Frank Tu - Triumph Financial

Frank Tu - Triumph Financial This is an information page about Mortgages in Ontario provided to help people learn more about mortgages and updates to the mortgage landscape. Need financing?

Frank Tu, Radiant Mortgages. #13205 FSCO License # M20003478 Looking for a mortgage for your dream home can be challenging. Let Frank help you with the process to find the best mortgage and get you approved. In fact, Frank's goal is to be with you till the whole process is complete and further. Not only that, you don't have to pay him for his services as the lenders will compensate him directly.

I provide services for line of credit | HELOC | credit challenges | Rental / Investment mortgages | First time home buyers mortgage.

What happens when you co-sign for your child’s home purchase? 🏠With prices up so high over the last 2 years, this is inc...
03/21/2023

What happens when you co-sign for your child’s home purchase? 🏠

With prices up so high over the last 2 years, this is increasingly more common.

What I really aim to do is try to get the parent off the mortgage within 2 years.

Why?
Because if the parent needs to make their own big purchase in the future, and their name is still on the mortgage…
They can have difficulties getting approved. 👎

So, while co-signing for your child can be a great way to get them into the market, you should plan ahead so they can take it on themselves in the short-term.

Make sense?

Hope so. Let me know 👇
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New home in the new year? Read this 👇Here are 4 smart strategies for first-time home buyers 🏡1️⃣ Don’t let a ‘fear of mi...
12/27/2022

New home in the new year? Read this 👇

Here are 4 smart strategies for first-time home buyers 🏡
1️⃣ Don’t let a ‘fear of missing out’ (aka FOMO 🤓) be your primary motivation.
I know it’s difficult in today’s climate, but it’s more of a buyer’s market right now.
You should definitely be putting conditions on your offers!

2️⃣ Get pre-approval. A pre-approval will let you know what your MAXIMUM purchase price is.
This means you will know what your budget should be and what you have to work with.

3️⃣ Speaking of budgets… budget for extra costs.
If you’ve saved up enough money for a down payment – keep saving an additional 2-3%.
You MUST make sure you can afford additional costs that come with home ownership, otherwise, you may be too stretched in hard circumstances.

4️⃣ Consider getting help from immediate family!
Did you know that family members can ‘gift’ money to go towards a down payment?

And being family, you can come to an agreement on terms much easier than with a bank.

💥 It’s an incredible achievement getting into the housing market.
👉 And I’m here to help you get there the right way!

Whether you’re just beginning your search or already looking at offers, I am here to work WITH you to make sure you’re getting the best possible solution for your needs!
I’m just a quick DM away! 📩

Why do we give gifts 🎁 at Christmas?Just a thought.I know that in business, giving is the best way to grow.✅ It builds t...
12/24/2022

Why do we give gifts 🎁 at Christmas?

Just a thought.
I know that in business, giving is the best way to grow.
✅ It builds trust
✅ It builds empathy
✅ It builds connection

By giving more, you’ll receive more in return. 💯
I do love the tradition of gifting at Christmas.
I think it’s an important part of living – giving to others.
I’m thankful to have you following me here…
…and I’m happy to GIVE you any help you need in your homeowning journey.

So please don’t hesitate to reach out to me!

Merry Christmas! 🎄

Before you even start a mortgage approval, you MUST consider the amount of down payment you need to save. Here’s why:-->...
12/24/2022

Before you even start a mortgage approval, you MUST consider the amount of down payment you need to save. Here’s why:

--> Depending on the price of the house you want to purchase, you need to have a certain % saved as down payment.
You can buy a home with as little as 5% down…

👉 But if you put less than 20% down, you’ll automatically need to pay mortgage default insurance.

This premium is added AUTOMATICALLY by the broker and lender (nothing you need to do as the buyer)

Now…
👉 You’ll need to put more than 5% down if your home purchase price is higher than $500,000.

Here’s the breakdown:
1. If your purchase price is $999,999: 20% is required
💪 The bonus of having more put down is you pay less in interest long term.

And you avoid the mortgage default insurance if you can cover 20% down.

I realize with the increases in housing prices in the last 2 years, it’s more difficult than ever to save more than 5%...but hard work will always pay off. 💯

If you need any help or guidance, please send me a message! 📩
I work with people just like you every day.

👋 Happy to help you as we head into 2023!

With the changes in interest rates this past year, I thought it’d be a good idea to give an example of what these change...
12/23/2022

With the changes in interest rates this past year, I thought it’d be a good idea to give an example of what these changes mean…

For variable rate holders…
👉 Every 1% increase in interest rates increases your payments by approximately 12.5%.

That means that so far for variable mortgage holders, your payments have gone up by approximately 53% in 2022.

That’s quite a lot. 🤕
(ex. If your monthly mortgage payment was $2000/mo in Jan 2022, it’s likely around $3100/mo going into Jan 2023).

But something to remember: Stress Tests
When the rates were below 3.25%, every person that got approved for a mortgage was approved at 5.25%.

That’s still higher than current rates.
So while we’re paying more in interest, it’s not unbearable. 💪

👉 And it’s even causing home prices to come down a bit…creating more buying opportunities that we hadn’t had in a while!

Some real-world math for you.

If you have any questions about your situation, please let me know!
And comment your thoughts below! 👇

With this being the season of joy, thankfulness, family, and friends…I’m very thankful (and blown away) by the number of...
12/22/2022

With this being the season of joy, thankfulness, family, and friends…
I’m very thankful (and blown away) by the number of people I’ve had the privilege of helping this past year.

