Ask Angela- Pre Approvals

Ask Angela- Pre Approvals

Question: I am so stressed out right now. Two months ago my husband and I, received a pre-approval to buy a home. We found one in our price range and went to our mortgage person. Our application was denied because we bought a brand new car a month ago and have payments on the car. What can we do?

Answer: When you get a pre approval it is for that moment, if your finances stay the same or get better (income raise), the pre approval should be good in most cases.
Pre approvals are just a estimate of what you can afford and whether or not you could qualify for a mortgage, based on the information you have disclosed. But, when you change your financial picture, as you did when you took on car payments,your application needs to be updated with the new information and sent in for another pre approval. With the new pre approval, you will find out how much you can spend on a house.
Unfortunately, you will have to search for a new house, less in value, or increase your down payment or pay off the car, to put you back where you were.

OTHER REASONS WHY YOUR APPROVAL WILL GET DENIED:

Looking at the main causes of home buyers going from pre-approved to declined during the mortgage underwriting process, you will find a number of reasons, it can fall apart. Disclose everything to your mortgage broker and when the lenders come back with questions, be prepared to show paper work and a full explanation. There is a fine line between not disclosing and fraud and since the Lenders do not know you personally, it may be hard for them to tell what your intentions were. Mortgage fraud is expensive to the lenders and they want to make sure they are not taking on any undue risk.

Follow these steps for disclosure and your pre approval should get approved:

- owing back income taxes to the government, most people do not disclose this to tier mortgage broker, because they never think about it.

- shopping for additional credit during the mortgage loan process. Many borrowers believe that once they've obtained the initial pre-approval, they are all good, their credit will not be checked again, leaving them free to take on new debts. Well, 99% of lenders today will recheck your credit the day before closing, looking for new debts that could cause you to no longer qualify for the home. Mortgage brokers should be telling their clients not to take on any more debt until the purchase of the home is done.

-undisclosed family relationship with your employer. They're different rules for home buyers who work for a family member. When you work for a family member, there's a higher chance of fraud because that family member may be more willing to lie about how much you earn or your role in the company. Always disclose this to your broker, especially if you are paid more because of family ties, The lenders may look at the average wage in your occupation and if yours is substantially higher they will look deeper or because it was not disclosed, they may not want to do business with you. Too much risk.

- having a relationship with the seller of the home. When a home buyer and seller have a relationship, there's more room for side deals when it comes to down payment and inflating the value of the home. This makes lenders nervous. You see, lenders rely on an arm's length transaction, where the buyer and seller do not know each other, to make sure the buyer has done their due diligence in shopping for the home.

-making large undocumented deposits into your bank accounts. Most mortgage loans require 90 days worth of Bank Statements. So, if Uncle Fred gives you a large amount of money for your down payment because you are his favourite niece or nephew, get him to sign a gift letter to give to your broker, there must always be a paper trail for your deposited funds.

-a drastic change in your employment. This could include changing positions, changing employers, having your compensation structure change, or losing your job altogether. Changing jobs while you're in the middle of the mortgage process can make things more complicated and ultimately affect the credit decision. The lenders are looking for employment stability.

- Owing property taxes on any other property you own.

-not disclosing mortgages that are owed to private individuals.

-failing to disclose child support or alimony payments you're required to make

-failing to disclose or attempting to hide any other pertinent information.

- always be transparent with the lender through your mortgage broker. If you have forgotten a payment, like Dell or Easy home make sure you tell your broker, so they can update your application.

For questions or comments email akroemer@mortgagegroup.com

Is Your Bank Baiting You With Low Rates?

 

 

Is your Bank baiting you with low rates? Always get a second opinion with a mortgage professional. I have the rates and the options. Second opinions are always no obligation, free and I will show you how to save thousands of dollars on your mortgage with the options alone.
akroemer@mortgagegroup.com

Mortgage Planning- Now And The Future

Ask Angela

Question:  Mortgage Planning, what do I need to know about planning a mortgage?

