Lending Square Group

OSFI scraps stress test rules for borrowers switching lenders at renewal
Starting November 21, if you've got an uninsured mortgage, you can switch lenders without having to prove you can afford a rate that's at least 200 bps higher (Contract rate plus 2%)📣 A great day for Canadian Mortgage & Finance industry!Since 2018, the industry has been requesting regulators for this change, and finally, the right people listened.
➡️ How this breaks down:Today, if you want to switch lenders for a better deal on the average $300,000 mortgage, you need to prove $81,300 of income.Once this new policy takes effect, that drops to $71,000 of income, 12.7% less.
With this restriction lifted, borrowers might save anywhere from 5 to 25 bps on a prime renewal rate, maybe more. We're talking $1,400 of savings over five years, assuming a 10 bps average rate improvement on a $300,000 mortgage switch.
Rinku Mudhar
Mortgage Broker
416-875-6026
Email: [email protected]
Website: lendingsquaregroup.com

Canada's inflation rate fell to 2% in August, hitting Bank of Canada's target

Exciting News for people that are looking buy their first home.

This is effective Dec 15th, 2024

Lic #12773

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416.875.6026
📧 [email protected]

BNN Bloomberg
Bank of Canada to Start Jumbo Rate Cuts by December, CIBC Says ...

🏠📉 Canada’s 2024 Mortgage Update Brings:

🌟Lower Rates: New announcements may offer more affordable borrowing options

🌟 Stricter Guidelines: Expect tighter regulations to ensure responsible lending

🌟Increased Flexibility: Look for new programs tailored to first-time buyers and homeowners

Stay tuned for how these changes could impact your real estate plans!

BOOK A FREE CONSULTATION TODAY

416.875.6026
📧 [email protected] �

Navigating the world of mortgages can feel overwhelming and daunting, but you don't have to face it alone

I’m here to simplify the process and guide you with understanding and support every step of the way

BOOK A FREE CONSULTATION TODAY

416.875.6026
📧 [email protected] �

Here are REAL refinancing tips ⬇️

🌟 Refinancing is a strategic maneuver… Understand the lender's motives and use them to your advantage

🌟 Ditch the conventional wisdom: the lowest APR might not be your best deal if you're shackled by hidden fees & penalties

🌟 Your credit score isn't the end-all! Negotiating terms. A slight tweak can save you thousands

BOOK A FREE CONSULTATION TODAY

416.875.6026
📧 [email protected] �

Bank of Canada lowers key interest rate to 4.5%, delivering back-to-back rate cut

0% INCREASE TO PRIME RATE

📢 🏦 𝐁𝐚𝐧𝐤 𝐨𝐟 𝐂𝐚𝐧𝐚𝐝𝐚 𝐑𝐚𝐭𝐞 𝐀𝐧𝐧𝐨𝐮𝐧𝐜𝐞𝐦𝐞𝐧𝐭 Bank of Canada Holds Interest Rates Steady 🏦💰 The Bank of Canada has announced a 0% increase in the benchmark interest rate today it will maintain its current interest rates, keeping them steady for the time being. This decision comes after careful consideration of economic indicators and market conditions. The key interest rate stays at 5%. 𝗪𝗮𝗻𝘁 𝘁𝗼 𝗹𝗲𝗮𝗿𝗻 𝗺𝗼𝗿𝗲 𝗰𝗼𝗻𝘁𝗮𝗰𝘁 𝘂𝘀 𝘁𝗼𝗱𝗮𝘆! 📞☎ ‪416.875.6026 📧 [email protected]

