Kroemer Mortgages @ Comox Valley BC on Vancouver Island

Tuesday, September 18, 2012

Retired Now? But your Mortgage Isn't Yet

Everyone looks forward to their retirement days. You have put in 30+ years in the workforce, now it is time for you to do what you want to do. Travel, ski, golf, fish, take up a hobby, the list is endless.

Lets go back 20 years. You are working and making good money, maybe your partner is working, also making good money. You buy a house. make monthly payments on the house and after 10 years you refinance the house. Kids got to go to college, this is a way for them to go. So now you are back owing the same amount for the mortgage as you did 10 years ago. You may even refinance again for your children's weddings.

Another 10 years have passed and now it is time to retire. Your mortgage is not paid off and you just realized your pension isn't going to be a big as you thought. Your mortgage payments are eating all that disposable income you were going to fill your days with.
Remember the travelling, skiing, golfing, hobbies, that endless list.

So what does one do?

The wrong way to go--- I have seen this and it is tragic to see people do this. What they do is charge up their credit cards, if those get filled up, they go get more credit cards or a line of credit secured to their house. They live their life for a few years just like they planned to do it, except without the income they thought they would have. They are now living on CREDIT.

After a few years of juggling their credit card payments, mortgage and line of credit payments, their world comes crashing down on them. Sadly, their house goes into foreclosure, their credit cards get shut down and they have a pile of debt in their names. Not a great way to live out your retirement.

The right way to go-- If you recognize at the start that things must change, you will have an easier and happier retirement life, and we all want that. The good news is there are a few different ways to proceed to succeed.

1. Sell the family home and buy a smaller condo or home. This way the equity you do have in your family home and the increase in land value from the time you bought your family home may allow you to pay off the mortgage and also pay off the smaller dwelling. Leaving you mortgage free, with disposable income for your retirement. Or at the worst giving you a smaller mortgage payment with some disposable income.

2. Look into the Canadian Home Income Plan. (CHIP) Which is a reverse mortgage. With the equity in your family home, you may be able to pay off your mortgage or most of it, leaving you in the family home and increasing your disposable income since the mortgage payment will be paid or made smaller.

3. See if one of your children is interested in buying a house with a in-law suite. With the sale of your family home you and your child could share the mortgage payment. Or you could give them a portion of the proceeds of the sale of the family home, to pay for your in-law suite, which in turn will be the down payment your children will need to buy the home.

4. If your family home is big enough you could divide it into 2 suites. Living in one and renting the other one out. This will free up some of the disposable income that you want.

Whichever way you proceed make sure that you do make the decisions before you are in financial trouble. Because, once you are not making the payments on the mortgage, credit cards, or line of credit, your options because increasingly less.

If you need more information, give me a call or email me. You can check out my website by
Clicking Here

Angela Kroemer, AMP

Mortgage Professional

TMG The Mortgage Group Canada Inc.

TMG Sharie Marie Mortgage Team

Local: 1.250.650.4182

TFP: 1.888.679.0190

Fax: 1.888.679.0192

Facebook Pages

http://www.naylornetwork.com/caampdirectory/SearchResult.asp?Lang=&con=angela+kroemer&mem=AMP

#1 Tip for Consumers Looking to Get a Mortgage

Work with an AMP.

Accredited Mortgage Professionals

CAAMP (Canadian Association of Accredited Mortgage Professionals) requires that all members with the AMP designation receive ongoing education on industry best practices, government rules and changes, and etc. to help you navigate the mortgage process with integrity, responsibility and ease.

How do I know if my mortgage person is an AMP?

Usually they have AMP beside their name.

You can ask them.

You can go on CAAMP's website and search their name.

By clicking on the link above you will find my name, my phone number and my website.

Above my name you will find a header search by person, then type the person's name and scroll to AMP.

Similarly, you can find out if your mortgage person is a member of CAAMP, or if they are a AMP Residential Specialist or an AMP Commercial Specialist.

CAAMP also has a wealth of information for you, the mortgage consumer.

http://mortgageconsumer.org/index.php

For More Information On Mortgages, Click here.

Angela Kroemer, AMP

Mortgage Professional

TMG The Mortgage Group Canada Inc.

TMG Sharie Marie Mortgage Team

Local: 1.250.650.4182

TFP: 1.888.679.0190

Fax: 1.888.679.0192

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Monday, September 17, 2012

What Documents Are Needed For Your Mortgage?

So you have decided to buy a home and you know that documents are needed.
But, what documents are needed for the mortgage.

Every mortgage is different.

