How do I get a free copy of my Equifax Canada Credit file?

Free Credit File Options for Canadian Residents

How do I get a free copy of my Equifax Canada credit file?

You may request a free copy of your credit file through one of the options below:

1. To order your free credit report by phone, call 1-800-465-7166

2. To order your free credit report by mail or fax, please fill in this Canadian Credit Report Request Form and forward to National Consumer Relations using the address or fax number listed on the form.

The form must be completed, with photocopies of your identification to:

National Consumer Relations;
P. O. Box 190, Station Jean-Talon
Montreal, Quebec H1S 2Z2

Or by Fax: 514-355-8502

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Looking for Mortgage – Residential or Commercial – We Can Help.

 

Hi
If You, Your Friend/Family or Your Client/s looking for mortgage for

Any Situations or low credit score*.
Residential or Commercial – We can help.
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Do you need a mortgage and the bank has turned you down?

Perhaps you would like to consolidate your credit card debt at a lower rate by using the equity in your home and only have one payment per month?

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• New to Canada

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Vijay Gandhi, MBF,B.Sc.
Mortgage Agent
License #: M10001947
CENTUM Metrocapp Wealth Solutions Inc., License #: 12147
716 Gordon Baker Road , Unit #204A
Toronto, ON, M2H 3B4
ON-Line/ Web:
http://www.centum.ca/vijay_gandhi
E-Mail: vijay_gandhi@centum.ca
Direct: 1-647-267-6338
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Fixed Rate Mortgage vs. Variable Rate Mortgage

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fixed rate mortgage, variable rate mortgage

Fixed Rate Mortgage vs. Variable Rate Mortgage

One of the many decisions home buyers have to make is to decide between choosing a fixed and variable-rate mortgage. With rates being so low, it confuses buyer now as may be the time to choose to go variable.

By choosing a fixed-rate mortgage, you are locked into an interest rate and your payments stay consistent over a given term and period unless you decide to use other options allowed under mortgage terms and your agreement. For first time home buyers taking on a huge amount of debt, a fixed-rate mortgage may help them sleep a little better at night. The homeowner will be paying more in interest, but they will know exactly what they will be paying for the entire mortgage term.

The homeowner that chooses a variable-rate mortgage can expect payments to fluctuate as interest rates rise and fall. For that reason, the homeowner usually gets a better interest rate reflecting the improbability and increased risk. (As Finance Minister recently made comment over we can believe the interest rate may not be rising sharply in this near future, but you never know it can definitely fluctuate).With the central bank rates barely changing over the past year, and not expecting to change any time soon, lenders have been closing the gap between fixed and variable mortgage rates. With the rate gap shrinking, it means it’s a good time to think about choosing a variable-rate mortgage, the buyer have more grip over the mortgage deals.

There are a few factors that favour choosing a variable-rate mortgage. Over the last fifty years, variable rates mortgage have been approx. 1% cheaper than fixed-rate mortgages. The last time variable rates were at a disadvantage compared to fixed-rates mortgage was in the late 1980’s, when the rate get huge surge.

Variable rates mortgage in Canada are near an all time low. Recently, The Bank of Canada indicated they’ll be keeping interest rates low as they are uncertain about the North American and European economy. Since the U.S. Federal Reverse promised to keep interest rates low through 2012 and 2013, and Europe is facing debt crisis, we can expect rates to stay low in Canada as Canadian interest rates usually don’t much differ from rates in the U.S.

Some of the top mortgage lenders/ mega brokers/ financial institutions in Canada think rates might drop even lower; it all depends on government monitory policy and economical recovery…

When it’s time to sell your house and you are not at the end of your mortgage term, it’s cheaper to break a variable rate mortgage than a fixed rate mortgage. Typically when you break a fixed rate mortgage the penalty is the greater of three months interest or the Interest Rate Differential. If you’re looking to break a variable rate mortgage you are only subject to a penalty of three months’ interest or better yet verify with your mortgagee, lender, bank, financial institution.

