Albakrimortgages

3 year fixed 5.19 % uninsured

Eid Mubarak! And Happy father Day!

According to the 2022 CMHC Mortgage Consumer Survey, 1 in 3 buyers financed their home with a gifted down payment. When the down payment is gifted, the purchaser needs to provide the lender with the below information:

📌 Relationship to the individual giving the money
📌 The amount of money being gifted
📌 The property the money is gifted for
📌 A statement specifying the money is a gift and does not need to be repaid
📌 Contact information of the person giving the money
📌 The source the funds are coming from

Specific requirements may vary depending on the lender. Reach out for more information.

When it comes to accessing funds for a renovation, you have options! Whether it is through refinancing, a HELOC or alternative credit products, I will work with you to see what's best for you. Reach out today.

Unlocking equity through refinancing or a home equity line of credit (HELOC) is a great way to leverage the value of your house.

Refinancing allows you to access equity and possibly obtain a better interest term and rate. Whereas a HELOC lets you keep the mortgage you are currently paying while getting access to a large sum of money.

If you are interested in exploring the possibilities available to you send me a message and we can look at your options.

613-355-0715
Albakrimortgages.com
291 Olmstead street Ottawa, ON K1L 7J9
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1. Pay all your bills on time.

2. Avoid maxing out your credit. Balances above 50% of your credit limit will harm your credit. Aim for balances under 30%.

3. Have a variety of credit accounts. Having a mix of credit products (credit card, retails store card, line of credit, car loan etc.) will produce more points on your file than having only one type of credit.

4. Use your credit! The biggest tip to a good score is to use credit and repay that credit on time all the time.