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Mortgage lenders and mortgage advisor in Calgary, Alberta

Discover the different types of mortgage lenders

Are you in search of a reliable mortgage lender then look no further. We at My Mortgage Broker along with offering the best mortgage lenders will also guide you on the different types of lenders accessible along with their pros and cons to help you choose the best. When it comes to our service areas we serve the whole of Alberta and Calgary.

A brief on the different types of mortgage lenders

  • Portfolio lenders- a portfolio lender usually promotes his own portfolio loans that are adjustable rate loans. Often they will pay their loan officers more compensation to originate a portfolio product than to originate a fixed loan rate. Qualifying for portfolio loans is easy. When you apply for a loan with such lenders and get declined, you will require beginning the process with a new organization
  • Mortgage bankers- mortgage bankers possess several strengths. They are better in promoting first-time buyer programs provided by local governments and states which have lower costs and interest rates than the present market rate. If for some reason your home loan gets rejected, the mortgage bankers will permit their loan officers in brokering the loan to some other institution.
  • Savings and loans and banks- their biggest strength is you will be capable of recognizing their name. Further, they will operate like a portfolio lender, a mortgage banker or both and possess the same strengths and weaknesses
  • Mortgage brokers- they can actually shop a wholesale lender at the finest rate much simpler compared to what a borrower can. They can also guide you whether your loan must be submitted to mortgage bankers or portfolio lenders. Besides, if a loan is declined, they can repackage the loan as well as submit the same to a new wholesale lender
  • Wholesale lenders- a borrower will not get access to the wholesale divisions of portfolio lenders and mortgage bankers devoid of going via a broker

For more information, please feel free to contact us.

Calgary, Alberta best mortgage broker, mortgage specialist

How you can benefit from hiring the best mortgage broker?

Using a mortgage broker for assisting you in getting a home loan provides plentiful advantages some of which actually you may have not thought of earlier. If you are in search of the best mortgage broker, then give us a call at My Mortgage Broker. Our service areas include the ins and outs of Alberta and Calgary.

The benefits of hiring our mortgage brokers

  • Convenient appointments- our mortgage brokers are willing in making appointments both at the place and the time which is convenient for you which also includes weekends or after work hours. This will prove immensely beneficial if you have family or work commitments to consider or are time-poor
  • Perform the legwork- our brokers will conduct all the legwork to get the right home loan both for your support and needs all through the application and settlement procedure which includes sourcing pre-approval, paperwork and assisting you in applying for incentives or government grants which you are eligible for
  • Easy and quick loan comparisons- our mortgage brokers will take the time in exploring your goals and individual circumstances and has the access to different lenders and loans and thus can identify the ideal choices for your needs instantly
  • Expert advice- a home loan in the true sense is much more than merely interest rates. Our brokers will help in explaining you the different subtleties of various loans that can create a huge difference when it comes to the bottom line

If you are interested in our services, then get in touch with us right way. You can visit us in our office, send us a mail or even call us at our customer care number. For your convenience, we are available at your service round the clock and look forward to help you in the best way possible.

 

Reliable home mortgage help in Calgary, Alberta, Canada

Things to consider when you need a home mortgage

Buying a home is a major decision. It not only impacts your day to day life, it affects your finances. Your decision regarding a home mortgage is almost just as important as the decision about your house. And when it comes to important decisions some professional help and advice is always useful, like the kind of advice you will get from My Mortgage Broker (Verico).

There are many aspects to a home mortgage that you need to consider. The first one is the fact that it’s a long-term decision. Your mortgage is going to be around for a while, possibly for 20 years or so. When it comes to anything long-term, you want to get it right. When you make the wrong long-term decisions, it will cost you one way or the other. When it comes to your home loan, My Mortgage Broker (Verico) can help you avoid mistakes and pitfalls. For example, a mortgage broker can help you identify and avoid hidden costs.

There are different types of home mortgages and you need to decide which one is best for you. For example, you get fixed rate mortgages and you get variable rate mortgages. You can even get hybrids, where part of the loan is fixed and part is variable. Then you get first time home loans and you get second time or third time home loans. You also get conventional home loans and you get high ratio mortgages.

Apart from the different types of home loans you have to consider the mortgage rate, your down payment, your closing fees and your insurance. Let’s just say you have a lot of things to consider when it comes to mortgages and home loans. That why you should work with a professional mortgage broker who will help you consider these things and find the best home mortgage for your situation.

