Wheeler Mortgage

It may take some time and effort but it is possible to purchase a home after a bankruptcy or consumer proposal. Working with a mortgage professional to discuss your financial situation is crucial to find the best option for you. With some patience and responsible financial management we can help you with your goal of homeownership.

If you've had some issues with credit in the past and are looking to improve your credit score here are some great tips to help repair your credit. It's never too late to start improving your financial future!

Improving your credit score takes time and persistence, but by working with a professional and maintaining good financial habits, you can gradually repair your credit and achieve a better financial future. Stay tuned this month for more tips and tricks on how to repair your credit and don't be afraid to reach out if you need help, that's what we're here for!

A "stated income" mortgage refers to a type of mortgage where the borrower declares their income without providing traditional income verification documents like pay stubs, tax returns, or Notices of Assessment. Instead, the lender relies on the borrower’s word regarding their income, often requiring a signed declaration of income.

Advantages of using an alternative lender include more flexible lending criteria, faster approval processes, the ability to serve borrowers with non-traditional incomes or lower credit scores, and access to customized loan products tailored to unique financial situations.

Thanks so much Shawn!! It's always a pleasure to work with you! 🤗

It's important to keep in mind that if you're going with an alternative lender they typically prefer to lend within 50km of city limits.

Alternative mortgage lenders often charge extra fees to cover higher operational costs, mitigate the increased risk of lending to higher-risk borrowers, compensate for more flexible lending criteria, and offset the lack of cheaper funding sources available to traditional banks. These are the fees that may be associated with an alternative mortgage loan.

Interest rates may be higher with alternative mortgage lenders because they take on higher-risk borrowers, have more flexible lending criteria, face higher funding and operational costs, operate under different regulations, and serve niche markets. This compensates for the increased risk and ensures profitability.

Alternative mortgage lenders often offer more flexible qualification criteria, faster approval processes, and tailored loan options for unique financial situations. They can be ideal for those with less-than-perfect credit, self-employed individuals, or anyone needing a customized financing solution.

Different types of mortgage lenders exist to meet diverse borrower needs and financial situations. They offer varied loan products, terms, and qualification criteria, catering to conventional borrowers, those with unique financial profiles, and niche markets, ensuring a wider range of options and accessibility in the mortgage industry.

Stay tuned for the month of July to learn more about Alternative Lending!

We hope everyone is enjoying their long weekend! Happy Canada Day! 🍁

Thank you Ritesh!! We really appreciate your kind words! You were a pleasure to work with and we hope we can be of service in the future! 😁

Refinancing to consolidate debt is a great option to combine your monthly debt payments and help lower your overall monthly payments and reduce the total interest you're paying.

A Home Equity Line of Credit is a great option for those wanting to access equity in their home, especially if you're planning on making improvements to your home.

When dealing with your mortgage, understanding the terms and processes involved is crucial for making informed decisions. Here are the differences between a mortgage renewal, switch, and refinance. Choosing the right option depends on your financial goals, the terms offered by your lender, and your current financial situation. Consulting with a mortgage advisor can help determine the best course of action for your specific needs.

Home equity is a powerful financial tool for homeowners, representing the portion of your home that you truly own outright. It’s the difference between the market value of your home and the amount you owe on your mortgage. Building and using home equity wisely can significantly impact your financial health. Here are some ways you use the equity in your home.

The Bank of Canada announced today that they are cutting their overnight rate by .25% BPS from 5.00% to 4.75% --- this is the first rate cut we have seen since March of 2020!

Please reach out if you would like to discuss your current scenario and the options available.

Next Bank of Canada Meeting dates for 2024:
July 24th
September 4th
October 23rd
December 11th

Have you thought about refinancing? Here are some reasons why you may want to refinance.

Stay tuned this month to learn more about refinancing, consolidating debt and Home Equity Lines of Credit.

When deciding to purchase rental properties it's important to decide whether you'd like to purchase with a business partner as a joint venture or as a sole proprietorship. There are advantages and disadvantages to both.

Hiring a property manager to oversee your rentals can save you a ton of time and energy. Property managers are an awesome resource to have, especially if you plan on owning multiple rental properties.

Happy 27th Birthday Kayla!! 🥳🎈

Finding good tenants can be one of the most difficult aspects of owning rental properties. Here are some tips to help you find the right tenants!

If you're looking to invest in real estate it's important to consider all of your options and decide what works best for you. We can help you figure out your financing options, but it's also important to think about things like property type, location, tax implications and property management.

When investing in properties it's important to know the difference between residential and commercial properties as commercial properties require specialized lenders.

If you're thinking about investing in a second property it's important to know what the down payment requirements are. There are different requirements for a rental property than there is for a second home. Knowing these requirements beforehand will help you prepare and make sure you have the funds required for your down payment.

When purchasing an investment property we can do what is called a "Rental Offset". We can use the potential rental income to "offset" the principle, interest and taxes you will pay on the home to improve your affordability.

Are you thinking about investing? There are many different options when it comes to investment properties, depending on what you're looking for and what works best for you. If you're interested in purchasing an investment property we can review your options and go through all the different scenarios to find what works!