Allied Mortgages

What not to do before applying for a mortgage....
DO NOT buy a car
DO NOT use your credit card excessively
DO NOT make random large deposits
DO NOT buy furniture and appliances
DO NOT co-sign for another loan
DO NOT change jobs

For more info call us at 1800-881-3878

"May your days be merry and bright, and your holidays be filled with love and light. Happy Holidays!"

TERM
The mortgage term is the length of time your mortgage contract is in effect. Terms can range from just a few months to 5 years or longer.
At the end of each term, you must renew your mortgage if you can't pay the remaining balance in full.
For more information please call us at 1-800-881-3878

UNDERSTAND THE COMPETITION
We can't emphasize enough how important it is to get pre-approved. It shows seller that you are a serious buyer and gives you an advantage over the competition.
For more information call us at 1-800-881-3878

SAY IT with me
I DO NOT need 20% down to buy a home
I DO NOT need perfect credit sore to buy a home
I DO need dedication from a great agent.
For more info on mortgage call us at 1-800-881-3878

Open Mortgages
An open mortgage may be a good choice for you if you:
1. Plan to pay off your mortgage soon
2. Plan to sell your home in the near future
3. Think you may have extra money to put toward your mortgage from time to time.
For more info about mortgage call us at 1-800-881-3878

Mortgage Application
Mortgage Applications are complicated. There can be a lot to know, from credit score to down payment to paperwork.
For more information call us at 1-800-881-3878

Question of the day
HOW LONG DOES A MORTGAGE PRE_APPROVAL LAST
Once you have your pre-approval letter, you may be wondering how long it lasts. A mortgage pre-approval typically lasts for 60-90 days. Because your income, credit history, and interest rate all have the potential to change in a short period of time, you have a limited window for how long that pre-approval is valid for!
For more information call us at 1-800-881-3878

Variable Rate Mortgage: A variable rate mortgage is tied to the Bank of Canada prime rate and could fluctuate with rate increase/decrease.
For more information call us at 1-800-881-3878

Ongoing costs of HOMEOWNERSHIP
In addition to your mortgage payments, you need to be prepared for property taxes, insurance, utility bills, condominium fees and routine repairs and maintenance.
For more information call us at 1-800-881-3878

Question of the day
HOW LONG DOES A MORTGAGE PRE-APPROVAL LAST
Once you have your pre-approval letter, you may be wondering how long it lasts. A mortgage pre-approval typically lasts for 60-90 days. Because your income, credit history, and interest rate all have the potential to change in a short period of time, you have a limited window for how long that pre-approval is valid for!
For more information call us at 1-800-881-3878

Relocating?
Here are 10 must do's to avoid hassles
1. Research your new city
2. Check cost of living differences
3. Figure out moving and storage options
4. Set aside extra money for the move
5. Power up your utilities
6. Figure out your healthcare
7. Change your drivers license & registration
8. Register to vote in your new province
9. Get informed about climate/weather in your new province
10. Update your address(banks, subscriptions, etc)
For more information call us at 1-800-881-3878

The truth about today's rates:
1. You can always refinance if rate drops.
2. If you wait with the hope of rates coming down, you can't go back borrow at today's rates if that doesn't happen.
3. If you know you are ready to buy, find an agent who knows the market and a trusted lender who can help you understand what you can afford.

For more information contact us at 1-800-881-3878

What's the difference between Pre-Qualification & Pre-Approval?
Pre-Qualification: This is an estimate of what you should be able to borrow. It is based on a credit check and info you provide about your personal finances.
Pre-Approval: When you are pre-approved, You will receive a pre-approval letter. This is an offer to lend you a specific amount which is good for 90 days.
For more information contact us at 1-800-881-3878

DID YOU KNOW?
Not all properties qualify for certain types of financing and not all sellers will accept certain types of financing. Which is just one of the many reasons home buyers need to have their financing in order to prior to looking at homes.

For more information call us at 1-800-881-3878

WHEN SHOULD I CONSIDER A REFINANCING MORTGAGE LOAN?

