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Monday 9am - 6pm Tuesday 9am - 6pm Wednesday 9am - 6pm Thursday 9am - 6pm Friday 9am - 6pm Saturday 9am - 3pm

Only Simple, 5110 Dundas Street West, Toronto, ON (2026)

12/15/2021

Credit scores are computed using a formula that considers factors such as payment history, overall debt levels, and the number of credit accounts the individual has open. Your credit score plays a huge factor in your mortgage application and how much you could be approved for. ⠀
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Here are a few credit score basics and what various ranges of credit scores mean for your borrowing future⠀
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✒️ 300-599 (Poor)⠀
✒️ 600-649 (Fair)⠀
✒️ 650-719 (Good)⠀
✒️ 720-799 (Very Good)⠀
✒️ 800-900 (Excellent)⠀
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Share this post or save it for later 📌
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(647) 250 9911⠀
[email protected]

12/13/2021

Tips for FTHB 🏠

Mortgage selection tips 📌 Swipe right 👉

🔵 Explore mortgage options: A variety of mortgages are available with varying down payment and eligibility requirements.

🔵 Research FTHB assistance programs: The Government of Canada has three programs to assist first-time home buyers – the Home Buyers’ Amount tax credit, the Home Buyers’ Plan (HBP), and the First-Time Home Buyer Incentive.

🔵 Compare mortgage rates and fees: A mortgage agent has access to many different lenders and products, and only one application is needed to negotiate.

🔵 Get a pre-approval letter: A mortgage pre-approval is a lender’s offer to loan you a certain amount under specific terms.

This process doesn’t have to be stressful, let us take care of it.
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📲 (647) 250-9911
[email protected]

12/10/2021

Top 4 Reasons People Don’t Qualify for a Mortgage 📄

1️⃣ Lack of Down Payment or Equity: Not having enough downpayment (or equity if refinancing) can be a major drawback for qualifying for a mortgage. Therefore, having a minimum downpayment of 5% for the purchase of an owner-occupied home, 20% for a rental property, or 20% equity in the home if its a refinance will help you qualify for a mortgage.

2️⃣ Too Much Debt: During COVID-19, credit card debt has been on the rise and so has the over use of lines of credit which are putting some people in a debt overload situation. With a high amount of debt, it will make lenders think you won’t be capable of repaying back the mortgage loan.

3️⃣ Credit Issues: Paying credit cards late will update the credit bureau and will reflect on your credit report, thus lowering your credit score. The minimum credit score needed to get approved for a mortgage for a high ratio mortage is 680.

4️⃣ Insufficient Income: Sometimes people don’t earn enough income to manage not only a mortgage payment but also property taxes, and strata fees. In some instances, a home buyer can look for someone else (a co-signer) to go on the title in order to add income to their application.

Do you want more information for your first or next mortgage? My DM’s are open, and I’m happy to help!

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📲 (647) 250-9911
[email protected]

12/10/2021

Can I ask you for a small favour?

Here goes: I know everyone is super busy around the holidays so I'll make this quick. I had one small favour to ask, my wife and I donate some clothes to St. John’s Compassion Mission (in ), where I also volunteer every week. It's been hard to see some less fortunate people so underdressed for our harsh winters.

I hate to ask, but if you happen to have any extra gloves, hats, scarves, jackets or even boots that are going to sit in the back of your closet all winter, would you be willing to donate them? As long as you're not too far I'd personally be happy to pick them up and deliver them. Feel free to DM me or call/text me at (647)250-9911 if you have something to donate.

I appreciate your support and wish you and your loved ones a safe and happy holiday season.

12/08/2021

Is this house within your budget?

Without taking into consideration your liabilities, the examples above are mortgage scenarios that show you...
1. Your monthly mortgage payments,
2. Your principal and interest payment breakdown
3. and your estimated required household income.

DM or call us directly if there’s a property you’d like us to create a Mortgage Scenario Sheet for.
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📲 (647) 250 -9911
[email protected]

12/06/2021

If you’re a homeowner, chances are you know that building equity in your home is a good thing. However, it may be hard to understand what home equity is and how it can help you reach your financial goals.

So, what is home equity?🏠
Home equity is the difference between the value of your home and how much you owe on the mortgage.

How to calculate your home equity ➗

The value of the property - the balance remaining on your mortgage = home equity
For example, let’s say your home is worth $600,000 and you owe $200,000, your home equity is $400,000.

What can you use your home equity for? 💰
You can tap into your home equity to meet your other life goals. Such as paying for your kids’ college/university, renovating your home or to buy second property or a cottage. Most of the time, you’ll pay less to borrow your home equity than you would if you were to get a line of credit or a regular unsecured loan.

Using home equity to buy a second property 🏘️
If you’ve considered buying a rental property, a second home or a cottage, your home equity can help you with the down payment, reducing (or even eliminating) the mortgage you take out for your next property.

Whether you’ve been working hard to pay off your mortgage early, or you have owned your home for several years and the property value has increased, this means you’ve been building up a good amount of equity in your home.
Have questions about unlocking the equity in your home? My DM’s are open!

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📲 (647) 250-9911
[email protected]

12/03/2021

Tips for FTHB 🏠

A successful home-buying experience is all about getting the details right from start to finish. We want to help you navigate this exciting process.

Preparing to buy💰Swipe right 👉

🔵 Start saving early: The main costs to consider when saving for a home include a down payment, closing costs, and move-in expenses.

🔵 Check and strengthen your credit score: Your credit score helps determine whether you qualify for a mortgage and affects the interest rate lenders will offer.

