Everything you need to know about purchasing a home, whether you are a first time home buyer or a repeat buyer - this is a great place to start. Then contact me at lisat@mortgagebrokersottawa.com to get started on your preapproved mortgage...
Solving Loan Processing Through AutomationZia Consulting
As regulations and expenses increase with loan processing, the need for a fully automated solution is now more important than ever. Utilizing even a partially manual process opens you up to errors, longer processing times, security issues, and unpredictable costs. By implementing a mortgage loan automation solution that focuses on data extraction, classification, and workflow, you can cut your processing expenses and risk by over 90%.
With our Advanced Closing Extraction (ACE) mortgage accelerator, you can offset many issues introduced through TILA-RESPA by:
- Decreasing employee hours spent on processing through automated document classification, data extraction, and information validation.
- Enhancing the user experience with easy-to-implement exception handling and time-saving shortcuts.
- Introducing process improvements based on detailed analytics and reporting capabilities.
- Transforming the end-to-end customer experience from the first contact to the last interaction.
Whether you are a mortgage bank, wholesale bank, or service provider, the need to automate document processing is clear. This webinar will guide you in navigating the changes seen from TRID with expertise, examples, and customer success stories.
Solving Loan Processing Through AutomationZia Consulting
As regulations and expenses increase with loan processing, the need for a fully automated solution is now more important than ever. Utilizing even a partially manual process opens you up to errors, longer processing times, security issues, and unpredictable costs. By implementing a mortgage loan automation solution that focuses on data extraction, classification, and workflow, you can cut your processing expenses and risk by over 90%.
With our Advanced Closing Extraction (ACE) mortgage accelerator, you can offset many issues introduced through TILA-RESPA by:
- Decreasing employee hours spent on processing through automated document classification, data extraction, and information validation.
- Enhancing the user experience with easy-to-implement exception handling and time-saving shortcuts.
- Introducing process improvements based on detailed analytics and reporting capabilities.
- Transforming the end-to-end customer experience from the first contact to the last interaction.
Whether you are a mortgage bank, wholesale bank, or service provider, the need to automate document processing is clear. This webinar will guide you in navigating the changes seen from TRID with expertise, examples, and customer success stories.
CBC Mortgage Agency (CBCMA) is a federally chartered, public-purpose government lender. CBC Mortgage Agency (CBCMA) created Chenoa Fund to help lenders to assist their borrowers to obtain the 3.5% minimum required investment on an FHA loan.
CBC Mortgage Agency (CBCMA) is a federally chartered, public-purpose government lender. CBC Mortgage Agency (CBCMA) created Chenoa Fund to help lenders to assist their borrowers to obtain the 3.5% minimum required investment on an FHA loan.
Renewing your Mortgage should be treated like a negotiation. All the Lenders want your business! Arm yourself with knowledge to get the best rate for your mortgage.
I/We offer Bank Guarantee only on lease, there are two types of bank guarantee which are Direct Bank Guarantee and Indirect Bank Guarantee. As well as DLC, LC SBLC, Its used as Bid Bond, Payment Guarantees, Letter of Indemnity, Guarantee Securing Credit Line, Advance Payment Guarantees, Performance Bond Guarantee E.T.C.
Intermediaries/Consultants/Brokers are welcome to bring their clients and are 100% protected. In complete confidence, we will work together for the benefits of all parties involved.
This is a voice over of a PowerPoint presentation we did at the seminar we did for distressed homeowners in our Edmond Oklahoma office. We discussed all the options for avoiding foreclosure in the Oklahoma City area with more information that is available at our short sale website, www.avoidforeclosureoklahoma.com.
How to avail BG/SBLC ?
We are direct to the Provider of BG/SBLC.
The BG/SBLC Provider is Via Top 25 MNC Bank.
There is no Upfront fee.
The BG/SBLC Provider terms wont Change.
There is 2% commission to be paid by the end user of BG/SBLC to all intermediaries, at the time of closure of the deal.
