Mona Tams Mortgages

11/25/2021

A pre-approval is a crucial step in the home buying process.
You will have an idea of how much of a mortgage you qualify for, so you are ready to start looking for the home of your dreams!

▶️Contact me and let’s get you pre-approved!

11/08/2021

What is a reverse mortgage?

A reverse mortgage is a mortgage loan that allows the borrower to access the unencumbered value of the property. The loans are promoted to older homeowners 55+ and typically do not require monthly mortgage payments

5 Benefits of a reverse mortgage:

1. Tax free funds with no regular monthly mortgage payments
2. Can choose to make prepayments at specific times; otherwise, payments are required when mortgage becomes due
3. Access to up to 55% of the equity in your home
4. Maintain complete ownership of your home
5. Easy to qualify!

➡️Contact me for more information to see if a reverse mortgage is right for you.

03/29/2021

An additional cost to be aware of when buying a home is closing cost. This could average between 2-4% of the purchase price. It is important to prepare yourself and budget for this expense beforehand so there are no surprises when it’s time to close.

Some examples of these are:
- Legal fees
- Land transfer tax
- Title insurance
- Home insurance
- Appraisal

Note: You can always negotiate with the seller to help pay some of these costs😉

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03/22/2021

There’s no better feeling then owning your own home🏡
First step: Pre-approval✅

Let’s get you pre-approved so you can start looking for your dream house!

02/22/2021

Take advantage of the low rates right now. Contact a mortgage professional to help find you the lowest rate possible📈✅

02/08/2021

Some useful mortgage tips💫

1. If you can afford to, pay off existing debts. All debts are considered a liability and will raise your debt to income ratio.

2. Pay your bills on time. This will prove to the lender that you can pay off your mortgage loans on time.
Consistently missing payments will also lower your credit score.

3. Do NOT switch jobs during the mortgage process.
Lenders require 2 years of employment at your current job.

4. Avoid “unusual” deposits into your bank account. For example, depositing $20,000 in the last month will raise a red flag and will be questioned by the lender.

5. Let your mortgage agent know if you have any assets such as; savings, RRSP, stocks/bonds/mutual funds, vehicles, and more!

Hope you guys find these tips helpful, I will be doing more of these😊

Feel free to DM me for any mortgage related questions or advice📩

01/23/2021

How many people can relate🤔?
It’s time to be financially responsible💰

Speak to a mortgage agent to see how you can budget for the home of your dreams!

01/14/2021

Limited offer of 1.59% interest rate on a 5 year fixed rate mortgage
Contact me to see if you can qualify for this rate!

01/09/2021

Any loan to value over 80% is considered a high ratio mortgage, meaning the buyer is putting down less than 20% of the home value. In this case, mortgage default insurance is required.

01/08/2021

Thank you so much Amily for this beautiful logo! I’m obsessed😍😍
Super talented and hard working. Check her page out for more logos! .inks 💕

01/03/2021

An article that simplifies CERB and its affects on mortgages!

A mortgage agent gives advice to people receiving the Canada Emergency Response Benefit. What you need to know about buying a home, renewing or refinancing your mortgage and how CERB could affect your credit rating.