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The Truth About Home Loans

Home loans are available from several types of lenders—thrift institutions, commercial banks, mortgage companies, and credit unions. Different lenders may quote you different prices, so you should contact several lenders to make sure you’re getting the best price.

You can also get a home loan through a mortgage broker. Brokers arrange transactions rather than lending money directly; in other words, they find a lender for you. A broker’s access to several lenders can earn a wider selection of loan products and terms from which you can choose.

Brokers will generally contact several lenders regarding your application, but they are not obligated to find the best meal for you unless they have contracted with you to act as your agent. Consequently, you should consider contacting more than one broker, just as you should with banks or thrift institutions.

Whether you are dealing with a lender or a broker may not always be clear. Some financial institutions operate as both lenders and brokers. And most brokers’ advertisements do not use the word “broker.” Therefore, be sure to ask whether a broker is involved. This information is important because

brokers are usually paid a fee for their services that may be separate from and in addition to the lender’s origination or other fees. A broker’s compensation may be in the form of “points” paid at closing or as an add-on to your loan.

Mortgage Refinancing

Have interest rates fallen r do you expect them to go up? Has your credit score improved enough so that you might be eligible for a lower-rate mortgage? Would you like to switch into a different type of mortgage? The answers to these questions will influence your decision to refinance your mortgage.
But before deciding, you need to understand all that refinancing involves. Your home may be your most valuable financial asset, so you want to be careful when choosing lender or broker and specific mortgage terms. Remember that, along with the potential benefits to refinancing, there are also costs. When you refinance, you pay off your existing mortgage and create a new one.
You may even decide to combine both a primary mortgage and a second mortgage into a new loan. Refinancing may remind you of what you went through in obtaining your original mortgage, since you may encounter many of the same procedures—and the same types of costs—the second time around.
If you have an adjustable-rate mortgage, or ARM, your monthly payments will change as the interest rate changes. With this kind of mortgage, your payments could increase or decrease. You may find yourself uncomfortable with the prospect that your mortgage payments could go up. In this case, you may want to consider switching to a fixed-rate mortgage to give yourself some peace of mind by having a steady interest rate and monthly payment. You also might prefer a fixed-rate mortgage if you think interest rates will be increasing in the future.

Have interest rates fallen r do you expect them to go up? Has your credit score improved enough so that you might be eligible for a lower-rate mortgage? Would you like to switch into a different type of mortgage? The answers to these questions will influence your decision to refinance your mortgage.But before deciding, you need to understand all that refinancing involves. Your home may be your most valuable financial asset, so you want to be careful when choosing lender or broker and specific mortgage terms.

Remember that, along with the potential benefits to refinancing, there are also costs. When you refinance, you pay off your existing mortgage and create a new one.You may even decide to combine both a primary mortgage and a second mortgage into a new loan. Refinancing may remind you of what you went through in obtaining your original mortgage, since you may encounter many of the same procedures—and the same types of costs—the second time around.If you have an adjustable-rate mortgage, or ARM, your monthly payments will change as the interest rate changes. With this kind of mortgage, your payments could increase or decrease.

You may find yourself uncomfortable with the prospect that your mortgage payments could go up. In this case, you may want to consider switching to a fixed-rate mortgage to give yourself some peace of mind by having a steady interest rate and monthly payment. You also might prefer a fixed-rate mortgage if you think interest rates will be increasing in the future.

Pre-qualification vs. Pre-approval: Understanding the Difference

A borrower(s) can choose one of two techniques to get qualified when looking for a mortgage. One is a Pre-Qualification and the other is a Pre-Approval. These two terms are often misused and cause a lot of misrepresentation. Let’s see if we could understand the difference between the two.

Pre-Qualification is a term meaning a Mortgage Professional has taken preliminary information from the borrower(s) and is able to approximately calculate affordability but has not formally verified any of the information. A Pre-Qualification simply denotes that a process has not yet been underwritten to the guidelines of a particular lending institution. With a pre-qualification, a borrower will provide their employment, income and asset information, as well as, liabilities to determine the amount of current monthly obligations. In addition, a borrower(s) are asked about their general credit worthiness and asked for their social insurance number or other identifiers. Based on this quick analysis the borrower will be informed as to their pre-qualification amount.

An example of this, if the borrower makes $15/hr. or $2600/month this is then calculated to an industry standard ratio of debt to income, for example 42% (TDS). Therefore, if a borrower makes $2600/month they would be pre-qualified for a total monthly mortgage debt of $1092 per month. This includes any other monthly obligations: Car Payments & Minimum Credit Card Payments, Line of Credit Payments, etc.; along with the proposed payment of principal & interest, taxes and ½ Condo/Strata Fees. This  equates to an approximate mortgage amount of $195,750.00 based on a 5.39% interest rate, compounded semi-annually, amortized over 35 years. If the borrower(s) have $10,000.00 for a down  payment, this would translate to an approximate purchase price of $205, 750.00.