TIP MONDAY

𝘍𝘪𝘳𝘴𝘵 𝘵𝘪𝘮𝘦 𝘩𝘰𝘮𝘦 𝘣𝘶𝘺𝘦𝘳 𝘢𝘯𝘥 𝘸𝘰𝘯𝘥𝘦𝘳𝘪𝘯𝘨 𝘸𝘩𝘢𝘵 𝘮𝘰𝘳𝘵𝘨𝘢𝘨𝘦 𝘰𝘱𝘵𝘪𝘰𝘯 𝘣𝘦𝘴𝘵 𝘴𝘶𝘪𝘵𝘴 𝘺𝘰𝘶 𝘰𝘳 𝘩𝘰𝘸 𝘵𝘰 𝘨𝘦𝘵 𝘵𝘩𝘦 𝘣𝘦𝘴𝘵 𝘳𝘢𝘵𝘦? 🏡

𝘏𝘦𝘳𝘦 𝘢𝘳𝘦 𝘵𝘸𝘰 𝘥𝘪𝘧𝘧𝘦𝘳𝘦𝘯𝘵 𝘳𝘢𝘵𝘦 𝘰𝘱𝘵𝘪𝘰𝘯𝘴 𝘵𝘩𝘢𝘵 𝘢𝘳𝘦 𝘢𝘷𝘢𝘪𝘭𝘢𝘣𝘭𝘦 𝘧𝘰𝘳 𝘺𝘰𝘶 𝘢𝘯𝘥 𝘺𝘰𝘶𝘳 𝘮𝘰𝘳𝘵𝘨𝘢𝘨𝘦.

𝐕𝐚𝐫𝐢𝐚𝐛𝐥𝐞- 𝐑𝐚𝐭𝐞 𝐌𝐨𝐫𝐭𝐠𝐚𝐠𝐞
A variable rate is based on the Bank of Canada’s prime rate.
When the prime rate moves up and down your rate and payment will as well.
This is also typically a lower interest rate then a fixed mortgage rate.
This rate comes with lower penalty fees if you must break the mortgage.
A variable rate mortgage allows the borrower to take advantage of lower rates.

𝐅𝐢𝐱𝐞𝐝-𝐑𝐚𝐭𝐞 𝐌𝐨𝐫𝐭𝐠𝐚𝐠𝐞
A fixed rate mortgage is a locked interest rate for the term of the mortgage.
This is a popular choice due to the monthly payments being a set amount.
Penalties are high if you must break the mortgage.
This rate is typically a higher interest rate than a variable mortgage rate

𝑭𝒐𝒓 𝒎𝒐𝒓𝒆 𝒊𝒏𝒇𝒐𝒓𝒎𝒂𝒕𝒊𝒐𝒏 𝒐𝒏 𝒘𝒉𝒂𝒕 𝒎𝒐𝒓𝒕𝒈𝒂𝒈𝒆 𝒊𝒔 𝒃𝒆𝒔𝒕 𝒔𝒖𝒊𝒕𝒆𝒅 𝒇𝒐𝒓 𝒚𝒐𝒖 𝒄𝒐𝒏𝒕𝒂𝒄𝒕 𝒖𝒔 𝒕𝒐𝒅𝒂𝒚!
☎️ 416.875.6026
📧 [email protected]

Your trusted local mortgage broker in KWC & surrounding areas.

Lic 12773

TIP MONDAY

𝟑 𝐒𝐓𝐄𝐏𝐒 to Becoming a Home Owner🏡

𝐒𝐭𝐞𝐚𝐝𝐲 𝐈𝐧𝐜𝐨𝐦𝐞 -Most lenders prefer to see a two-year employment history with the same employer. This shows them how dedicated you are to your company and how long you've been in your job or field.

𝐃𝐨𝐰𝐧 𝐏𝐚𝐲𝐦𝐞𝐧𝐭-The minimal down payment you require is determined by the home's buying price.
You must get mortgage loan insurance if your down payment is less than 20% of the cost of your property.

𝐂𝐫𝐞𝐝𝐢𝐭 𝐒𝐜𝐨𝐫𝐞-The required credit score to get approved for a standard mortgage is generally about 680, though this varies by lender and type of mortgage.