From the onset you may think a mortgage is just a mortgage, but it is not quite that easy.

Your mortgage is unique to you. That is why a mortgage professional will tailor a mortgage just for you.

As a general rule, before you start looking for your home, it is a good idea to get these documents organized and in a safe place. Also, talk with a mortgage professional (me), to know the amount you will qualify for.

Your mortgage professional may ask for documents, before she/he can send your approval to the Lender.

You will not need all of the documents listed below, it just depends on your circumstance.
Also, addtional documentation may be asked by the Lender when your mortgage approval gets sent in for the approval.

At this point, your mortgage professional may ask for the addtional documentation.   You can get a faster commitment finalized if all the documentation is in order.

Below are the most common documents asked for but not all are usually needed:

If you are a salaried or hourly worker you need:
Letter of employment--Salary-- Position, salary, start date
                                     Hourly-- Position, Start date and hours worked in a week
Current pay stub
T4 slips from the last two years
T4A slips from the last two years if it applies to you
Canada Revenue Assessment from the last two years

If you are self employed you need:
T4A slips from the last two years
Tax returns from the last two years pages 1-3
Statement of Income and Expenses from the last tax return
Financial Statements if the company is joint partnership or incorporated.

Proof of Down Payment:
This section is really important because of the laws of money laundering. There must be a paper trail that the government can follow.

If using RRSP's as a down payment then the most recent statement.
If using chequing account amount then the last 3 months if chequing account statements
If using investment account then the most recent statement
If using a gift then a gift letter with the exact amount stated. Also a photocopy of gift cheque and deposit slip.

Paper work for the Property being Purchased (if you have decided on a property)

Full appraisal - your broker should be able to order that
Recent tax assessment from assessment authority
Copy of real estate contract of property being purchased
Copy of property condition disclosure statement
MLS listing sheet
If Strata a copy of the last 6 months meetings minutes and annual general minutes

Particulars of the Lawyer you are using
The name and address of Branch where your down payment is
Copy of Void cheque for your mortgage payments
A completed pre authorized cheque form for your mortgage payments.

Other Income

You may be able to use child support or spousal support as income as long as it is documented in a court document.

You may be able to  use Child tax Benefit as income providing the child is 12 years or younger.

You may be able to use Universal Child Care Benefits as income providing the child is 1 year old or younger.

If you are not sure if you are able to qualify for a mortgage at this time, give me a call or email me,  We can go over your particular situation.

This is a no fee service whether you do qualify for a mortgage or not.
Apply Now !

Angela Kroemer, AMP

Mortgage Professional

TMG The Mortgage Group Canada Inc.

TMG Sharie Marie Mortgage Team

Local: 1.250.650.4182----- phone or text me

TFP: 1.888.679.0190

Fax: 1.888.679.0192

Your Mobile Mortgage Professional in The Comox Valley TM

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Saturday, September 15, 2012

Credit Reports-- Do Not Fear Them

Credit reports can have a major impact on your life, but many Canadians do not know much about them.

"Our recent survey on Canadians' knowledge of their rights and responsibilities found that knowledge of credit reports was particularly low," says FCAC Commissioner Ursula Menke. "The vast majority of people—90 percent—do not know that they can obtain a credit report free by mail, while 62 percent do not know how to dispute an entry in their credit report."

Credit reporting agencies track how you use credit products, such as credit cards and loans, and pay your bills. This information is used to create your credit report and credit score. Lenders may use this information when they decide whether they will lend you money, and how much they will charge you to borrow it. Employers and landlords may also check your credit report when you apply for a job or rent housing.

"It's a good idea to check your credit report at least once a year, and doing so will not hurt your credit score," says Commissioner Menke. "Think of it as an annual checkup for your financial health."

To help Canadian consumers, the Financial Consumer Agency of Canada (FCAC) has updated and added to the free, unbiased information it provides consumers about credit reports.

Credit report and score basics

FCAC's enhanced publication, Understanding Your Credit Report and Credit Score, provides tips and information:

How can I benefit from a good credit history?

You may be able to get a lower interest rate on loans, which can save you a lot of money over time.

How long does negative information stay on my credit report?

The exact amount of time varies by type of information and by province or territory. For most negative information, the maximum is six or seven years.

How can I improve my credit score?

Always make your payments on time even if you can only manage the minimum amount. If you think you will have trouble paying a bill, contact the lender to see if you can work out a special arrangement.

Will shopping around for a car or mortgage hurt my score?

You may reduce the impact if you shop around within a two-week period. All inquiries related to auto or mortgage loans made during this time are usually combined and treated as a single inquiry.

