Where are you getting your mortgage advice?

 

Where are you getting your mortgage advice?

When it comes to making decisions about lender, term, amortization, rate and what kind of mortgage is best for your situation; who is advising you?  Where are you getting your advice?  Who are you getting your advice from?

There are so many sources of information that are readily available at the push of a button.  When it comes to making important decisions about your financial future, you deserve the best advice.  You can find advice from websites, friends, family and other organizations. 

Specifically, when it comes to your mortgage, who can you trust?  Who is looking out for your best interest?

Many institutions make a significant profit from lending money to people.  Whether it is credit card, automobile, student loans, lines of credit, RSP loans or mortgages, many institutions want you to be in debt.  That is the very nature of their business.  As a mortgage agent, my view is very different.  Our goal is to ensure you have a great experience so that you tell everyone you know about us.  That is how we grow our business.   My goal is to deliver the best advice and product to you, not to keep in you in debt to reach targets or maximize the profit for the organization I work for. 

Some things to consider when choosing who you are going to accept advice from about one of the largest investments you will make in your life:

What are their qualifications? 

Are they licensed to give you mortgage advice?

How much experience do they have?

Have they ever had a mortgage or purchased a home?

Do they have access to many types of mortgages and mortgage solutions?

Over the last 8 years I have worked in the mortgage industry.  I started my career as a Mortgage Specialist with a large Canadian bank. After 2 and-a-half years I moved to another bank thinking that they would have better solutions for my friends, family, neighbours and clients.  After finding much success, I was introduced to an influential Mortgage Broker in London.  After many conversations I realized that becoming a Mortgage Agent gave me the ability to deliver the best options for the clients that I had already had helped and any client that I would help in the future.  After 8 years and after closing several hundred mortgages, I can confidently say that I can deliver you the best advice, products and service available in the industry. 

Experience is key when giving advice.  On top of helping hundreds of people across the country with the purchase of their homes, renewals, cottages, investment properties, stores, restructuring their debt, borrowing to invest, saving them from bankruptcy, I have also purchased homes.  I have bought and sold houses, so I know the processes and what to expect.

At Mortgage Wise, we have access to many lenders that provide multiple solutions that can be used to create a customized solution for any of your mortgage lending needs.

Thanks again for visiting an AWESOME approach to MORTGAGES.

Here’s how to find me:

@ayoungmortgages

519-630-5905

Andrew.young@bemortgagewise.ca

Purchasing in the country?

 

Thinking about a move to the country?  Looking for more land?

There are definitely more things to consider when purchasing a property in any rural area; particularly when it comes to financing an agriculturally zoned property.  On top of the regular items on your checklist, you will need to consider the following:

Zoning – Which “A” zoning

Similar to residential zoning, different properties are zoned according to their activity.  Different zonings may require a different amount of down payment and structuring.

Hobby farm or livestock - Racetrack or sporting

The majority of Schedule 1 banks and most monoline lenders do not like properties labeled as a hobby farm, especially if the property houses livestock or a racetrack.  There are a few specialized lending companies that deal strictly with agricultural purchases to help you with these types of properties.

Sewer system or septic

With most purchases of properties with septic systems; the lenders will be looking for septic certificates / inspections.  They will also look for well certificates as well.

Acreage / size of land

The size of the property is of utmost importance.  In recent years, most lenders have restructured their lending policies on properties over 10 acres. If you have less than 20% down payment on a property, you will need the property to be insured by CMHC or Genworth.  The insurance companies will only give value to the house, plus 10 acres.  This is paramount when planning a purchase.  The more acreage, the more down payment may be needed.

Out buildings

Most people would think that out buildings including shops, sheds and pool houses would add to the value of the property.  They actually do the opposite.  When valuating properties, appraisers will value the house, the acreage and determine the value of the outbuildings.  Once they determine the value of the out buildings, they usually reduce the overall value of the property.  The reason for this is resale value.  Not everyone is looking for a property with a huge shop or multiple buildings or racetrack. 

The purpose of this blog is not to dissuade you from purchasing outside of the city, but there are different lending rules and guidelines that you need to be cognizant of. 

The bottom line; consult a professional before you make a purchase.  We can help guide you through the guidelines of any residential, agricultural or commercial purchase.

Be Wise, call the Mortgage Guys!

Please feel free to contact me at 519-630-5905 or at Andrew.young@bemortgagewise.ca.

Thank you for visiting an AWESOME approach to MORTGAGES.

How I can help...

 

How I can help…

People often ask me about the different ways I can help their friends and families.  As a mortgage professional, I get a number of calls from past clients, realtors, friends and families about how I can help their friends / clients / family members, etc. 

People often ask me “Do you do mortgages for;” followed by an example of the potential clients situation, credit experience and employment.  Based on the information I receive, I match them up with the best products and companies to match their needs and situation for the present and the future.

In order to best help anyone you know, I have created a list of the different ways I can help the people you may know.  Here is a list of the different types of mortgage products and solutions I offer:

Purchases across Canada           

Rental and Investment properties

Renewals

Refinances

New Builds

Cottages and vacation properties

New to Canada program

Self - Employed

Homeowner lines of credit

Private mortgages

“B” Deals

Zero-down mortgages

Commercial properties

A lot of these deals can be combined to create a customized financing solution for almost anyone.

For any questions about the different types of products and solutions we offer, please contact me at Andrew.young@bemortgagewise.ca or at 519.630.5905.

Thanks for visiting an AWESOME approach to mortgages.