Adil A.Rahman AMP Mortgages

Credit safeguard tip: Your credit score heavily influences the interest rates on mortgages and other financing. Among the five types of accounts that impact your score, credit cards have the most significant effect. Keep your balances low and pay them off in full each month to maintain a high score. Regularly review your full credit reports from both Equifax and TransUnion to catch errors and fraud early. If you face collections, set up payment plans and get written confirmation to protect your score. Stay vigilant and proactive to ensure your financial health.

If you have equity in your home and need quick access to funds, a Home Equity Line of Credit could be the perfect solution.💳

Contact me today to learn more and find out if a HELOC is right for you! 💬

Here are five tips to help you get ready to buy your first home:

1️⃣ Keep a good credit score! The higher, the better. This is a snapshot of your financial health, and lenders use this to gauge your ability to repay debts.

2️⃣ Save a down payment! The bigger the down payment, the better – the minimum down payment when less than $500,000 is 5%; between $500,000 and $999,999, you will need 5% for the first $500K and 10% for the portion above $500K, and $1 million+ you need 20% of the purchase price.

3️⃣ Keep your income stable. Lenders like to see proof that you can make your payments; a full-time job is the best way to show it.

4️⃣ Pay down existing debt. Your balances don’t need to be at $0, but how much debt you carry will affect how much you can borrow.

5️⃣ Get a mortgage pre-approval!

Navigating Homebuying Amid Fluctuating Consumer Confidence

Recent surveys by Bloomberg and Nanos show a dip in consumer confidence, especially around the economy and real estate. The Expectations Sub-index fell to 52.82, reflecting growing uncertainty. Sentiment towards the Canadian economy and real estate continues to drop, highlighting concerns over future value and strength.

For homebuyers, anxiety is on the rise. Despite stable renting periods, many spend more than planned. Since 2019, fears of overpaying have been top concerns.

Mortgage professionals are crucial in this journey. Excellent service fosters loyalty, with 83% sticking to their financial institutions and 75% satisfied with their brokers. Having a knowledgeable mortgage broker can make all the difference, ensuring you navigate the homebuying process smoothly.

Understanding these trends and working with trusted mortgage professionals can ease the homebuying process. 🏡✨ 

📊🏠 With rising costs, Canadians are becoming savvy grocery shoppers, but when it comes to their biggest transaction—mortgages—many are missing out on potential savings! According to a Mortgage Professionals Canada survey, fewer homeowners are negotiating their mortgage rates at renewal, even as interest rates climb. 📈💸

🏦 41% of borrowers accepted the first rate offered, up from 37% two years ago, and only 8% negotiated significantly. Experts like Robert Jennings and Nolan Smith highlight the irony, noting how Canadians haggle over phone bills but often accept high mortgage rates without a second thought. 🤯

💡 Pro tip: Don’t leave money on the table! Take the time to explore your options and negotiate your mortgage rate—it could save you thousands over the term of your mortgage. 💵🔑

🏡💰 Did you know? A whopping 73% of Canadians believe that real estate is a solid financial investment! 📈 Whether it's building equity, generating rental income, or securing a future asset, real estate continues to be a cornerstone of financial success.

Making the jump to homeownership can be scary, but a recent study done by Mortgage Professionals Canada shows that 90% of Canadians who make the leap are overwhelmingly happy with their decision to become homeowners.

If you are thinking about buying, send me a message. I work with many lenders to provide you the most options, and will guide you through the process. Plus, my services are free.

Automatically sticking with your current lender might not guarantee the best rate. Reach out to review your mortgage, secure the most competitive rate, access additional funds, and tailor your amortization or payments. 🗓️💵

Mortgage renewal is a chance to renegotiate. Start early to ensure your financial goals are met. 💲You don’t have to handle the renewal alone. I’m here to offer guidance and support; don’t hesitate to reach out with any questions.

📊🏠 With rising costs, Canadians are becoming savvy grocery shoppers, but when it comes to their biggest transaction—mortgages—many are missing out on potential savings! According to a Mortgage Professionals Canada survey, fewer homeowners are negotiating their mortgage rates at renewal, even as interest rates climb. 📈💸

🏦 41% of borrowers accepted the first rate offered, up from 37% two years ago, and only 8% negotiated significantly. Experts like Robert Jennings and Nolan Smith highlight the irony, noting how Canadians haggle over phone bills but often accept high mortgage rates without a second thought. 🤯

💡 Pro tip: Don’t leave money on the table! Take the time to explore your options and negotiate your mortgage rate—it could save you thousands over the term of your mortgage. 💵🔑

If your home will be owner-occupied, you need 5% down for the first $500,000 of the purchase price, and 10% for any amount over $500,000 up to $999,999. If the purchase price is $1,000,000 or more, the minimum down payment is 20%.

According to CMHC’s Mortgage Consumer Survey, most homebuyers are accessing their savings or equity from a previous home for their down payment. Followed by RRSP savings and gifts from family members.

If you have any questions about the down payment options available to you and how to use them, send me a message!

🔔 Considering your mortgage renewal? Given last week's rate decrease and the potential for further drops, consulting with a mortgage broker like me is vital in today's market. 📉

Let's work together to safeguard your financial future. Reach out for a free consultation.

Hot off the press: Bank of Canada finally decides to play with fire, making its first rate cut in over four years and bringing the key interest rate down from a blazing 5% to a sizzling 4.75%!