Is my mortgage included in my credit report?

Your mortgage information and your history of mortgage payments may appear in your credit report and may count toward your credit score. This depends on the practices of each credit reporting agency.

Order your free credit report

You have the right to see your own credit report. FCAC's tip sheet, How to Order Your Credit Report has details on how to get your credit report free of charge:

You may order your free report by mail, fax, telephone or in person.
You must receive it by mail or in person.
If you choose to access your report online, you will have to pay a fee.

Correct any errors and check for fraud

Ensure the accuracy of your credit report by checking carefully for errors. Your credit report will also show if you have been a victim of fraud. FCAC's tip sheet, Protecting Your Credit Report: How to Correct Errors and Check for Fraud, outlines the steps to take if you have any questions about the information in your report, and also what to do if you are a victim of fraud.

FCAC has also posted two Tip Clips on its YouTube channel to help consumers find out more about credit reports and how to protect themselves from fraud.

About FCAC

With educational materials and interactive tools, the Financial Consumer Agency of Canada (FCAC) provides objective information about financial products and services to help Canadians increase their financial knowledge and confidence in managing their personal finances. FCAC informs consumers about their rights and responsibilities when dealing with banks and federally regulated trust, loan and insurance companies. FCAC also makes sure that federally regulated financial institutions, payment card network operators and external complaints bodies comply with legislation and industry commitments intended to protect consumers.

FCAC celebrates its 10^th anniversary!

Follow @FCACan on Twitter
Subscribe to FCACan on YouTube

Got your Credit Report?

Need help understanding it?

Ready for a Mortgage?

Want to know if your credit score is good?

Angela Kroemer, AMP

Mortgage Professional

TMG The Mortgage Group Canada Inc.

TMG Sharie Marie Mortgage Team

Local: 1.250.650.4182

TFP: 1.888.679.0190

Fax: 1.888.679.0192

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OTTAWA, Sept. 14, 2012 /CNW

Wednesday, September 12, 2012

Renovate Or Sell?

Are more people hunkering down and fixing up existing homes rather than moving?

In some areas of Canada home resales are falling and the new housing price index slipping, people appear to be staying put a bit longer and renovating their existing homes instead of moving.

If you are entertaining the thoughts of renovating your home, will you use credit cards to pay for the renovations? There are other ways to finance your renovations, one is Refinance Plus Improvements. This will give you the money needed for renovations, at the same low interest rate of your mortgage.

a few things to think about when looking into Refinance Plus Renovations is:
--how much will your penalty be to Refinance
--how much your interest rate is now
--how much equity you have in the house
--how much will you save by Refinancing opposed to using credit cards at 20-29% interest
--how much you will need for renovations

Renovation Tips:

Peter Simpson, president and CEO of the Greater Vancouver Home Builders Association, said he spoke with several renovators and very few are fixing up homes for resale.

“Some clients have moved in and want to renovate. The others are folks who have lived somewhere for a number of years and want to stay in the same neighbourhood. They’re renovating for their own use,” Simpson said. “They’re not nervous about spending the money either.”

With year-to-date resales down 18 per cent in Vancouver compared to a year ago, it’s no longer the smoking hot sellers’ market it was a year ago. In fact, the Real Estate Board of Greater Vancouver reported that July sales were the lowest since 2000, with sales 31.2 per cent below the 10-year July sales average.

The new housing price index slipped 0.9 per cent in Vancouver in June 2012 compared with June 2011, according to Statistics Canada, while the MLS Home Price Index composite benchmark price for all residential properties in Greater Vancouver over the last 12 months has increased 0.6 per cent to $616,000 and declined 0.7 per cent in July 2012 compared to the prior month.

New mortgage rules introduced by the federal government in July shortened the maximum amortization to 25 years from 30, which is also expected to dampen the market.

Business is definitely strong this year for Jeff Bain, owner of JKB Construction, who said renovations always pick up when sales of new homes fall off.

“Everybody seems to be keen now to spend money,” Bain said. “It’s been good all year long.”
He said kitchens, bathrooms and basement suites continue to be the most popular renovations, but people are also renovating their entire homes.

“People are staying in their homes longer than they ever have in the past. They want to stay where they are comfortable,” Simpson said.

The amount spent on renovations has gone up every year for the past several years, Simpson said, but added that he isn’t sure if that’s because more people are doing renovations or because they’ve become more expensive.

