Cristina Piccirillo Your Mortgage Broker

11/14/2021

Has the Bank Turned You Down?

You had a vision, you imagined the lifestyle that you would have in your new home. You can see your self in your kitchen cooking or playing in the backyard with your kids. Whatever your dreams were, you may have felt as if your dreams were shattered when the bank turned you down for your mortgage.

If you’ve been turned down by the bank for a mortgage, don’t get discouraged you are not alone. This is a trend that is happening more and more and especially with all the recent changes in the last couple years. It almost may seem as purchasing a home is unattainable! Get this thought out of your head! Anything is attainable, we just need to make a plan.

Just because the Bank turned you down, does not mean there are no other options available to you. We have many alternative lenders that can help that will allow us to extend on the ratios for qualifications. Also how we qualify you is also different when it comes to income, self employed etc.

Alternative lenders look at the bigger picture and the story. Yes, we will need documentation (of course) but for example if you are self employed we can use the last 6 month bank statements to assess your income. We have OPTIONS!

So, if you’ve been turned down by your bank, do not let this discourage you and feel as though your dreams have been shattered. We will help find a solution and if at most work on a goal to get you in a home sooner than later.

Let’s chat! 💬

01/19/2021

Looking for an Assistant - must have experience

Primary focus for this position is to effectively and efficiently review residential application, input and review documents, providing a high level of customer service to our clients, referral partners, solicitors and lenders.

Responsibilities and Duties

-Manage, compile and organize mortgage file for loan in accordance with policy and guidelines, fulfilling all documentation required for credit evaluation.
-Analyze, reconcile and submit loan packages for underwriting approval with required time frame.
-Process commitments, track conditions so deals can fund and issue modifications after commitment.
-Provide support to Mortgage Agents from file preparation to the closing and follow up with the underwriter on a daily basis to obtain File broker complete status.
-Underwrite and verify all the supporting documents such as downpayment, closing costs, purchase and sales agreements, employment letters, credit reports, pay stubs, NOA's, T4's and T1 Generals, Article of Incorporation or business licenses for self-employed, stated income declarations, appraisal reports and personal identifications.
-Order and review appraisals.
-Respond to questions or concerns from clients in a timely and courteous matter to ensure timely and accurate completion of each mortgage transaction.

Qualifications and Skills

-Mortgage Underwriting Experience
-Must know Filogix.
-Must have good computer skills (microsoft office, word, excel and outlook)
-Must be a team player.
-Must be abe to multi task.
-Must be dependable

Contact our Office Manager Vickie Lupoi at 905 605-5363
or email [email protected]

06/02/2019

One of the most common reasons for people upsizing their home is a growing family; whether there’s a new member on the way or if the current members keep growing! That small home you and your partner loved at first may start to feel a bit more cramped and less spacious, leading you to want a bigger home. Not only does a bigger house give your children a better environment to grow in, it also gives everyone that little bit of space they need for extra privacy or alone time.

Planning family growth also requires you to upsize your home, but it also requires you to do some financial planning. Doing all the calculations will help you better understand where you are financially, also knowing if your existing mortgage is portable and how to situate your new mortgage. Speak to your realtor as well to be fully aware of your options. It’s a big investment and you want to make sure your have all your questions answered.

05/11/2019

Make it the home you love💙

04/26/2019

04/03/2019

Get Paid for Going Green

The government highly encourages home owners to be eco-friendly, and there are a variety of incentives and rebates offered at the federal, provincial, and even at a corporate, level. Specific rebates differ from province to province, but common ones include:

The CMHC Green Home program: This offers up to a 25% refund to borrowers who buy, build or renovate their home to be more energy efficient, as long as they’re using CMHC financing to pay for the improvements.
Tap by Tap: This program offers those in participating communities kits to retrofit their water systems, including high-efficiency, low-energy shower heads.
The Home Energy Loan Program: Offered by the City of Toronto, this program offers low-interest loans for home improvements that boost energy and water efficiency. Those who qualify will receive funding from the city for the renovations, to be paid back in installments on their property tax bill.

02/21/2019

For those of you who are not familiar with there credit score , it’s a 3 digit number that encompasses all your credit activity into an average. Credit scores range from 300-900 in Canada. The higher your credit score the better it is. Anything over and above 650 is considered good and means that your in a lower risk category to default on your mortgage or credit, 750 and higher is deemed as excellent. In many cases a min of 680 is required for mortgage approval from most of the A lenders. Unfortunately a credit score of 600 or under is considered low, meaning you are at higher risk to the lenders. If your credit score is under 600 you will have to apply with a different lender such as an alternative B lender or private lender. Or, if you can, it’s not a bad idea to hold off on applying for a while and fix your credit to help get the credit score back up.

02/20/2019

Penalties: What would happen if you were to break your mortgage? That’s a question every mortgage applicant should ask. People wind up having to break their mortgage for any number of reasons: They move, they get divorced, they lose their jobs. And that can cost them thousands of dollars in mortgage penalties, which is why it’s important to look at the fine print. In Canada, if you have a variable-rate mortgage, the penalty is generally three months’ interest. If you have a fixed rate, however, you could get dinged for much more than you think. That’s because you’ll have to pay the greater of either three months’ interest or something called the interest rate differential (IRD), which is based on current mortgage rates and your remaining mortgage balance. If you’re going for a fixed-rate mortgage, it’s important to ask your lender whether the IRD is calculated based on their discount rate or their considerably higher posted rate. “The big banks calculate fixed-rate penalties using their posted rates,” which can mean BIG Penalties. Know your mortgage.

10/25/2018

https://www.facebook.com/100000726613791/posts/2185192341514965/

Deciding on whether to float your rate depends heavily on three things

09/19/2018

https://business.financialpost.com/real-estate/canadian-home-sales-rise-by-0-9-per-cent-between-july-and-august-crea?platform=hootsuite

Growth led by the Greater Toronto Area, along with gains in Montreal and Edmonton