No Stress Test Required

No Stress Test Required

Mortgage App

Whether you’re in the market for a new mortgage or looking to renew, switch, or refinance your existing mortgage, we make it convenient and straightforward. No stress test required!

 

 

Here are some of the ways we are making your home investment more affordable*: 

1.

Increase your home budget (maybe upgrade your neighbourhood as well).
Conventional, income-qualified purchase now 3.34%, qualifying at the Contract Rate and with a 30-year amortization. No Stress Test and no insurance required.

2.

Refinance your existing mortgage at a lower rate (so you have more money in your pocket).
Conventional, income-qualified refinance now 3.44% and qualifying at the Contract Rate and with a 30-year amortization. No Stress Test required.

3.

Self-employed? We give you a break as well.
Conventional Non-Income Qualifying program purchase and refinance now 3.64% and qualifying at the Contract Rate and with a 30-year amortization available. No Stress Test required.

 

Our Mortgage Calculators https://yourmortgageyourway.ca/calculators/ show how much you can save by changing your payment frequency or making extra payments, as well as helping you understand how much you can afford for your new home.

Plus, YourMortgageYourWay.ca takes the stress out of talking to a Mortgage Agent!

Please get to know us at https://yourmortgageyourway.ca/team-contact/

* Available for new files only- not available for existing applications.
Limited time offer.
Subject to change without notice.

 



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Give us a call  +1 416-640-0930 or send us an email to  info@yourmortgageyourway.ca

Why is it so hard to get a mortgage when you’re self-employed?

Why is it so hard to get a mortgage when you’re self-employed?

Mortgage for self-employed, Toronto, Ontario

By Lucy Gagliardi

More Canadians are working for themselves or on contract these days. With nearly 20% of all income earners in Canada being self-employed (at least part-time), we often wonder why it’s so difficult for this growing demographic to obtain a mortgage.

Many self-employed folks would agree that the greatest advantage to being in business-for-self is the ability to write-off many personal expenses and ultimately pay less income tax. But the not-so-obvious downside is that it can be difficult to prove your income, and after taxes and deductions, you often show less income on your tax return. As a result, you may qualify for a lower mortgage amount, or not qualify at all when it comes to applying for a mortgage.

Did you know that you might still qualify for a mortgage, even if you don’t report much net income on your tax returns?

 

Posted by Lucy Biocca Gagliardi on Friday, March 2, 2018

 

Self-employed mortgages are a specific type of mortgage product that is geared toward Canadians who have their own business. Mortgage agents have access to multiple lenders and will negotiate on your behalf. As you’ll see in Lucy’s video, you will need the following documents to get started:

  1. 6 months’ bank statements
  2. Business license or articles of incorporation
  3. Invoices and/or contracts

Remember, just because you’ve qualified for a mortgage in the past, doesn’t mean you will qualify for a mortgage in the future (even if your financial situation has remained the same or gotten better). Mortgage rules have changed and securing mortgage financing can be more difficult. You might also need other supporting documentation such as: proof that your down payment has not been gifted, proof that your HST is paid in full and your personal/business credit scores.

YourMortgageYourWay.ca knows mortgages! We will connect you to the lender most suited to Your Mortgage needs.

Qualifying for a mortgage is getting tougher and if you have poor credit and unable to meet a lender’s requirements to get a mortgage, then getting someone to co-sign your mortgage could be the way to go.

Learn about the ways to co-sign a mortgage:
1. Co-borrower (on title) the same as a spouse or anyone else who you are actually buying the home with.
2. Guarantor (not on title) responsible for the loan should the borrower go into default.

If you have any other questions, give us a call and we’ll walk you through the mortgage process or visit: yourmortgageyourway.ca/get-pre-approved/



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Seek a mortgage professional and see where you fit in before you decide to buy your home. Our team is ready to help.
Give us a call  +1 416-640-0930 or send us an email to  info@yourmortgageyourway.ca

Strategies to improve your credit and reduce your debt

Strategies to improve your credit and reduce your debt

Credit card payment

By Terrilyn Moore

Let’s face it, home ownership comes with additional costs such as property taxes and renovations. The burden of debt can be stressful, so take advantage of these helpful debt reduction strategies right away and start sleeping better at night!

 

First, managing credit card debt and re-establishing good credit habits

The best way to settle credit card debt is to start off small. Start to make the minimum payments on your credit cards with high interest rates and then maximize payments on cards with low interest rates.

“When helping to rebuild clients’ credit scores, I remind them to always pay your credit card on time, all the time. Don’t go over 50% of your limit”, Terrilyn Moore, Mortgage Broker, YourMortgageYourWay.ca. “Use it, pay it, use it, pay it…”

 

Five tips to re-establishing good credit habits:

 

1

Obtain a copy of your credit report to find out where you stand

 

2

Reduce the amount of debt you owe to improve your debt to income ratio

 

3

Set up automatic bill payments from your account to ensure you never miss a due date

 

4

Be sure to pay more than the minimum amount required and pay smaller, more frequent payments

 

5

Keep all your balances to a minimum. Racking up big debt can impact your score, even if you pay your bills on time

 


 

Once you re-establish good credit habits, you’ll be able to access better financial products at a lower interest rate.

Want to know more about what affects your credit rating and how can you improve it? Read this Global News article. http://globalnews.ca/news/1858868/what-affects-your-credit-rating-and-how-you-can-improve-it/

 

Second, hire a professional to help you consolidate debt

The goal of a credit card consolidation loan would be to make frequent payments at a set amount each month to pay off the credit card debt. When you make a decision about not only your mortgage but any of your financial needs make sure it is SMART – based on an educated and informed decision.