🙏 Helping get into their first homes…
💳 Helping with their debt and renovations…
🏚️ Helping move into the cottage life…
🏡 Helping find their dream home…
🤯 Helping build their forever home…

I’m so grateful for every single one of you.
💯 I wouldn’t be where I am today without you.
And thank you for following me here…for commenting on my posts…for answering my questions…for reading my emails…for being you!

I hope your year was incredible too…and that 2023 will be even better! 🎉

No matter your situation, I’m here to help you. From beginning to end, I’m your source for all things housing and mortgages. 💪

While we’re in the middle of holiday season 🎄, it’s good to have on the back of your mind……that ’tis the season of joy, ...
12/20/2022

While we’re in the middle of holiday season 🎄, it’s good to have on the back of your mind…

…that ’tis the season of joy, celebration, family, friends…and spending! 💸

Don’t forget that if you’re a homeowner, you have power.
👉 Power to get ahead of the spending (or catch up to it 👀)

Don’t let the stress of your financial situation take away from the joy of the Christmas season.

🙏 If you need any advice, guidance, or questions answered – you know where to find me.

Comment 👇 or send me a DM and we can get a conversation started!

Let’s talk about how our current mortgage environment has shifted our financing process a bit…If you’re not familiar, we...
12/18/2022

Let’s talk about how our current mortgage environment has shifted our financing process a bit…

If you’re not familiar, we have what we call ‘A’ Lenders and ‘B’ Lenders
1️⃣ A Lenders
These are the standard lenders with the strictest requirements. You typically need great credit and stable income to get approved with these lenders.
2️⃣ B Lenders
Many people find themselves unable to qualify for ‘A’ Lenders even with a solid credit and stable income. B Lenders are not as strict and allow for more flexibility. Usually higher amortization as well, which helps with cash flow.

👉 What we’ve seen lately with the changes in interest rates, is that more people are unable to qualify for ‘A’ Lenders…

…so there is a shift happening into more ‘B’ Lender approvals instead.

So this ‘B’ side is a good alternative for the foreseeable future…less hoops to jump through and less restrictions. 👍

Got questions about your situation? Reach out – I’m here to help in any way I can!

Have you heard of the New to Canada 🍁 program?Qualified homebuyers who have immigrated or relocated to Canada within the...
12/18/2022

Have you heard of the New to Canada 🍁 program?

Qualified homebuyers who have immigrated or relocated to Canada within the last 5 years are eligible for the New to Canada Program to purchase a property with as little as a 5% down payment.

--> Borrowers must have a valid work permit or permanent residence
--> Borrowers must have a minimum of 3 months of full-time employment in Canada

There is a list of additional criteria (specifics and property types), but this is a GREAT way for newcomers to get into the housing market.
If you’ve got any questions, I’ve got answers!

Feel free to message me anytime or comment below! 👇

Monoline lenders – everything you need to know! 👇“Mono” means “one”. So, it’s a “one-line” lender.And that one-line is m...
12/17/2022

Monoline lenders – everything you need to know! 👇
“Mono” means “one”. So, it’s a “one-line” lender.
And that one-line is mortgage lending.

As a mortgage professional, my only job is to get you the best mortgage for your situation.

And to do that, I work with dozens of lenders including several monoline lenders. 💪

Monoline lenders aren’t private lenders, but rather an ‘alternative’ lender.
❓ What’s the difference between a bank and a monoline lender?
--> A bank lends you money from other customer’s deposits.
--> A monoline lender lends you money from funds pooled from investors.

Why a monoline lender might be best for you:
1. Better rates
2. Lower penalties
3. Easier to transfer
Monoline lenders have much lower overhead costs, which means more competitive rates.

Monolines also don’t have posted rates like banks do and often times a bank’s penalties are based off posted rates.

And when renewal time comes, the cost to transfer your mortgage to another lender is typically much cheaper if you find better terms elsewhere.

💥 Most monoline lenders are only available through mortgage brokers…just another reason why brokers are better than banks!

📩 Reach out to me to review of all your lender options for your next mortgage – be it a new purchase, refinance, or renewal!

Everything you need to know about financing a custom home 👇Thinking about building your dream home? 🏡Lenders are usually...
12/16/2022

Everything you need to know about financing a custom home 👇

Thinking about building your dream home? 🏡
Lenders are usually more hesitant to lend the money required to construct a new house.
Mostly because the house doesn’t exist yet so there is no collateral… 🤔

👉 This is why it’s VERY difficult to get good terms from a bank.
But as a broker, I work with many lenders that do construction financing – at better terms than banks!

How does the financing work?
1️⃣ Most builders require funds from you to build in stages (called draws).
2️⃣ A construction loan is advanced incrementally from the lender during construction to finance those draws.
3️⃣ Typically, you only pay the interest on the loan during the construction period.
4️⃣ Once the construction is over, the whole loan amount becomes due, and it is converted into a normal mortgage.

Compared to a traditional mortgage, typically construction mortgage has a higher rate and there are more fees involved.

As a broker, I make the process as smooth as ever.

What do you think? Does that make sense?
Got any questions? Reach out – I’ve got the connections and resources you need. 👋

Address

Markham, ON
L3R0N3

Telephone

+16479297858

Website

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