Do you know where your mortgage stands? Get a Free Mortgage Health Check-Up!

 

5 Reason Why My Mortgage Health Check is Crucial

An annual review of your mortgage is really important as your needs and life circumstances may have changed. As your “Mortgage Broker for Life”, I provide a Free service in which I will review your mortgage and your individual situation to review as part of my Mortgage Health Check-Up. You may have a mortgage that is not right for you anymore. Please see 5 signs that you may need a Mortgage Health Check-Up You may have a Rate Higher than you could get today. Both Variable Rates and Fixed Rates are still really good. Interest rates appear to be on the rise so a matter of days could cost you thousands in rising interest costs. You may be carrying a lot of debt at very high interest. If you are sitting on even $20,000 in debt, you could save Hundreds, if not Thousands in interest and lower your monthly payments. Your house may be in need of costly renovations or upgrades. Including these expenses in your mortgage will a lot cheaper than trying to obtain 3rd party financing at higher interest rates. We have a refinance plus improvements program which is extremely useful in these situations even if you don’t think you have enough equity. Is your mortgage up for renewal this year or next? I have helped a number of clients lately get in to lower interest rates now. You won’t have to worry about future rate increases. You have an extraordinary expense coming up. Do you have a child going to college, or getting married? Perhaps you want to help your children to purchase a house of their own. Book NOW!! You can easily click on the link below to schedule a convenient time what works for your schedule. You can give me a call just about anytime if your would prefer. I look forward to speaking with you! If you think this information could help out a friend or a family member, I would really appreciate it if you would forward this  or provide them with my contact information. I will look after them as if they were a friend or family member to myself.

Book a Virtual Meeting Now!!

Phone / Text 403-828-1838 Email: mortgages@shawnmooney.com Website: www.shawnmooney.com

Some conditions may apply. Rates are subject to change. Subject to lender / insurer approval.

Variable Rate Mortgage? You might be overpaying

 

Variable Rate Mortgage? You Might be Overpaying!

Did you know a lot of variable rate mortgage holders are paying way too much? Variable rates are most often the easiest to get out of with a simple 3 months interest penalty. If you take a look at the illustration below, you will see that if you do not have a rate of 1.45%, or prime minus 1%, then you could be overpaying.

As you can see, I am using a $300,000 mortgage with a rate of 2.45%. Using a new rate of 1.45%, and adding the penalty take note of the total amount saved over a 5 year term. Based upon this scenario, I will have saved a client $17,646.02 with a payment reduction of $136.09 per month. Can you afford not to refinance? In just a couple of minutes I can figure out what your situation might look like with some of my strategies. Why don’t you give me a call now so I can assist you? You can also book a virtual meeting at a time that is convenient for you by clicking the link below. I look forward to hearing from you!

Book a Virtual Meeting Now!!

If you think this information could help out a friend or a family member, I would really appreciate it if you would forward this email or provide them with my contact information. I will look after them as if they were a friend or family member to myself.

Flex Down Mortgages FAQ

Flex-Down mortgages provide a way for people to get into home ownership sooner by allowing them not to have to come up with a down payment on their own.  With a flex-down mortgage you are allowed to apply for a secured line of credit or an unsecured line of credit for the purposes of using the money for the down-payment. 

For this to work, you need to have the ability to borrow 5% of the purchase price.  For example, if you purchase a house for $400,000 then you need to be able to borrow $20,000 for the down payment.  In order to qualify.  Also in order to qualify you need to be able to debt service the extra debt. So what that means in a lot of cases is that you have to include 3% of the balance of the loan as a debt.

For this product it is required you have really good credit and decent enough income to qualify. 

Product Features

•  Buy a house with no money down out of your savings
•  Allows you access to home ownership sooner
•  Wider range of sources of down payment permitted
•  Competitive  Interest Rates
•  Available all over Alberta

Shawn Mooney |Bayfield Mortgage Professionals Ltd.

Broker of Record

Your Mortgage Broker for Life

Bus. # 403-945-8769 | Mobile # 403-828-1838

Email: mortgages@shawnmooney.com

Website: www.shawnmooney.com

Mortgage Rate Update - October 17, 2016

As always, you can keep updated on current interest rates at www.shawnmooney.com/rates

Shawn Mooney |Bayfield Mortgage Professionals Ltd.

Broker of Record

Your Mortgage Broker for Life

Bus. # 403-945-8769 | Mobile # 403-828-1838

Email: mortgages@shawnmooney.com

Website: www.shawnmooney.com

*Denotes Change in Rate**Rates subject to change without notice.  Some conditions apply.  O.A.C.  Rates could be customized maturity and must close by a certain date.  Contact me for the best rate for you!!

Mortgage Refinancing - FAQ

What is Mortgage Refinancing?

Mortgage refinancing means paying out the existing mortgage or mortgages and replacing them with a new mortgage or mortgages.  Ultimately when you refinance the mortgage you are changing the terms of the mortgage.  You might be changing the term, mortgage amount, amortization period or conditions.  When your mortgage comes up for renewal it is considered a transfer/switch if you decide to get a mortgage with another lender unless you decide to change the mortgage in any way.

Refinancing can help you reduce monthly payments

Are you finding you don't have anything left over at the end of the month after paying all those monthly bills? Use the equity you have built in your home to help manage your debt. Consolidation can help you manage your monthly cash flow and relieve the financial pressure. A mortgage broker can help you with debt consolidation, and show you mortgage options that will help you regain control.

Refinancing can help you pay off high interest credit card debt

Are you only making minimum monthly payments on your high interest credit cards, loans or lines of credit? Mortgage interest rates are still at record lows. Now is the time to take advantage of the equity you have in your home and pay down your high interest debt while actually saving thousands.

