One Stop Mortgage Corp Blog

Choosing a Mortgage Broker

Nov 16, 2014

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choosing a mortgage broker

Choosing the Mortgage Broker

Mortgages can be complicated, especially when you are re-mortgaging or refinancing your home. When you go to a bank for a mortgage, sometimes you leave feeling that you could have gotten a better deal, other times you feel like you did fine, but didn’t understand all the parts of the mortgage. If you have time to shop around at all the banks and mortgage brokerages, it can be an exhausting experience. How can you be sure you got the best interest rate? Do you understand all the details of the mortgage? If you are refinancing, are you certain the person you worked with got you the best deal?

Someone on your side

A mortgage broker acts on your behalf to find you the best deal you can get, based on your credit rating. This is much better than doing things yourself, since mortgage brokers have access to different kinds of financing options and the best interest rates available. Choosing someone you can work with is important. You can do this more easily by asking questions about your credit rating, options, refinancing details and repayment rules. Get your mortgage broker to go over the details of the contract closely with you to ensure you know what you are signing. Good customer service and client representation are ...

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Self-employed? You can still get a mortgage or loan!

July 20, 2014

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owning a home

Self-employed mortgages and loans

With new mortgage rules it is getting harder to get a mortgage if you are self-employed, have bad credit or live in a rural area. A bank may turn you down, require a big down payment or charge higher interest rates, but a mortgage broker can help you get the best deal for your particular situation. There are ways to get the help you need.

Stated Income

Stated income allows you to state your income on a mortgage application. To make this work in your favour, include your income tax records to show that you have a cash flow or steady income. Although tax benefits for self-employed people often lower the total amount of income shown on income tax, when you work with a mortgage broker, they have a wide access to funding that can get you the money you need, based on stated income. While you may pay more interest, it doesn’t mean you will get turned down.

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3 advantages of owning your own home

June 16, 2014

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owning a home

When you purchase a home, it is the biggest purchase of your life.

You pay your mortgage down monthly, you use it for leveraging cash over the years and most importantly you hope to take advantage of growth in the equity value. While this is true in hot real estate markets like Vancouver and Calgary, it is also very important to not lose sight of the fact that your home is also a place to raise your family and perhaps even live out your days.

There are also many advantages to home ownership, along with providing a safe shelter for your family. When considering buying a new home, do your research, buy within your means and get the help of a mortgage broker to get you the best mortgage you can get.

 

Taxes

Taxes have a huge impact on investments. When you make money in just about every investment, you pay taxes. With a home, as long as it is your principal residence, you will pay property taxes – which are also part of a cost of rent – but there are tax advantages to ownership.

 

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Why use a mortgage broker to help you buy your next home?

April 14, 2014

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shopping for a mortgage

Shopping for a mortgage is stressful!

Whether you are buying a condo in downtown Vancouver, land in Alberta, or a vacation home on the west coast of Vancouver Island, shopping for real estate is stressful.

Buying a home or property requires financing for the most expensive purchase in your life, and learning about mortgages and financing is difficult. Everyone has advice on how to get the best mortgage, but where is the best place to go, and who can you talk to who will give you an honest, upfront answer?


There is so much to consider, from payment terms, interest rates, penalties, amortization, taxes, legal fees…and the list goes on.


If you go to a bank and talk to the mortgage officers there, will they give you the best deal? Does one bank have a better rate than the other, and what do you have to sacrifice to get it?
There are so many questions and far too many answers. A mortgage broker can help you get the best mortgage rates, structure and payment options for your particular credit situation.

 

Someone on your side

The trouble with mortgages is that they have lots of fees, long terms and difficult parts that are often not explained.

Read more about working with a mortgage broker

Spring is here - time to get your home renovations started

Mar 23, 2014

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Spring time

It's Spring!

It’s that time of year again. The days are getting longer, the flowers are coming up and the air has that fresh scent of life on it again. Snow melts away to reveal the landscaping we need to do and the repairs that are needed on our home, deck and garage. As it warms up outside, our home improvement ideas take shape.

 

Time to check your home

Here are 6 tips to get you going.

  • Fix cracks – with changing temperatures, it is common for foundations and driveways to crack. Once the spring rains hit, this is a welcome entry point for water damage.
  • Repair windows – check your windows to make sure the caulking is still in great shape. Repair any cracks that were caused by those winter storms. Prevent water damage wherever you can
  • Check your gutters – As the snow melts, it can leave sediment in your gutters and downspouts. Make sure that everything flows easily and that you don’t have any water pooling issues
  • Move any wood or piles of things you stacked during the winter away from your home. This is a breeding ground for insects
  • Check your lights, air conditioning and doors – make sure everything is in proper working order

Read more about spring renovations

It's tax season again - need peace of mind?

