John Chelonis, Mortgage Agent

10/10/2022

Every 40 seconds, someone around the world takes their own life. That’s why, in addition to events and activities taking place on 10 October, the World Health Organization and partners are encouraging everyone to take “40 seconds of action” to shed light on and reduce stigma around this important issue.
40 Seconds of Action is a chance to let people who are suffering know that they are not alone. Activities you can take part in to honor the 40 Seconds of Action include:
• Initiating a conversation with someone you are worried about
• Sharing a message of hope with someone who is struggling
• Posting a video message for local or national authorities about the action you would like them to take
• Signing Speak Your Mind’s global voice petition to tell world leaders that you want more action done on mental health

09/30/2022

Both the National Day for Truth and Reconciliation and Orange Shirt Day take place on September 30.

Orange Shirt Day is an Indigenous-led grassroots commemorative day intended to raise awareness of the individual, family and community inter-generational impacts of residential schools, and to promote the concept of “Every Child Matters”. The orange shirt is a symbol of the stripping away of culture, freedom and self-esteem experienced by Indigenous children over generations.

09/30/2022

How did the bag of fertilizer help the vegetable farmer pay his mortgage?
It raised his celery.
Income confirmation is a crucial part of the mortgage approval process as it assures lenders that the borrower has the capacity to repay the loan. It doesn’t matter how large your down payment is, or how much equity you have in your property. Generally speaking, lenders look at 2 year's worth of income.
Every situation is unique, call me to discuss yours!

09/27/2022

Considering a second mortgage?
Lenders will look at the equity in your home. The more you have, the better your chances are of getting a second mortgage. Furthermore, lenders will look at your income source to verify that it is reliable and you will be able to make your mortgage payments. Your property will be examined as well so that lenders can see their investment. Finally, your credit plays a large factor in how you qualify for a second mortgage. The higher your credit score, the more attractive you are to lenders.
I can help you understand the risks and benefits of a second mortgage. Contact me today to learn more!

09/23/2022

The Ontario land transfer tax calculator will help you determine how much tax you need to pay on your property purchase. The calculator takes into account all applicable fees, including:
- The amount of land transfer tax payable
- The amount of municipal and regional taxes payable
- The amount of provincial taxes payable
- A rebate for first time home buyers
Eligibility for rebate includes:
- The purchaser must be at least 18 years old.
- The purchaser must occupy the home as their principal residence within nine months of the date of transfer.
- The purchaser cannot have ever owned an eligible home, or an interest in an eligible home, anywhere in the world, at any time.
- If the purchaser has a spouse, the spouse cannot have owned an eligible home, or had any ownership interest in an eligible home, anywhere in the world, while he or she was the purchaser's spouse. If this is the case, no refund is available to either spouse.
Questions? Call me today!

09/22/2022

09/21/2022

DYK? 2of2
Here are some common private lending cases:
- Rental investment properties
- Multifamily (i.e. four-plex) properties
- Second mortgages
- Self-employed borrowers
- Unverifiable employment income
- Non-residents
- Low credit score
- Higher debt load than acceptable by banks
- Construction financing
- Vacation homes
- Interim financing

Let's talk today to review your options!

09/20/2022

NEWS: Canada's annual inflation rate slowed to 7% in August. While the price of gasoline is falling, the cost of groceries continues to climb, with prices up 10.8% compared with a year ago. With the easing pace of the cost of living, the big question for market watchers is: are the August numbers enough to cause the Bank of Canada to reconsider its rate hiking path? Stay tuned!

09/19/2022

DYK? 1of2 - A private mortgage is any mortgage that’s not from a bank or credit union. These loans are typically between one to two years in duration and have been traditionally thought of as a short term solution for those who need to improve their credit or consolidate their debts. However, in today’s stringent regulatory environment, private lenders are no longer just lenders of last resort.

Unlike A-lenders, private lenders are not federally regulated or bound by restrictive qualification guidelines, and are thus able to offer a range of advantages that traditional lenders simply do not have the regulatory leeway to provide.

I have years of experience working with private lenders. Call me today to discuss your situation.

09/16/2022

What happens when your mortgage hits the trigger point? The trigger point is when a variable-rate, fixed mortgage payment isn’t sufficient to cover the monthly interest expense on a mortgage, due to prime rate increases. When borrowers hit the trigger point, they usually have the option of increasing monthly payments, switching to a fixed rate, or make a lump sum payment.

09/14/2022

How does an appraiser value your home?
🏡 Local market conditions
🏡 Comparable homes
🏡 Size and location of the home
🏡 Age & features of the home
🏡 Updates & renovations
How have you increased the value of your home? Comment below!

09/12/2022

Are you a homeowner who has a higher rate than the current market? Refinancing might be an option for you! Here are a few reasons to consider:
👉 Lower your interest rate - rates are always changing. If the current rates are better than when you got your loan, refinancing might make sense for you. Remember: lowering your interest rate will also lower your monthly payments.
👉 Change your mortgage type - this is very simple. For example, going from a fixed rate to an adjustable-rate mortgage.
👉 Removing a co-borrower - this often happens in the case of divorce.
If you want to learn more about refinancing, contact me today.