There are many things that you need to deal with when you first arrive in Windsor Ontario. Getting and obtaining a mortgage should be easy. It can be. The new to Canada program offered by CMHC and Genworth are mortgage lending programs that help people that are brand new to Canada. There are different limitations as well. You will need certain residency status’s and there are different approval methods for different situations. If you dont have a Canadian Sin Number (therefore you will not have a Canadian Credit Bureau). You should try and obtain your bureau from your country of origin. Or an international credit bureau. However, international bureaus can be expensive.

http://www.cmhc-schl.gc.ca/en/hoficlincl/moloin/hopr/upload/CMHC-Newcomer.pdf

http://www.genworth.ca/content/genworth/ca/en/products/product_overviews/new_to_canada.html

Check out both our Canadian Insurers to see what is available. Always remember consult your Windsor Mortgage Agent first to pre qualify you for your home. It save you time and money. Happy house Hunting!

Lots of articles are abound on the internet and on the news regarding debt. Naturally most people will carry debt this christmas, as well as increase their debt in the process of buying gifts, to give. In Windsor especially being hit by the last three years in the down turn in the market, and unemployment it can be hard. Ask your Windsor Mortgage Broker about refinancing and accessing some of your equity to pay this debt off. Not only that creat a debt management plan, as well as debt payoff plan. Its all in the strategy. This is what your Windsor Mortgage Agent should be providing to you.

http://www.canadianliving.com/life/money/6_secrets_to_debt_free_christmas_shopping.php

This article gives some ideas that are pretty interesting to help save money at Christmas. Happy Spending.

The mortgage market is very unique right now. As far as every one can tell a rate increase or decrease is unknown. Based on the new 5 year fixed rate being so close to the variable rate ( about 20bps off) it might be time to look at the advantage of locking in. Always review your mortgage with a Windsor Mortgage Agent to see the best scenerio. 

     There are many decisions when it comes to Your Windsor Mortgage. You can refinance, purchase, renovate, secure a line of credit, Pure equity take out, pay off debt, etc. These are all directions any Windsor Mortgage Agent can take. All directions involve a rate, and a time frame ( amortization) . Add to this the term, and the prepayment privileges mortgages can easily become something you want to get over quickly. What I will say is this! Choose a strategy. Remember there are many decisions in the process; but the strategy must remain the same. When you choose a mortgage strategy your choosing a greater direction. Rate, term, prepay, everything else becomes trivial.

Strategic Payoff Strategy – This strategy relates your payoff year. It is focused on the amount of time. Rate does play a partial role, but really the decision maker will be WHEN. The following example shows the difference between Client A choosing the best rate (which came with no prepayments). Client B decided on a higher rate (which came with full prepayments). Client B then paid down the mortgage additionally. Client A focused on rate. Client B focused on paying off the mortgage in 5 years. With full prepayment options this was able to happen. Look at the savings.

The Strategic Payoff Strategy usually comes into play when there is a decisive plan toward paying off the mortgage. This plan usually happens later than sooner with most people. Most couples focus on other strategies that will be discussed such as the Debt Eliminator Strategy, or Cash Flow Strategy.

Always make sure you perform a cost analysis and break-even point. It should always save your interest or cash-flow when choosing a strategy.

Your Fearless Mortgage Agent

Duncan Wilson

For Mortgage Information Call 5199822505

Or Email Wilsond@dominionlending.ca

www.duncanwilson.ca

Your Windsor Mortgage Agent

Duncan Wilson

For Mortgage Information Call 5199822505

Or Email Wilsond@dominionlending.ca

Fixed or Variable that is the question?

I have found that people have always asked this question when applying for a mortgage. Whether it be your first time buying, refinancing to pay off debts (Check out http://www.duncanwilson.ca/about-refinancing), or refinancing to buy an investment property.

Being that buying a house is the biggest decision that will impact your financial situation for the foreseeable future; you need to be sure what type of payment you can handle. A 5 Year Fixed rate can be looked at as the same payment for five years. However, the real impact is based on the number of  years you choose to pay the term over. Perform a budget and see how much ($) in comparison to how long your amortization amortization.

This comparison will really show you how much money can be saved when applied to your mortgage payment.   It’s a simple calculation check out  ( http://calculators.dominionlending.ca/calculator-mortgage ). The rates on this mortgage appear to the left of the page. Or you can call your Windsor Mortgage Agent for a quote.  Currently the rates are very low as well, probably the lowest they have been in a while.

Now let’s discuss the variable rate mortgage. This mortgage usually carries a lower payment due to the low rate. This type of mortgage rate is usually based on the Prime rate, and is quoted as prime “minus” a certain percentage or “bps”. When the rate is for example prime minus 70 bps. This means your rate would be 2.3%. This rate fluctuates based on the Prime rate (the rate set by the bank of Canada). If it goes up your payment goes up. How much you may ask?

Here is an example.

As you can see – there isn’t that much of an increase in the payment on $200,000. But you need to prepare for this. The main idea is to capitalize on your prepayments as you pay down the mortgage. I think if your income is unpredictable then I suggest the low payments of this mortgage type, and pay down with extra money on the principal. To see the full effect of prepayments check out ( http://calculators.dominionlending.ca/calculator-mortgage ) and see what extra payments can do.

When questioning what product you should choose to save you money, always ask your Windsor Mortgage Agent. It’s the best thing you can do. They can guide you through the process and really look at some alternatives. Remember Windsor Mortgage Professional’s jobs are to get you the best rate and mortgage product by comparing all the offerings from the Banks, Credit Unions and Trust Companies.

Your Fearless Windsor Mortgage Agent

Duncan Wilson

For Mortgage Information Call 5199822505

Or Email Wilsond@dominionlending.ca

Mortgages in Windsor and your Home

According to studies many people in Windsor that own a home also have a mortgage. This would lend to say that most people know they have a mortgage, but many would ask what a Strategic Mortgage Plan is. This contains a budget plan that matches your anticipated cash flow. It can be as specific as you want. Your plan should contain certain goals that pertain to time, and lifestyle.

A Windsor Mortgage Professional can help you look over your Strategic Mortgage Plan, and adjust your amortization (time to pay off) when you look over your mortgage. Whether it be 15 years, 20 years, 30 years amortizations the longer you stretch it the more interest you pay no matter what the rate. A $100,000.00 dollar mortgage amortized over 35 years at 3% tallies a total interest of $61,000.00. While a $100,000.00 dollar mortgage amortized over 20 years at 5% tallies a total interest of $57,000.00. So make sure your comfortable with the payment and always think “How long do I want to take?”.

Your Fearless Windsor Mortgage Agent

Duncan Wilson

For Mortgage Information Call 5199822505

Or Email Wilsond@dominionlending.ca