Answer: There are several steps to mortgage planning. I have outlined the steps briefly, please connect with me for any questions.

1.  make the decision you want to purchase a home

2. talk to a mortgage professional- get a pre approval on what you can afford now.
 Also, look into the future and discuss with your mortgage broker, if they haven't already asked you, what events may be happening in the next 5 years.  Will there be more children, will you retire, will you lose your job because of shut downs, will there be a sickness that will cripple the income?

Some life events you cannot plan for, but other events you can.

With the events you can plan for discuss with your broker.  Right now you may be able to afford a much more expensive house, but if you should start having children, or retire soon the payments may  not be affordable.

If you should lose your job or have an illness that will lower your income, Buying insurance may cover you until you are back up on your feet.

3. put a plan into action on what you need to do to purchase a home.

4. execute the plan, whether it is saving for a down payment, finding the right realtor or finding the right home.

5. now it is mortgage time. You have covered yourself as best as you can.

6. You now have a home.

Have Questions?
Want more information?

Connect with Angela at akroemer@mortgagegroup.com

RRSP Deadline is March 1 2013

 

www.kroemermortgages.com

 

 

Top Tips for making the most of your retirement savings

 Everyone loves to save tax.  RRSP season is the perfect time to ensure you’re doing just that.
According to Stats Canada, Canadians collectively had $671,000,000,000* of unused RRSP contribution in 2011.
That’s about $30,000 for every working Canadian. Invested today, $30,000 could turn into $60,000** in 10 years time.
I don’t know about you, but that seems to me to be a fairly good incentive to consider what to save this year.
So if you’d like to do more saving for your retirement and, at the same time, save tax consider these three options.  Also for first time home buyers you can borrow from your RRSP- Tax Free - for your downpayment.
1. Make it a bill.

To turn your retirement savings into a bill you might want to consider a RRSP catch-up loan.

A RRSP loan can be an excellent way to take advantage of unused contribution room, generate tax-savings and jump-start your retirement savings.

Setting up a loan is straightforward.  Once you have the loan for the RRSP after 90 days you may be able to use the RRSP for your downpayment, even though you are still paying for that RRSP.

2. Get in the habit.

If you’re not ready to take the leap into a RRSP catch-up loan, consistent savings is where it is at.

In fact, the key to your long-term financial success and wealth is your ability to save. Consistent savings is also a great way to build for the future using the benefits of compounding and dollar cost averaging.

You can start small so you build the habit and set up annual automatic increases. It’s one less thing you have to think about and it removes the possibility that you simply won’t get around to it.

3. Dump in a lump.

Finally, did you receive a year-end bonus? If you haven’t already spent it, why not think about making a lump-sum contribution to your RRSP. You’ll create a tax refund for yourself that you can use later in the year.

Whichever way you save don’t miss the deadline
The deadline for contributing to your RRSP for the 2012 tax filing year is Friday, 1 March 2013.
The maximum RRSP contribution limit for 2012 is $22,970 (or 18% of your 2011 earned income) less, of course, any pension adjustment.
You can determine if you have additional RRSP contribution room by checking your last year’s Income Tax Notice of Assessment or by phoning the Tax Information Phone Service at 1-800-267-6999.
It’s not how you start, it’s how you finish
Whatever your retirement dream looks like, you can make it a reality by planning ahead and following a savings plan that is right for you.
www.kroemermortgages,com

Investment Property For The New Year?

Is 2013 going to be the year you add in an investment property to your portfolio of investments?
Interest rates are still low, so is it time to take advantage of a low rate mortgage payment,
making it more affordable and profitable to buy an investment property?
As with all other investments, it pays to study the market and gather all the information that you can.

Here are some tips for purchasing an investment property:

Do your research. If you are a first-time investor, it would pay to study the market as well as the risks and benefits of investing in properties. Be sure to brush up on the basics, such as the various factors that affect property prices and how these cause prices to rise or drop. Also pay attention to trends and news on the market and understand how these can influence the market. It's really important to become familiar with the ins and outs of the real estate business before buying investment properties as thorough preparation is one really good way to ensure success in the business.

