Tyler Trompetter Mortgage Professional

09/04/2020

FACT:
By moving your payment frequency to “accelerated” you end up paying your mortgage off QUICKER. For a 25 year amortization mortgage, moving to an accelerate payment could shorten the time it takes to pay off your mortgage by 2.67 YEARS!
If you’d like to know more, feel free to call, dm or email for more info!

09/03/2020

In one word: INCORRECT 🙅🏽‍♂️
In a few more words: One of the most common miss conceptions I hear from potential buyers is “I was told I need to be at my current job for at least 2 years before I can apply for a mortgage?”.. This is incorrect. In fact, I have financed purchases for buyers who have been as little as 1 day on the job. In MOST cases, the bank wants to see you have at least passed your probationary period at your new employer. Industry experience, background, education, and overall strength of the application all play a roll into approving a borrower who is new to their job. Also; if you are on probation, there is still nothing stopping you from getting fully pre-qualified for a purchase.

Any questions - please let me know!

08/20/2020

Always a pleasure to work with great people!

07/31/2020

FACT: Buying with 0 cash of your own is possible. If you can qualify, you’re allowed to borrow the minimum required 5% down payment from your LOC, Credit Card, Instalment Loan, etc, and use it to buy a property. A gift from a family member is also an acceptable for of down payment. Keep in mind, the lender will need to factor in the monthly payments associated with the borrowed funds. Feel free to reach out with any questions!

07/29/2020

Honoured to have just been named a “Rising Star” by Canadian Mortgage Professional magazine (…and yes, this is a real magazine😆) Being named as one of the “50 next big names in the Canadian Mortgage Industry” is quite humbling to say the least. I couldn’t have done it without all my amazing clientele, business partners, friends and family!

Somewhere buried in a box of childhood memories at my mom’s house there is probably a piece of school work outlining my dreams of growing up to become a pro athlete, but today I’ll have to admit this is officially as close as I will ever get to being featured in Sports Illustrated!

Cheers! 🍻🍾

07/17/2020

IMPROVE YOUR CREDIT SCORE📈

A how-to guide📕:

1. Make all your payments on time, at the very least your minimum payments due. Every late payment will pull your credit score down.

2. Borrow no more than 66% of the credit limit of your credit card or line of credit (ie – keep a $5,000 cc balance under $3,300); the closer you are to your limit and going over your limit, even while making your regular payments, can negatively effect your credit score.

3. Keep your unused credit cards open and do not cancel. Believe it or not, having access to multiple credit cards and lines of credit are actually a good thing, so long as they are paid for responsibly. The longer the card reports on your credit report – the better.

4. Setup Auto payments for your cell phone. Previously, cell phone bills had little/no effect on your credit score; however, recent changes to the scoring system have put more weight into the repayment history of your phone.

06/30/2020

Tomorrow CHMC’s new policies go live. These policy changes will make it harder for purchases with less than 20% down enter the market (Most notably, a ~10% reduction in your purchasing power) However - there is good news!.. ➡️➡️➡️

CMHC is not the only game in town, in fact - there are TWO other mortgage insurers that have announced they will NOT be making any changes to their lending criteria!

As a Mortgage Broker, I am able to steer my clients’ applications to the other two Mortgage Insurance options to make sure they are able to maximize their purchasing power✅

Kudos to the good people at Genworth & Canada Guaranty!

06/26/2020

Two of the most common miss conceptions about home buying I hear are the following:

1. Buying with 5% down is only available to First Time Home Buyers.

2. Once You buy with 5% down, you cannot purchase with minimal DP again, or you have to put at least 20% down on your next purchase.

In fact - both of these statements are FALSE. You can absolutely purchase a second home with as little as 5% down again. In Fact - you can even keep your existing home you bought with 5% down and use the rental potential it can generate to help you qualify for a second home! You can even buy a Vacation Home or a Secondary home with as little as 5% down.

*Purchasing with 5% down is only available up to $500,000; any purchases beyond $500k must have a minimum DP of 5% of the first $500k, and 10% of the remaining purchase amount. IE - a $600k purchase requires $35k minimum down payment.

03/27/2020

The Bank of Canada announces another 0.50% Rate drop! Make it three times in one month, truly unprecedented times we are living in!.. Stay tuned for an update as to if/when the banks adjust their prime rates!

The Bank of Canada today lowered its target for the overnight rate by 50 basis points to ¼ percent. The Bank Rate is correspondingly ½ percent and the deposit rate is ¼ percent. This unscheduled rate decision brings the policy rate to its effective lower bound and is intended to provide support t...

03/25/2020

There is a ton of change happening in the mortgage world, and much like everything else these days everyday brings something new... Government Intervention, Rate Volatility, Lender Policy and Guideline Changes, Payment Deferral Programs -- I'm on the front lines as it relates to all things mortgages; feel free to connect with any questions and concerns you may have!
Hope everyone's staying safe!

03/13/2020

Here we go again; another 0.50% drop by the Bank of Canada - this time via an emergency, unexpected rate decision outside of their pre-scheduled meeting dates.

The last rate drop, Banks passed along those savings to their Variable and Line of Credit customers, we will know more in the coming days if they will be so generous this time around.

Fixed Rates continue to tumble as well..

If you own your home and are near your renewal date or even a few years away - now is a great time to speak to a mortgage professional.

This last week I have been helping a number of my current clients move their mortgages around to save thousands.

I've just helped someone save $150/month on their mortgage payment, which will amount to over $9,000 in interest savings over the next 5 years.

Certainly under unpleasant circumstances, however this could be your great opportunity to save on your mortgage!

Feel free to drop me a line, PM, or email!

Stay safe everyone!

The Bank of Canada has made an unexpected rate cut, cutting the central bank's benchmark interest rate by 50 basis points to 0.75 per cent.