Jim Thornton RMA

06/28/2022

As mortgage brokers we deal with the same banks you do. Often times securing better rates for clients with no broker fees.



Note: this does not include private or alternative mortgages.

06/25/2022

A bank may or may not be able to give you the best rate. Normally they reserve the best rates for their very highly qualified customers who have perfect credit scores and lots of money in a savings account. Normally banks have only a few loan programs and if you don’t fit into one of those programs, they can’t help you.

I have access to dozens of different lenders and loan programs and one of my most important tasks is matching up my clients needs with the best possible program.

06/23/2022

Housing prices looking to drop in southern ontario significantly due to the rise in interest rates to combat inflation.

https://www.cp24.com/news/these-are-the-areas-where-ontario-housing-prices-will-take-the-biggest-drop-1.5948453

Ontario’s housing market has been red hot for years now, but that could soon change, and some areas will be hit harder than others.

06/21/2022

06/18/2022

MYTH: You Shouldn’t Refinance Unless You Can Drop Your Interest Rate By At Least 2%.

This old rule of thumb may have worked 20 years ago when most mortgages were fixed rate and less than $30,000 but times have changed and it just doesn’t hold true anymore. With larger loan amounts even a small change in the rate of interest can make a big difference in the amount of interest paid over the life of the loan.

The only way to truly know whether or not you can save money in your particular situation is to run the calculations and see. With the many loan programs available to help people purchase a home there also may be other considerations such as does your existing loan have a balloon payment or is it an adjustable-rate mortgage. Don’t determine your financial future based on a rule of thumb.

06/16/2022

06/14/2022

Soft landing or a crash: what lies ahead for Toronto's housing market?

Canadian Mortgage Trends predicting soft landing, rather than a crash, to the clearly overheated housing market in Toronto.

https://www.canadianmortgagetrends.com/2022/06/soft-landing-or-a-crash-what-lies-ahead-for-torontos-housing-market/

As it becomes clear that home sales and prices in the Greater Toronto Area (GTA) are declining, industry professionals are trying to figure out what lies ahead.

06/11/2022

MYTH: I Have Some Old Credit Problems That Will Keep Me from Qualifying

Even though you may have had some credit problems in the past, if they are more than a year old it probably will not stand in your way. We have many programs that only require a review of the last 12 months of your credit history.

06/09/2022

Dealing with debt: Experts break down ways to manage as Canadians struggle - National |

https://globalnews.ca/news/8889913/how-to-manage-debt-canada/ via

Many Canadians are struggling with debt. Experts gave Global News their best advice on how to manage debt, cautioning more will likely struggle in the months to come.

06/07/2022

MYTH: Debt Consolidation Just Extends the Payoff of Short-Term Expenses as Much As 30 Years and Costs You More Interest.

The truth is that most of your credit accounts have a minimum monthly payment and if you only make that minimum monthly payment, it may take even longer than that to pay them completely off. (For instance, paying the minimum monthly payment on a credit card with a balance of only $4000 could take more than 30 years to pay off) Your bank doesn’t really want you to pay your balance off. They just want you to keep paying that high interest as long as possible.

Also, the interest rate on a credit card is normally a lot higher than that of a secured loan so more of your payment goes toward interest then it would with a lower rate.

The only way to pay off your debts faster is to start putting more of your dollars towards paying down the principle. By getting the interest rate down and reducing your monthly outflow you can free some of those dollars up to start paying down principal. Putting more dollars towards principal and less towards interest is the key that unlocks the door to your financial freedom.

06/04/2022

Working with a realtor you trust can make a huge difference in the buying process. It is important to rely on their expertise and market value assessments. Today’s real estate climate is like nothing seen in recent history. Competition is fierce and often when submitting you will have multiple competitors. Before submitted an offer, you need to have an accurate assessment of what the property and area is worth.

In a sellers’ market, especially where there are multiple offers, you need to make sure your offer is the most attractive. The days of going back and forth trying to negotiate the lowest possible price are in the rear-view mirror. It is advisable when making your offer, assess what the maximum price you are willing to pay is and submit that offer.

06/02/2022

Unfortunately, you may be reading this report too late to have kept from making this mistake but it is never too late to start improving your credit rating. In the last few years, the way lending decisions are made has become much more automated. And the way the decisions are made has changed dramatically. For the most part decisions are made based on certain guidelines and not left up to subjective humans.

This places more and more importance on your credit rating when applying for a loan. How good your credit rating or “scores” are depending on several factors such as: Current credit balances, Amount of current available credit, Late payments (How many, how late, how recent, Type of Account) and recent inquiries about your credit.

If you are planning on getting a mortgage loan, make sure you are making all of your current payments on time and avoid any unnecessary inquiries into your credit. In other words, don’t go out shopping for a car or new furniture and have sales people all over town running credit checks on you. If you want to have the highest scores possible and therefore qualify for the best rates available it is best to be patient and wait until your loan is done before you go do things that will affect your scores.