Rebecca Lucchetta- Mortgage Broker

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Canada
Toronto, ON
Rebecca Lucchetta- Mortgage Broker

Saving you time and money whether you are renewing your existing mortgage, Refinanicng or purchasing a new home.

03/04/2024

According to Statistic Canada, Canadians owe $1.82 in credit debt for every dollar of disposable household income. If you are struggling with high-interest debt, reach out. A solution like refinancing your mortgage to pay off high interest debt can potentially free up cash each month and help you get out of debt.

02/27/2024

If your mortgage is coming up for renewal, you must prepare for higher rates. It is not about panicking; it’s about being prudent. Here are three strategies you can implement to get ready:

1. Take advantage of your prepayment privileges and increase your payment amount. You’ll pay down more principal and be accustomed to paying more at renewal.

2. Watch your bad debt. Be cautious about any credit card or high-interest debt.

3. If you are considering moving to a new home, get a pre-approval to protect you while shopping around. Consider not borrowing the maximum amount your lender will allow.

The best thing to do is get advice early. Reach out I will help you determine your best personal strategies to prepare.

02/20/2024

Private mortgage lenders serve as an alternative funding source, usually for borrowers who are unable to secure traditional loans.

Borrowers may opt for private mortgage lenders due to the following reasons:

📌 Poor credit - Private lenders are more flexible than traditional lenders and willing to work with borrowers who have a low credit score or a history of missed payments.

📌 Self-employed or possess an irregular income - Private lenders can be more accommodating as they consider criteria such as the property's potential value.

📌 Individuals seeking short-term loans - Private lenders offer short repayment periods, making them a viable option for those anticipating the arrival of other funds, such as a bonus, inheritance, or proceeds from a house flip.

If you have any inquiries or believe that a private mortgage is a suitable solution for you, reach out for more information.

02/13/2024

Your credit score is a number between 300-900 that the credit bureaus calculate. In Canada, we have two credit bureaus, Equifax and TransUnion.

Your score indicates how responsible you are with credit and the likelihood you’ll repay it. Scores above 660 show you can manage credit well, and a lender should feel comfortable letting you borrow money at a competitive rate.

Below is a list of factors that impact your credit score:

📌 The length of time you’ve had credit
📌 If you carry a balance on your credit cards
📌 If you frequently miss payments
📌 How much debt you currently have
📌 How much credit you use out of the total amount available to you
📌 If you’ve ever filed for bankruptcy
📌 If any of your debts have ever been sent to collections

02/06/2024

It really depends on you and your families risk tolerance. If you cannot withstand a potential jump, a fixed rate is likely the smarter choice. A mortgage should be part of your financial plan and you should consider a number of personal factors, such as how long you plan to own the home.

If you take a long-term fixed rate and end up breaking the mortgage, the penalties could be very high. The best thing to do is to reach out and we will map out a few scenarios and outcomes. Then use that information to make an informed decision.

01/29/2024

Are you getting or renewing your mortgage this year? Uncertainty about interest rates continue to be top of mind for borrowers. Three strategies to help you limit your risk of uncertainty are:

1. Use multiple rate holds – Getting a rate hold early protects you from temporary increases before you sign off on your mortgage. If rates decline before your renewal, you can ask for another hold at the lower rate.

2. Choose a short-term fixed – If you need a new mortgage now but believe rates will fall in the future, you can lock into a one-year fixed. These types of rates are higher than a 5-year fixed but if rates do decline over the course of the year, paying more for a one-year fixed works out better than locking into a 5-year fixed.

3. Choose a hybrid mortgage – This lets you split your loan into two or more portions tied to variable as well as fixed rates.

01/23/2024

Refinancing means getting out of your current mortgage and replacing it with a new one. A minimum of 20% home equity is required to complete a refinance.

Since breaking your current mortgage comes with a fee, I can complete a personalized cost/benefit analysis so you can determine whether refinancing makes sense.

3 common reasons people refinance are:

1. Consolidate high-interest debt
2. Renovations
3. Access lowest-cost funds for a large expense

01/17/2024

As a mortgage broker, I have more products for you to choose from to best meet your needs, such as banks, private sources, independent lenders, etc. If you are in the market for a mortgage, reach out.

Whether you want to explore your options or get a second opinion, the lending options available could save you thousands!

01/10/2024

Here are three reasons why you should use a mortgage broker like myself vs. going to a bank for your mortgage:

1. Better Rates – Because lenders compete for our business, we get access to discounted rates based on volume, and we 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 – we are compensated by the lender.

Reach out for your free, no-obligation mortgage appointment.

01/04/2024

This year has been one for the books regarding your mortgage. You might have questions about whether your current mortgage is right for you. Maybe your situation has changed, or your mortgage is coming up for renewal in 2024.

Reach out and schedule your free Mortgage Check-up.

12/27/2023

Are you overwhelmed with the monthly payments on your high-interest credit card debt?

The best solution might be debt consolidation using a mortgage refinance. You may be able to pay off all of that high-interest debt with a new mortgage, allowing you to save significant interest costs, pay less each month on your debt for improved cash flow, have one manageable payment, and reduce your stress! Essentially, you get a financial reset, allowing you to focus on the future and build wealth.

You need to have enough home equity; breaking your current mortgage involves costs. Reach out, and I can do a cost/benefit analysis to help you determine if this reset strategy is right for you.

12/20/2023

When you buy a home, you may need some extra cash, and a cash back mortgage can be a great solution. With a cash back mortgage, your lender advances you a lump sum of cash upon closing. The most common amount is 5% of your mortgage amount, but it is possible to get anywhere between 1% to 7%.

Reach out to learn if a cash back mortgage is a good solution for you.

Address

Toronto, ON

Website

http://www.beatthebanks.ca/

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