Debt consolidation loan in Calgary, Alberta, Canada

A debt consolidation loan can get you out of the debt trap

When do you know you need a debt consolidation loan? Well for one when you start learning a whole new vocabulary like “declined” and “do not honor”. When the once friendly loan officer at the bank is not so friendly anymore. From a common sense point of view when you are paying more interest than you should. However, there is a catch. You need to own property with built up equity to qualify for a debt consolidation loan. So if you are paying more interest than you should, then you should speak to a consultant at My Mortgage Broker (Verico). They specialize in mortgage loans and they can help you with a debt consolidation loan in Alberta or Calgary.

If you have high interest credit card debt in Calgary or a high interest personal loan in Alberta, then a debt consolidation loan can save you thousands of dollars in the years to com. Debt has a nasty habit of sneaking up on you like a thief in the night. Maybe you maxed out your credit card when you went on that dream vacation. Perhaps you are still paying off the high interest HP on that fancy boat you bought. Apart from sneaking up on you, high debt and high interest don’t just go away – they like to hang around for a long time, putting great pressure on you possibly even your relationship.

However, you can have the good things in life without the nasty debt burden. This comes down to debt consolidation and cash flow planning. When you get those two components in harmony you gain financial freedom – something most people just dream about. If you don’t implement certain strategies and controls, you are likely to join the millions who are caught in the debt trap – even if you earn a good salary. The financial wizards at My Mortgage Broker (Verico) can show you how a debt consolidation loan combined with cash slow planning can turn things around for you.

 

 

Home loans in Calgary, Alberta, Canada

All that you need to know about home loans, its types and benefits

Every individual desires in buying a home of his own. Having some amount in the savings account will not suffice to help you buy a home as it is a huge investment. So if you dream of owning a home, then the best means of financing your dream will be to opt for a home loan. We at My Mortgage Broker offer the best types of home loans with its interest rate either been fixed or adjustable. Resting on your inclination you can apply for any. A home loan based on the fixed rate will offer the same rate of interest for the whole loan term. These loans can finance great plans pertaining to vacation, car purchase, home improvement, debt consolidation, education and so on. This is a type of financing or loan which you can take to buy or renovate a home and this facility definitely will make it more affordable and easier in helping you buy or make your dream home. People residing in different parts of Alberta and Calgary can make the most of our loans.

The different types

A home loan is broadly categorized into different varieties namely,

  • Land purchase loan
  • Home purchase loan
  • Home construction loan
  • Home extension/expansion loan
  • Home improvement loan
  • Home conversion loan
  • NRI home loan
  • Balance transfer loan
  • Stamp duty loan
  • Bridged loan

There are ample choices to be evaluated when it comes to a home loan so the need of the hour is you should evaluate beforehand what you wish to do. No matter you want to purchase an apartment or home or construct it, a home loan will act as the simplest route to help you achieve your dreams. A home loan if used well will work wonders in making an excellent deal for a property’s sale. The good news is there is plenty of choices resting on the situation and what our clients are on the lookout for. To know more give us a call or drop us a mail. We look forward to help you in the best way possible.

 

 

 

 

 

 

 

Best mortgage broker in Calgary, Alberta, Canada

Why hire the best mortgage broker?

Are you in the search of a good mortgage broker then look no further. We at My Mortgage Broker can offer you with the best mortgage broker who can fulfill your needs without burning a hole in your pocket. Working with our competent and experienced mortgage brokers will work wonders in helping you in finding the right mortgage. The areas that we serve include the whole of Alberta and Calgary.

Benefits galore

When you join hands with our mortgage broker you can reap the following benefits namely,

  • Save you from the leg work- Our brokers have constant contact with different lenders of which some you may not know about. In fact the alternative to work with a broker indeed is calling up an end number of lenders and comparing their different mortgage rates and terms on your own. Our brokers will save you headache and time of doing this. Besides, he can really steer you away against specific lenders having onerous payment terms hidden in the mortgage contracts
  • Has more access- There are some lenders that exclusively work with our mortgage brokers and count on them as the gatekeeper for bringing them suitable clients which means they have more access. You cannot call specific lenders directly for getting a retail mortgage. Our brokers can also offer you special prices from lenders owing to the amount of business generated which may be lower compared to what you can get via your own
  • Save some fees- The truth is there are different forms of fees which can be included in taking a new mortgage and/or working with another new lender which includes appraisal fees, application fees and origination fees. Our mortgage brokers in some cases may be capable of getting lenders in waiving all or some of the fees that can save you quite a lot

If you want to reap the benefits of finding the right mortgage in a hassle-free way, then join hands with our brokers right away.