We seek companies with strong financial capabilities
BG/SBLC is available for LEASE as well as PURCHASE
CBC Mortgage Agency (CBCMA) is a federally chartered, public-purpose government lender. CBC Mortgage Agency (CBCMA) created Chenoa Fund to help lenders to assist their borrowers to obtain the 3.5% minimum required investment on an FHA loan.
CBC Mortgage Agency (CBCMA) is a federally chartered, public-purpose government lender. CBC Mortgage Agency (CBCMA) created Chenoa Fund to help lenders to assist their borrowers to obtain the 3.5% minimum required investment on an FHA loan.
Renewing your Mortgage should be treated like a negotiation. All the Lenders want your business! Arm yourself with knowledge to get the best rate for your mortgage.
I/We offer Bank Guarantee only on lease, there are two types of bank guarantee which are Direct Bank Guarantee and Indirect Bank Guarantee. As well as DLC, LC SBLC, Its used as Bid Bond, Payment Guarantees, Letter of Indemnity, Guarantee Securing Credit Line, Advance Payment Guarantees, Performance Bond Guarantee E.T.C.
Intermediaries/Consultants/Brokers are welcome to bring their clients and are 100% protected. In complete confidence, we will work together for the benefits of all parties involved.
This is a voice over of a PowerPoint presentation we did at the seminar we did for distressed homeowners in our Edmond Oklahoma office. We discussed all the options for avoiding foreclosure in the Oklahoma City area with more information that is available at our short sale website, www.avoidforeclosureoklahoma.com.
How to avail BG/SBLC ?
We are direct to the Provider of BG/SBLC.
The BG/SBLC Provider is Via Top 25 MNC Bank.
There is no Upfront fee.
The BG/SBLC Provider terms wont Change.
There is 2% commission to be paid by the end user of BG/SBLC to all intermediaries, at the time of closure of the deal.
We seek companies with strong financial capabilities
BG/SBLC is available for LEASE as well as PURCHASE
SXSW has made many startups successful: Twitter, Foursquare and others. We at Biz360 put together a study examining the rise and fall of social media conversation around a handful of the hottest startups from SXSW 2010. Check out this study to figure out who generated the most pre-conference buzz and sustained it after the event.
It describes the possibilities of implementing TCP over 4G Wireless networks
If we succeed in that we can get last info /voice back
Because 4G uses "digital packet switching" technology
The guide provides information on:
Obtaining finance
Loan types
Application and settlement process
First home owners grant
Property buyers guide
Top tips for paying off your loan quicker
Home loan FAQs
Glossary
Buying a home can be one of the most exciting and daunting times in your life, and whether you’re deciding to buy with your partner, or by yourself, Homeloans will be there to help you every step of the way.
• The $8,000 tax credit is available for first-time home buyers only.
• The law defines a first-time home buyer as a buyer who has not owned a home during the past three years. If you\'ve owned an investment property that was not your principle residence, you may still be eligible.
• All U.S. citizens who file taxes are eligible to participate in the program.
LAP LOAN
Loan against Property (LAP)
refers to a secured loan category somewhat like a home loan where the borrower provides guarantee by using his property as security. The right of ownership of the property is still with the borrower, and if for some reason, the borrower is unable to repay the loan amount, the property can always be sold off to pay off the debt.
The maximum loan amount varies from bank to bank and could range from Rs.2 lakhs up to Rs.100 lakhs. The loan amount depends on the property valuation, your income and of-course your repayment capacity.
The maximum loan amount can come upto 80% to 100% of property value for commercial setups and up to 80% for residential properties (This is really variable as it completely depends on the valuation of your property).
The maximum loan tenure in Loan Against Property cases is 15 years.
Be ready to provide security, collateral or guarantors in order to obtain a Loan Against Property, not to mention a long verification process.
Step by step process to buying a home. Everything you need to know from making the offer, to getting the proper inspections, the paperwork, and closing process.
Mike Hall
Http://www.myohiohouse.com
614-937-4162
"Welcome to your path to homeownership with our mortgage loan solutions. Owning a home is a dream for many, and we're here to make it a reality for you. Our mortgage loans offer a secure and affordable way to purchase your dream property or refinance your existing home. With competitive interest rates, flexible repayment options, and personalized guidance, we're committed to helping you find the perfect loan to fit your unique needs. Our experienced team of experts will walk you through the entire process, from application to closing, making your journey to homeownership as smooth as possible. Take the first step towards building equity and creating a place to call your own with our trusted mortgage loan services."
