Get off to a Great Start by going Debt-Free!

 

You Can Get Out of Your Debt-Cycle by Using Your Home Equity

Credit Card debt, lines of credit, loan payments and interest payments could be standing in the way of your financial security. With rising costs for pretty well everything, it could make it near impossible to get ahead with your debts. Now is a great to take control of your debt cycle through Debt Consolidation or an Equity take out. It’s a simple concept: roll up all the extra debt owed outside of your mortgage and consolidate it in to an existing mortgage or a new mortgage. If you have equity in your home, it is the simplest way to eliminate debt. Getting in touch with me, I can quickly assess your goals to figure out what your options are. Best of all, my advice is under no obligation and it is free. Key Advantages of Debt Consolidation: · Trading multiple higher-interest debts for one lower rate · Lowering your monthly payments · Get out of debt faster and free up some cash-flow · With my strategies I can show you how to pay off your mortgage faster also Debt consolidation can offer a big relief for someone who is struggling with their monthly debt load. If can’t help you, I more than likely can offer some solutions that can help also.

Have you Taken a Look at your Financial Picture Lately? 🏘️💵

 Mortgage Health Check-Up

An annual review of your mortgage is 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 reasons that you may need a Mortgage Health Check-Up,

1. You may have a Rate Higher than you could get today.
• Variable rate higher than Prime Minus 0.5%.  Further it is possible we see upwards of 1.5% rate increases on this by the end of the year. 
• If your mortgage is coming up for renewal in the next year you may want to consider your options now as fixed rates have been rising over the last year. 
2. 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.
• Why not roll the debt in to your mortgage?  With my strategies, you don’t have to start over, but you can save thousands and pay off your mortgage even quicker.
3. Your house may need 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.
• I have a refinance plus improvements program which is extremely useful in these situations even if you don’t think you have enough equity.
• You may have more equity than you think.  Property values are still really good. 
4. Is your mortgage up for renewal this year or next?
• I have helped several clients lately get in to lower interest rates now. You won’t have to worry about future rate increases.
5. 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.

Ask the Experts

While home mortgage health checks are a fantastic way to refinance your mortgage and reassess your finances, we don’t expect you to do all of the above yourself. Whatever questions you have relating to reviewing your mortgage, it’s always a good idea to contact a lender or your financial adviser. As experts, a mortgage broker can provide you with the most appropriate advice when it comes to switching to another home mortgage product that suits your requirements.

Purchasing a 2nd Home May Not Be as Difficult as you Think!

 Are you Interested in Purchasing a 2^nd Home?

Did you know you may be able to purchase a 2^nd home with as little as 5% down payment?  I have recently found several inquires involving questions with respect to minimum down payment requirements.  Most people are of the opinion that there is a minimum down payment requirement of 20% which puts this option out of a reach for most.  That is not the case. 

I recently arranged a mortgage for a client who wanted to help her daughter and son in law get into a new home, but they could not qualify for the mortgage on their own, we did a new house purchase with 5% down.  I also assisted some other clients in purchasing a vacation home that they can enjoy with their family.  These clients used their Home Equity Line of Credit to come up with the minimum 5% down payment requirement.

• I have a number of lenders who offer mortgages under their 2^nd Home Program.  Below are just some of the benefits to this program.
• Purchase a home with as little as 5% (must be below $500,000, otherwise 10% of everything over $500,000 for a down payment)
• Access to the lenders best rates, so won’t be penalized
• Exercise the lenders pre-payment privileges to pay down your mortgage faster
• Can you your existing homes equity to come up with the down payment
• Purchase a vacation home
• Purchase a home for your children
• Turn your current home in to a rental so you upgrade your house

My lenders are flexible and offer excellent solutions for purchasing your 2^nd home.  Within just a couple of minutes I can help you come up with a budget so you can start your new home search.  Call me now to explore your options. 

Please note, property must be owner occupied, 2nd homes occupied by related family members is ok. 

Should I Turn My Home into a Rental Property?

 

Should I Turn My Home into a Rental Property?

Good day!! These days a lot of people are seeking options to purchase a 2nd property to move into but would prefer not to give up their current property. The Banks are not making this a very easy process for qualifying with their rules for using rental income and rental property expenses. We have multiple lenders who will make easier for clients to purchase a new home with a more common-sense approach. Below are just a few benefits to turning your home into a rental property. Purchase a new home with as low as 5% down Lower mortgage payments on your existing home will produce a profitable rental in which you can make money each month on it Increased value on 2 properties at the same time Owning a Rental Property is achievable

For this Illustration, the Bank’s are required to use only half of your rental income, so $1,000 and 100% of the expenses, so adding the mortgage, property taxes along with $100 for heat. Our lenders typically allow for an 80% use of rental income which in this case would produce an increase to your income. As you can see, with the Bank’s calculations qualifying amount would only be $465,000 vs. $580,000 with our more creative lenders. Subject to lender/insurer approval. Qualifying rates are subject to change.

