Scared to hurt your credit score by shopping for rates?
"Multiple inquiries can lower a credit score. The program can determine that an individual is a credit seeker. However, if an individual is seeking mortgage or auto financing, the program allows for a thirty-day buffer. For example, if an individual applies for a mortgage on November 30th, and the credit report shows three previous inquiries in November, the program will ignore those three inquiries since they took place within the thirty-day buffer zone.
In addition, if the individual has mortgage or auto inquiries on his or her credit report outside of that thirty-day period, the program will only count them as one inquiry provided that they were made within a forty-five-day period (previously a fourteen-day period).
However, multiple applications for other types of credit such as personal loans and credit cards will lower an individual's credit score."
Source: “MORTGAGE BROKERING IN ONTARIO, 13th Edition” (Real Estate and Mortgage Institute of Canada textbook) by Joseph J White
(Chapter 14: Application Analysis – Borrower Credit)
So don't be scared to compare the rate that you have against the rates that I can offer!
Contact me and find out if I can help.
Need to consolidate your debts?
If you have debt with the interest rate that is higher than your mortgage interest rate, why not absorb your debt into your existing mortgage? Stop paying interest rate on your existing debt that is probably multiple times higher than the interest rate on your mortgage!
Talk to me and find out if you can consolidate your high interest debt under the umbrella of your mortgage interest rate.
Home equity line of credit?
Once you secure your line of credit against a real property such as a condo or a house, for example, the interest rate on that line of credit usually drops. HELOC is the Home Equity Line of Credit. The interest rate for such line of credit is usually lower compared to unsecured lines of credit. The HELOC is limited by the equity value of your property, therefore your available credit limit increases with each mortgage payment that you make! And of course, if you don't use the available HELOC - you don't pay anything. You only pay the interest rate if you borrow from HELOC.
Contact me and get the funds ready and available for a day you might need them.
Want a rental property and don't know where to start?
Processes of buying a rental property and obtaining a mortgage for it is different from doing so for your primary residence. It may be challenging and frustrating. Ask me for advice!
Also, mortgage interest payments for a rental property are usually tax deductible. Having a mortgage on your rental property might bring you more profit compared to having your rental property paid off. Talk to me, and your rental property profits may increase!
Use low rate mortgage to invest at higher rate?
If your mortgage rate happens to be lower than the rate of returns you may receive from investments, why not consider borrowing some funds to invest? Ask me and I can teach you about RRSP, RESP, TFSA, investments in private mortgages, etc. Use your money wisely, don't let it just sit there, make it work for you and make you richer!
* Mortgage Intelligence inc. HO: 2100 Derry Road West, Suite 420, Mississauga, Ontario L5N 0B3 Brokerage License #: 10428 / 315928. Svitlychnyi, Volodymyr (Vlad Svitlychnyi), Mortgage Agent Level 2, FSCO Licence M20003760.
** Mortgage rates are subject to change. Rates may be higher. Some rates may not be available in all provinces. Consult a professional for more information. OAC. E&EO.
*** Vlad Svitlychnyi. Salesperson. IQI Global Real Estate Brokerage.
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