Choose properties in a promising area.If you have done your research right, you will eventually come across "promising" areas where you can buy properties that will yield great profits. Promising does not necessarily translate to upscale properties that fetch high sale or rental prices, or cheap investments that allow you to return your investment quickly. A promising location is one that offers special features that are truly attractive to tenants. These features include schools for families, entertainment hubs for young professionals, or low-cost housing for college students. These promising features may differ with each type of tenant, and as such, you will have to...

Consider the type of tenants in the area. It may be tempting to choose a piece of properties based on what you would want yourself, but it's best to think of what your target tenants would like instead. When choosing properties, ask yourself what features your tenants would like or need. For instance, if you are catering to the college crowd, easy access to amenities, such as Laundromats, grocery stores or coffee shops may be important. If you plan on having families or young professionals as tenants, the property features you need to prioritise will change accordingly.

Take into account future expenses. As an investor, you need to carefully consider the expenses that will later on influence how much you earn from your investment. These include expenses for home repairs or renovations to make the house attractive to tenants and the taxes you will have to pay for on a regular basis. Make sure to include all these into your cost calculations to ensure that you will be able to afford purchasing the property and eventually earn back your initial investment.

Find a mortgage professional. They will let you know how much you will be able to afford, plus the interest rates will usually be lower than of a Banks interest rate, enabling you to profit the most.

Find a Realtor knowledgeable in the area of investment properties. Their expertise is usually because they have entered the investment property market and you can learn from them first hand all about what worked and what did not work for them. Could save you thousands of dollars.

Any questions, send me an email
akroemer@mortgagegroup.com

 

 

Who Really Manages Household Debt?

Men and women have different opinions, suggests Manulife Bank survey.

According to Manulife Bank of Canada's recent debt survey, just over half of women (54 per cent) but only 39 per cent of men in two-adult households indicate that responsibility is equally shared when it comes to managing household debt.

In cases where respondents don't feel responsibility is equally shared, both men and women are far more likely to indicate that the responsibility lies with them rather than with their partner. Slightly over half (56 per cent) of men and a third of women (36 per cent) state that household debt is managed by "mostly me" or "only me." Conversely, only 10 per cent of women and four per cent of men indicate that household debt is managed by "mostly my partner" or "only my partner." Interestingly, virtually no men indicate debt is managed by "only my partner."

 

Differing perceptions about who is responsible for debt-management within the relationship could reflect a lack of communication, making it difficult for homeowners to become debt-free. "The good news is that, in general, most people feel they have some responsibility for managing household debt," shared Doug Conick, President and CEO of Manulife Bank of Canada. "However, the results seem to indicate that many couples might not be discussing debt with one another. I strongly recommend that any Canadians who don't have a plan for becoming debt-free reach out to an independent financial advisor for personalized debt management advice."

 

The survey also looked at attitudes by age group and found that respondents in their fifties are more likely to report shared responsibility for debt management (52 per cent) while those in their thirties are less likely to do so (43 per cent). Regionally, Quebec (53 per cent) and Alberta (52 per cent) homeowners were most likely to indicate shared responsibility for managing debt while Ontario (42 per cent) homeowners were least likely to do so.

 

Women are more concerned about debt, less optimistic

In general, women appear to be more concerned about debt, but at the same time they are less confident about being able to reduce or eliminate it. Slightly more women (81 per cent) than men (75 per cent) listed "being or becoming debt-free" as a top financial priority.

 

Men and women place relatively equal importance on being debt-free at retirement - with about eight in 10 indicating this is a high priority. However, more men (55 per cent) than women (49 per cent) are confident that they'll achieve that goal. This perception may be influenced by recent experience, with fewer women (47 per cent) than men (54 per cent) indicating a reduction in debt over the past 12 months.

 

Moreover, women appear to be more averse to the idea of retiring with debt outstanding - 60 per cent indicate they would find this scenario very stressful compared to just 42 per cent of men. "In many households there's a discrepancy in attitudes, perceptions and expectations between couples with regards to debt, likely because they are either managing their own personal debt separately or just aren't talking enough to one another about finances," added Mr. Conick.

