Michael K Mortgages

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Toronto, ON
Michael K Mortgages

Your bank shows you their mortgage products... I show you every bank's mortgage products. My services are free, and there are no obligations!

10/26/2022

🚨Rate increase alert!🚨
This news comes as no surprise, the Bank of Canada has increased its policy interest rate by another .50% today as it continues to restore price stability for Canadians to achieve a target inflation mark.

If you hold your mortgage with a variable interest rate, this increase will affect you. If your variable rate structure is an adjustable, one that changes with rate fluctuations, you can expect your payments to increase on your next payment cycle.

If you are on a variable rate that has fixed payments, consider paying more into your mortgage payments so that you are building equity and not making interest only payments.

Connect with me anytime if you have questions about how these changes might affect you.

10/18/2022

➡️One of the toughest decisions with any new mortgage today is whether to take a fixed or a variable interest rate 🤔…Although, recent rising interest rates would normally make fixed options look very attractive, there are certain factors to consider… given the state we are in now, it is most likely that variable rate hikes will slow down very soon. If rates continue upward, we are likely headed for a recession, which, of course the bank of Canada would like to avoid…
Also, fixed rates are high right now, given that variable rates are likely to plateau by early 2023, you will likely still be in a better position versus a fixed rate over your mortgage term. Of course, there is a high level of speculation with any rate predictions in a market that we are currently in and any prediction is an educated guess…but it is a popular opinion from the majority of professionals in the industry.

With this said, be prepared for another almost certain rate hike at the end of this month when the bank of Canada has their meeting on Oct 26th.

So which are you going with?

06/02/2022

The tax-free cash 💵 you can get from a reverse mortgage can be used for whatever you need it for. Whether it’s for eliminating debt, buying a vacation property, increasing your cash flow, or providing your family with an early inheritance – it’s up to you!

You can access up to 55% of the equity in your home and receive the money in a lump-sum payment, periodic installments, or a combination of the two. Best part is, you don’t have to make any payments… ever!
If you would like to learn more about how a reverse mortgage can be a tool in your financial plan, please contact me at 416-845-7625 or email me: [email protected]

10/29/2020

▶️This question comes up a lot with new clients: "Do you charge a fee?" Or "How much will your services be costing me?"
Although these are valid questions and ones that I would always expect to come up, the good news is that for typical residential Mortgage transactions there are no fees and absolutely no charge for a mortgage broker or mortgage agents services. It's the lending institution who pays the mortgage broker or agent a "finders fee".

There are circumstances however, especially when private lending is required where a mortgage broker will charge a fee since private lenders do not offer any compensation.

But rest assured, if your credit is in order and you qualify with an institutional lender (A lender) such as a bank or mortgage lending company, you will see no 🚫 fees 🙂👍

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09/14/2020

Mid month rate update. 5 year fixed has dropped once again and it's now:

1.89% ‼️

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09/10/2020

There's a common misconception out there that you need to be in your job for at least two years to qualify for a mortgage. 🤔

Although this is true for individuals with self-employed or commission-based income... It is not the case for anyone who works on a salary or for an employer with an hourly wage and has guaranteed hours 👍

In fact, even if your job is brand new, you can qualify with a letter of employment to prove your income even if you are still on your probation period 😀👍

Bet you didn't know... 🙂

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09/08/2020

Taking equity out of your home has never been as affordable as it is today.

If you've been putting off home renovations🛠️, investing opportunities💲or even consolidating your debt... You should consider refinancing sooner than later.

Historic low interest rates coupled with lender programs tailored for refinancing your mortgage make it very inexpensive to refinance and put your money to good use.

Contact me if you'd like to explore your options further 👍

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09/04/2020

The greatest risk and uncertainty in life is when someone chooses to put aside changes they know are necessary but are too afraid of the risks or possible failures... Focus on your dreams and aspirations, it's okay to learn as you go... Nobody starts as an expert. 🙂
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09/03/2020

Co-signing on a mortgage for a family member can be a difficult decision because of the implications it may have on the co-signer's future financing. As a co-signer, your name is on the title of the property and your credit report will reflect this mortgage as a liability😢

So whats the difference signing as a guarantor instead? Well, it helps qualify the same way a co-signer does, but without the future financing implications... The guarantor will NOT be on title of the property and their credit will NOT report the mortgage👍

Keep in mind that both options are only available for immediate family members (parents, grandparents, siblings, children).

Contact me anytime if you would like more information 🙂

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09/02/2020

Thank you for kind words Pat, it's such a rewarding feeling to hear positive feedback from a satisfied client 🙂
I'm happy I was able to make the process as painless as possible 👍

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Address

Toronto, ON

Telephone

+14168457625

Website

http://michaelkmortgages.com/

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