Rixos Tersane Istanbul Residences Brochure_May2024_ENG.pdfListing Turkey
Tersane Suites Residences is a luxurious real estate project located in the heart of Istanbul, next to the beautiful Golden Horn. This unique development offers hotel concept residences with Rixos management, making it the perfect choice for both homeowners and investors.
The Tersane Suites Residences offers a wide range of options, from studio apartments to spacious four-bedroom units, all designed to the highest standard. The suites are finished with high-quality materials and feature modern, open-plan living spaces, fully-equipped kitchens, and large balconies with stunning views of the city and sea.
One of the standout features of Tersane Suites Residences is the Rixos management, which provides a truly exclusive and upscale living experience. Residents will have access to a range of luxury amenities, including a fitness center, spa, and indoor and outdoor swimming pools. Plus, the on-site restaurants and cafes provide a taste of the local and international cuisine.
The Tersane Suites Residences also offers a great opportunity for investors, as it provides a rental guarantee program. This means that investors can enjoy a steady income stream, with the peace of mind that their property is being managed by a reputable and experienced team.
The location of Tersane Suites Residences is also unbeatable, with easy access to the city’s main transportation links and within close proximity to the historic center, making it the perfect base for exploring all that Istanbul has to offer.
Elegant Evergreen Homes - Luxury Apartments Redefining Comfort in Yelahanka, ...JagadishKR1
Experience unmatched luxury at Elegant Evergreen Homes, offering exquisite 2, 3, and 4 BHK apartments in the serene locality of Yelahanka, Bangalore. These meticulously crafted homes blend modern design with timeless elegance, providing a harmonious living environment. Enjoy top-tier amenities and a prime location, making Elegant Evergreen Homes the ideal choice for discerning homeowners.
Investing In The US As A Canadian… And How To Do It RIGHT!! (feat. Erwin Szet...Volition Properties
=== Investing In The US As A Canadian… And How To Do It RIGHT!! (feat. Erwin Szeto) ===
Ever been curious about Real Estate Investing in the US?? At Volition, for the past 14 years, we have been focused on helping investors invest in over $250M of real estate and generate $100M of wealth in the Toronto market, but we are always open to learning more about other business models and learning from other investors.
The US has always been an intriguing market to invest in. But the US is a big place… if you’re interested in investing in the US, you probably have a lot of questions, like:
☑️ Specifically WHERE should you invest?
☑️ What are the best markets to invest in and why?
☑️ How much are property prices there?
☑️ What are the returns like?
☑️ What is cashflow like?
☑️ Compared to investing in Toronto or other cities in Ontario, what are the benefits / tradeoffs?
☑️ What ownership structure should I use?
☑️ What are the tax implications?
☑️ Can I get financing?
☑️ What are tenants like?
Enter Erwin Szeto, a longtime friend of Volition. Since 2005, Erwin Szeto and his team have navigated the challenging landscape of being landlords in Ontario. Now, they are shifting their focus and guiding their clients' investments toward the more landlord-friendly environment of the USA. This decision comes after assisting Canadian clients in transacting over $440,000,000 in income properties. Faced with issues like affordability constraints, tenant-friendly laws, rent control, and rental licensing in Canada, Erwin sees a clear opportunity in the U.S. Here, there is a significant influx of investments leading to the creation of high-paying manufacturing jobs. Erwin and his clients are poised to capitalize on these opportunities where landlord rights are stronger and there is no rent control.
To facilitate this transition, Erwin has partnered with and become a client of SHARE, a one-stop-shop U.S. Asset Manager. Founded by Canadians for Canadians, SHARE enables as passive an ownership experience as possible for landlords in the U.S., while still maintaining direct, 100% ownership.
Erwin is “Making Real Estate Investing Great Again”!!