 

The survey found that the desire to be debt-free at retirement is relatively consistent across Canada. However, respondents in BC and Quebec (each at 57 per cent) are most confident about achieving that goal while residents of Atlantic Canada (44 per cent) are least confident.

 

Debt-reduction is a priority and most are willing to reduce spending - just not on technology

More than three quarters (77 per cent) of Canadian homeowners indicate that it's very important for them to reduce their debt in the next 12 months, but only 56 per cent feel they're likely to achieve this goal. This relative lack of confidence may reflect experience over the past year. Nearly a quarter of respondents (24 per cent) report an increase in debt over the past 12 months and a further 15 per cent report no change in their debt over that time frame. Regionally, homeowners from BC (56 per cent) and Atlantic Canada (54 per cent) are the most likely to report a reduction in debt over the past 12 months. Homeowners in Manitoba and Saskatchewan are the most likely to report an increase in debt over the past year (30 per cent).

 

When asked what types of discretionary spending they would be willing to cut back on if it would help them become debt-free sooner, only 12 per cent of homeowners would be willing to cut back on phone/internet/cable services - reflecting the increasingly "wired in" nature of our society. At the other end of the spectrum, the discretionary spending categories people are most willing to cut back are household furnishings/appliances (42 per cent) and dining out (41 per cent).

 

"Finding and reducing non-essential expenses is a good first step in tackling debt." said Mr. Conick. "Another great strategy is to make your money work harder by organizing your finances more efficiently." The survey found that nearly a third (31 per cent) of homeowners list the interest rate on their debt as a factor making it difficult for them to become debt-free. "Given our current low interest-rate environment, an easy way for many homeowners to reduce interest costs might be to simply consolidate their debt at a lower rate."

 

While respondents in all regions indicate they are least willing to cut back on phone/internet/cable, they differ somewhat on which discretionary expenses they are most willing to reduce spending. Atlantic Canadians (50 per cent) and Ontarians (44 per cent) are most willing to cut back on dining out. In Alberta, Saskatchewan and Manitoba, 48 per cent indicated they'd be willing to cut back on household furnishings/appliances.

 

Women and men differ somewhat in this area as well. Women are more apt to reduce spending on household furnishings (45 per cent), dining out (44 per cent) and entertainment (39 per cent) than men (40 per cent, 37 per cent and 32 per cent respectively).

"Overall, this survey tells us that Canadian homeowners want to be debt-free, but that they're not necessarily talking with one another about how to get there," remarked Mr. Conick. "To avoid carrying debt into their pre-retirement and retirement years, it's important to get a debt-management plan in place."

 

About the Manulife Bank of Canada Debt Survey

The Manulife Bank of Canada poll surveyed 2,127 Canadian homeowners in all provinces between ages 30 to 59 with household income of more than $50,000. The survey was conducted online by Research House, an Environics company, between August 13-23, 2012. Full survey results, including additional regional, gender and
age-group comparisons, are available at manulifebank.ca/debtresearch.

How to buy a house when your credit rating’s been trashed

More than one in eight adult Canadians will declare bankruptcy or negotiate a debt settlement - consumer proposal - with creditors. That’s a lot of people with devastated credit.

The majority of those people will want a mortgage at some point, but they’ll find their options are limited. Following the credit crisis, funding shrank for high-risk mortgages, causing more than a dozen subprime lenders to close their doors in Canada.

Nowadays, riskier home buyers with subprime (aka. non-prime) credit make up less than 5 per cent of borrowers. And with a shaky housing landscape and nervous regulators, lenders are more careful than ever.

For credit-challenged home buyers, getting the best mortgage isn’t easy – it requires discipline and planning. If you’ve recently gone through a bankruptcy or consumer proposal, a deal with creditors to pay less than you owe, here’s what you need to know:

The Waiting Game
Mainstream lenders won’t even consider you until you’ve been discharged from bankruptcy or a consumer proposal for at least two years. With that, you’ll need stable employment and fully provable income.

