Bad credit is typically known as a poor credit or low credit score – referring to your credit repayment history. So, people with low credit scores are likely to fall into the non-eligibility category for mortgages. However, based on the different levels of bad or poor credit scores, one can still opt for Toronto bad credit mortgages to meet the financial needs. Therefore, having a bad credit in Toronto does not rule out the imminent fact that one still qualifies for a mortgage loan but with different loan amounts and rates of interests.

Having a bad credit score in fact is not a good sign for many borrowers as the popular and well-established institutional lenders always look for a good credit score that is equal to or more than 650. However, there are certain institutions that consider your low score – for example, a credit score somewhere below the 650 – in case you have a valid reason for your bad credit score. In a situation where you were away for an extended period of time and somehow could not settle one of your credit payments on time, you will have a low credit score. The mortgage loan you receive here will also have high rates of interest and will depend on your eligibility criteria. If you have a low credit score that is below 500, it would mean that you failed to make the necessary repayments against your credit cards and loans. In this case, getting a mortgage loan becomes difficult or even impossible. As a solution to this situation, you can still work towards showing a constantly improving credit status for a couple of years by implementing best practices of credit management.

Considering the different bad credit profiles and the available options for a Toronto bad credit mortgage, it is recommended to consult a mortgage broker and get a detailed understanding of your eligibility for the loan and how to build up your credit status for getting the best loan rates. You may also have to make a 15% down payment when you apply for a bad credit mortgage. In case of refinancing for mortgage loan, you must pay a minimum 15% of the total equity. In addition, a bad credit mortgage will also charge you a higher interest rate compared to the normal rates of interest. Lending money to a borrower who has a poor repayment history of loans and other credits is a risky factor. Therefore, lenders ensure that they warrant a higher interest rate on the borrower in case of bad credit mortgages.

Your eligibility of the loan amount in Toronto bad credit mortgage depends on various factors. Your payment history has the major impact on your eligibility. Therefore, you should pay all your bills on due time and ensure that you payment history has a good track. You should also not have repayments on your credit card beyond the limits you have to avoid further lowering of your credit score. In addition, do not apply for a new credit card unless you really need one. Following these practices will enable you to get a Toronto bad credit mortgage with a better amount and interest rate.

Call Frank Torchia 416-258-2850

Apply Online at www.lendingsuperstore.ca/frank

Reverse mortgage is a facility for seniors across different locations to generate a new income to fulfill various needs such as launching a new project, healthcare expenses, or improving life style. In Ontario, seniors do not get a loan from many of the banks easily due to their financial conditions at their retirement age. Therefore, Ontario reverse mortgage is a great deal for seniors to make any kind of change in their lives as they want to. If you are a senior person and own a home in Ontario, you are likely an eligible candidate for a reverse mortgage loan.

The concept of reverse mortgage is very simple where you get the loan amount against the total equity you have with your home.  That means, it allows you to easily convert the equity or the accumulated price of your house into incoming cash which is absolutely tax-free. Furthermore, it also allows you to have all controls and rights on your entire house without having to move out. Ontario reverse mortgages are available for seniors over the age of 70 years and the amount one receives depends on the property value. In addition, you do not need to make a repayment until you have a definite timeline as agreed up on by you and the lender.

In Ontario, the reverse mortgage loan facility is spread across not only urban areas but also various rural areas. Unlike for reverse mortgages in other areas, money lenders in Ontario reverse mortgage consider only your home equity and not your credit scores or income. Therefore, they closely investigate your home equity before deciding on the amount of loan. Certain lenders consider a reverse mortgage for a mobile home if you own the land on which the mobile home is built. In addition, lenders also extend the loan facility to rural areas depending on the distance of the main city from a home in the rural areas. The more the distance, the less the loan amount!

Considering the simple eligibility criteria and multifold benefits of getting a lump sum or phase-wise cash against your valuable equity, Ontario reverse mortgage is a right solution to many seniors. It undoubtedly secures your equity and provides tax-free loan amount that can be utilized in any way that you want. In addition, this form of reverse mortgage does not require you to make any regular repayments against the loan you receive. Your rights on your home still remain guaranteed unless you decide to move from or sell your home.

Visit www.CHIPCanada.ca for more inforamtion or to book a FREE Estimate

Call Frank Torchia 416-781-2255 for a FREE In Home Consulation

Despite all the buzz and speculation about interest rates, with reasonable Canadian economic growth, political turmoil in Libya and the price of oil, and a myriad of other factors, the Bank of Canada has held its status quo for interest rates, again.

This latest announcement marks the fourth consecutive time that Mark Carney has left rates unchanged; he is not without his reasons though.