When the borrower locates a home and an offer is accepted by the Seller. It is at this point, the Mortgage Professional may discover additional financial liabilities not disclosed by the borrower in the initial Pre-Qualification process which may affect the approval of the deal.

A Pre-Approval is significantly more involved than a Pre-Qualification. Similar to a Pre-Qualification, all documentation/information that is requested is verified. Furthermore, a Pre-Approval actually involves obtaining a credit report, verifying employment income and obtaining other documentation deemed necessary. Once all the above information has been collected, an application is submitted to a lender for a Pre-Approval. An underwriter at the Financial Institution reviews the application and advises if the application is approved or declined. The whole process can be quite time consuming; however, it will make the whole transactional process run much smoother and without delays. It should be noted, that a Pre-Approval simply approves the clients’ credit worthiness and is still subject to the property being accepted by the lender. Once the borrower(s) purchase a property, typically you have a shorter turnaround time for an Approval since most of the documentation/information has been previously verified.

Benefits to obtaining a Pre-Approval:

* The borrower knows exactly how much he/she can afford.

* The borrower has an advantage in multiple offer situations. Having the Borrower(s) Pre-Approved

provides an advantage over someone who is not Pre-Approved. The offer presented could provide

much more consideration then an offer from a buyer who does not have a pre-approval. .

* Pre-Approvals are valid for up to 120 days, and can be extended if required. A simple requalification

may be necessary.

* Pre-approvals provide Rate holds up to 120 days.

Any Realtor or Mortgage Professional will always recommend their clients to obtain a Pre-Approval when looking for a home. Allow yourself the opportunity to shop with confidence.

Dino Nunno, Broker License # M08004164

Going Alone And Selling Your Home

You may want to sell your house on your own considering the high prices you will have to pay otherwise. 1.5 million people decided to go agent-free and sell there homes on their own last year.

Consider it if you have experience and have sold property many times, but for a beginner the use of a Realtor is the best option. Showing the property and answering phone calls are the extra things you should be doing on top of the usual house cleaning and house preparing. Also keep in mind that some buyers are more attracted to the idea of working with a Realtor as well, so it may take you a little longer to sell the property yourself.

How to market your how is one of the numerous chores you will have to endure if you go this route.

Determining the price for your home is something that you may wish to start with. Without a realtor, you’ll have to rely on research into similar property sales and home values in your area. Once this is done you may want to put a “For Sale” sign in the yard, but you’ll want to extend your marketing efforts beyond relying on people to drive by your house.

A great idea is to make digital photos of the inside and outside of your home before marketing it. Take photos of the extras in your house to entice buyers, things such as hot tubs and pools. An expensive camera will not be needed a simple point and shoot camera can fulfill this task. It is good to have these photos available even though you may not need them for many options.

A local newspaper or real estate guide can be a good place to start marketing your home, especially if you do not live in an area that is attracting a lot of new residents. You can purchase a classified line ad at the newspaper for a minimal investment and add a photograph for slightly more.A single line ad with a photo of your home can be purchased as a good price from your newspaper classified. Real estate guides focus on firms, but may also offer you the chance to buy a display ad, which is a set amount of space into which you can add photographs and as much information as you want. The guides target people that are buying homes so they will be more expensive than newspaper ads.

The Internet is also a popular marketing tool and for people looking to relocate may be the most successful. Internet marketing is not limited to big real estate companies, or even to those with a lot of money to spend. Several sites are geared to “for sale by owner” marketing and even offer free listings with a single photograph, or a more comprehensive listing for a fee.

Once you have a buyer, you will need legal documents and need to work with an attorney at some point, although many of these expenses will be borne by the buyer during closing.

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Should You Use An Agent

When is comes to selling a property of yours including your home or investment property such as a house and land packages their are a few ways to go about it . You can use either a Real Estate agent or you can sell the property yourself. The best option is of course to use an experienced property agent . A home sales agent not only knows how to advertise your home the best but to also negotiate the best price for you. A property agent knows the common mistakes to avoid when selling your home.

A reputable home sales agent will use many different advertising techniques for marketing your property. These include newspaper advertising, printing leaflets and delivering them to the community , signage that is displayed out the front of the property for sale, Internet websites such as real estate portals that come up in Google and Yahoo when people search for property they want to buy and of course they will contact via email and calls their past clients or people who have expressed an interest in a certain type of property .