If you can’t wait those two years, your options shrink considerably but you can still get a mortgage - sometimes just days after discharge. Instead of putting down only 5 per cent with a “prime” lender, however, you’ll need an uninsured lender like Equitable Trust or Home Trust, and maybe even a private lender. Most of them require ex-bankrupts to put down at least 25 per cent.

If you’re exceptionally anxious to buy and have a large down payment, some private lenders will even grant mortgage approvals without you being discharged, but you’ll pay a tidy sum .

The Rate Premium
Lenders price mortgages based on risk. Someone wanting a mortgage soon after insolvency will pay a premium, in addition to lender/broker fees of 1-2 per cent or more.

“Non-prime rates would be in the mid 4’s to high 5’s,” says Fred Testa, a 38-year industry veteran and alternative lending expert with Invis. “It depends on the stability of income, equity, property and the story behind the poor or bruised credit.”

Non-prime rates can be at least ¼-point better if there’s a reasonable explanation for your bad credit. For example, lenders have far more sympathy for a bankruptcy caused by a medical crisis, than one caused by a spendaholic who simply dodged his or her debts.

Rates and lender fees may also be lower if you show six-to-12 months of perfect repayment of your cell phone, utilities and/or rent.

Credit Purgatory
A bankruptcy or consumer proposal requires that you atone for your credit sins by earning back a lenders’ trust. One way to do that is by re-establishing your credit.

“Re-established credit means having at least two credit accounts, each with a two-year track record,” says Mr. Testa. “They can be major credit cards, instalment loans, a car payment, and so on.” The key: You need at least a $1,000 to $2,000 credit limit on each account for lenders to take them seriously.

Getting a non-prime mortgage is one way to re-establish credit but the most popular way is with a secured credit card. These cards require a security deposit and offer almost guaranteed approval. Just be sure to pick a secured card provider that gives back your deposit after you prove creditworthiness. You can do that by paying on time for 12 to 24 months, always making more than the minimum payment and not spending over 60 per cent of the limit.

A few banks, like TD, offer secured cards with no annual fees, rebate rewards and interest on your security deposit. Other providers, like Capital One, will even consider a higher credit limit than your deposit. My advice: Pick the right card the first time because cancelling a credit card can hurt your credit score.

The Term: Shorter is Better
Mortgage advisers usually recommend a one- to two-year term for non-prime borrowers. That gives people enough time to recover from credit woes and helps them avoid paying high rates longer than necessary. Experienced mortgage brokers can then coach borrowers on how to rebuild their credit and refinance sooner with a low-cost conventional lender.

Approval Constraints
If you want a subprime mortgage, the following may boost your rate or fees…or disqualify you altogether:

· Unmarketable Property: Non-prime lenders want easy-to-sell properties in case you default and they have to foreclose. It’s much tougher to get the best rates and terms when you live in a small or rural community, or have an unusual property.

· High loan-to-values: In general, the less money you put down, the higher your rate.

· High debt after insolvency: Racking up debt after a bankruptcy or consumer proposal is a waving red flag for lenders.

· Questionable employment: Income stability matters. If you just got hired three weeks ago or can’t document all your income, that’s a big strike against you.

· Lender type: If you need a private lender, prepare to pay rates that are 2-4 per cent greater than a regular subprime lender. Rates are even higher if you need a second mortgage.

· Recent insolvency: The longer it’s been since you declared bankruptcy, the more options you have as a borrower.

· Repeat bankruptcies: “Double bankruptcies will dramatically raise your required down payment and interest rate,” Mr. Testa says. It eliminates all prime lenders and most alternative lenders as options, leaving you with mostly high-cost private lenders.

· Missed payments: Even one late payment after insolvency can ruin your chances with lenders. “Don’t allow anything to go into collections that reports to the credit bureaus,” says Greg Domville, President of Plan B Mortgage Services. “That includes parking tickets, cell phone bills, gym memberships, etc.” Missing a mortgage payment after bankruptcy is the worst sin of all and gets you immediately declined if a lender finds out.