 

Home refinance due to separation

In 2014, Calgary mortgage broker Steven Crews, from Verico iMortgage Solutions, did a series of radio broadcasts about mortgages and mortgage financing for Shine FM. Have a listen and you’ll pick up some helpful tips…

Home renovation loans

In 2014, Calgary mortgage broker Steven Crews, from Verico iMortgage Solutions, did a series of radio broadcasts about mortgages and mortgage financing for Shine FM. Have a listen and you’ll pick up some helpful tips…

“What do you mean, home purchase with improvements”? I often hear from home buyers, first time home buyers and otherwise. They’d say, “I didn’t know that I could include the cost of my home improvements into the mortgage when I purchased a home!”

Yes, it’s possible and there is a name for it. We call it, Purchase With Improvements…

Many people say it’s tough to find a home that has everything that they’re looking for. Sometimes they love the home but there’s no garage or it needs a new paint job. The home buyers don’t have enough money to buy the home and then pay for the renovations they need.

But did you know… You can actually finance the total cost of the purchase of your home plus the improvements with one mortgage up to 95% of the total cost. This means that you just have to save 5% of the total cost. Let’s say you found a home that is listed for $375,000 and you need to spend $25,000 to build a garage and redo some of the flooring. We can finance up to 95% of the total cost of $400,000 and therefore you would invest just 5% into your home purchase without having to save additional money for these improvements.

There are stipulations:

  1. The bank will only finance the lesser of the appraised value or the total cost. If the improvements only increase the value of the home by just $15,000 and not $25,000, then you may have to make up the difference. In this case, you would have to pay the extra $10,000.
  2. The lawyer will hold onto the extra funds until you confirm that the improvements are completed.

If you want to include the cost of the improvements when you purchase your home, then you need to get quotes from a contractor or the service provider. These have to be reviewed by the lender up front. The total cost to purchase and the improvements will be reviewed by the lender and the insurer. You will know how much financing will be available before you remove your home purchase conditions.

If you decide to change contractors to complete the improvements, then you must let the bank know so that they can review the request again. Therefore, you have to give your lender adequate time before the possession date to review the new request.

Home purchase with improvements is an excellent way to get the home you want and make it just right for you!

Give your feedback. If you have a question, or topic that you would like to learn more about, let me know. If your question or topic is used on the ShineFM Mortgage Expert segment you will receive something special!

Purchase a home with zero down

In 2014, Calgary mortgage broker Steven Crews, from Verico iMortgage Solutions, did a series of radio broadcasts about mortgages and mortgage financing for Shine FM. Have a listen and you’ll pick up some helpful tips…

Yes, It’s 2014 and you can still purchase a home with zero down.

Your bank might be telling you something different, but there is a little-known government program that will allow you to purchase a home with zero down. Not all the banks have signed up for this program, but there are still many who have.

The program isn’t called, “Zero Down” anymore, but you can still effectively purchase a home without having to save the full 5% down payment.

Paying off Mortgages

In 2014, Calgary mortgage broker Steven Crews, from Verico iMortgage Solutions, did a series of radio broadcasts about mortgages and mortgage financing for Shine FM. Have a listen and you’ll pick up some helpful tips…

If your goal is to pay off your mortgage faster, then every little bit helps. Here I discuss a couple of basic ways that you can just pay a little extra and take years off your mortgage.

It’s not the payment frequency that helps you pay off your mortgage faster, it’s actually the total amount that you pay each year that counts…

Once a client gets a mortgage, their next goal is to pay the mortgage off as fast as possible. There are a number of ways to do this.

First, you can accelerate the mortgage payment. You do this by making one extra mortgage payment each year. If you choose a Weekly or bi-weekly payment option, then the payment is almost always automatically accelerated. You can also accelerate a monthly payment by increasing it by a little over 8%.

Therefore a monthly payment of one thousand dollars can be increased to one thousand and eighty three dollars. You can also take advantage of pre-payment privileges. Most lenders will offer options to increase the payment each year. Even an increase of just ten dollars each month can shave years off of your payments.

The other option is to make lump sum payments to pay off your mortgage. Many lenders will allow anywhere from 10% up to 25% lump sum payments. This is generally calculated based on the original principle. Most lenders have a minimum lump sum that they allow but every lump sum payment goes directly towards the principle of the mortgage.

This will help you to be mortgage free faster!

Give your feedback. If you have a question, or topic that you would like to learn more about, let me know. If your question or topic is used on the ShineFM Mortgage Expert segment you will receive something special!

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