This process doesn’t have to be stressful, let us take care of it.
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📲 (647) 250-9911
[email protected]

12/01/2021

Are you dreaming of buying a home? 🏘️

As an aspiring homeowner, you’ll need to learn about down payments, mortgages, and mortgage insurance. Understanding what these terms mean can clarify your financial plan for buying your first home.

Let’s start off by explaining what mortgage insurance is 📌
If your downpayment is less than 20% (homes under $1 Million) of your home’s purchase price, you’ll need mortgage loan insurance, also known as mortgage insurance. A lower down payment means your mortgage is for a higher ratio of your home’s value, and lenders consider borrowers with high ratio mortgages as having a high risk of default or non-payment, which is why insurance is required by lenders.

How does it work? 📌
As a borrowers, you’ll require mortgage insurance by default if your downpayment is less than 20% of you home’s purchase price
The three mortgage insurance companies are CMHC, Genworth, and Canada Guaranty
But no need to worry! Your mortgage lender will apply to one of these mortgage insurance companies on your behalf.

How much does mortgage insurance cost?📌
Mortgage insurance is not free. Most of the time, your mortgage lender will add the cost of the mortgage insurance to your mortgage amount. Let’s look at an example:

If you put 5% down on a $400,000 home you’d need a mortgage of $380,000. The CMHC mortgage premium would be 4% of the mortgage amount (or $15,200). Which would bring your total mortgage amount to $395,200.

📝 NOTE: Mortgage loan insurance is NOT mortgage protection insurance!
It’s easy to confuse the two, but you must remember that they aren’t the same thing!
Mortgage loan insurance protects the lender. Whereas, mortgage protection insurance pays off the balance of the mortgage should one of the borrowers pass away.

Your home is one of the biggest investment you make. Understanding how mortgage insurance works could help you make wiser decisions about buying a home.

Have any questions about mortgage insurance? My DM’s are always open!

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📲 (647) 250-9911
[email protected]

11/29/2021

It is not always easy to qualify for a mortgage on your own merits. Even if you have a great job, a decent income, and a perfect credit, it still may not be enough. You may need some extra help to qualify, in this case you have options --> a co-signer!

What is a co-signer? ⁉️
A co-signer is someone who steps in when another individual (usually someone close to them), can’t qualify for a loan on their own. It’s like a backup plan for the lender.

What’s the process like for a co-signer?⁉️
When a co-signer is introduced, they must complete a full application in order to grasp their financial picture (just like you did!)

What makes a strong co-signer?⁉️
The lender’s focus is mainly around a co-signer’s income and a decent credit history. Typically, the best co-signer offers the strengths that you lack when applying for a mortgage on your own. For example. if your income is preventing you from qualifying, you must find a co-signer with a strong income.

How can one become a co-signer? ⁉️
1️⃣ A co-signer becomes a co-borrower: This involves adding the support of another person’s credit history and income to the application. It’s like having a partner or spouse buy the home alongside the primary applicant. The co-signer is EQUALLY responsible for the debt if the mortgage goes into default.

Co-signing is a big decision. While it may be helpful, it also comes with risks (more on this later - stay tuned).
Have any questions? My DM’s are always open!
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📲 (647) 250-9911
[email protected]

11/26/2021

Is there is such a thing as paying your mortgage faster. The faster you pay off your mortgage, the less you will pay in interest, and it will reduce your overall loan cost. However, you should look at your full financial picture to determine if its worth paying off faster.

These are a few ways you can pay off your mortgage faster:
1️⃣Make additional mortgage payments - You can do this by increasing the amount of your payments, or making a lump-sum payment on top of your regular mortgage payments.
2️⃣Keep your payments the same when changing your mortgage - When you’re up for a renewal you may be able to get a lower interest rate. However if you decide to keep your regular payments the same, you can pay off your mortgage faster.

3️⃣Choose an accelerated option for your mortgage payments - This way you can make payments on a weekly or bi-weekly basis. With this option, you’re putting more money toward your mortgage than with a monthly payment and can even save money on interest charges.

Whether or not you decide to pay off your mortgage faster by making additional mortgage payments, keeping the same mortgage payments, or choosing an accelerated option when it’s up for a renewal, it’s important that you understand whether those savings are beneficial for you in the long run. Whether paying off a mortgage faster makes sense is decided on a case-by-case basis.

Feel free to reach out via DM If you have any other questions, I’m always happy to help.
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📲 (647) 250 9911
[email protected]

11/25/2021

Here goes…

My wife and I have been head down putting together an updated Ultimate First Time Home Buyers Guide.

I noticed that I was getting a lot of similar questions from my clients that are first-time home buyers. I thought it would be helpful to consolidate the most frequently asked questions and take the opportunity to update our First Time Home Buyers Guide.

Everything in here is based on questions that my clients have been asking!

Believe me, I get it, you don't have time to read pages upon pages of information, so I really focused on distilling it down to what we thought was most important and kept coming up most often.

Here’s what it covers:

1️⃣ What you need to know before you get started on your application

2️⃣ Key insights to help you during your application process

3️⃣ Critical tips to ensure you seal the deal and what you can expect

I'm excited to share this with you and genuinely hope it helps.

Whether you’re a that wants to help their clients feel more confident in their journey and share this guide with them or a yourself, this guide will help.

Here's a link to get your copy: https://onlysimple.lpages.co/fthb-guide-landing-page/?utm_source=social&utm_campaign=fthbguidelp

Only Simple

12/15/2021

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11/25/2021

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