Real Estate agents are more successful at selling property and of obtaining better sales prices. The reason for this is that is the public do not have access to the same marketing channels. As an example alot of the best Real Estate websites   will not allow the public to list their property, also most people do not advertise in the paper or put up good signage or have leaflets designed, printed and delivered since they spend less when promoting a property for sale, also the real estate agents get lower prices from newspapers, printers and signage companies since they do regular advertising, printing and purchase alot of signs. Also a real estate agent understands that advertising and marketing a piece of real estate to the full is important and that this gets the most enquiries and leads to the best possible sale price.

Most people understand that a home sales agent is the best choice when it comes to selling your own property. It is also important to choose the best real estate agent from the many available . A good way of finding a reputable agent is to ask other real estate industry professionals . You can ask mortgage brokers or property managers the names and contact details of anyone they recommend . As they are in the real estate industry they would definitely know who is great and who is not. So the wise choice is to use a professional sales agent, this will get you the result you desire.

Mortgages, Whats In It For You

Perhaps the biggest dream for all of us is to live in our own home. Your mortgage payments almost always cover most of your income. When all is said and done, your own place is definitely worth the mortgage loan.

Rent is always dead money and the same money you pay every week or month can instead be put toward your own home. There is no return and you are not paying for something that is yours. Comparing renting and buying a house, your own house is always the best. I’ve been reading a lot about geld lenen met bkr in Dutch.

When interest rates are varying drastically and in the favor of customers, you must take advantage of it. They even change many times a year. When the country is going through economic crisis, interest rates are very attractive. It cannot get better than this, it’s the best time to have a mortgage.

You must act now, when the time is right. For buying a house, now is the best time. If you postpone it to later, its more pressure as to come towards your retirement.

There are many banks who offer home loans and different types of mortgages. They have different types of loan with offset accounts, debit cards, refinancing option, changing the fixed to variable and so on.

Most of them have many features, but also check the fee for providing those services. Choosing a right bank with low fees is also important.

If you are married or planning to, or have children, then you will definitely be looking for a family house. That’s is what makes the family – a family home. If you have some deposit for the house and a reliable job, then it’s easy to get a a loan.

A house is a big commitment, a long term commitment and a huge asset when you retire. You are legally bound. But at the end you have a big asset in your name and its your home. Everything you want is there and Mortgages can get you that.

Spring 2010 is the time to purchase homes

WhenAmerica moves great distances, theyset out by researching the area on the on various search engines . More often than not, they find us. If they’re serious about owning a home , they’ll ask for asssitance . Do to an increased demand; we needsomeone in your areato assist these potential home purchasers. If you want more relocation business; we may have a good fit.

If you’ve been a realty agent for more than a four years , than you know that theInternet has changedeverything. Ostensibly, if your are not closing an increasing percentage of your business from an Exclusive Real Estate Lead, you aremigrating toward obsolescence. At the very least astrongportion of potential commissions are beinglost. No one likes to hear that, but consumer behavior is what it is.

Simply put, 78 percent of allhome shoppersare using the web to not only find homes , but cities, opportunities, agents, property tax information and much more

Potential home buyers know that now is the perfect time to purchase a home . Yes, the real estatemarketis cyclonic, but there are other strong reasons to purchase now in thespringtimethru summertime.

In quite a lot of cities the price bottom has already hit. In nearly all the regions in the U.S have price bottom has occurred. This is definitely true in theSouthand Southwest. This information has been 3rd party verified with trusted companies such as RealTrac, Zillow, Yahoo Real Estate!, Trulia, and CNN Homes.

Less foreclosures in 2010 equals better deals for potential home buyers. The federal Government is doing a good job at assisting people in keeping their homes. All the numbers indicate that foreclosures will be less in 2010.

Things A Home Inspection Should Include

 

 A complete home inspection includes a visual examination of the home from roof to the foundation. The home inspector assesses the state of the structure, roof, foundation, drainage, plumbing, heating and cooling systems, visible insulation, walls, windows, and doors.

Only those things that are visible and are  readily accessed will be part of in the inspection.

Most  knowledgeable home inspectors utilize digital photographs of any potential hazards or defects they encounter in their report.

The most thorough home inspection report will also comment on  maintenance items that can save the new homeowner their hard-earned savings over time if they follow the inspector’s suggestions.

Due to  modern  technology, professional home inspectors are able to present to the buyers  a home inspection report right on site, unless it’s a really complicated  house.

At times, people request specialty inspections and tests that are not part of the standard home inspection.  Some of these are, but are not limited to, termite inspections, testing for radon gas, mold, lead paint, and so on.

Normally, a majority of professional home inspectors usually recommend these type of inspections and tests if they feel they’re in your best interest to do so.

Professional home inspectors won’t ever suggest these unless they are confident that it is absolutely necessary. 

Even though  these  suggested  additional tests or inspections can be an added cost, it is in the home buyer’s best interest to have them performed.