𝗖𝗼𝗻𝘁𝗮𝗰𝘁 𝘂𝘀 𝘁𝗼𝗱𝗮𝘆 𝘀𝗼 𝘄𝗲 𝗰𝗮𝗻 𝗴𝗲𝘁 𝘆𝗼𝘂 𝗽𝗿𝗲-𝗮𝗽𝗽𝗿𝗼𝘃𝗲𝗱 𝗮𝗻𝗱 𝗶𝗻𝘁𝗼 𝘆𝗼𝘂𝗿 𝗱𝗿𝗲𝗮𝗺 𝗵𝗼𝗺𝗲!

📞☎️ ‪(416-875-6026)‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬
📧 [email protected]

Your trusted local mortgage broker in KWC & surrounding areas.

Lic 12773

𝐂𝐥𝐨𝐬𝐢𝐧𝐠 𝐜𝐨𝐬𝐭𝐬 vary depending on your location, the property you purchase, and the type of financing you obtain.
They can be an additional 3-4% of the purchase price.
When you buy a home, the government may levy a 𝐥𝐚𝐧𝐝 𝐭𝐫𝐚𝐧𝐬𝐟𝐞𝐫 𝐭𝐚𝐱. The tax is calculated using the purchase price of the residence as well as other considerations. Although most provinces levy a provincial land transfer tax, certain cities also levy a municipal land transfer tax. Taxes vary by province, and first-time home buyers may be eligible for a partial refund.
Your lender may request a lender's 𝐭𝐢𝐭𝐥𝐞 𝐢𝐧𝐬𝐮𝐫𝐚𝐧𝐜𝐞 policy in some situations, which is usually at your expense. These policies cover you and the lender against title fraud, municipal work orders, zoning violations, and other property flaws.
A home inspector inspects the home to ensure that everything is in functioning order. If a roof has to be repaired, you want to know about it as soon as possible. A 𝐡𝐨𝐦𝐞 𝐢𝐧𝐬𝐩𝐞𝐜𝐭𝐢𝐨𝐧 can assist you in making a more informed decision when it comes to purchasing a house. You can walk away at this point without looking back.
Legal costs and expenses incurred by your lawyer known as 𝐥𝐚𝐰𝐲𝐞𝐫 𝐟𝐞𝐞𝐬 are regarded as closure charges. Any expenditures your lawyer had to pay for work done on your behalf are included in disbursements. Fees differ by municipality, and may include GST or HST.

Contact Lending Square Group today for a more in depth guide on Closing Costs.
📞☎️ ‪(416-875-6026)‬
📧 [email protected]

Your trusted local mortgage broker in KWC & surrounding areas.

Lic 12773

𝐁𝐞𝐧𝐞𝐟𝐢𝐭𝐬 𝐨𝐟 𝐚 𝐉𝐨𝐢𝐧𝐭 𝐌𝐨𝐫𝐭𝐠𝐚𝐠𝐞.

Increased mortgage approval odds. Having an income of combined people can increase your chance of approval.

Joint mortgages can increase your buying power allowing a higher loan amount. Which can then increase your total purchase price amount.

Multiple people on a mortgage can lead to a larger down payment. The lowest down payment required is 5% of the purchase price. Having a larger down payment can minimize your LTV and putting at least 20% will avoid you having to pay mortgage default insurance.

𝑭𝒐𝒓 𝒎𝒐𝒓𝒆 𝒊𝒏𝒇𝒐𝒓𝒎𝒂𝒕𝒊𝒐𝒏 𝒓𝒆𝒈𝒂𝒓𝒅𝒊𝒏𝒈 𝒕𝒉𝒊𝒔 𝒓𝒆𝒂𝒄𝒉 𝒐𝒖𝒕 𝒕𝒐 𝒖𝒔 𝒕𝒐𝒅𝒂𝒚 𝒗𝒊𝒂 𝑫𝑴 𝒐𝒓 𝒈𝒊𝒗𝒆 𝒖𝒔 𝒂 𝒄𝒂𝒍𝒍!
📱 📞 (416-875-6026)
📧 [email protected]

Your trusted local mortgage broker in KWC & surrounding areas.