Mar 17, 2014

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family on March Break Vacation

It’s tax time again

Tax season can be a stressful time of year, particularly if you own a small business. With tax rules changing all the time and the economy often in a state of flux, it’s hard to keep up.

This time of year we put together our records visit the accountant and get surprise tax bills. Sometimes it seems that no matter how careful we are, surprise tax bills can really be a burden. If you are self-employed, or run a business, these surprises can be a hassle so early in the year.

 

Surprise! You owe the government even more money!

Whether you pay your taxes in installments, or in a lump sum, you need to get access to cash when you need it. If you run your own business, are self-employed, or are just getting started with a new project, it can often be hard to borrow money.
When you apply for a line of credit, you need to show your credit rating, steady income, and provide all kinds of documentation to prove that you are not a credit risk.

If you work for yourself, you usually are seen as a higher credit risk, can’t get access to good interest rates, and sometimes even have to deal with bad customer service from the banks. If you work in the construction industry and are in the middle of a building project, work in technology or run a farm, work is often seasonal and cash flow comes in waves.

A sudden tax bill can be painful when it is a surprise. And no matter how carefully you plan, a tax bill is always an unwelcome surprise.

Get Peace of Mind

How to save money on your March Break Getaway

Mar 10, 2014

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family on March Break Vacation

Consolidate your debt before that March Break Vacation

Just imagine, in a couple weeks you could be away from the winter, away from work and take that much needed vacation to the sun with your family. School is out for a week or two and this chance for family time is too good to pass up.

Your kids are only young once – before you know it they will be finding their own way in the world; it won’t be long before they will rather spend holidays with their friends. Having a couple of weeks away will give you’re the reboot you need and you will finally get away from winter for a while, or maybe you could use a week in Whistler on the slopes? Regardless, we all need a break; we all need a vacation.

 

Be prepared

Before you start buying your plane tickets and dreaming of the sand and surf, if you move forward carefully, you could save a bundle. You don’t need to just put this on your credit card or live now and worry later. Simple debt consolidation may be the answer you are looking for.

It happens to everyone. We need money quickly at various times of our lives, such as when we need to do emergency repairs, we face unexpected health issues, need some money to replace our car, or to take a vacation. How we manage our debts makes a huge difference in the long run.

Save Money on your March Break

Need a home equity loan? See your Mortgage Broker

Feb 23, 2014

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home equity loan one stop mortgage

Home equity loans can provide peace of mind...

Home equity loans can provide a lot of peace of mind when debts get out of hand, or credit card bills start to run too high. They provide some breathing space in debt consolidation, extra funding when you need the cash and better interest rates than you can get in unsecured loans.


The advantages of a home equity loan

When you apply for a home equity loan, there are many advantages attached.

You can:

  • Consolidate your debt
  • Get cash to pay for a child’s tuition
  • Renovate your home
  • Replace that old car
  • Start a new business
  • Pay off credit cards
  • get cash if you lose your job

And these are just a few. Since the equity is based on your home, you may also be eligible to get lower interest rates than other types of loans. Too often people carry multiple loans at varying rates and it gets harder and harder to keep track – a home equity loan can bundle all those loans into one and simplify the way you pay for your debts. Since you use the value of your home as collateral, it makes it more possible to get a lower rate.

How does it work?

You have a mortgage, and you’ve lived in your home for a number of years. As you pay off your mortgage...

Home Equity Loan Help

5 tips to reduce your monthly payments and lower your debt with a debt consolidation loan

Feb 2, 2014

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overdue bills

The Bills are here...

The Christmas bills are here, and the memories of the shopping for presents, dinners out, much needed time off work and time spent with family come flooding back.

We all need extra cash this time of year, but running up debt on credit cards and other high interest loans can really reduce our cash flow.

How do we get back on track and get money when we need it most? These 5 tips will show you how to lower your monthly payment, get lower interest rates and get back on track, plus find the money when you need it.

 

5 Tips to reduce your monthly payments and lower your debt

1. Assess your debt

What does your debt look like? Are you carrying debt on multiple credit cards? Do you have a car payment or a line of credit payment?

By taking a good look at your debt, finding out what the interest payments are and seeing how the money is spread across many different places, it can help to understand how much money it costs to keep this debt going.

2. Check your credit rating

How is your credit rating? When was the last time you checked it? By knowing what your credit rating is, you can see...