Each individual has different goals in their mortgage lifetime.  Some people want to pay off their home as soon as possible and others just want to make a minimal payment:

  • If your goal is to pay off your mortgage as soon as possible there are things that you can do to help you along the way. For example, if you change your payment options and tweak your amortization you can shave years off of your total mortgage lifetime and save thousands of dollars in interest.
  • If your goal is to create some cash flow, you can use the equity in your home. For example, you can save approximately $12,000.00 per year in interest alone just by consolidating. This could be $60,000.00 in 5 years.
    (information based on a $300,000.00 mortgage consolidating approximately $60,000.00 in debts and lowering interest rate by approximately 1.25% per year).

Here is a Client Success Story to explain the details:

Joe and Kathy (aliases to protect client identity) they were in a challenging financial situation. They had a mortgage of $147,599.73 with a five-year term @ 4.55% with 3 ½ years left in their term and credit card balances totaling $108,200.00. They were tired of paying high interest credit card monthly payments and they felt like they were never saving any money. We came up with a solution that cost less, and helped them save more.

 

Table rates

Dealing with debt can be overwhelming. The first step to financial freedom is to schedule a mortgage checkup.
G
ive us a call or visit https://yourmortgageyourway.ca



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Give us a call  +1 416-640-0930 or send us an email to  info@yourmortgageyourway.ca

Should I refinance my mortgage? Know your penalty costs and use our free mortgage calculator

Should I refinance my mortgage? Know your penalty costs and use our free mortgage calculator

You shopped around for the best deal on your mortgage and weighed the pros and cons of going with a fixed-rate or a variable-rate loan, but another key factor to consider is the term.

Before you break your mortgage, know your penalty costs.

Are you considering an early renewal?
Are you faced with breaking your mortgage?
Do you need to sell your property before the end of the term?

Whatever your situation for an early renewal, we are here to help you avoid mortgage-penalty shock and help you pay a smaller penalty.

Some mortgages require you to pay a penalty if the mortgage is paid off early.

Contact us today and we will help you find out which term is best for your mortgage needs.

 



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Seek a mortgage professional and see where you fit in before you decide to buy your home. Our team is ready to help.
Give us a call  +1 416-640-0930 or send us an email to  info@yourmortgageyourway.ca

Mortgage Broker Roy Cocciollo Explains Why The Canada Mortgage and Housing Corporation is hiking insurance premiums

Mortgage Broker Roy Cocciollo Explains Why The Canada Mortgage and Housing Corporation is hiking insurance premiums

Global News, The Morning Show with Roy Cocciollo, YourMortgageYourWay.ca - Why home buyers are being left with less

Watch the full Global News interview with Roy Cocciollo and learn why home buyers are being left with less:
http://globalnews.ca/video/embed/3316871/

To learn more about the impact of the CMHC increase in mortgage insurance premiums which started March 17, check out our Blog: https://yourmortgageyourway.ca/blog/cmhc-hiking-mortgage-insurance-premiums/

If you have any other questions, give us a call and we’ll walk you through the mortgage process or visit https://yourmortgageyourway.ca/get-pre-approved/

Remember to listen to Mortgage Talk with YourMortgageYourWay.ca
https://yourmortgageyourway.ca/mortgage-talk/

Every month we answer your questions whether you are a first time homebuyer, upgrading, downsizing, investing or just researching. Our goal is to educate, provide tips, keep you up to date on mortgage news and relevant information to save you money.
Next show: April 8, at 11 a.m.
Our guest: Jamie Johnston, Broker of Record/Owner of the Company of RE/MAX Condos Plus

Get answers to your questions – fill out our form online today.

You can also watch previous shows on demand: https://yourmortgageyourway.ca/mortgage-talk/



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Seek a mortgage professional and see where you fit in before you decide to buy your home. Our team is ready to help.
Give us a call  +1 416-640-0930 or send us an email to  info@yourmortgageyourway.ca

CMHC hiking mortgage insurance premiums: Video @AM640 @RoyCocciollo

CMHC hiking mortgage insurance premiums: Video @AM640 @RoyCocciollo

Watch this video with Roy Cocciollo @AM640 to learn more about CMHC hiking mortgage insurance premiums starting March 17.

With the new mortgage stress tests introduced by Ottawa in October, “We’ve had a couple of deals fall apart because the buyers thought they were qualified for a certain amount of money, but they didn’t qualify for as much as they thought they had.”, Roy Cocciollo, Broker/Owner, YourMortgageYourWay.ca

“If somebody qualified for $1M they’re only qualifying for $850,000* under the new rules.”

Even with the help of government measures such as the doubling of the provincial land transfer tax rebate for first-time buyers, it’s a tough entry-level market.

For first time home buyers looking for their Dream Home this Spring 2017, it’s important to be aware of a potential increase in interest rates and the more stringent mortgage rules. It can be scary for first time home buyers and that’s why it’s important to find a mortgage that you can live with.

If you have any other questions, give us a call and we’ll walk you through the mortgage process or visit https://yourmortgageyourway.ca/get-pre-approved/

Remember to listen to Mortgage Talk with YourMortgageYourWay.ca 

https://yourmortgageyourway.ca/mortgage-talk/

Every month we answer your questions whether you are a first time homebuyer, upgrading, downsizing, investing or just researching. Our goal is to educate, provide tips, keep you up to date on mortgage news and relevant information to save you money. Hosts will include Roy Cocciollo, Terrilyn Moore, Farrah Haider, Steve Dostal, Michael Sauter.

Get answers to your questions – fill out our form online today.

You can also watch previous shows on demand: https://yourmortgageyourway.ca/mortgage-talk/

 



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Seek a mortgage professional and see where you fit in before you decide to buy your home. Our team is ready to help.
Give us a call  +1 416-640-0930 or send us an email to  info@yourmortgageyourway.ca