The Global economy is moving along as expected, although “risks remain elevated’; perhaps most the most prominent flag in this regard is the storm that is churning in Libya- and the possible surge in oil prices; This gives Canadian investors and consumers alike an unwelcome taste of déjà-vu- from the pre-recession days—when oil prices were widely forecast to reach between $200-$300/ barrel.

That said, the Canadian economy is  modestly beating growth forecasts;  the US economy continues to chug along, put in sustained motion by government stimulus; similarly, businesses are continuing to spend, and are starting to contribute  to  overall economic growth, through investment partially funded by government stimulus.

In terms of inflation, Canadian inflation levels are moving reasonably, and are keeping in line with what is expected- “Underlying pressures affecting prices remain subdued, reflecting the considerable slack in the economy. “ Global inflation continues to grow—but at a manageable pace.

“Reflecting all of these factors, the Bank has decided to maintain the target for the overnight rate at 1 per cent. This leaves considerable monetary stimulus in place, consistent with achieving the 2 per cent inflation target in an environment of significant excess supply in Canada. Any further reduction in monetary policy stimulus would need to be carefully considered.“

The changes to mortgage lending introduced by Jim Flaherty earlier this winter are set to take affect this month; there has been widespread concern that the combination of tighter lending restrictions, shorter amortizations and higher rates, might cause stress to an already heavily debt burdened typical Canadian consumer.   At least for now, they will get a reprieve from higher rates.

What will Carney’s next move be, and what will the implications be on Canadian borrowers and the economy alike?  Let the speculation begin for the next rate announcement- which comes down on April 12.

Looking for a Variable Rate Mortgage, now is the best time to take advantage of our low variable mortgage rates.

source from Propertywire.com

by: LendingSuperStore.ca | Toronto Mortgage Brokers

Frank Torchia

You can get assistance from the Lending Super Store by just calling them. They have the best mortgage brokers for providing you solution in the best possible way. Here some interesting things for you to know about some payments involved. If you have a credit card with a balance of $13,500, then you can pay just $239 every month. It would take just 30 years for you to finish the whole amount.

Toronto housing values:

For the past several years, the Toronto housing values have been steadily increasing upwards. The Canadian people have taken many help from Toronto Mortgage brokers to get the best possible solution. No one in this world would like to refinance their homes for the loans of car or credit cards. However, sometimes this would make the best solution and will help you in saving lots of money.

How to save money?

1.     Are you paying too much money for credit card debts?

2.     Do you borrow money from some credit card and pay the debt for the other credit card debt?

3.     Are you paying more payments monthly for different debts?

4.     Do you want to get more cash flow inwards?

For all these questions and problems, the best solution is to contact the Lending SuperStore. You will get plenty of ideas from the best brokers that are available. They also offer you many reviews of the past record to make sure that you are safe during the refinancing process. You can be relaxed as they will create a separate budget plan according to your needs.

Requirements needed for debt consolidation and Toronto Mortgage refinancing:

1. LTV limits:

LTV (Loan-To-Value) is the relationship between the property and the principal value of the Mortgage. For example let us consider that you have a house that has a value of $100,000 and if you have applied loan for about $90,000 then the maximum LTV is 90% i.e. $90,000/100,000= 90%.   The maximum LTV value that you will get is 90%.

2. Property that is eligible:

a.     Secondary houses or some investment properties

b.     Occupied owner

c.      Maximum four units and in that at least one should be occupied (not eligible for new constructions).

3. Amortization options:

You can avail this through the amortizations that extent up to 35 years.

The lending super store is one of the best Toronto mortgage broker solutions providers that have the best and experienced mortgage brokers. It has cheap rates with as little as 5% down payments. You can purchase your dream home in Toronto with the help of Lendingsuperstore.ca. Many people in Canada are not aware of the mortgage solutions that are available at much cheaper rates. Hence, we would help you with the best mortgage solution for you to purchase the right one according to your needs.

First time experience in home buying:

First time buying a home would be very much awesome and you would be with high expectations. To fulfill your dreams we have the best brokers for you to assist and guide you to choose the best one.

1.     The first step that we would do is that we will pre-approve you. We will provide you with the best-fixed 120-day rates that are available in Toronto.

2.     We would explain all the documents clearly that the bank requires so that you will clearly understand the procedures.

3.     You can work with your Toronto realtor to ensure that the mortgaging financing is present for securing your house.

4.     We would ensure that you work with a lawyer so that they can get the solicitor’s instructions and the mortgage closes in correct time.

First time buyers using RRSP’s:

More than 50% of the people in Toronto use the RRSP benefit. They use this benefit for paying their down payment. The Canadian government had given a homebuyer’s plan in which you can use an amount of about $20,000 RRSP’s savings and for a couple you have the privilege of using about $40,000. You have a period of about 15 years to repay the money.