 

Reduce your Monthly Bills

Year end mortgage checklist

Dec 8, 2013

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mortgages

Are you getting the best mortgage?

As the year comes to a close in a few weeks, it is a great time to take stock and see how we did during the year. What were the best things you accomplished? What do you want to improve? When we look back, it is also important to think about how we did financially. Are you paying too much interest on your mortgage or home equity loan? Can you do better? Let’s find out.

 

Reviewing your Mortgage
When you review your mortgage, you need to look at so many factors. Many people will just look at the rate, and go with the lowest they can get, but there are other factors that need to be looked at. These include things such as refinancing penalties, mortgage penalties, repayment terms, amortization and more. The team at One Stop Mortgage Corp can help you evaluate your mortgage and see if you are getting the best deal.

 

Mortgage Checklist

  1. The Rate
Are you getting the lowest rate you can according to your particular financial situation? Is this a pre-approved rate, or is it a mortgage renewal rate? When you are looking into mortgage rates, check with a mortgage broker to see if it fits your needs and is truly the best you can get....

 

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Low Interest Mortgages and Home Equity Loans

Oct 6, 2013

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Low Interest Mortgage and Loan bank turndown

Low Interest Mortgages and Home Equity Loans

As mortgage and loan interest rates begin to slowly creep up again, it’s a good time to review your current mortgage or home equity line of credit and see if you are getting the best deal.

 

How do Interest Rates affect a Mortgage Payment?

When you go to a bank to negotiate your mortgage, the lending officer has some room to negotiate a mortgage rate. With a mortgage broker, he or she will shop around using his or her wide range of resources to find an even lower rate. Yet does it make much of a difference?
Let’s take a look at how amortization works. In Vancouver, the average price of a home is about 1 million, and the average price of a condo is close to $370 000. (see http://www.cbc.ca/news/business/house-sales-in-toronto-vancouver-leap-in-august-1.1362271)

With those numbers in mind, the average mortgage hovers around 400 000 plus....

 

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How does a Home Equity Loan Work?

July 29, 2013

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Bad Credit Home Equity Loan

How does a Home Equity Loan Work?

With recent disasters in Calgary, the East Kootenays of BC, Toronto and other parts of the country, many home owners found themselves in a tight financial situation after discovering that their insurance wouldn’t cover the damage to their homes. What can you do in a situation like this?


It became worse after the disaster, as many homeowners learned that their homes would no longer be insured because they were now living in a flood zone. So when insurance no longer covers the possibility of damage to your most important investment, you need to set up your own emergency funds to cover the repairs. Yet with money so tight these days, who has the extra cash to do this?

 

Home Equity Loan
If you have been paying your mortgage and have lived in your home for a while, and if the value of real estate in your neighbourhood has increased, the equity in your home has gone up. Since you’ve worked so hard to pay your mortgage and built up that equity in your home, the equity there should also work for you! Accessing the equity in your home may be one of the most cost-effective ways to lower your borrowing costs, or to have money when you need it most.

 

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Bad Credit Home Equity Loans

June 2, 2013
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Bad Credit Home Equity Loan

A Home Equity Loan Just Makes Sense

If you have bad credit, a home equity loan may be a solution to help you refinance your high interest loans, rebuild your credit rating and take more control of your financial situation. A home equity loan is a line of credit that enables you to take money out of the equity you have built up in your home. Building equity in your home is done by paying your mortgage every month, as well the increased market value of your home.

 

Have Bad Credit?
If you have bad credit, a home equity loan can usually offer easier approval and lower interest rates than the more traditional credit lines or loans, since your home is used as collateral. If you have a mortgage and lots of equity in your home, and are carrying credit card debt, it just makes sense to take the money out of your home to pay off the high interest rate loans. Not sure how to get started? Contact the team of mortgage and loan specialists at One Stop Mortgage.

 

Debt Consolidation

You can use a home equity loan to consolidate your debt. Since you are using the value of your home to support your loan application, it is easier to get approval and your interest rates will be lower...

 

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Mortgages don’t have to be Stressful!

April 14, 2013
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Mortgage Help from One Stop Mortgage Corp

Mortgages don’t have to be Stressful!
The majority of Canadians find mortgages to be very stressful. In March, Angus Reid and ING Direct discovered in their survey that 2/3 of Canadians find the process of getting a mortgage to be very stressful, time-consuming and not at all straight forward.