Canada Mortgage and Housing Corp’s third-quarter Housing Market Outlook, released in August, said renovation spending in 2011 was $61.7 billion in Canada. CHMC says that amount will moderate in 2012, growing to $63.3 billion, but is expected to strengthen in 2013 to $65.6 billion.
In B.C., spending on renovations in 2011 was $7.6 billion. Spending is expected to remain stable in 2012 and grow to $7.8 billion next year.

For the most part, business is good for contractors, even in this year’s moderate market, Simpson said.
“One contractor I talked to said he’s having his best year ever,” Simpson said. “He said one client bought a home and they’re spending money to update it, but most clients want to stay where they are and bring their homes up to date.”

Another contractor told Simpson he’s had some customers having a harder time borrowing money from the bank, which may be a result of new mortgage refinancing rules. “Some people seem to be getting a little push back from the banks, or they might not be able to borrow as much as they want,” Simpson said. “If they can’t obtain the financing, they just have to scale it back a bit. With a renovation, you don’t have to do it all at the same time.”

In May, the Greater Vancouver Home Builders Association held one of its twice-yearly renovation seminar for 300 homeowners. Attendees were asked to complete a survey and Simpson shared some of the results with The Vancouver Sun.

Fifty-six per cent of respondents said they plan to renovate within the next year, while 26 per cent said within 12 to 18 months, Simpson said.

“There’s a sense of urgency. They want to renovate soon.”

Homeowners were also asked if they would need financing — 59 per cent said no and 41 per cent said yes.

Next year, when the province reverts back to the goods and services tax and the provincial sales tax, it is possible that labour on renovations will not be taxed because it was not taxed under the old provincial sales tax.

Simpson said that while it’s not known exactly what will happen when the tax reverts, the transition does not appear to be causing people too many concerns when it comes to renovating.
In his survey, he asked if people were putting their renovation plans on hold until the provincial sales tax is back and 35 per cent said yes, while 65 per cent said no.

“They’re doing renovations because they want to do them,” Simpson said. “Interest rates are still really low. People are going ahead and renovating. They want to have their new kitchen regardless of the tax.”

Simpson urged homeowners to verify that a contractor is compliant with WorkSafeBC before contracting with them for any work. It’s something that Port Moody homeowner Jan Jasienczyk wishes she had done when she needed a new roof two years ago.

The contractor she hired had documents showing that he was insured and a member of various organizations, but Jasienczyk didn’t independently verify that they were accurate. She ended up taking the contractor to small claims court when it turned out she had to redo the entire roof and her garage was damage by leaking. She eventually recovered most of the money she had paid the contractor, but she says it caused her a lot of stress and heartache.

“When you get an estimate, verify everything. Are they members of the roofing association? Do they have Worksafe?” Jasienczyk said. “Do all of those things before you commit to any kind of a contract. Do your due diligence.”

Jasienczyk ended up getting her roof re-done entirely by Penfolds Roofing, which recently announced it is launching a warranty corporation to support its roofing warranties.

Simpson said cash deals are always a bad idea, but he estimates that about 30 per cent of renovations are done under the table.

“It’s rampant. People want to avoid the harmonized sales tax or any taxes,” Simpson said. “There’s about $7.6 to 7.7 billion to be spent on home renovations in B.C. this year; I believe with that much at play there is a lot of opportunities to deal with the underground economy.”

He says people are at risk of being sued if a contractor gets injured if they are not covered by Worksafe.

“Unless homeowners want to put the contractor’s kid through university, they better make sure their contractor is fully compliant with Worksafe.”
He said it is easy to check if a contractor is compliant with Worksafe, and renovators can even request a no-cost compliance letter

How do I know whether my contractor or subcontractor is insured?

You can request a clearance letter that tells you whether a firm, contractor or subcontractor is complying with our registration and payment requirements.
http://www.worksafebc.com/help/faqs/default.asp?section=Insurance#Whoneedsworkplaceinsurance?6

tsherlock@vancouversun.com

Refinance Plus Improvement Mortgage

Angela Kroemer, AMP

Mortgage Professional

TMG The Mortgage Group Canada Inc.

TMG Sharie Marie Mortgage Team

Local: 1.250.650.4182

TFP: 1.888.679.0190

Fax: 1.888.679.0192

Sunday, September 9, 2012

Feng Shui-Can It Help to Sell or Buy Your Home

For a realtor trying to survive the currently sluggish market, there might be no sight as disheartening as that of the unyielding feng shui master who shows up with the buyer to assess the property.
The master, is, after all, probably going to get the last word.

The ancient Chinese practice of feng shui, which is, roughly, about creating a harmonious environment, can have a major impact on a sale in the Lower Mainland. Feng shui master Johnson Li knows all about that, having shot down many a potential purchase.