Lic 12773

"𝐀𝐜𝐜𝐫𝐮𝐞𝐝 𝐈𝐧𝐭𝐞𝐫𝐞𝐬𝐭" is the amount of interest owing on a loan that has not yet been paid by the borrower. Since many people have monthly payments on their mortgage, interest accumulates from month to month until the next payment date.

𝘾𝙤𝙣𝙩𝙖𝙘𝙩 𝙇𝙚𝙣𝙙𝙞𝙣𝙜 𝙎𝙦𝙪𝙖𝙧𝙚 𝙂𝙧𝙤𝙪𝙥 𝙩𝙤𝙙𝙖𝙮 𝙩𝙤 𝙡𝙚𝙖𝙧𝙣 𝙢𝙤𝙧𝙚!

📞☎️ ‪(416-875-6026)‬‬‬‬‬‬‬‬
📧 [email protected]

Your trusted local mortgage broker in KWC & surrounding areas.

Lic 12773

𝐓𝐡𝐞 𝐇𝐨𝐦𝐞 𝐁𝐮𝐲𝐢𝐧𝐠 𝐏𝐫𝐨𝐜𝐞𝐬𝐬!

1. Give us a call
2. Get Pre-approved
3. Search for your dream home
4. Make an offer
5. Sign the Sale Agreement
6. Get an appraisal & inspection
7. Clear to close
8. Closing day!

Have any questions about the “Home Buying Process?” Contact 𝐋𝐞𝐧𝐝𝐢𝐧𝐠 𝐒𝐪𝐮𝐚𝐫𝐞 𝐆𝐨𝐮𝐩 today!
📞☎️ ‪(416-875-6026)‬‬‬‬‬‬‬
📧 [email protected]

Lic 12773

The Bank of Canada is set to make its next interest rate announcement on Wednesday and while it is expected the key lending rate will remain unchanged, economists will be scrutinizing the statement that follows for any indications of the bank’s plans for the rest of the year.

𝘾𝙤𝙣𝙩𝙖𝙘𝙩 𝙪𝙨 𝙩𝙤𝙙𝙖𝙮 𝙩𝙤 𝙗𝙤𝙤𝙠 𝙖 𝙛𝙧𝙚𝙚 𝙘𝙤𝙣𝙨𝙪𝙡𝙩𝙖𝙩𝙞𝙤𝙣 𝙤𝙣 𝙤𝙪𝙧 𝙨𝙚𝙧𝙫𝙞𝙘𝙚𝙨.
📞☎ ‪(416-875-6026)‬‬‬‬‬‬‬‬
📧 [email protected]

Your trusted local mortgage broker in KWC & surrounding areas.

Lic 12773

MONDAY TIP

Taking out a mortgage means committing to monthly payments for years to come. Making those payments will be much easier when you’ve minimized other debts to service.
Paying off all your credit cards can increase your chances of qualifying for a mortgage to purchase your own house.

Here are a few steps to help you get started.

1. Payment Strategy
2. Debt Consolidation
3. Working with Creditors
4. Debt Relief

We at the Lending Square Group are able to consolidate those debts and even work with credit scores that may have been impacted this year by credit cards- so no need to stress. We will always do our best to help you!

𝐂𝐨𝐧𝐭𝐚𝐜𝐭 𝐮𝐬 𝐭𝐨𝐝𝐚𝐲!
📞☎️ ‪(416-875-6026)
📧 [email protected]

Your trusted local mortgage broker in KWC & surrounding areas.

Lic # 12773

Are you ready to get your mortgage application started?

Start to prepare yourself for your application as soon as this weekend by using these 3 helpful tips!

1. Start with your credit report by keeping up regular monitoring. You want to make sure your scores are where you want them to be and your credit report is as accurate as possible.

