Solutions

Debt Consolidation

Do you find yourself trying to remember if you have mailed your minimum monthly payment to your credit card company?  Do you find yourself crossing town during rush hour trying to reach the finance company to make a payment before they close?  Do you find yourself writing access cheques from the credit card companies?  Has the thought crossed your mind to stop in to the “payday loan” office to tie you over until payday?

There are solutions to juggling all these high interest credit cards and finance company loans – Debt Consolidation.Would it not be easier to have one monthly payment instead of 4, 5, 6, or more?  Think about the monthly savings alone.

We have lenders that will loan up to 90% of the value of your home.  Think about this for a moment.  You will never find a lower interest rate than what you pay on your mortgage. Why pay 9.9% on your car payment, 11.99-16.99% on credit cards, or even 29.99% on store cards when you can have them rolled into your mortgage?  Most of our clients’ average savings are $500+ per month.  What can you do with an extra $500 per month?

Other reasons our clients have decided to consolidate bills:

• Monthly savings
• Renovations
• Upgrade vehicles
• Purchase investments
• Education costs for their children
• Shorten their amortization
• Vacations

Whatever their reasons were at the time, it was important to them to either free up their cash flow or receive money for one reason or another.

Refinancing

Do you currently have a variable interest rate?

Since rates are back on the rise, so is your mortgage payment.  If you have a $100,000 mortgage and there is an increase to the Prime Rate by 0.25%, your monthly mortgage payment just increased by $20.83.  We have lenders who are currently offering a 5 year variable for 0.60% below prime.  Many of these lenders will allow you to “lock-in” your rate down the road at the “best” 5 year fixed rate they offer at that time. This is a great product for cllients who want to take advantage of a low prime rate but can handle the increased payment in the event that prime rate increases.
Do you currently have a 1st or 2nd mortgage with a finance company?

Finance companies sell payments.  They more than likely called you up to consolidate credit cards and loans and they showed you how you can save $250/month.  How were they able to do this while charging you 13-22%?  Quite simple, they simply spread your debts over 25 years.  Local finance company mortgages are the silent killers to financial freedom.  Would you have normally walked into your bank and accepted a 15% interest rate on a personal loan?  Probably not! Let us show you how we can pay off the local finance companies and save you THOUSANDS over the lifetime of the loan.

Purchases

First Time Home Buyers
In today’s competitive lending market, lenders are introducing new and exciting products in order to gain a larger portion of the market share.  Traditionally, buyers would have to save for their down payment and it set aside when the time came to buy their first home.  For clients with great credit, you are can have your down payment come from borrowed funds. For clients with blemished credit and have a minimum of 5% down, we have alternative lending sources to be able to approve your mortgage. In both cases, we can get you approved for your new home TODAY!

Self-Employed

Self-Employed Borrowers
Borrowing money when you are self-employed or business-for-self (BFS) has always been a difficult ordeal. Borrowing money to buy a home was always harder.  The government loves the small business entrepreneur and allows for certain tax write-offs that normal employees do have the luxury to include in their expenses.  Due to these write-offs, you may show very little “net income” on LINE 150 of your tax returns.  You may have the credit to qualify for the loan, but the income to support your debt ratio is too high.

There are many new and exciting programs which have been introduced with you in mind.

95% Stated Income
This is a special mortgage product for individuals who have been self-employed for a minimum two years.  Under this program, you will be able to purchase or refinance up to 95%.  Notice of Assessment is not required but must prove business for self for a minimum two years.

Non-Income Qualifying (NIQ) Mortgage
If you have good credit, stable employment (self-employed) and can’t prove your income by conventional means then this mortgage is right for you.  This product allows you to purchase or refinance up to 90% of the equity in the property.  Your most recent Notice of Assessment (NOA) may be required to show that personal taxes have been filed in the most recent year and that there are no taxes owing.

Option C

The great credit clients, the good credit clients, and the “down and out” bad credit clients, we have additional options for you.

The BANKS give you OPTION “A”
The BROKERS give you OPTION “A” and OPTION “B”
THE MORTGAGE MAKERS INC give you OPTION “A”, OPTION “B”, and OPTION “C”.

Call us today to learn more about “OPTION C”!