One of the great advantages of choosing a variable rate mortgage is you can lock in all or part of your mortgage at a fixed rate anytime you want, when it is variable open. if you did locked in for variable rate for certain period, your mortgage obviously with variable rates mortgage are a riskier product to choose, but it’s a risk that can really pay off as well. If you’re not a risk taker, ask your mortgage lender broker if they offer a half fixed and half variable product. It’s better of both world 50/50 mortgages.

Talk to us before you decide to buy real estate, renewal, refinance, 2nd mortgage, equity loans, cash back mortgage, or pre-approval…
Vijay Gandhi,
Sales Representative- REALTOR^®,
RE/MAX Dynasty Realty Inc. Brokerage*
&
Mortgage Agent Licence #: M10001947
CENTUM Metrocapp Wealth Solutions Inc.Licence #: 12147

C: 647. 267. 6338
(Direct-Leave message or text)
P: 416.335.4335 | 905.471-0002
(page me-Have me)
F: 905.471.7441

Feeling House Rich Cash Poor?

Feeling House Rich Cash Poor?

Are your home expenses gobbling up all your money? there is a solution out there with us..

Home poverty happens when there’s decreased household income, typically from unforeseen unemployment or reduced salary. Other times, people overbuy, thinking that an extra $30,000 wouldn’t make much difference or perhaps a person signed up for an overly aggressive payment plan.

Home poverty is stressful because there’s little money left over for other things like RRSP contributions, home maintenance, car repairs and vacations.  It’s also cited as one of the leading causes of spousal spats. The key to getting out of home poverty is increasing your cash flow. To do that, you either need to make more money or cut back on your expenses.

To make more; ask for a raise, work overtime, get a second job, open a small business or do some consulting. Don’t forget to apply for all applicable government support and tax breaks (www.cra.gc.ca).

Making some more money takes time, so focus on cutting expenses immediately.

If you’re in major financial trouble, you need to make major adjustments. Consider selling your home and buying a more affordable one. Rent out rooms or investigate the legal requirements to transition your basement into a rental unit. If you’ve got two cars, sell one and share the other with your partner. Or, and if you’re close to mass transit, get rid of your car. If you’ve signed up for a luxury vacation, cancel it. If you’ve got Junior in private school, put him in the public system.

How To Choose The Right Toronto Mortgage Broker ?

Toronto Mortgage Brokers :
How To Choose The Right Toronto Mortgage Broker
Welcome | Home Purchase |Mortgage Renewal
Refinancing / Debt Consolidation |Tap Into Home Equity

Finding The Best Toronto Mortgage Brokers

Toronto has many mortgage brokers available to help you locate a mortgage product that’s right for you and aid you in negotiating with the bank or credit union, but that doesn’t mean you should choose one at random and trust him/her with something as important as your mortgage. If you need a mortgage in Toronto, you need to get in touch with the best Toronto mortgage brokers, and then choose the one that’s right for you.

When the stakes are your mortgage you want to make sure you chooes carefully.

• When picking the best Toronto mortgage brokers, the thing to watch out for is reputability. How reputable is your mortgage broker? Does she look out for her client’s best interest or is she being commissioned by the banks to push specific products? Does she have a nice website, plenty of positive client reviews? These are questions to ask when determining how reputable your mortgage broker is.

• The next things you need to do is research and ask around a little. It’s possible that a friend or family member encountered a particularly helpful mortgage broker and is able to share the information with you. Getting a recommendation from a friend is some of the most priceless information out there when evaluating a professional.

• Make sure that the brokers you’re looking at have proper offices and a physical address. Too often unprofessional, unlicesend brokers try to get clientele by advertising on the internet without having a place where they can be reliably reached.

Considering how many brokers there are out there, you should take your time and be careful when making your selection. Despite this, there is still plenty of opportunity to find the best Toronto mortgage brokers and choose from among them.

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Re-Financing, Re-Newing : Mortgage info.

