit score in shape so your mortgage broker Toronto can help you more efficiently. The first step is to get that score from the three companies that collect the data and make sure everything is accurate.

Keep in mind that we are a company with a proven track record you can trust. OMJ Mortgage Capital focuses on land financing, construction as well as residential and commercial properties. We can look after your mortgage needs and have contacts with many different financial institutions and alternate lenders.

We are proud of the fact that we provide excellent solutions at the best mortgage rates. If you’re looking for a mortgage broker Toronto, get in touch today.

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