Ch Ch Changes

Things change, people change, but today I will talk about how the Mortgage rules changed...

As you may or may not know, mortgage qualifying rules have changed recently.  

Like the weird Greek guy in my elevator,  some people are confused about the changes.  

In my constant effort to make things easy so I can understand them, I will break them down...

1.  The new maximum amortization for a purchase if you have less than 20% down payment is 25 years.  If you have 20% or more for a down payment you can still get the 30year amortization .

2.  If you own a place and looking to refinance your property, you can only use 80% of the value of your property.   Under the old rules, you could go up to 85%.

3.  If you are purchasing a property over $1 million dollars, you will need 20% down payment.

4.  If you are looking for a Homeowner Line of Credit, you can only go up to 65% of the value of the property.

That was easy!  And as always, if you have any questions, please feel free to email me at Andrew.young@bemortgagewise.ca.

If you know of anyone who would find this information useful, I would appreciate an introduction.

Thank you once again, and remember...

Andrew Young gets it done!

Because of you!

 

Because of you!

You never truly know something until you experience it yourself!  That’s why giving back is so important!

Every morning I purchase a gift.  As I go through my day, I get to give this gift to someone who has made a difference in my life.  My hope is to make someone’s day and hopefully they can pass on their energy to someone else. 

Showing my gratitude to the communities that have supported me is paramount.  Without your support, I wouldn’t have found the success I have found, and wouldn’t have been able to give my time and money to the Not for profit and Charitable organizations.

Over the years I have been lucky enough to support the following organizations;

-       Canadian Diabetes Association

-       Heart and Stroke Foundation

-       Make a wish Foundation

-       Canadian Cancer Society

-       Women’s Community House

-       London Humane Society

-       Habitat for Humanity

-       London Food Bank

-       Eco Living London

Thank you for your trust!  Thank you for your support!  Thank you for your referrals!

Giving back means the world to me and the people I am able to help. 

You have my gratitude and my love!

If there is an organization that is important to you, please let me know about it.  I would love to help out. 

If you know of anyone who would benefit from the type of work I do or my blog, I would appreciate an introduction. 

Andrew Young Gets it Done!

Banks or Brokers...The Truth

Banks or Brokers… The Truth

People often shop for the best rates on car insurance and clip coupons for a 50cent discount on crunchy peanut butter.  I’ve heard of people spending an entire morning leafing through flyers to find the best deals.

But more often than not, people settle on just one opinion on a mortgage that they may spend up to 40% OF THEIR MONTHLY EARNINGS ON…

- REALLY?  Why shop around something that could possibly save you LITTLE MONEY in the short term and not shop around something that could save you A LOT OF MONEY in the long run? 

The banks do what they do very well.  That is why they show massive increases year after year.  I know this because I started my mortgage career with the banks.  I know how they operate and what they have to offer. This brings me to my next question…

WHY LIMIT YOURSELF?

No matter which bank or credit union you choose, they all have limited options and ultimately, limited rates.

SO WHAT MAKES A BROKER SO DIFFERENT?

Focus - As a Broker, I deal with Mortgages and Homeowner lines of credit.  I will not try to sell you a visa, RSP or TFSA (Not that I don’t believe in them), but I concentrate on getting you the best mortgage.

Experience – I have a vested interest in your experience!  When I do a great job for you, you will hopefully tell your friends, family and co-workers.  This is how my business grows.

Choice – As a Broker, we have the ability to shop your mortgage around for you.  We have access to Major banks, credit unions, MBS’ (mortgage backed security companies), “B” lenders and private money.  We have the most flexible options available to you.

Service – As a broker, I can be reached after regular business hours.  Just call me on my cell phone, email me, text me, Tweet or Facebook me. 

Savings – We get daily notices of special rate offers.  Our lenders like to reward our clients with special rate discounts.  We get to pass this savings on to our loyal clients.

Personality – Try me out, you’ll see what my clients are talking about!

So in closing, let me save you money, offer you great choices, be available to you, and show you a great time while delivering it all!

And if you don’t like that, there is always the bank…

If you enjoy the contents of this blog or know of someone who could benefit from the type of service I provide, please forward this to them.  I truly appreciate your time!