2 .Be realistic about what you can afford. If you’re looking for a rate that will require you to come up with a 20% down payment and you only have about 5%, figure your calculations based on the rate you’ll be able to get.

3.Decide on your finance plan by researching your pros and cons of fixed and variable rate mortgage. Although variable rates have been at an all time low there are plenty of advantages to a fixed rate mortgage.

𝗙𝗼𝗹𝗹𝗼𝘄𝗶𝗻𝗴 𝘁𝗵𝗲𝘀𝗲 𝗳𝗲𝘄 𝘁𝗶𝗽𝘀 𝗰𝗮𝗻 𝗵𝗲𝗹𝗽 𝘆𝗼𝘂 𝗽𝗿𝗲𝗽𝗮𝗿𝗲 𝘆𝗼𝘂𝗿𝘀𝗲𝗹𝗳 𝘁𝗼 𝗾𝘂𝗮𝗹𝗶𝗳𝘆 𝗳𝗼𝗿 𝗮 𝗺𝗼𝗿𝘁𝗴𝗮𝗴𝗲. 𝗖𝗼𝗻𝘁𝗮𝗰𝘁 𝘂𝘀 𝘁𝗼𝗱𝗮𝘆 𝘁𝗼 𝘀𝗽𝗲𝗮𝗸 𝘄𝗶𝘁𝗵 𝗮 𝗺𝗼𝗿𝘁𝗴𝗮𝗴𝗲 𝘀𝗽𝗲𝗰𝗶𝗮𝗹𝗶𝘀𝘁!

📞☎️ ‪(416-875-6026)‬‬‬‬‬‬‬‬
📧 [email protected]

Your trusted local mortgage broker in KWC & surrounding areas.

Lic # 12773

Looking to get a mortgage or looking to consolidate debts we can help regardless of poor credit.

Call as and let's discuss.

Rinku Mudhar 416-875-6026
Parminder Mudhar 416-648-0199

Lic #12773

Another 5 Star Google Review from a client that I have been working with for a few year now...

"I really don't know what words I can use to describe the kind of guidance, advice and help that Rinku from lending square as given and continues to give. He helped me get out of a tough situation, he worked hard with me and for me, to help improve my credit and get me out of 2 private mortgages and help me have more money in my pocket and less stress. He helped me with having more peace of mind. He continues to help me with my credit so he can get me a better rate for my mortgage. If you want someone that will be honest and work hard for you, Rinku is the guy want by your side. Thank you for all you help and support."

For all your mortgage needs to funding for private mortgages, Please reach out to me or my team at [email protected] or call 416-875-6026

Another satisfied client on to recovery.

5 Star on Google...

"Rinku at Lending Square Group delivered results beyond my expectations. As an entrepreneur, I found that many brokerages misunderstood the ebb and flow of a self funded funded business. Especially when my business was impacted so dramatically with COVID. I went through 24 brokerages, all of which had inflated interest rates, ridiculous extra fees and terms that were unfavorable. Until Rinku, he listened, he evaluated options that were best for me and he made no false commitments until he found a lender suited to my situation. We just closed today!!! On terms I am happy with. I am beyond grateful for Lending Square Group and their Dedicated Team."

At the Lending Square Group we have the solution to help you get the right mortgage.

Are you a Small Business owner?
Looking to pull Equity from your home?
Are you struggling with poor credit and looking to get at mortgage?

We have the solution for you. Call as today for free consultation at 416-875-6026 or email as at [email protected]

https://lendingsquaregroup.com/

Lic #12773

Do you own a Home and need a 2nd Mortgage? Contact us to get access to your equity
✅ Same day commitments
✅ Flexible terms available
✅ Funding in 48 hours*
✅ Easy, Fast and Professional

Contact Us
https://lendingsquaregroup.com/apply-now/
[email protected]
416-875-6026

We have expertise with finding you the best mortgage solution from credit unions, mortgage financing companies, etc.
Lic #12773