Qualifications:

Two qualifications are necessary for using the RRSP funds.

1.     The money should be deposited for at least a period of about 90 days.

2.     A signed agreement is needed for buying a home.

Even though you have money for paying your down payment, you can use the financial resources. For example, if you have already saved an amount of $20,000, you can deposit the amount in the bank before the closing date and you can withdraw them after 90 days using the home loan buyer’s plan.

Many people have followed Toronto mortgage renewal for a long period. There is recorded fact that tells that 75% of the present customers do not look for the best rate for their Mortgage renewals. Hence, the bank offers the highest price and the loyal customers (even you may be one among them) do not get to know the fact that they are being cheated. Do you want to be cheated again?

Toronto Mortgage brokers:

So what do these Toronto Mortgage brokers do? The Mortgage brokers help you by advising to choose the best plan for the Mortgage renewal. By doing this you can save even $1000 or even $10,000. The Leading Super Store provides free Toronto Mortgage renewals that are also called as Mortgage Switches. This means that there is no legal fee, no application fee and no appraisal fee.

People spend lots of money by just paying interest for the money borrowed. The Leading Super Store has many experts who help you out in managing your cash flow.

Features of Lending Superstore:

One of the best features that are offered here is that they treat all the customers with respect and provide you with good ambiance so that you will comfortable for asking any queries if you have them. There are places where they treat you bad if your loan amount is quite less. However, here you will not feel the difference in their attitude no matter what the amount is.

You will get the best amount according to your needs. The best payment will be posted and you will be assured 100% for getting the best Mortgage product that will suit your conditions and facilities. They will help you in finding the products in such a way, that you will be very much happy and relaxed about this Mortgage renewal problem.

Survey will be conducted on daily basis as the market keeps on changing day by day. The Mortgage broker experts will give these assurances so that you will know about the market scenario.

Saving money:

When the tem is ending i.e. when the period of Mortgage is ready for renewal then you have to remember some steps in order to save your money in the maximum possible way.

1.     You should not wait for the Bank renewal’s statement for starting your best Mortgage rate. Generally, banks do not give you ample time for deciding about the Mortgage rate. Hence, you will be charged with the highest rate.

2.     Whatever the situation may be you can consult the Toronto Mortgage brokers for your welfare.

3.     They have the current list of debts and know the scenario of the Mortgage renewals.

4.     One of the most important factor to be considered is that you should not sign the Mortgage renewal document without getting the best Mortgage renewal rate.

Hence, to be safe in the Toronto mortgage renewal rate, the best place for you to approach is the Lending SuperStore.ca.

How did I do it you ask?  The answer is easy.  SERVICE!   I service my clients in a way no other Toronto Mortgage Broker does.  I make sure my clients are the “Center of My Universe”.  Everyone has a different expectation of what good service is.  But what I give my clients when it comes to service is what I expect as a customer like everyone else.   This is where the banks fail their clients today.  Service is not like it used to be.  We are just another number, just another mortgage.  In this world of technology where people are being replaced by computers, people NEED that personal touch!  This is what our world is missing today!

So how do I give my clients EXCELLENT SERVICE?

1)     Quick call backs- make sure I get back to people RIGHT AWAY!  This means any clients who call me, I return calls RIGHT AWAY.  When they email me, I email back RIGHT AWAY.  This includes weeknights & weekends.  Do I have a life?  Yes I do, but service my clients around my time with my family.  Not every Toronto Mortgage Broker operates their business this way.  And it’s certainly not expected that everyone should operate their business this way.  But the whole world works 9-5 hours including the banks.  Everyone all talks about best rates and best service.  But really how can I distinguish myself as someone who is different than everyone else?  I make sure I truly service my clients differently than the banks and all other Toronto Mortgage Broker that’s out there.  I give my clients added value and service like they’ve never experienced with anyone!

2)     Fast Mortgage Approvals- I Make sure I get approvals back RIGHT AWAY!  For purchases where there is a financing condition.  I make sure I get an approval back within the first 3 days.  I’m given 5 days but I give back an approval within 3 days.  My clients are happy this way and not stressed out!

3)     Knowledge- Knowledge is POWER folks!  Clients will see right through you if you don’t know what you are talking about.  I make it my mission to learn as much as I can EVERY DAY!  Not only do I take courses on an on going basis, but I make sure I understand and remember all the guidelines from each lender.  I am not just a Mortgage Advisor, but I am also an Underwriter.  If I know everything there is to know about a mortgage I can help my clients get the best mortgage, find tricks in the industry, get approvals where clients would normally be declined.  And bottom line, is give them the RIGHT advice!

