Emilio Palferro - My Home Mortgage Lending Solutions

03/28/2023

If your mortgage is coming up for renewal, it is essential to get in touch so we can explore your options. With the Stress Test and today’s higher rate environment, some homeowners have difficulty qualifying at renewal and feel “stuck” with their current lenders.

The best thing you can do is get advice early and explore your options.

03/08/2023

The Bank of Canada has announced that it is holding its target interest rate at 4.5 per cent. This undoubtedly comes as welcome news to homebuyers and those who have a variable-rate and adjustable rate mortgages, as it is the first time in more than a year that the bank has maintained its rate.
Click below to read the full press release.

As always, if you have questions about your mortgage, reach outl for free, unbiassed advice.

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The Bank of Canada today held its target for the overnight rate at 4½%, with the Bank Rate at 4¾% and the deposit rate at 4½%. The Bank is also continuing its policy of quantitative tightening.

03/07/2023

Qualifying for a fixed-rate mortgage with the Stress Test is roughly 2% higher than a year ago, which means using a Mortgage Broker is more important than ever. Mortgage Brokers can access many lending options, including credit unions and private funds, which use alternative methods.
Reach out for a free consultation to see what you can afford.
[email protected]
647-883-5909

02/27/2023

If you are shopping for a mortgage, it is essential to know what you need to be able to qualify, but it is also important to understand what could be holding you back from qualifying for a mortgage. Below are 5 points that could be impacting your chances of being approved for a mortgage:

1. Carrying too much debt
2. Poor credit history or not enough credit history
3. Not enough income or assets
4. Not enough of a down payment
5. Unstable employment history

If you feel any of the above points could be holding you back from getting approved for a mortgage, send me a message. I am armed with solutions for every situation.

02/21/2023

Rent prices are up on average 12% compared to last year and in many cities, even higher. Rent prices have now surpassed pre-pandemic levels.
If you are renting and have been thinking about homeownership, reach out to your Mortgage Alliance Professional to see what you qualify for. With the softening of house prices, affordability is coming back in line. Contact me and I will be able to explain all the options available to assist your buying process.

[email protected]

02/15/2023

Refinancing means getting out of your current mortgage and replacing it with a new one. Take a look at three common reasons people refinance their mortgage. 🏠

If you have any questions or would like to review your options, I’m here to help.

02/03/2023

Lump sum prepayments are a great way to become mortgage free, faster.
Most lenders allow you to make a lump sum prepayment up to an annual percentage limit. However, comparing prepayment allowances between different lenders is important when applying for your mortgage.

01/31/2023

3 Reasons you should use a mortgage broker vs. going to your bank:

1. Better Rates – Because lenders compete for our business, we get discounted rates based on volume and pass these savings directly on to you.

2. Access to more lenders - When you apply for a mortgage at a bank or credit union, you only have access to the products they offer in-house. With me, you get access to dozens of lenders.

3. Our services are free – the lender compensates us.

If you have questions about your mortgage or home financing options, reach out, I'm here to help.