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good role models, Mortgage info., mortgage specialist, Re-Financing, Re-Newing, refinancing your mortgage, responsible citizen, taxable incomes

Refinancing, Renewing

Refinancing is the process that pays the existing mortgage and/or any other legal claims against the property and sets-up a completely new mortgage(s). There are many reasons as to why you should consider refinancing your mortgage:

Consolidate debts:

If your monthly bills have gotten out of control, you might be able to refinance your home and pay them off. The advantage of doing this is to lower your total monthly payments. You should have a mortgage specialist review your situation and make a recommendation.

Refinance a First & Second Mortgage into a new First:

If you have two mortgages on the same property, you can combine them into a new first mortgage, as long as the total amount does not exceed 90% of the value of the property. If the new mortgage is over 75% of the value of the property, normal CMHC/GE Capital premiums and guidelines apply, and one thing to remember here is that only outstanding amounts can be combined – any discharge penalties and costs must be paid separately at closing (please note that we have cash-back programs to help with these penalties).

Financing a Renovation:

If you are doing major renovations (spending over $15,000), it could be less painful monthly with a mortgage as opposed to a loan or line of credit.

Financing the purchase of other investments:

You can use the equity in your home to finance the purchase of investments, and also benefit from the lower carrying costs of a secured line of credit or mortgage and also write-off the interest costs against the taxable incomes.

Financing the purchase of investment property:

If you have the equity and have a desire to be a landlord, you could take equity out of your property by refinancing the mortgage to use towards the purchase of an investment property. This is also called leveraging of your assets.

Financing children’s education:

The best thing we can do for our children is be good role models to them, teach them to be responsible citizens, and give them a good base with a good education. With the high cost of many things nowadays, as well as education, it is sometimes difficult to have that kind of money in the bank, but you many have it in the form of equity in your home. Education is something they will never lose on.

To refinance your mortgage today to your advantage, simply APPLY ONLINE NOW with no obligation whatsoever.

Closing Costs related to Refinancing:

The regular costs related to the refinancing process are: appraisal ($150-$214), legal fees & disbursements ($700-$1000), title insurance if survey not available ($225), CMHC/GE Capital Premium if mortgage is high-ratio (this cost can be added to mortgage), PST when CMHC/GE Capital premium is required, and any discharge penalties.

You should review your mortgage on a regular basis and keep up with new products and offers that are available – they may save you a bundle. When you break your mortgage contract to renew your mortgage at a new rate and a new term, you are faced with a prepayment charge to reimburse your financial institution for the lost interest income. Typically, this prepayment charge is based on the greater amount of either 3 months interest or the interest rate differential (IRD).

Early Renewal

Whether or not you should early-renew your mortgage depends on several factors. If the current rates are lower than the rate you have, compare the prepayment charge against the savings by having the lower rate, and this will point the way. Or, if you believe that interest rates will be higher at your existing renewal date, you can renew early to protect yourself from higher rates.

One thing to remember if you decide to early renew, is the prepayment charge will have to be paid up front. If there is room, you can add it to your mortgage, but you will have to go through a lawyer to redo the mortgage, and this cost will have to be taken into consideration when deciding which way to go. Some financial institutions will blend both rates for the new term.

Remember that we have the CASH-BACK programs that could pay for your prepayment charge. The savings in some situations run into the thousands of dollars.

Re-examine your mortgage from time to time, and at least once a year. There are thousands of dollars that could be saved in many situations, but they go unnoticed.

Switching / Renewing

When the mortgage is about to mature, most lenders will mail out their renewal agreements around 30 days before the mortgage matures. Often, this causes a lot of grief for many people, especially if rates start to climb just before the mortgage comes due.

We can guarantee your rates up to 120 days (4 months) before your mortgage comes due, and this service is free and with no obligations. Just this protection could and has saved thousands of dollars for our clients. Let’s get it working for you, too.