Mr. Li has been a feng shui master since arriving in Vancouver 20 years ago. He divides his time between the Lower Mainland, Hong Kong, China, and places like Victoria and Seattle, where he’s called upon to assess homes for occupants or would-be buyers.

Feng shui got plenty of media attention in the late 1980s, when a wave of Taiwanese buyers was purchasing and renovating properties based on the system. Today, it’s still alive and well and has spread beyond the Chinese demographic, with devotees from other cultures opting to let feng shui guide their choices.

Mr. Li acknowledges that he is one of the most expensive feng shui masters in Vancouver, but his rate is even higher when he works in China. Here, he charges $8,800 to assess commercial properties; $3,800 to assess houses, and $2,800 to assess apartments. His fee is not to assess only one property for a client, but rather, as many properties as necessary until he finds one with good feng shui. He says that he once rejected more than 100 listings until he settled upon an appropriate house, which must have been an interesting situation for the buyer’s realtor.

The practice is not limited to Chinese buyers, says Mr. Li. He has clients who are Caucasian and East Indian. In Surrey, a Polish family requested his help when they couldn’t sell their house after six months without action. After his recommended changes to the house, he says they sold two months later.

Patricia Coleman is a feng shui practitioner who caters mostly to a non-Chinese demographic in Vancouver. She has guided homebuyers and has “feng shui’d” houses to make them easier to sell.
“I have a lot of western clients,” she says. “It’s not just about trying to sell a house, but making the right decision. It’s a huge purchase. You need to ask, ‘Is it the right one?’

“Every culture has an understanding of placement and energy.”

Faustina Kwok, who lives in Richmond with her naturopath husband Martin, says their new house was built according to feng shui principles that she believes will increase its value. They also “feng shui’d” her husband’s clinic. However, when it came to the house, she wasn’t willing to forgo a good floor plan and flow for feng shui, Ms. Kwok says. She’d been inside “feng shui’d” houses that felt odd because the flow was off. But she was willing to move the driveway, and add a partial wall so that the master bedroom wasn’t in direct view of the front door.

“We just did the big modifications, like where the toilet shouldn’t be,” she says. “You don’t want to flush your fortune away. At least I take comfort knowing my toilet is not in the wrong place,” she says, laughing.

Although growing in popularity, it’s still a largely misunderstood practice, says Mr. Li. Some people think that the popularity of an address that includes the number eight is feng shui, but that’s more about superstition. Feng shui grew out of something far more practical, he explains.

“It is the art of looking at places that are safe or not, gauging whether they are a habitable place,” he says, seated in his Kingsway office, surrounded by his extensive library, a translator at his side. “Feng shui means the study of surroundings.”

Mr. Li has stopped the sale of many houses, and he’s witnessed attempts at feng shui by builders who were shrewdly, or naively, anxious to appease the Chinese market. Mr. Li explained how he once kiboshed the sale of a newly built home in West Vancouver. The builder had hired another feng shui expert to help design the house, which included a giant vertical aquarium as well as an indoor Koi fishpond. Mr. Li took one look at the aquarium and pond and gave a thumbs-down on the pricey property. His clients took his advice and walked. The builder was so furious, he says, that they asked him to put his reasons in writing.

As he poured another round of green tea, he explained that it’s a basic feng shui principle that you don’t want water above your head. As well, a Koi pond inside a house is not a good thing, he added.
When asked to explain, Mr. Li chuckled and said, “Because it will smell like fish.”

As for the feng shui practitioner who’d allowed such missteps, he explained that unfortunately, because so many consumers want instant and easy answers, there are a lot of unscrupulous practitioners who don’t know what they are doing. He doesn’t like doing assessments for developers and realtors because “they use him to make money.”

He recalls a realtor slipping him a red envelope as he was doing his assessment. The envelope was stuffed with a substantial amount of money, which he later turned over to his clients.

Emily Lo says she trusts Mr. Li for all her real estate purchases, even if it irritates the realtors, who often try to persuade her to use Mr. Li’s report as one of the subjects to sale. However, she’d prefer to get his opinion upfront, after the initial walk-through.

“He has the power of veto, and if you are paying that amount of money, you are going to trust what he says.”

Gastown realtor Ian Watt says the issue of feng shui comes up about once a month.
“A lot of my Chinese clients are really big into that,” he says. “It’s amazing, because it does affect real estate for a certain demographic. Everybody over 50 cares for sure.”

He has a client with a condo on Pacific Boulevard currently on the market, and the client refuses to let him close the window during showings.

