Triumph Financial

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Triumph Financial

We specialize in residential mortgages. Whether you are purchasing your home or wants to access the

09/30/2022

Sometimes you can qualify for different mortgage amounts…Here’s why:
There are many factors that make up an approval. And because of that, there are more options.
And more options = more possibilities!
✅ We have ‘A’ financing:
The typical financing option we’re used to. Generally, lower interest rates and the strictest requirements.
✅ And ‘B’ financing:
Rates are usually higher, but there is more flexibility.
You can sometimes get approved for both and choose what best fits your goals and situation.
Being a mortgage broker, I have relationships with and access to dozens of lenders of all types.
That’s why I’m a better option than a bank.
Whatever your situation, I can find you the best solution.
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09/28/2022

Home equity. What is it? And how can you use it for your advantage?
It’s perhaps the most important aspect of homeownership.
Equity is the difference between the current value of your home and the amount you owe on the property.
AKA – the portion of the property that you actually own by paying your mortgage.
Every single mortgage payment is an investment in your future.
With every payment, your ownership increases. Your investment increases.
And better yet, your equity builds at an increasing rate EVERY year as your principal repayment goes down.
Make sense? Comment below!
Want to access that equity? You can use up to 80% of your home’s value (and you don’t need to sell to access it!).
DM me if you want more info.
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09/28/2022

The truth about mortgage calculators
✅ These tools are GREAT for getting a rough estimate of what your home purchase could cost. Pretty much EVERY mortgage pro has one (or more) that they use.
BUT they’re not 100% accurate. Use multiple to get a better idea.
✅ I can’t stress this enough though: while mortgage calculator tools are very useful, they are NOT the same as pre-approval!
Remember that your income type (salary, hourly, commission, etc.) and location MATTER when it comes to purchasing a home – and many of these calculators DO NOT consider them when giving an estimate.
So, get calculating and then send me message to put those numbers into practice! ✅
Save this for later!
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09/26/2022

Here’s why your Credit Score isn’t 100% accurate…
When you ‘pull’ your credit score (Credit Karma, Borrowell, for 2 examples):
→ You do a ‘soft’ pull (single score)
→ You don’t get any points deducted
→ You’re measuring your last 6 months only
When someone like me (a mortgage professional with more access) ‘pulls’ your credit score:
→ We do a ‘hard’ pull (multiple scores)
→ You get points deducted
→ It measures your last 2 years
So, our ‘pulls’ are more accurate…BUT…
If you pay your bills on time…keep your utilization below 50%...ideally have 2+ accounts with $2000+ limit…
Then you should be good to go!
Just something to keep in mind as you navigate your situation.
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As always, please let me know if you have any questions!
Comment below!
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09/26/2022

Is fixed or variable rate better? Save and share this!
If there was a clear answer, then you probably wouldn’t need to ask, right?
There are pros and cons for both. Here’s a quick summary:
→ Fixed-rate mortgages remain constant, regardless of the interest rate climate. These loans generally have higher initial interest rates because if rates go higher, the lender ‘loses out’ while you ‘save’ money.
Pros: Stability, Predictability
Cons: Potentially higher costs over time, Higher break penalties
→ Variable-rate mortgages change over time, depending on the prime rate. With variable, initial interest rates are lower because the lender is less ‘at risk’: if rates go higher, so do your monthly payments.
Pros: Potentially lower costs over time, Lower break penalties
Cons: Less stability, Converting to fixed could be costly with higher rates
So, what should YOU get?
Well, consider these questions: ✅
1. How long do you plan on owning the property? Short-term or long-term?
2. Could you still afford your payment if interest rates were to continue to increase significantly? (Not that we’re expecting them to!)
The answer to which one to choose (if can choose!) is entirely dependent on your situation.
Reach out to me if you want one-on-one advice on choosing fixed or variable. Send me a message to get started!
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09/23/2022

For something as expensive as a mortgage, a lot of people surprise me…
So many rush into signing their renewal when they should get professional help beforehand…
Is your mortgage coming up for renewal in the next 120 days?
If so, you’ll get papers in the mail from your lender.
And they’ll offer you renewal terms.
❌ Don’t just sign them and send them back.
✅ I can likely get you better terms.
So, don’t rush! Don’t you want to save money?
Message me and let’s chat about getting you the best possible terms!
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09/23/2022

Should you add a financing condition when you put an offer on a house?
YES! ✅
Just because you’re pre-approved, it doesn’t actually mean you’re approved!
Things change. The last year or so should be evidence of that.
It’s better to lose the offer than to lose tens of thousands because they accepted your offer, but you can’t actually afford to buy it…
All of this to say: get pre-approved and then when you find the home you like, make a conditional offer with financial approval (and on inspection!).
Mortgage professionals (like me!) know all about finances. That’s what I do.
So ALWAYS come to me if you have any financial questions and decisions to make regarding purchasing a home!
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09/21/2022

If you could time the market…
You’d probably be a billionaire and couldn’t care less about mortgages…
Well, luckily for me, you’re here and reading this post.
When is the best time to buy?
The best time to buy is when you’re ready. Don’t let anyone convince you otherwise.
Especially with real estate.
Long term, real estate is one of the BEST investments. That’s just facts.
So, when will you know if you’re ready?
Step 1: pre-approval.
That will show you where you’re at and what Step 2 is.
Let’s get one started – DM me!
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09/21/2022

In this case – waiting is the wrong option
The sooner you get Mortgage Life and Disability insurance, the better.
You can get it any time – you don’t need to wait for changes to your mortgage!
And the longer you wait, the more you’re risking.
If something were to happen and you take a big pay cut or even lose your income altogether, would your mortgage be okay?
Would your family be able to cover the expenses?
If not, then I’d say that you need Mortgage Life and Disability insurance.
You can even add this to your monthly mortgage payment, so you don’t have another bill!
Message me and I can get started TODAY with your best options.
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09/20/2022

Tell me if you fit any of these:
Struggling to get by financially
Doing minimum payments every month
Living paycheck to paycheck
Relate to any of those?
Then consider refinancing your mortgage!
This is the BEST way to get away from high-interest debt and the stress of living on minimum payments paycheck to paycheck.
If you have the equity in your home – use it!
You can put all your debts into your mortgage payment which is lower interest.
What do you think? Sound good?
Does it make sense for your situation? DM me. I’m here to help.
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Address

413-1650 Elgin Mills Road E
Richmond Hill, ON
L4S0B2

Telephone

+19059251986

Website

http://www.triumphfinancial.ca/

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