Website: https://www.infinitywealth.ca/
Facebook: https://www.facebook.com/iwinrealestate and https://www.facebook.com/ErwinSzetoOfficial
Podcast: https://www.truthaboutrealestateinvesting.ca/
Instagram: https://www.instagram.com/iwinrealestate/ and https://www.instagram.com/erwinszeto/
500 acres of brilliance await you here at Riverview City which offers modern living, effortless convenience, and a beautiful natural setting. It is a mega township by Magarpatta City in Loni Kalbhor, Pune. Enjoy easy access to work, schools, and fun while experiencing a perfect work-life balance.
Visit - magarpattacity.developerprojects.in
Torun Center Residences Istanbul - Listing TurkeyListing Turkey
THERE IS LIFE IN ITS CENTER!
The most energetic spot of the city that will add utterly different pleasures to your life, with a park that will make Istanbul breathe, delighting indoor and outdoor bistros, cafes, restaurants, the brand-new Food Hall concept, where dozens of unique tastes are served together, market area, cinema, theater, fitness club, SPA and event venue...
All the pleasures that will enrich your lives are awaiting you on the most beautiful side of the city, at Torun Center Residences. In Mecidiyeköy, where the heart of Istanbul beats, business, life and entertainment opportunities are located at the exact center, at Torun Center, the most beautiful side of the city.
Penthouse apartments and different styles of flats from 1 + 1 to 4 + 1, from 100 to 425 square meters in a 42-story residence tower, have been designed for those who want to live in the center of magnificence. Torun Center is the redefinition of a better life with specially landscaped floor gardens, apartment options with private balconies, and automatic glass systems equipped with Trickle Ventilation that offers clean air comfort.
Business and life in the same place
Excellent service
Torun Center has many delightful details, from a swimming pool to sunbathing and resting terrace. With 24/7 concierge services, 24/7 security, valet, technical service, closed-circuit camera system (CCTV), central heating and cooling system, it makes your life easier.
Delightful details
The two-story Torun Center Lounge, with its indoor and outdoor seating areas, children's playroom, private dining and TV lounge, promises unforgettable memories to you and your loved ones with its unique Istanbul view.
Neighboring to the most pleasant square of Istanbul
A few steps from the Torun Center Residences, you can reach the city's most modern city square and open the doors of a quality city life. Torun Center Residences brings together on the same project the long-awaited city life for Istanbul and gourmet restaurants, cafes, gym and SPA, and state-of-the-art cinema and Artı Stage, hosting the most famous plays of the season.
Located at the intersection of alternative public transportation options such as the metro and Metrobus, Torun Center comes to the fore as the most accessible office for both sides of Istanbul. With a central location and rich transportation lines, Torun Center offices make life easier for employees and increase productivity.
Brigade Insignia offers meticulously designed apartments with modern architecture and premium finishes. The project features spacious 3,3.5,4 and 5 BHK units, each thoughtfully planned to provide maximum comfort, natural light, and ventilation.
https://www.newprojectbangalore.com/brigade-insignia-yelahanka-bangalore.html
Lixin Azarmehr, a Los Angeles-based real estate development trailblazer, co-founded JL Real Estate Development (JL RED) in 2015 and serves as its CEO. Her expertise has propelled the firm to specialize in luxury residential and mixed-use commercial projects, with a portfolio that features upscale retail spaces and sophisticated care facilities.
Flat available for sale
Location- Tupudana, Ranchi
Savitri enclave
Area- 3BHK
Rate- 4000/sq.ft.
Super Build Up Area-1629 sq.ft.
Build-up area-1253 sq.ft.
Rate- 65lakh16k(approx)
Floor available- Flat available in all floor(G+12)
Balcony- 2
Washroom- 2
Parking - CAR PARKING
Amenities- Joggers track,temple, children's park,gym,banquet hall (5 Lakh)
Possession year (Handover year)- Dec 2025
Outside View from the apartment and flat balcony is very beautiful.
For more information contact AASHIYANA STAR PROPERTIES
7766900371
Oeiras Tech City, Developed by RE Capital and REIG, Will Become Lisbon's Futu...Newman George Leech
Oeiras Tech City, a historic development in the Oeiras municipality of Lisbon, is acquired by RE Capital and REIG. It is located on a 93,000-square-meter plot of land and combines co-living, business, and residential areas. It highlights ESG principles and is close to Tagus Park, which improves the urban landscape of Lisbon.