When your mortgage is due for renewal, it’s a great opportunity to make sure that you’ve got the right mortgage for your present needs. Since the mortgage is fully open at this time, this is the perfect opportunity to pay down your mortgage. Whatever you can afford, even a small amount, will have a significant impact in terms of interest you will save over the life of the mortgage. It is also a great opportunity at this time to consider a more frequent payment method, such as bi-weekly or weekly, if you are not already doing it. And of course, choosing the new term is important.

Another step you can take to save thousands of dollars in interest is if at renewal the rates are lower than the rate you just had, and you are comfortable with making those payments, keep the payments the same at the lower rate and start planning for the mortgage-burning party.

Understanding Private Mortgage

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conventional mortgage, lump sum payment, mortgage holder, private mortgages, Understanding Private Mortgage, wraparound loan

Understanding Private Mortgage

Almost all mortgages originate with a bank or financial institution direct or thru Brokers. In some cases however, a private individual, a seller, or an investor may choose to hold a mortgage directly. This mortgage structure may bring several advantages to buyers, sellers, and third party investors.

It is possible for anyone to offer a private mortgage, you don’t have to be a bank, or even a real estate professional. In some cases, the seller of a home may choose to offer a privatemortgage, sometimes called a “landing contract,” or if there are existing underlying mortgages, a “wraparound loan.” Which is secure loan with real estate. This can be an excellent tool for a seller having a hard time selling a home. It can be used as a way to finance a buyer who would not qualify for a conventional bank loan, or it may be a way to sell a home that may be difficult to sell otherwise because it is in a marginal neighborhood or needs considerable work.

The title is usually not transferred until after the entire loan has been paid; as such, the seller/financer retains full control over the property. There is very little risk in this practice; if the buyer defaults, the seller regains the house and keeps all the money the buyer has paid to date.

Some third-party private investors also offer private mortgages simply as an investment vehicle, because it is often possible to charge a rate of interest significantly above prime – especially if the buyer is not able to qualify for a conventional mortgage due to poor credit.

Regardless of whether the mortgager is the seller or a third party, the private mortgage is a negotiable instrument that can be bought and sold. The mortgage holder may choose at a later date to sell the mortgage to another investor at a discount, in order to receive a single lump-sum payment instead of monthly payments. In many cases, a private mortgage has a “balloon” clause, which requires the buyer to either pay off the private mortgage, or convert it to a conventional mortgage.

From the buyer’s point of view, the privatemortgage can be an excellent option, and may provide a way to purchase a home when bank loans are impossible. In cases where the buyer has poor credit, this provides an opportunity to build up equity and a positive payment record; in many cases, after a few years the buyer will be able to refinance the privatemortgage with a conventional loan, at a more favorable interest rate.for more info contact us

What are private mortgage investors?

Q: What are Private Mortgage Investors?

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holding a mortgage, mortgage investor, mortgage investors, private investor, Private Mortgage Investors, sluggish market

Q: What are Private Mortgage Investors?

A: Most mortgages are held by banks or other financial institutions. Increasingly, however, individual persons are choosing to hold mortgages directly, mostly because the investment returns that can be made on interest.

Typically, the holder of a private mortgage is the seller of the home. In this instance, the owner sells you the home and carries back a mortgage called Seller Take Back Mortgage and a note on which you make payments. If you default, the mortgage allows the owner to foreclose on the house, just as if he or she were a commercial lending institution. This is an easy way for a homeowner to sell his or her home in a sluggish market and get all of his or her asking price. It’s beneficial to the buyer, who doesn’t have to undergo an extensive credit and finance check. The downside to being a seller who is holding a mortgage is that he or she must wait for the money. If a seller doesn’t have the ability to do that, then he or she may sell the mortgage to a third party private mortgage investor.

Mortgages are negotiable instruments, and they can be bought and sold on the open market like stocks or bonds. The advantage to seller is that he or she gets the lump sum of cash, but the advantages to the private mortgage investor are even better. Usually, mortgages sell for a discount of their face value (less than the amount of the principal). This means that not only does the investor get to collect interest on the note, but he or she actually makes a profit on the principle amount.