There’s No Rush
Owning a home involves greater responsibility and expense than renting. When recovering from a credit nightmare, reject the urgency to buy. Focus first on rebuilding your credit and stashing away an emergency fund.

There are exceptions, of course. One example where it makes sense to buy sooner is when you absolutely need to move, you have 25 per cent down and your new mortgage payments are affordable and comparable to your current rent.

Either way, your goal during credit rehab should be to get your credit score back to a satisfactory number (650 to 680+) and make yourself appealing to ordinary lenders. Doing that will save you thousands in interest.

Robert McListeris the editor of CanadianMortgageTrends.com and a mortgage planner at Mortgage Architects. You can follow him on twitter at@CdnMortgageNews.

What's in a Title?

What is a Mortgage Professional?

A mortgage professional is a sub-broker. Since the name sub-broker doesn't sound so great, other names used by a sub-brokers are mortgage professional, consultant, agent, specialist and the list grows. We must pass an education program as well as an exam. We also must be licensed in our province.

We are governed by FICOM The Financial Institutions Commission which is a regulatory agency of the provincial Ministry of Finance.
FICOM is responsible for administering nine statutes that regulate the pension, financial services and real estate sectors in British Columbia. The primary focus of this regulation is to ensure that:

• Institutions and pension plans in these sectors remain solvent;
• Market conduct requirements for these sectors are respected;
• Unsuitable individuals do not participate in financial service markets; and
• Through the Credit Union Deposit Insurance Corporation (CUDIC), insure credit union deposits and non-equity shares.

To keep this explanation simple:  A mortgage broker is the company we work for. A mortgage broker over sees the sub-brokers. A mortgage broker in Canada has an overwhelming amount of paperwork, that is why there is more sub brokers then brokers.

Bank representatives are neither mortgage brokers or sub-brokers. They are trained by their bank that they work for.  They could not broker a mortgage as brokering means more than one.  They only sell what their Bank has. They are not unbiased.

A title can be complex to the public as well to the industry that we belong to.   