Need MCA leads? No sweat! MCAs are great for small biz funding. Learn how to snag top-notch leads: businesses needing cash, with repayment ability, decision-makers, and accurate contacts. Use content, social ads, lead platforms, partnerships, and capture processes for quality leads.
https://www.leadgeneration.media/blog/b/streamline-your-mca-sales-process-with-pre-qualified-leads
Urbanrise Paradise on Earth - Unveiling Unprecedented Luxury in Exquisite Vil...JagadishKR1
Immerse yourself in the epitome of luxury living at Urbanrise Paradise on Earth. These opulent 4 BHK villas, nestled off the prestigious Kanakapura Road in Bangalore, redefine elegance and sophistication. With meticulous craftsmanship, breathtaking design, and unparalleled amenities, Urbanrise Paradise on Earth offers a sanctuary where every moment is infused with luxury and serenity. Experience a life of grandeur and indulgence at this exclusive residential enclave.
One FNG by Group 108 Sector 142 Noida Construction UpdateOne FNG
One FNG by Group 108 is launching a new commercial project in Sector 142 Noida. Office space and high street retail shops on the FNG and Noida Expressway. For more information visit the website https://www.onefng.com/
BricknBolt Understanding Load-Bearing Walls and Their Structural Support in H...BrickAndBolt
Load-bearing walls are the backbone of any home construction, providing crucial structural support that carries the weight of the house above. For companies like Brick and Bolt Mysore and Bricknbolt Faridabad, understanding and properly implementing these elements are key to constructing safe and durable buildings.
MC Heights-Best Construction Company in jhanglaraibfatim009
MC Heights stands as the epitome of excellence in construction within Jhang. With a commitment to unparalleled quality and innovative design, MC Heights redefines urban living in the heart of Jhang. Offering luxurious residential spaces, cutting-edge commercial complexes, and vibrant community areas, MC Heights caters to the diverse needs of modern lifestyles. Our dedication to superior craftsmanship and customer satisfaction ensures that every aspect of MC Heights exceeds expectations, making it the premier choice for those seeking unparalleled sophistication and comfort in Jhang.
Omaxe Sports City Dwarka stands out as a premier residential and recreational destination, offering a blend of luxury and sports-centric living. Located in the thriving area of Dwarka, this project by Omaxe Limited is designed to cater to modern lifestyle needs while promoting a healthy, active living environment.
Scanning tenants in NYC requires a thorough and compliant approach to ensure you find reliable renters. For a positive rental experience, consider hiring a property management service. Belgium Management LLC specializes in NYC rental property management and tenant relationship management. We prioritize tenant satisfaction, making us a trusted name in New York property management. Our dedicated team ensures tenants feel valued and supported throughout their lease.
Simpolo Tiles & Bathware
Tile ho,
toh Simpolo.
Since the first steps were taken in 1977, Simpolo Ceramics has carved its niche as a consistently growing organisation with unparalleled innovation and passion rooted in simplicity.
We endure gratification for every experience we offer, created to share something meaningful. It may not resonate with the majority, but that makes us a class apart. If only a handful were to understand the purpose of our existence, we would be proud to have found our believers. Rather, people with whom we can share our beliefs.
VISUALIZER
Design your space in your style with our very own Visualizer. Now, you can choose the tiles of your liking from our wide selection and see how they would look in a space. Select the tile from the multiple options and the visualiser will replace the surfaces in the image with the selected tiles. This way, instead of just your imagination, you can choose the tiles for your place by getting an actual picture of how they would look in a space. So, design your space the way you desire digitally and implement it in real life to get the best results!
You can also share this visualiser with others to help them design their space.
Committed to delighting customers with world-class ceramic products and services. Make Simpolo synonymous with the best quality and set new benchmarks of excellence for all stakeholders. Pursue best business practices with utmost integrity to make Simpolo an exciting organisation to work with, for vendors, channel partners, investors and employees alike.