Sometimes, a third-party private investor will offer a mortgage to a home buyer. In this situation, the investor is not the owner of the home, rather it is a person who lends the buyer the money to purchase to the home and takes back a promissory note, secured by a mortgage, just like a bank or financial institution would do. Like a bank, the third party investor makes money on collecting interest.

Potentially, private mortgage investors can make more money from a private mortgage than a bank could from a traditional mortgage because they can charge higher interest rates. They charge higher interest rates because they take on greater risk in lending to people who can’t qualify for traditional mortgages. Usually private mortgage lenders work with people who have sub-prime credit, but they may also work with risky projects regardless of credit. For instance, commercial construction loans for un-established businesses may be financed through private mortgage investors.

If you are just looking for an owner who will finance your purchase, check the for sale by owner FSBO ads. Most owners will say in the ad whether they are willing to finance the purchase. If you have your heart set on a house that is not FSBO or the owner hasn’t mentioned it, ask. It’s not something that people think of right away, but many people are open to it once it is explained to them. Particularly once they realize they can sell the mortgage if they need to get out. Otherwise, ask your agent to do some research on the internet or do it yourself. You could try contacting an investment firm which may be able to put you in touch with private mortgage sources.

Now let’s assume in your case, you might be any one as below?? And

Looking for making money or saving money….simply contact us

Looking for a Mortgage Lender ?

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credit options, educated borrowers, loan product, Mortgage Lender, product choices, race ethnicity

Looking for a mortgage lender ?

All lenders are required by law to meet certain standards in their relationships with borrowers or would-be borrowers. For example, it’s illegal to discriminate against you based on, but not limited to, your gender, race, ethnicity or marital status. But some lenders go beyond these requirements—sometimes well beyond them.

Finding the right lender can be as important as selecting a loan that benefits you and your family. Here are some of the things to look for as you compare potential lenders:

Clear explanations of available credit options

You’re looking for a lender who will explain the features of all loan options, how they compare to each other and ways each one could meet your needs. If you don’t qualify for a particular loan, your lender should give you an explanation why.

Lenders know that educated borrowers who understand all their loan-product choices and are clear on the terms, conditions, similarities and differences of each are likely to be satisfied customers. That’s not only good for the customer, but good for referrals and repeat business.

When considering borrowing money, be sure to ask potential lenders questions such as:

• What types of loan products do you offer?
• What are the key similarities and differences among these products?
• Which of these loan products would I qualify for to meet my current need?
• Why don’t I qualify for other loan products?

Clear disclosures and forms

It should be easy to read and understand all forms and disclosures you need to complete and sign. You’re looking for a lender who will explain what each document means and will answer questions you have about specific points. You’ll want to be on guard if a lender says you should sign something that isn’t completely filled out or that you haven’t read and understood.

No pressure or hidden fees

Importantly, a lender should never encourage you to borrow more than you can afford or pressure you to agree to terms you don’t understand. A reputable lender will never hide fees or costs or pressure you into “signing today” in order to receive favorable terms. While it is true that interest rates can change quickly, encouraging quick agreement is usually an attempt to rush you into a decision.

The bottom line is that you should never feel pressure to sign any document you do not understand completely or make a commitment you’re not confident you can meet.

Good service

Good lending practices don’t end when the loan is closed. You’re looking for a lender who is interested in you after extending you credit and is ready to answer questions or help you resolve potential problems.

The support services you should expect include:

• Customer service. Is there a physical office or building you can visit to ask questions or drop off your payment, a customer service 800-number, and easy-to-use website? How does a lender treat its customers in calls or letters that follow up on missed or late payments?
• Loan payment processing. Is your loan payment credited to your account in a timely manner? Does the lender make it easy to make a payment in a different manner (e.g., over the phone or via their website)?
• Loan statement. Do you receive your loan or billing statement in a timely manner each month with enough time to make your payment? Is the statement easy to read and in an easy-to-follow format? Can you find your total balance due, minimum payment due and the due date quickly?

Good servicing can also mean providing ongoing financial education or communication of special offers on products and services to borrowers and other customers.

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