Don't Wait! Now is the time to lock in a rate!

 

Fixed Rates Continue to Rise

Not only has the Bank of Canada recently increased the overnight lending rates, but fixed rates have been steadily increasing for the last 10 months. If you are considering purchasing or refinancing, waiting just a couple of days can cost you thousands in additional interest charges. Below are just a few things you need to consider. If your mortgage is up for renewal sometime in the next few months, I have found penalties in most cases not to be too high, making it very affordable to make sure you lock in now. Waiting till your mortgage matures might cause you to have a much higher rate. Last week the Big Banks all raised their Fixed Rates. Fixed Rates follow Bond Yields which have surged to a 3-Year high. On that, we can expect that rates will continue to rise. In the last year, we have gone from a 5-Year fixed rate of approximately 1.5%, to a 5-Year Fixed rate over 3%. Rates have more than doubled. Although Variable Rates are unaffected by the Bond Yields, the spread on Variable Rates has tightened recently also. For example, previously the average discount for a Variable Rate was around Prime Minus 1.0%, that spread has been tightened to about Prime Minus 0.8% for the average mortgage. So as you can see, waiting for your upcoming renewal, or waiting for your upcoming purchase can cost you quite a bit in increased interest costs. If you have either a Fixed or a Variable Rate mortgage and you would like some advice, please don’t hesitate to contact me. I would be happy to offer you Free advice as to what options might be available. f 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.

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.

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.

Tax Season is Upon Us

 

Tax Season is Upon Us Hello Shawn Are you self employed and are planning to purchase or refinance a house this year? If you are, then you should get in touch with me prior to filing your taxes. I can help you figure out the amount of income you will need for either refinancing or purchasing a house so you will be in the best possible situation. Failing to do so could cause you not to qualify. Tax season is upon us. Do you owe revenue Canada money? Did you know that if you do it is income tax arrears so there fore penalized? Revenue Canada expects you to have your taxes paid in full prior to the tax deadline by paying installments on you own if you are self employed or having it deducted from your income if employed by an employer. As such if you are refinancing your house, you are not allowed to pay revenue Canada from the proceeds. Also, if you are buying a house these will be required to be paid off in full prior to closing on a new house purchase. Even if you are on a payment plan with revenue Canada it won’t matter to the lender. If you have an upcoming mortgage renewal, even if a few years away you should start considering dealing with this sooner than later. If you don’t when your mortgage comes up for renewal you won’t have the ability to shop around or negotiate. That said, I do have lenders that understand and are willing to help. Both my alternative lenders and my private lenders are willing to help pay off this debt if you have sufficient equity in your house. I have several strategies I implement depending on your specific situation to help. So, if you have revenue Canada debt and you are unsure as to what to do contact me. I would be happy to help you find a solution if I can. 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. 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. Copyright (C) 2022 Bayfield Mortgage Professionals Ltd.. All rights reserved. You are receiving this email because you opted in at our website or you opted in over the phone. Our mailing address is: Bayfield Mortgage Professionals Ltd. 67 Coopersfield Park SW Airdrie, Alberta T4B4K8 Canada Add us to your address book Want to change how you receive these emails? You can update your preferences or unsubscribe

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.

Mortgage Rate Update | 10-Jun-19

🏡Mortgage Rate Update! Once again, rates on all terms are looking great but those longer terms, 7 & 10 year. Wow. 😲I cannot remember them being lower ever. 🤑😊 #cheapmoney #callmenow

www.shawnmooney.com/rates

#mortgagebroker #realestate #property #house #firsttimebuyer #home #condo #buy #sell #yyc #airdrie #yycmortgage #yycrealestate #yychomes #investment #realestateyyc #ouryyc #preapproval #prequalify

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

Mortgage Rate Update | 03-Jun-19

🏡Mortgage Rate Update. BOC met last week and there were no changes.✅ Both variable rates and fixed rates are great. 👌Now is a great time to lock in a rate! 🔥#callmenow #bestrateforyou #itslikestealing

www.shawnmooney.com/rates

#mortgagebroker #realestate #property #house #firsttimebuyer #home #condo #buy #sell #yyc #airdrie #yycmortgage #yycrealestate #yychomes #investment #realestateyyc #ouryyc #preapproval #prequalify

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