Negotiating a rate is the most stressful aspect, as is deciding on the right term and schedule of payments, as well as getting customer service help. Just finding the right mortgage product is more difficult than it has to be, since many institutions have so many to choose from. How do you make the mortgage less stressful and make the right decisions regarding your future?

 

Set Priorities and Goals
Do you know where you want to be in 5 years? What are your realistic goals? Calculate how much money you need to fulfill those goals, discover what you want out of life and learn to be patient with yourself. It is very important to understand your needs and goals so that you can figure out how much money you need each month to fulfill those needs. Owning a home is a great responsibility, but it also provides many opportunities you may have not thought of including:

 

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Buying your First Home

March 31, 2013
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Property Purchase

Are you prepared to buy a home?
Buying your first home can be scary at first, but with the right help and guidance, the process can be made easier. Thankfully the One Stop Mortgage team is here to assist you and ensure you get the right advice.

 

Owning your own Home
Knowing that you own your own home, without a landlord looking over your shoulder, and the security that you can renovate or make changes as you wish can be satisfying. You know that when you are paying off your mortgage, the money is going to you instead of someone else, and any improvements that you make can result in an increase in the value of your investment. Owning your own home can give you a sense of security and stability in that you won’t be asked to move, you can negotiate your payments, and you have the knowledge that you are investing in the future for your family’s well-being.

 

Is Home Ownership right for you?
Buying a home is a huge step if you have been renting. There are many things to be aware of and it is important to educate yourself and get help to guide you through the process. There are advantages and disadvantages to buying or renting, but knowing yourself and your abilities is perhaps the most important step. It is important to think about the following:

 

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You CAN improve your Credit Rating!

February 24, 2013
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One Stop Mortgage Poor Credit Help

What is your credit rating?

Whenever you apply for a mortgage, loan, car loan, home equity loan or other financial packages, there is always a credit application to see if your credit rating is accepted. But what happens if you have bad credit? How can you improve it?

 

What is a Credit Report?

A credit report is a summary of all your credit history. If you have ever used a credit card, taken out a mortgage, personal loan or even used a “buy now, pay later” program to buy anything, you will have a history of your credit.

When you borrow money or apply for credit, lenders send information about your accounts to the credit reporting agencies.

What is a Credit Score?

When you get your credit score, it is a three-digit number that is calculated based on the information in your credit report. If you use credit responsibly, you get points; but you lose points for things such as paying credit cards late or other issues that show difficulty managing credit.

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Choosing the Right Mortgage

February 17, 2013
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One Stop Mortgage approved mortgage

Do you have the right mortgage?

For most homeowners, having a mortgage is an important part of their financial lives. Yet what is often overlooked is having the right type of mortgage for each individual’s financial needs.

When you go to the bank to renew your mortgage, you are often encouraged to extend the length of your mortgage, pay the least amount per month and take on credit lines – but are these the best options for the bank or the mortgage holder?

If you work with a mortgage broker, you will get someone on your side to help you choose the best mortgage for your personal situation as well as finding the best rates.

 

Types of Mortgages

Understanding the various types of mortgages is your first step to understanding what works best for you.

Conventional Mortgage
A conventional mortgage is a mortgage that is worth no more than 80% of the value of your home. To be able to get this type of mortgage, you need to pay down at least 20% of the value of the property, and usual amortization is 25 years. This is the most traditional type of mortgage.

High Ratio Mortgage
If you don’t have 20% to put down on a home, this is the best option for you. You can put down as little as 5% of the cost of the home, but you must qualify for the mortgage, as well as take out mortgage insurance.

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Financial Resolutions

January 13, 2013
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One Stop Mortgage Vancouver team

Time to make your New Year's Resolutions

It’s that time of year again when we begin a new year and think about what we would like to accomplish as we get a fresh start. Making resolutions that stick requires real motivation and dedication to change. While change can be scary, it is an important aspect of life that keeps things exciting and keeps us developing. Have you made your new year’s resolutions yet? How about some financial resolutions? Here are some tips to get you started.

 

Resolution 1: Make a Budget

The best way to get your financial house in order is to make a budget. Canadians now carry more household debt than ever before, so it’s time we took a good long look at our spending habits. One of the easiest ways to begin budgeting is to start keeping track of how you spend money. Do you buy lunch every day? Do you go out for coffee every day? Are you eating only packaged food when you could be cooking? Not only do our spending habits affect our financial outcomes, they also affect our health. Imagine how it would feel to get rid of that credit card debt? To lower your monthly credit payments or to be debt free would be amazing right? It is not an impossible dream. How you spend your money is something to take very seriously in 2013, and finding ways to lower your debt load is a key.

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