Finally, please understand that a pre-sale home inspection is does not replace  a “code compliance” exam.

Depending on the age of the home, it may have different code regulations. 

It is not realistic to assume an older home will be up to modern code.

A pre-sale home inspection focuses on the efficiency of the systems and components, besides any structural and safety issues.

A professional home inspector will give you a complete report  of what he will be inspecting and reporting on, in brief meeting before the inspection. He will in addition,  present a verbal summary report at the end of the inspection.

When the inspector is finished his job it is the perfect time to ask any additional questions you might have about the condition of the property before you proceed forward with the transaction.

Click Here for a Free Guide “7 Secrets Of How To Choose The Best Phoenix Home Inspector.”

Figure Out Your Mortgage Payment – Buying a Home

mortgage refinance Millions of people could escape from the grips of the rent demons if they only knew the truth. Unfortunately, many potential first time home buyers are the victims of myths and misinformation generously given by well meaning friends, relatives, and coworkers.

juegos   To have a clearer view of this issue, it is good to have a refresher information about first time home buyers stimulus plan to weight whether or not it is wise to pursue its extension and regulation. The stimulus plan states that qualified applicants are given tax incentive of $8,000 or 10% of the total property amount, whichever is higher, for the home purchase that they are going to venture into.

home selling 2. Credit — “Only those with perfect credit can qualify for a home loan.” This is simply no longer the case. Having good credit allows for better interest rates and more financing options. However, having credit issues is no longer an issue. Many lenders will finance a home at 100% financing even if you have collections and old late payments.

3. Bankruptcy — “You need to wait for 7 years after a bankruptcy before you can buy a home.” Believe it or not you can purchase a home while you are still in a Chapter 13 bankruptcy. Your best bet is to be out of a bankruptcy for at least 2 years and preferably 4 years and should have re-established credit.

These are the different offers included in the stimulus package given by the federal government to boost the real estate industry as well as to give home buyers the chance to acquire their own homes despite of the current financial crisis. For various people, it is indeed a great help if the extension of this tax incentive will be lengthened to compensate the effects of the increasing number of unemployment and thus, inability of people to pay their monthly mortgage. The $8,000 or 10% tax credit is indeed a great way of unloading the financial burden they are obliged to carry.

Having the knowledge of where you stand financially is very important when you go to the bank. If the bank starts asking you about different types of loans and interest rates you will be much more aware of what’s going on and how to answer them correctly. You don’t want to be clueless when you go or the bank will end up making the decisions for you and who knows if they will be the right ones You can be published without charge. You can to republish this article in your website or blog. Please provide links Active.

Why It Is Best To Have Your Own Home

What is the most common advice we hear from our family and friends after knowing we’ve been renting a place for some time?  More often than not, “You should buy a home” is what we hear them say. You probably listen and wonder if you finally decide to buy one. And why should you?  Here are the reasons why:

Pride of Ownership

It is very nice to hear that you have a house you can call your own. The pride of owning a house is the prime reason why people dream of having their own home. You can almost do anything you want with your own house; the arrangement, the paint, the facilities and the furniture that goes with it. You can turn the house into an instant hit depending on your style and taste. Owning a house makes your family proud to have a place of shelter, a place of stability and security. A house also serves as a good investment for the family.
Appreciation

Owning a real estate gives you an edge because over the years, real estate has consistently been appreciated. The more developed is the property, the higher is the value amounted for your home. Investing on Scottsdale Homes can be a means of protection against inflation. Because location matters in the real estate properties, make sure that your home is located in a very marketable area.

Equity and Low Interest Loans

Equity is the value of the home. When a house is mortgaged, the down payment initially paid for it is called its equity.  Additional payment on the mortgage increases the value of the house.  When the value of the house rises, so is its equity.  Equity is very useful in obtaining home equity loans which are of low interest using the home as collateral. The owner can also borrow against a home’s equity for purposes like home improvement, medical expenses, tuition fee or as a starting capital for a new business.

Tax Savings

Another benefit of owning a house is the tax savings. The interest paid in the mortgage payments can be used as a tax write-off. It is usually a very big amount and this can save you a lot in the payment of taxes.

Preferential Tax Treatment

Capital assets obtain preferential tax treatment. Once the profit derived from selling your own home is more than the allowable exclusion, that profit is deemed as a capital asset as long as you own the house for over a year.

The advantages of owning a home outweigh the risks. It comes down to the simple fact that you have your own a home. Owning a home is the biggest decision as well as the most vital thing you will ever perform in your life. You need to know that rent is zero investment. Why not own a house if you can. And try to check out dream houses like Scottsdale Homes. Scottsdale AZ Real Estate can aid you in finding a home that is coupled with a good investment and pride.