4)     Networking- My clients are not just dealing with me as a Toronto Mortgage Broker & Professional.  They are also getting a wealth of knowledge and access to my network of people.  Together with my network of people I incorporate other industries as a part of my business.  I work with the best realtors in the industry, best accountants, life insurance agents, and lawyers.  So if there is something I want to know about these areas of specialty to help my clients as a part of my business, I just call my people and all my questions are answered!   This means I give the best advice in areas of Life Insurance vs. Mortgage Insurance.  How to use an Investment Property to get a better tax return.  How to protect your Family’s assets so a gold digger won’t take you for all your assets and the shirt off your back (which includes your children’s assets)!

5)     Caring- A word that is so simple yet so powerful.  I CARE about my clients!    Clients will see right through you when it comes to caring.   For me it’s not about how much commission I make, or the volume of mortgages I close which is what the banks/lenders care about.  For me it’s about CARING for my clients.  I ALWAYS do what’s best for my client.  Other Mortgage Brokers will do what’s best for them or how much commission they are making.  Because I care for my clients, I do everything mentioned above as a part of my SERVICE!  My clients know they can rely on me for their every financial need.  They can contact me anytime and it’s because I TRULY CARE about them!  I am honest and truly care about their well being.  I care about their financial situation, I care about their families and children.  I want to know how my clients are doing from time to time.  And if there is anything I can do for them that will make a difference in their life I will do it.  How many Toronto Mortgage Brokers, or Financial Advisors, or Bank Tellers make you feel like they TRULY CARE about you?

If you are looking for a different Mortgage experience and are very tired of the service you get at the banks and your current Mortgage Broker, then please call me! Let me show you what a real Mortgage Broker does and how much I care for my clients!
Jenny Hong

Mortgage Agent

Lending Superstore.ca (Mortgage Alliance)

Cell: 647-680-JENN (5366)

Email: jenny@lendingsuperstore.ca

Web: Lending Superstore.ca/Jenny

Are you in business less than two years?

Toronto Mortgage Broker Lending up to 85% for purchases or refinances.

Only 2% Fee Now Being Capped

One Mortgage, One Charge

Self Declared income (Beacons 580+)

I can help you, lets chat about your current Toronto Mortgage Broker situation.

Frank Torchia AMP

416-258-2850

Toronto High Debt Mortgage Scenario 1:

Husband and wife refinancing their mortgage to consolidate high interest rate credit cards and loans.  They need 85% LTV, he is business for self and she works part-time.  Credit score is 645 and 654.  Property is located in Markham, semi-detached and the home is in good condition.  Call Frank Torchia Toronto Self-Employed Mortgage Expert

Result:  Approved up to 85% LTV with 1 year rate as low as 4.35% with only a 1% fee possibly financed on the mortgage

Toronto Bad Credit Mortgage Scenario 2:

A gentleman with a beacon score of 580 wishes to purchase a detached home in Barrie.  He has 2xR2 and 1xR3 in the last two years. He has 15% down gifted by his parents. He is business for self for 2 years without NOAs.  He needs a stated income program.

Result:  Approved up to 85% LTV with 1 year rate as low as 4.60% with only a 1% fee financed on the mortgage

Toronto New Immigrant Mortgage Program Scenario 3:

Couple new to Canada for approximately a year, no established trades, income earned/provable income.  GDS/TDS 50/50.  Purchasing a detached home in good condition in Whitby.

Result:  Approved up to 85% LTV with a 1 year rate as low as 4.85% with only a 1% fee financed on the mortgage.

*A client’s financial situation is unique with every application. A Toronto mortgage broker will look at the overall deal and rates, LTV, fees may differ.

*85% LTV is only available in specific lending areas

Ask me about our low interest rates on our conventional programs starting at 3.85% for 2 years at 80% LTV for purchases or refinances (Beacons above 600+).  Lower beacon programs available.

Call me today.

Frank Torchia AMP, Toronto Mortgage Broker

416-258-2850 | www.LendingSuperStore.ca/Frank | frank@lendingsuperstore.ca

January 2011 Real Estate Statistics

Canadian Real estate statistics show that January homes sales decreased 6.6 per cent from last year. Does this mean that homes are on the decline? Not necessarily, the figures show the average price per house was up 4.5 per cent from last January which translates in to about $343,675. The statistics simply mean that there are fewer houses on the market that are being sold at a higher price than last year.

Last year, the real estate market was hot. Buyers were trying to avoid the following:

1) Introduction of Harmonized Sales tax

2) Change in Mortgage lending rules

3) Fear of interest rates rising.

Based on last years mortgage industry trends and with the upcoming changes mortgage rules effective March my prediction is that the market will pick up before these rules come into effect.

For more information or mortgage advice contact Ameer Shaft www.LendingSuperStore.ca/Ameer

Mortgage Alliance Lending Superstore Inc.

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