Refinance to Plan and build for your financial future

No extra cash available to help build your financial future. We can help you free up cash so you do have funds to invest for your retirement and your family's financial future.  By refinancing you might be able to get yourself low interest money you might not otherwise have access to.  

Contact us today online, in person or by phone and let us help you achieve your financial goals!!

Check out my webpage on Mortgage Refinancing.  http://www.shawnmooney.com/refinance

Shawn Mooney |Bayfield Mortgage Professionals Ltd.

Broker of Record

Your Mortgage Broker for Life

Bus. # 403-945-8769 | Mobile # 403-828-1838

Email: mortgages@shawnmooney.com

Website: www.shawnmooney.com

Mortgage Rate Update - October 3, 2016

*Denotes Change in Rate**Rates subject to change without notice.  Some conditions apply.  O.A.C.  Rates could be customized maturity and must close by a certain date.  Contact me for the best rate for you!!

Mortgage Rate Update - September 26, 2016

As always, you can keep updated on current interest rates at www.shawnmooney.com/rates

Shawn Mooney |Bayfield Mortgage Professionals Ltd.

Broker of Record

Your Mortgage Broker for Life

Bus. # 403-945-8769 | Mobile # 403-828-1838

Email: mortgages@shawnmooney.com

Website: www.shawnmooney.com

*Denotes Change in Rate**Rates subject to change without notice.  Some conditions apply.  O.A.C.  Rates could be customized maturity and must close by a certain date.  Contact me for the best rate for you!!

First Time Home Buyer - FAQ

Let a Mortgage Broker Help you

I realize the process can be overwhelming and complicated.  As your mortgage broker I will walk you through the whole process from start to finish.  I will make sure that every step of the way you understand what is happening. 
Get a Mortgage Pre-Approval

Once you have decided you want to buy a house the next step is to find out how much you can spend and when you plan to take ownership.  I will go through all the steps needed to find out how much you qualify for, how much of a down payment you need and I will work to get your interest rate locked in for the next 120 days.  One really great benefit to having your pre-approval is you won't have to worry about any rate increases within the rate hold period.  Also, you will be given the benefit if rates drop before you get possession of your new house. 

First Time Home Buyer Benefits

As a First time home buyer there are certain privileges you are entitled to.  The first of which is Tax Credit.  The tax credit allows you tax breaks on your closing cost up to $5,000.  So you can get a tax break on the money you spend on legal fees, inspection, appraisal, title insurance and other qualifying home buying expenses.

Another benefit is the Home Buyers Plan. This program allows qualified buyers the use of up to $25,000 in RRSP contributions to buy their house.  Under this program the withdrawal of the RRSP will not work against their income.  They will be allowed up to 15 years to pay it back before it gets penalized as income and you have to pay tax on it.

It's about making the right decision 

More and more Canadians are discovering that the best mortgage decision they can make is to choose to work with us.  We offer creative mortgage solutions and can offer all sorts of financing options. 

Take the next step now and contact us to ensure you receive expert and unbiased advice - and the professional service you deserve. 

Shawn Mooney |Bayfield Mortgage Professionals Ltd.
Broker of Record
Your Mortgage Broker for Life
Bus. # 403-945-8769 | Mobile # 403-828-1838
Email: mortgages@shawnmooney.com
Website: www.shawnmooney.com

It's Complicated, Interest Rates FAQ!

There is a lot more to a mortgage than just an interest rate. Over the years lenders have found ways to effectively compete for market share by providing the lowest rates.  They sometimes do this by offering what is called a "no-frills" mortgage.   Not only that, you may in fact be getting a variable rate when you thought what you were getting was a fixed rate mortgage.   There are also quick close rates available if you have the ability to close early.

A "no-frills" mortgage is basically a mortgage which is restrictive in some way or another.  For instance in order to get a lower rate with some lenders you may be giving up some of your pre-payment privileges.  You may also be giving up the opportunity to refinance your house which means the only way to pay out the mortgage is by selling your house. 

Then there are Variable rate mortgages.  This means that your mortgage is subject to change based on your lenders prime rate.  Prime rate is ultimately determined by the Bank of Canada's overnight lending rate.  What you need to know is that your mortgage rate is subject to change.  If the prime rate goes up then so does the rate on your mortgage and if prime rate goes down then so does the rate on your mortgage.   So if it seems like the rate you are getting might be too low, you might be getting a variable rate.

A good number of lenders now offer what is called Quick Close Rates.  Basically a quick close rate applies with some lenders if you can close the new mortgage within 30 days, with some others you have as long as 45 days to close.  These rates often include a discount for closing quickly.  An example would be if the going rate on a 5 year is 2.49%, a quick close might include a discount dropping the rate to 2.39%. 

Some of the questions you need to ask when determining the interest rate is;

• What are my pre-payment privileges?
• What are my payout penalties?
• Is my mortgage portable?
• Is my mortgage assumable?
• Can I refinance with a penalty or do I have to sell to get out of my mortgage?
• How soon is my mortgage going to close?  Can I close it sooner to get a quick close rate?

If you are dealing with anybody that cannot come up with the answers to these questions then I would strongly recommend you discontinue using their services right away and find somebody who can(like me). 

As always, you can keep updated on current interest rates at www.shawnmooney.com/rates

Shawn Mooney | Bayfield Mortgage Professionals Ltd.

Broker of Record

Your Mortgage Broker for Life

Bus. # 403-945-8769 | Mobile # 403-828-1838

Email: mortgages@shawnmooney.com

Website: www.shawnmooney.com