One Stop Mortgage Corp Blog

Will you be able to retire without a mortgage?

Nov 21, 2011 by @OneStopMtgCorp

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BC recently released its latest Housing Snapshot stats

Will you be able to retire mortgage free?  This is a concern faced by many Canadians.  With troubles in the financial markets hurting pension plans and retirement savings, rising tuition rates, increased housing costs, rising taxes and increased costs of living have made retirement for many a distant possibility.   The government has also abandoned the mandatory retirement age of 65 in most provinces in Canada to ease the financial burden of retirement, as well as to make up for the upcoming shortages in the workforce in various occupations.


Saving for retirement through pensions, RRSP’s and real estate investment needs to start early and needs to be managed carefully.  One growing reality for many Canadians is that they will still have to pay off their mortgage during their retirement.  RBC recently released its latest Housing Snapshot stats and found that more than 50% of Canadians wills still be paying off their mortgage after 55 and almost 1/3 will be still be carrying their mortgage past 65.  Will retirement be possible if so many are still carrying mortgages?

 

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Mortgage Report from CAAMP

Nov 14, 2011 by @OneStopMtgCorp
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Mortgage Market Report

CAAMP (the Canadian Association of Accredited Mortgage Professionals) just released its mortgage report filled with interesting facts and information relevant to property owners, buyers and mortgage professionals.

Over the past year, according to Jim Murphy, the President and CEO of CAAMP, Canadians have worked hard to get their fiscal responsibilities in order and have room to handle a rise in mortgage rates. However, there are still approximately 650000 households who would find a rate increase of 1% challenging. Yet, many economists in Canada are now saying that a decrease in rates is possible, or even that rates will stay low for a very long time.

If you are thinking of purchasing a new home, the market and mortgage rates are still favourable.

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Debt Consolidation - a great alternative!

Nov 7, 2011 by @OneStopMtgCorp
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It's Time to Consolidate your Debt

Canada just announced that in October it had lost 54,000 jobs in just one month.  This is due to economic slowdown caused by troubles in Europe with the debt crisis in Greece, a slowing Chinese economy and a stalled recovery in the United States.  However, it is rare for Canada to lose so many jobs in one month, and it should cause the economists to recalculate their forecasts for our economy and the Bank of Canada to keep its loan rates frozen.

One of the biggest dangers in the Canadian economy is that the average person is carrying far too much debt, particularly on their credit cards.  With credit card interest rates in the double digits, it makes it very difficult to pay them off.  Debt problems are critical to face, particularly if all your money is going to pay interest on credit cards.  A solution to avoid bankruptcy is a debt consolidation loan. 

A debt consolidation loan is a single loan that allows you to repay your credit cards and other outstanding debt through one loan.  The loan usually has a lower interest rate, which saves you money every month, enabling you to pay down your loan with the money that would have otherwise gone to paying credit card minimums and interest.  With one simple monthly payment, it makes budgeting and money management much easier and allows to focus on repayment, reducing your stress and getting back your life.

 

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With low interest rates, it's a great time to get a home equity loan!

Oct 31, 2011 by @OneStopMtgCorp
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It’s a good time for a Home Equity Loan!

On October 25, the Bank of Canada met and decided to not change its key lending rate from 1%.  It has held this percentage for just over a year, which enabled prime rate to remain at 3%. 

With Canadian inflation for core items hitting a 3 year high in September, US economic growth that is faltering and continuing economic troubles in Europe, the Bank of Canada wanted to ensure that the Canadian economy continued its path to full recovery.

The Bank of Canada expects the Canadian economy to return to full capacity by the end of 2013, and our financial system is functioning well, so interest rates should remain low until then.

Consolidate your Debts with a Home Equity Loan

It is a good time to consolidate debts with a home equity loan.  If you are paying high credit card bills, an unsecured credit line or need to invest in your business, home renovations or need a new vehicle, a home equity loan is a great option.

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What to do when the bank turns you down?

Oct 24, 2011 by @OneStopMtgCorp
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Banks turn down loan applications for many reasons, even if you have been working with the same institution for years.  There is nothing worse than the feeling that you can’t get enough money by remortgaging your house to pay your credit cards off. 

The financial pressures of the high cost of living, high bill payments and high interest rates can be overcome with some careful planning and financial help from an organization who understands your needs and helps to provide you with solutions.

Why do banks turn down mortgage applications or loans?

When a customer applies for a loan, the bank will look at your credit score, amount of outstanding debt, current income, monthly payments, assets and more. 

If your income has changed, if you have missed payments on your credit card, if you are carrying too much debt, the bank might turn you down.  If there have been too many checks into your credit rating, or you’ve had financial trouble in the past, these factors can also influence your likelihood of getting a loan. 

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Why work with a Mortgage Broker?

Oct 17, 2011 by @OneStopMtgCorp
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With mortgage rates set to rise in the near future, it’s time to start thinking about your home and finances. 


Whether you are buying a new home, refinancing to take advantage of great interest rates, or repairing your credit, a mortgage broker can help you.  Your home is your biggest investment, and decisions you make about buying, renovating and refinancing should be made carefully.  Credit rating is another issue that needs to be protected.  If you have lost your job, are setting up a new business, investing more into your business, paying off credit card debt, paying for your child’s tuition or need to buy a new car, a home equity line of credit can be an incredible tool to assist you. 

To get mortgage financing in Canada, you can either go to a big bank where you negotiate yourself to get the best deal you can, or you go to a mortgage broker who does the shopping for you, finds the best rate in the market and enables financing that is very difficult to get on your own.  Having access to various types of loans and a large group of lenders allows a mortgage broker to find a loan that fits your needs; at rates that are almost impossible to get on your own.  This takes away the stress of financing a new home, or refinancing your current home to gain access to the money you need to fund your dreams.

A good mortgage broker will consider your financial needs and put together the best financing package for you.  He or she will consider such things as your outstanding debt including credit cards, loans and lines of credit in order to provide a solution that will improve your cash flow, reduce your borrowing costs and most importantly, reduce your stress.  Having someone in your corner who understands all the aspects of mortgages, home equity loans, refinancing, credit rating and all the elements of financing is a key to building some financial freedom.   

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