“It’s on Pacific Boulevard, which is very noisy. The traffic sounds don’t help,” he says. “They want the window open all the time, and it’s something to do with feng shui.”

Anna Chen, who co-owns the unit with fiancé Dan, can explain. Her uncle is a feng shui master who visits from Taiwan, and he told her to keep the window open in order to sell the unit. Ms. Chen, who is 32, said that she was reluctant to believe in feng shui throughout her 20s, but now that she’s older, she’s starting to see its value.

“I think it helps. I’ve seen it help. So that’s why I asked my uncle to help me to sell the place, and also to help us buy the next place. Now, when we go to a new condo listing, sometimes I ask him to come with me. He told me the direction of the entrance and everything will affect health and fortune, how much you can make, or are you going to lose.”

An Excellent article by Kerry Gold
Special to the Globe and Mail September 8 2012

For information on mortgages

Angela Kroemer, AMP

Mortgage Professional

TMG The Mortgage Group Canada Inc.

TMG Sharie Marie Mortgage Team

Local: 1.250.650.4182

TFP: 1.888.679.0190

Fax: 1.888.679.0192

Facebook Pages

https://www.facebook.com/?ref=logo#!/campbellriverbc

Saturday, September 8, 2012

Business Financing? Yes, We have It With TMG Merchant Capital Program

TMG Merchant Capital Group

I am excited and pleased to announce a new division that The Mortgage Group Canada Inc has opened up and it is TMG Merchant Capital Group, powered by Merchant Advance Capital (MAC) is a Canadian owned and operated company headquartered in Vancouver, British Columbia. The founders of the company have significant financial and business experience, including owning and operating a variety of businesses.

TMG Merchant Capital Program is a purchase of your future debit/credit card sales for a discount today. The obligation is paid back through a small percentage of all of your debit/credit card transactions (this percentage ranges between 5-15% for the TMG Merchant Capital Program).

Since day one, Merchant Advance Capital (MAC) have been providing easy access to capital to Canadian small and medium sized businesses by:

Advancing capital based on future debit/credit card sales;
Being able to work with any payment processing company;
Saying 'yes' to more businesses; and
Using a consultative approach and providing exceptional customer service!

Merchant Advance:
A Merchant Advance is not a loan; it is a discounted purchase of future debit/credit card receivables for cash now. It has been designed to provide growth capital to small-medium sized businesses with no collateral required.

How It Works
The advance is a lump sum of cash in exchange of a lump repayment amount. The repayment amount is paid down a little bit each day through sales made on your credit card machine. Each day a percentage of your card sales automatically go towards chipping away at your balance until the repayment amount is $0.00.

A TMG Merchant Capital Program can be used for any business purpose, such as purchasing inventory, renovations, acquisitions, advertising & marketing, expenses etc.

Example:

An owner of a restaurant which processes approximately $30,000 of debit/credit card sales per month receives a TMG Merchant Capital advance of $24,500 in exchange for $32,400 of future debit/credit card sales collected using a 12% withholding. TMG Merchant Capital withholds 12% of all debit/credit card transactions until it receives $32,400 which in this example would take approximately 9 months. Once the restaurant owner has repaid the majority of the payback amount, he is eligible for a renewal.

The Benefits-There is no interest rate – the amount owed will never grow, so you know exactly how much the funds will cost from day one.

-No fixed payments -repayment is made on a daily basis, through a percentage of your debit & credit card sales. If you sell $200 one day in debit & credit sales, and your daily withholding is 10.0 % then $20 will automatically go to chipping away at your balance.
- No collateral required – Merchant Advances have been designed for fund small- medium sized businesses, no collateral is needed to qualify.
- No changes to your existing hardware – Merchant Advances are compatible with any Merchant Service provider. You do not have to change who you process your debit & credit cards with.
- No delay on your sales – the no-delay debiting system ensures that you receive your sales right away so you never have to wait.
- Receive funding quickly – your business is able to receive funding in 7 business days. In comparison a bank could take 4-8 weeks.
- Repaid quickly – Merchant Advances are modeled to be repaid within a year so your business does not become burdened with long term debt.
-Does not report on your credit bureau – as a Merchant Advance is not a loan, it does not report to the credit bureau.

Our differentiator: TMG Merchant Capital, we want to be a part of your success. Many merchant cash advance companies offer larger up-front advances, but their programs have high withholding percentages which can severely impact a your cash flow. They also increase the discount at which the future sales are purchased in order to cover the increased risk of having merchants that are not as healthy during their program.

We believe in offering a cost effective service that makes financial sense for you, our clients, and we wish to build long-standing relationships for your financing needs.

