Alaa Pols - Mortgage Agent

06/02/2021

New Stress Test as of June 1st, 2021

03/27/2021

Preparing your finances for home buying.

You’ve decided you want to buy a home. Here are some tips to get you prepared for one of the biggest purchases of your life.

1. Save money. Put savings away from each paycheck and cut back on spending where you can.

2. Prepare your credit and pay off any debts to improve your credit score. The higher the score, the better. In Ontario, a score of 680 or higher is recommended.

3. Prepare your budget. Buying a house comes with more than just a down payment and mortgage. There are closing fees, lawyer fees, and realty fees to name a few.

4. Shop for a mortgage. Consult with a mortgage agent to help you find the best rate to fit your needs.

If you have any questions or looking for a mortgage, please don't hesitate to message me!

03/25/2021

What is a mortgage pre-approval?

It is the process of getting pre-approved for a certain mortgage rate before applying for one. Being pre-approved by a lender shows sellers that you’re a serious buyer and can make a competitive offer. It is divided into steps and mainly checks the following:

- Identification
- Proof of income
- Proof of assets (to prove you have enough money for a down payment)
- Credit report
- Employment verification
- Information on any debts or financing agreements

With this information, a lender can pre-approve a maximum amount and interest rate. It’s important to keep in mind that getting pre-approved does not guarantee your approval for a mortgage.

If you have any questions or looking for a mortgage, please don't hesitate to message me!

03/22/2021

Don’t get overwhelmed. Use a mortgage agent.

The process of buying a house or property can be overwhelming if you’re trying to do it all by yourself. Take the pressure off by working with a mortgage agent. The small initial effort of finding one that fits your needs will be worth more than the amount of time you’ll spend trying to do the legwork yourself. Easy ways to start finding mortgage agents are looking online or getting referrals from family and friends. Or, send me a message right here, and we can get started!

03/20/2021

Five tips for improving your credit score:


1. Build a positive payment history. This means making payments on time, in full whenever possible, or at least the minimum amount. Do not skip payments. Contact your credit provider if you don’t think you’ll be able to pay a bill.

2. Stay within your limit. For example, if you have a credit card with a $5000 monthly limit, do not charge more than $5000 a month to your card. It is highly recommended that you try to use less than 35% of your available credit. To lenders, using a lot of available credit makes you look like a greater risk.


3. Longevity is key. The longer you’ve had a credit account open, the better. For example, the first credit card you got in university lying around - doesn’t close it. Keep it open and use it now and then. Keep the account active and stay on top of payments. You want to show lenders you have a good, long history of being a reliable credit borrower.


4. Limit the number of credit checks and credit applications you apply for. For example, use a mortgage agent when you’re looking for a mortgage! As mortgage agents, we need to do only one credit check instead of you doing separate credit checks for each lender you might consider borrowing from. Limit your credit applications by only applying for credit when you need it. Don’t take out loans or open new credit cards unless you need to.


5. Lastly, if appropriate for you, have multiple types of credit. Examples include a credit card, line of credit, car loan, etc. Successfully managing a variety of credit shows lenders you are reliable.

For more information, please visit the Government of Canada’s page Improving Your Credit Score page.
https://www.canada.ca/en/financial-consumer-agency/services/credit-reports-score/improve-credit-score.html

What affects your credit history, such as payment history, type of credit, use of available credit, number of credit checks and length of credit history.

03/18/2021

What are open and closed-ended mortgages?

To start, let’s define a mortgage. A mortgage is a loan to buy or maintain a house or form of real estate. It is a loan that is paid back over time, typically in regular payments with interest. The property is the collateral, meaning if you fail to make payments, the lender can take the property.

Closed mortgages are restrictive.
- lower interest rate than an open mortgage
- ideal for buyers who plan to keep the property long-term
- cannot be refinanced, renegotiated or prepaid without penalties

An open mortgage offers flexibility to the borrower.
- Without paying penalties, you can: Increase payments, prepay, pay a lump sum
- ideal for people who do not plan to keep the property long term
- have higher interest rates than closed mortgages

Make sure to speak with your mortgage agent about which mortgage type will work best for your needs.

Please contact me with any questions or if you're looking for a mortgage!

03/15/2021

Kind words from a happy client.

"Alaa helped us to get a mortgage set up for our house. He provided the lowest rate in the market.

He was quick in getting the pre-approval and the approval for closing. He also guided us about the price ranges in the area, insurance and how much we can afford. Further, he advised us on how to use our down payment.

He was very easy to work with and he went over and above to make sure we were happy. He also made sure we understood the process. He was always willing to reply to emails and call back. His response rates were even faster than ours.

We recommend him to others with 100% confidence."

03/13/2021

Earlier this week I posted a quick, simple definition of down payment. Matt Rooney has a great video resource expanding on the topic. He talks with numbers to help you visualize costs. Check it out here, https://www.youtube.com/watch?v=6NpcEGWSyXY&ab_channel=AmericanMotelMedia

Minimum Down Payment Ontario. Buyers always tell me the hardest part about buying a house is saving up the down payment. I cover everything you need to kno...

03/11/2021

Tips for choosing a mortgage agent

Meet them in person
Or through video call, until it's safe to meet in person. Get a feel for how that agent communicates with you and how they answer your questions. We all want to work with kind, patient and understanding people and the best way to gauge that is to actually meet them!

Ask them what they do best
Each agent has different strengths. You’ll want to choose an agent with strengths that fit your needs.

Shop Around
Don't be afraid to reach out to multiple agents before choosing one! Each one will have different strengths and offers. Choose the one you feel will help you reach your mortgage goals.

Agent Availability
Do you work full time causing you to only be available in the evenings or weekends to discuss your mortgage? Are you a first-time homebuyer with a lot of questions at all hours? Choose a broker with working hours that fit your lifestyle.

Like my page to see how I can help you buy a home! Please message me with any questions or if you're looking for a mortgage.

03/11/2021

Contact me if you have any questions.