There goes the summer ☀️

Adil A.Rahman AMP Mortgages I'm Adil A. Rahman, your local mortgage broker with over 10 years of experience!

Self-employed? I’m here to unlock opportunities, not build obstacles! I have exclusive access to lenders who understand the needs of self-employed individuals. Together, we will evaluate your unique circumstances and guide you on the best approach.

Supporting self-employed borrowers is one of my core strengths! Reach out today for a free consultation.

When mapping out your journey to homeownership, keep these key steps in mind:

✅ Maintain a solid credit score
💼 Save for a down payment
💰 Ensure your income is stable
🧾 Pay off any outstanding debt
💪 Obtain a mortgage pre-approval

By tackling these steps, you'll be on your way to making your homeownership dreams come true! 🌟🗝️

CAMLA event with our team!

Learning and pushing through for YOU

A mortgage pre-approval shows you how much mortgage you can qualify for based on your financial standing. Getting pre-approved can save you time and give you more negotiating power when you find the home of your dreams. 🏡 🥰

Planning to buy a home? Reach out to get pre-approved. It’s quick, easy, and doesn’t cost a thing. 🆓

A Home Equity Line of Credit (HELOC) lets you tap into your home's equity, providing flexible access to funds when you need them. 💳

Wondering if a HELOC is the right choice for you? Reach out to learn more! 💬

Did you know your employment income isn't the only source you can use to qualify for a mortgage? 💵

Pension payments, child tax benefits, child support, bonuses, and investment income can all be factored in to boost your application and help you qualify for a mortgage. 🏡

A mortgage pre-approval tells you how much you can borrow based on your financial situation. Getting pre-approved helps you save time and gives you more negotiating power when you find your dream home. 🏡

Planning to buy a house? Contact me for a pre-approval. It's quick, easy, and doesn't cost a thing. 💬

Your dream home is more than just a number—it's a place where memories are made and futures are built. Let me help you find the perfect mortgage to turn that dream into a reality. 🏡💫

Here are 5 reasons you should use a mortgage broker vs going to your bank:

1. Expertise: We are seasoned professionals with in-depth knowledge of the mortgage market.

2. Access to multiple lenders: Unlike banks or direct lenders, I have access to a wide network of lenders, including banks, credit unions, and private lenders. This gives you access to a broader range of loan products and competitive rates.

3. Personalized guidance: I work directly with you to understand your financial goals and preferences. Then provide personalized guidance throughout the entire mortgage process, from pre-approval to closing, ensuring you make informed decisions every step of the way.

4. Save time and effort: Searching for the right mortgage can be time-consuming and overwhelming. I handle the legwork for you, comparing options, negotiating terms, and handling paperwork, saving you valuable time and effort.

5. No cost to you: In most cases, working with a mortgage broker won't cost you anything. We are typically compensated by the lender, so you can benefit from my expertise and guidance without any out-of-pocket expenses.

If your mortgage is coming up for renewal, it is essential to reach out and explore your options. With today’s higher rate environment, some homeowners have difficulty qualifying at renewal and feel “stuck” with their current lenders. The best thing you can do is get advice early and explore your options.

Taking on debt that will potentially pay you dividends in the future, like a mortgage, is considered good debt.

Bad debt is when you take money from your future self to buy goods and services today, which provide you with no future income benefit.

The right amount of good debt can help you build long-term wealth and afford the things you want, without taking on bad debt.

Ready to unlock the benefits of refinancing your mortgage? Here's why it can be a game-changer:

📌 Lower Monthly Payments: Refinancing to pay off high-interest debt can potentially lower your overall monthly payments and free up more cash each month.

📌 Cash Out: Tap into your home's equity for renovations or other financial goals.

📌 Shorten Your Term: Switch to a shorter loan term and save thousands in interest over time.

📌 Flexible Terms: Customize your mortgage to better fit your current financial situation.

Ready to reap the rewards? Let's explore your refinancing options today!

The Golfing gang is in town... parlay till we eagle all the way!

🏡 Dreaming of owning your own home? Here's why getting pre-approved for a mortgage is your essential first step:

📌 Know your budget: Pre-approval tells you exactly how much house you can afford, helping you focus your search within your means.

📌 Competitive advantage: Sellers take pre-approved buyers more seriously, giving you an edge in negotiations and increasing your chances of landing your dream home.

📌 Faster process: With a pre-approval, the mortgage application process is streamlined, making your offer more attractive and reducing closing times.

📌 Rate lock: Secure a favourable interest rate early, protecting you from potential rate hikes while you shop for your home.

Don't wait - get pre-approved and turn your homeownership dreams into reality!

🏠 If your mortgage is coming up for renewal, you need to prepare for higher rates. Here are three ways you can prepare for higher rates at renewal:

1. Boost payments with prepayment privileges to lower principal.
2. Watch your high-interest debt.
3. If you are thinking about moving, get pre-approved, but don't max out borrowing limits.

Early advice is key! Reach out for personalized strategies.

Maaang enjoying the good food at Annabella's kitchen and lounge!

Delixiosco

Self-employed? We're here to unlock opportunities, not build obstacles! I have exclusive access to lenders who understand the needs of self-employed individuals. Together, will evaluate your unique circumstances and guide you on the best approach.

Supporting self-employed borrowers is one of my core strengths! Reach out today for a free consultation.