The Process:Day 1:

Application forms and merchant processing statements submitted.
Day 3:
Conditional offer is made to the applicant, subject to satisfactory review of remaining documents.
Day 5:
Final agreement sent out and executed after one day of review of remaining documents.
Day 7:
Account is funded after banking environment is set up.

Contact me and see how much you qualify for today!

Angela Kroemer, AMP
Mortgage Professional
TMG The Mortgage Group Canada Inc.
Local : 1.250.650.4182
T.F.P: 1.888.679.0190
T.F.F: 1.888.679.0192
Email :akroemer@mortgagegroup.com
Website : www.KROEMERmortgages.com

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Monday, September 3, 2012

Your Personal Mortgage Shopper

A mortgage professional, in theory, is educated in all aspects of mortgages. By working closely with one, you access this specialized knowledge and experience.

Imagine if you could turn to an expert when you wanted to make a major purchase. He or she would visit stores, collect the important information about the product and then help you make the best choice. When you’re buying a new home or renegotiating your mortgage, this is what a mortgage professional can do for you.

Basically, we shop around and find you the best deal. When you walk into your bank to discuss mortgage options, the banking officer can only offer you the products from that bank and, depending on your credit history and the product, knock a few points off the interest rate. But a mortgage professional has access to a wide variety of products because he or she can work with any bank, credit union or trust company. They also know who is offering the best rates for the type of mortgage you need and know how to negotiate for a lower posted rate.

A mortgage professional, in theory, is educated in all aspects of mortgage. By working closely with one, you access this specialized knowledge and experience. This is especially valuable for those who have hard-to-place mortgages—such as the self-employed or people with poor credit history. A mortgage professional will know what banks will be more favourable to the client or be aware of alternative ways to secure a mortgage.

Another benefit is the reduced impact on your credit score. Every time you go to a bank and they check your ability to get a mortgage, it’s a hit on your credit score. A mortgage professional will check your credit score once and then shop it to five or more banks at once. If you do plan to comparison shop, this is one way to protect your credit from taking an unnecessary dive.

But how much will all this cost a homebuyer? Brokers are paid a “finder’s fee” — about 0.8 per cent to 1 per cent of the mortgage amount — by the bank or institution, which is not passed on to the person buying the mortgage. The bank can afford to do that because of the volume they get. Since they don’t have an in-house person managing the account, answering questions, taking calls and sending paperwork back and forth, they save on costs and pass that on.

With so many mortgage professionals on the market, it can be a challenge knowing which one to pick. Ask friends and family for recommendations and meet with potential mortgage professionals to see if they are a fit. Follow blogs and websites of mortgage professionals. Ask lots of questions.

For Mortgage Information

Angela Kroemer, AMP

Mortgage Professional

TMG The Mortgage Group Canada Inc.

TMG Sharie Marie Mortgage Team

Local: 1.250.650.4182

TFP: 1.888.679.0190

Fax: 1.888.679.0192

https://www.facebook.com/akroemer

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Published on Thursday August 30, 2012

Leigh Doyle

Chris Young for The Toronto Star

Monday, August 20, 2012

Mortgage Renewals

Is it that time? You have just received a mortgage renewal notice in the mail? Read on to see if you should sign and send it back or maybe take another course of action.

When a term is coming to a close, most banks will send a mortgage renewal notice in the mail a few months earlier then your renewal date. The banks tend to take advantage of our busy schedules to assume that you will sign on with them for another term. At this point the banks take advantage of your customer loyalty and don't even give you a discount, if they do not a great one. Almost 60 percent of their customers sign this renewal without researching what the competition has to offer.

When you went shopping for your first mortgage you asked questions, did research, talked to any one who knew anything about mortgages and found the best mortgage rates and options. Why should the renewal process be any different? Interest rates are at an all time low, take advantage of the current market. Get a better mortgage rate that could save you substantially in the long run.

Renewing your mortgage means one term has come to an end and it is time to start another term. Usually it is a 5 year term. At renewal time it is the perfect opportunity to shop and get a lower interest rate or better options that suits your lifestyle better.

You have already paid 5 years worth of mortgage payments and deserve to get a discount on your mortgage rate.

For more information and a free quote without obligation, send me an email, phone or text.

My website has invaluable information.
www.KROEMERmortgages.com

Angela Kroemer, AMP

Mortgage Professional

TMG The Mortgage Group Canada Inc.