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

akroemer@mortgagegroup.com

www.KROEMERmortgages.com

More .......Good Reasons To Use A Mortgage Broker

Good reasons to use a mortgage broker

Owning a home is usually on a list of lifetime goals. And new home buyers usually have a lot of questions. Some worry about coming up with the down payment, some aren't sure about their credit scores, others are self-employed, and already know that it can be challenging to get credit at all. These concerns and any other questions home buyers have can be answered by mortgage brokers. In fact, mortgage professionals are valuable resources who are often overlooked simply because they are not connected to a bank. In some regions, there is still a perception that brokers are last resort lenders. In fact, mortgage brokers have access to most lenders, including the banks, and are uniquely qualified to assist clients get into the best mortgage products. Angela West, a first time home buyer in the North Bay area in Ontario decided to use a mortgage broker with her purchase, initially to get a better rate, but it turned out to be more than she expected. "The process was very easy, much easier than dealing with the bank. My self-employment wasn't an issue, where it would have been with the bank. My partner has also made very different amounts of money in the past three years, even though last year was a really good year for him salary-wise, so that may have been an issue with the bank as well." West also said it was clear to her that the broker took the time to get the best deal - the best product and the best rate. "I liked the fact that someone was on my side." The whole experience was a positive one despite the perception some consumers may have. "I can see where some people may be concerned that a mortgage broker is less "legit" since they aren't working with established financial institutions, but it wasn't the case. I would definitely recommend using a mortgage broker." Bud Jorgenson, Vice-President, Prairies Region for TMG The Mortgage Group said mortgage brokers have an edge with first time home buyers because of their knowledge about the home buying process. "We fully understand every aspect of the deal, from Purchase and Sale Agreements, working with lawyers, home inspectors, and lenders, to closing processes and the costs associated with that, "he said. We understand title insurance, default insurance, mortgage protection insurance and we are knowledgeable about legal requirements for a variety of different properties. And because we fully understand it, we are there to help guide our clients throughout the whole process." For Ian Syphus, who refinanced his home in Niagara Falls, Ontario to consolidate debt, the process was surprisingly easy and stress-free. "The Broker did everything, --she prepared the paper work, found the best rates, clarified any concerns -- I just needed to sign," he said. Syphus also liked that the broker went to his home. This is a big plus according to Gord Appel, Vice-President, Alberta Region for TMG. Using mortgage brokers save valuable time for clients by eliminating the need to visit a variety of lenders and fill out multiple applications. Our hours are generally the client's hours and we can be mobile, which can certainly benefit busy families." Follow up after financing was also an important factor for both West and Syphus. "I like the fact that I am always updated on rates via e-mail newsletters," Syphus added. "And there is constant contact even after the papers are signed - that's much more personable than banks." This is a key reason clients will benefit from working with mortgage brokers, according to Gerald Krahn, Vice-President, and Ontario Region for TMG. "Brokers take time to listen to a client and do what's in their best interest, not only for the short term but will look at the whole picture 5, 10 years down the road. For example, when some banks came out with a 2.99% fixed rate, what consumers didn't know was there were certain restrictive conditions attached to those rates. When brokers quickly countered that with the actual facts, the result was a stronger relationship with clients." Mortgage broker are continually focused on the industry and keep up-to-date on changes. "We are truly experts on all things mortgage-related," added Dan Pultr, Director of Sales, B.C. "However, our expertise is not limited to mortgages. We understand our local real estate markets. We also understand credit issues and ways to improve credit scores, with the end result of helping clients achieve their dream of home ownership. Think Outside the Branch and visit us at www.mortgagegroup.com for more information. Credit for this article goes to www.mortgagegroup.com The Mortgage Group Canada Inc.

Angela Kroemer, AMP
Mortgage Professional
TMG The Mortgage Group Canada Inc.
TMG Sharie Marie Mortgage Team
1.250.650.4182
akroemer@mortgagegroup.com
www.KroemerMortgages.com
Your Mobile Mortgage Professional in The Comox Valley
Facebook Page https://www.facebook.com/#!/akroemer
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Busy Time of Year-- You Still Need to Switch Over Your Mortgage

Some say it is the busiest time of the year, getting ready for Christmas. Not too much time to do anything else.

Also, if you are like many with a mortgage either fixed or varible you have been reading that there are great sales on interest rates. You have been meaning to look into these rates but just have not had the time.

OR

You just saw your dream house and now is the time to buy.

Good news is here.

Phone up a mortgage broker. Also known as mortgage professonal and mortgage consultant.

Why?

A mortgage broker does all the work. They work with your schedule. The first consultation takes about 1 hour. Can be done over the phone, or you can ask the mortgage broker to email you an application and you can fill it out and send it back.

The next phase is any questions the mortgage broker has about your application. Probably 15 minutes.

The mortgage broker will let you know which documents that they will need and can pick up at your place of work,home, or you can fax or email them. 15 mins

Next, the mortgage broker sends in your application and documents. Gets back to you about any other documents the lenders are requesting. Probably another 15 mins.

You send your paperwork to the mortgage broker or the mortgage broker drops by your place of work or home and picks up paperwork. Maybe 15 mins for that transaction.

Mortgage broker sends in the paperwork. If all looks great, the mortgage broker will email or call you and let you know it is time to make an appointment with a Lawyer or Notary Public.

You make an appointment with a Lawyer or Notary Public to sign the final paperwork. That would be about 15-30 mins for that appointment.

You are done. All the work has been done for you and you have a mortgage with great rates. The time it takes you is less than 3 hours to save money on your mortgage.


Thank you
Angela Kroemer, AMP
Mortgage Professional
1.250.650.4182
1.888.679.0190
akroemer@mortgagegroup.com
www.ComoxValleyMortgagesToday.com
TMG The Mortgage Group Canada Inc.