For more information contact us at 1-800-881-3878

GOOD NEWS FOR WORK PERMIT HOLDERS
Who want to buy a home in Ontario
You Need:
20% Down Payment
2 Valid Credit Lines
183 Days Valid Work Permit

For more info call us at 647-477-2288

SIX QUESTIONS TO ASK YOUR LENDER
1. WHAT IS THE BEST TYPE OF LOAN FOR ME AND WHY?
2. DO I QUALIFY FOR ANY SPECIAL LOAN PROGRAMS OR DISCOUNTS?
3. WHAT INTEREST RATE CAN YOU OFFER?
4. WHEN CAN YOU LOACK IN MY RENT?
5. WHAT FEES WILL I NEED TO PAY YOU?
6. WHAT WILL MY CLOSING COSTS BE?

For more information contact us at 1-800-881-3878

5 Money Mistakes To Avoid As A Homebuyer
1. Assuming you need 20% down
2. Opening or closing credit cards
3. Taking out new loans
4. Not saving for closing costs
5. Waiting for prices to drop

For more information call us at 1-800-881-3878

IT'S TIME TO REFINANCE YOUR HOME.
For more information contact us at 1-800-881-3878

Proof of Assets
A lender will want to ensure you have enough money to pay a down payment on a home, so they will want to see your assets. This could be providing your last few bank statements.

For more information contact us at 1-800-881-3878

Time has come to fly the flag and send best wishes to your loved ones.. Time has come to spend beautiful time with your family and friends... It is Canada Day and I wish you the best of celebrations.. Happy Canada Day..

Breaking your mortgage contract
When interest rate fall, it may be tempting to break your existing mortgage and renegotiate a new one. Before you do, you should consider:
PROS
You can get a lower interest rate.
You may be able to pay off your mortgage faster if you keep your payments the same.
You can lock in the lower interest rate for the new term of the mortgage.
CONS
You could end up paying more in the long run because of fees and a prepayment penalty.
You may no longer qualify for a mortgage under the current economic conditions.

For more information contact us at 1-800-881-3878

Say it with me
1. I DO NOT need 20% down to buy a home
2. I DO NOT need perfect credit score to buy a home
3. I DO need dedication from a great agent

For more information contact us at 1-800-881-3878

Term
The Mortgage term is the length of time your mortgage contract is in effect. Terms can range from just a few months to 5 years or longer.
At the end of each term, you must renew your mortgage if you can't pay the remaining balance in full.

For more information contact us at 1-800-881-3878

Mortgage Insurance
If a homebuyer makes a down payment of less than 20% of the purchase price of a home or is the recipient of an FHA or USDA loan, they'll usually be required to pay mortgage insurance. It lowers the risk of a lender giving you a loan, but it also increases the cost of the loan.

For more information contact us at 1-800-881-3878

Understand the Competition
We can't emphasize enough how important it is to get pre-approved. It shows seller that you are a serious buyer and gives you an advantage over the competition.

For more information contact us at 1-800-881-3878

Factors that help determine Property Value
1. Neighborhood Comps & Local Market
2. Interest Rates
3. Size & Usable Space
4. Age & Condition
5. Upgrades & Updates

For more information contact us at 1-800-881-3878

Home Buying Myth & Fact
Myth: The first step of home buying is looking for homes.
Fact: The first step of home buying is a pre-qualification letter. If you start by looking for a home, without pre-qualifying, you might be viewing homes that are in higher or lower price range than you can afford. Getting pre-qualified is a way to know what kind of houses you can see.

For more information contact us at 1-800-881-3878

Mortgage Payment Breakdown
Your mortgage payment is based on a few things like down payment, credit score and property type.
Principal: The amount of money borrowed to purchase the home, doesn't include interest.
Interest: Percentage charged for the use of borrowed money.
Taxes: This is decided by the municipality you live in and is based on the property's value.
Insurance: This is decided by the municipality you live in and is based on the property's value.

For mortgage concerns contact us at 1-800-881-3878