TMG Sharie Marie Mortgage Team

Local: 1.250.650.4182

TFP: 1.888.679.0190

Fax: 1.888.679.0192

Sunday, August 12, 2012

The Process Of Home Buying

1) Employ A Realtor
A crucial and initial step is to choose a real estate expert who would assist you to locate your dream home and adjust your financial anticipations.

2) Call a Mortgage Professional for the best rates and terms
If you call a mortgage professional for mortgage rates, you can get a rate that can really help you save a substantial amount throughout the span of a loan. A small variation of 0.5% can also become significant.

3) Prequalify for a loan
During the early stages, you would wish to become prequalified for a mortgage loan. This gives you the amount that you can afford. ( Be forewarned that a prequalification does not guarantee a loan as most prequalifications are only computer generated. Always when putting in an offer have it subject to financing approval.) This gives you the flexibility to search for the right home, particularly when there are so many keen buyers. The seller also realizes that you are sincere in purchasing the property and can afford it.

4) What are your needs
To make a practical outline of the property that you wish to buy. What are the must haves and what can you live without? Prepare two lists: one for the essentials and one for leisure. Update your lists as you go on house-hunting. Keep in mind that you can get a Purchase Plus Improvement Mortgage which would get you extra money to make improvements on the house you wish to buy.

5) Visit properties
Now you are prepared to visit properties. Make sure that you get a feature sheet of the properties you come across. Every time you go out to see more houses, update your notes to instantly get rid of any property that does not fulfill your requirements.

6) Understand the aspects that assist or hinder resale
In some locations, a swimming pool really takes away a part from the value of a home and it becomes more difficult to sell it. In areas with attached or two car garages, the future value and home buying potentials might be badly impacted by a single or one car garage. Your realtor can give you more information on these items as it relates to resale values.

7) Rank the houses you visit
Subsequent to visiting every house, jot down what you appreciated and what you did not. Prepare a ranking arrangement that clearly defines the home buying domain.

8 ) Make an offer
As soon as you have identified your dream home, the financial and legal aspect of home buying comes into play. Since the objectives of the home buyer and home seller are not the same, take the help of your agent for arriving at a positive outcome.
Prior to your date of closing, just ensure that you have done all essential deposits and finished the formalities such as title, mortgage , homeowner’s insurance.

9) Make arrangements for home inspection
Once the offer is accepted, but before the deal is finalized have the home inspected. That way if any expensive problems arise you can either walk away or renegotiate the price of the home.

10) Closing
Financing has been secured, home inspection went well, you are happy with the house. This is the step that you go to the lawyer and sign final documents, give lawyer cheque. The closing date is usually the same date as possession date, but not always.

11) Get ready to move into your new house
Before moving into your new house, phone hydro, gas company, telephone company, etc to set up a date for hook ups. Check fire alarms to make sure they work. Do the change of address at the post office for your new address. The best time for renovations is before you move in, try to get them done before by staying an extra month in your old place.

For a great mortgage.

Angela Kroemer, AMP

Mortgage Professional

TMG The Mortgage Group Canada Inc.

TMG Sharie Marie Mortgage Team

Local: 1.250.650.4182

Fax: 1.888.679.0192

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Tuesday, July 24, 2012

Canadians Get Creative To Avoid Renting

More and more Canadians are extending the amortization on their car loans as a way of qualifying for bigger mortgages, according to a new survey -- suggesting that number will increase as first-time buyers look to move beyond renting.

In fact, more than half of those borrowing to finance their vehicles are already opting for 72-month amortizations or longer, representing a nearly 40-percentage point jump from just five years ago, reads a report from JD Power and Associates.

“Consumers today just don’t think of the car as being $28,500,” said JD Ney, with JD Power. “They think of it as being $500 a month. There’s a certain pain threshold – whatever it takes, we’ll try and keep that monthly payment.”

Playing with amortization on car loans is one way mortgage brokers have advised clients looking to prepare for a mortgage application.

Still, most mortgage professionals have counselled borrowers to opt for less expensive auto purchases as a better of preparing to meet debt-service requirements and win home loan financing.
That advice may be increasingly hard to follow, with brokers pointing to mortgage rule changes that have only strained the ability of many borrowers to qualify.

That is a huge increase from just five years ago, when 14 per cent of buyers borrowed for six years or more, said J.D. Ney, an automotive account analyst in the consulting firm’s Canadian office.

Written by Vernon Clement Jones

Thank you to http://www.canadianrealestatemagazine.ca/news/item/1284-canadians-get-creative-to-avoid-renting

Angela Kroemer, AMP

Mortgage Professional

TMG The Mortgage Group Canada Inc.

TMG Sharie Marie Mortgage Team

Local: 1.250.650.4182