Gain worldwide recognition in the field of ceramic building products through Research and Innovation and bring an enhanced lifestyle within reach for every household.
Keep Your Home Naturally Cool and Warm Out Change in Seasons
Vinra Construction is a private limited company registered under the ROC. The management has an experience of over 15 years of understanding the needs and delivering apt solutions to the end users We are providing turnkey solutions in construction fields. like Construction, Interior Designing Facility Management, Plantation Management, etc..
Vinra Construction Tech Enabled Company for Eco-Friendly Home Construction
Contact With Vinra for a Greener Future >>> Call us @ 888 4898 765
3. Mortgage Brokers Ottawa
YOUR choice in the category of Mortgage Companies and Brokers
Why use a Mortgage Broker?
Let an Expert take care of getting you a better deal!
Mortgage brokers are professionals whose primary knowledge and expertise is mortgages.
Rather than working for one financial institution, we are independent and deal with many
different financial institutions, including major banks, credit unions, trust companies, and
private lenders. This allows us to offer you more choices and more competitive rates. It also
means our advice is impartial and based on your best interests!
While you may not enjoy negotiating with financial institutions, that’s our specialty. We’ll
make sure you get the most attractive offer to suit your individual circumstances.
A Mortgage Brokers Ottawa mortgage professional can shop dozens of lenders in the time it
takes you to book an appointment at your bank.
Even though we work for you, not the financial institution, we actually get paid by the financial
institution - not you! Their “finder’s fees” reimburse us for bringing them creditworthy clients
like you, and since these fees are similar across most lenders, there is no incentive for us to
favour one lender over another. In very rare instances - if, for example, you have non-standard
credit - a mortgage broker may charge a fee, but in the vast majority of cases, there is
absolutely no charge to you for our services!
Before you make what is likely to be the biggest financial decision of your life, talk to us:
Lisa Theriault
Mortgage Brokers Ottawa
Broker Licence # 11759
5560 Manotick Main Street – Phone: 613-692-3900 Fax: 613-692-2810
To complete a secure application on-line, visit my website at:
www.lisatheriault.com
or complete the attached application and fax to my attention.
4. Mortgage Brokers Ottawa
YOUR choice in the category of Mortgage Companies and Brokers
Mortgage Brokers Ottawa Lenders
Working with a Mortgage Brokers Ottawa professional gives you access to over 30 national lenders
and hundreds of mortgage options!
And many others including Private Lenders and Investors
5. Mortgage Brokers Ottawa
YOUR choice in the category of Mortgage Companies and Brokers
Advantages of a Pre-Approval
Rate Guarantee up to 1 year! … A pre-approval is a certificate that allows you to hold the current
interest rate for as long as 365 days. It will outline the maximum purchase price and qualified mortgage
amount based on your down payment, credit and income.
You’ll be able to look for a home with the security of knowing exactly how much you can borrow, and
show sellers that you have the financing you need to buy a home (subject to a property appraisal and
other stated conditions).
Getting pre-qualified online is simple and free!
Mortgage Brokers Ottawa offers you multiple options for completing the pre-approval process and
gives you the opportunity to choose the best option to suit your personal needs - you can apply online,
by fax or by phone.
What are the advantages of a pre-approval?
You will have an advantage over other competing buyers who are not already pre-approved for the
purchase price because you will show sellers that you are serious about the purchase – which can help
make your offer more attractive to the seller.
Information you will be required to supply the first time you meet with a Mortgage Brokers Ottawa
professional includes:
Your personal information, including identification, such as your driver's license
Details on your employment, including confirmation of income by way of a letter from your
employer and recent paystub (or your last two years Notice of Assessments if you are self-
employed).
Any other sources of income
Information and details on all bank accounts, loans and other debts
Proof of financial assets
Source and amount of down payment
Proof of sufficient funds to cover the closing costs (these are usually between 1.5% and 3%
of the purchase price and include legal fees, land transfer tax, disbursements, etc)
6. Mortgage Brokers Ottawa
YOUR choice in the category of Mortgage Companies and Brokers
Down payment
For most people the hardest part of buying a home, especially the first one, is saving for the down
payment. Many people will not have the 20% of the purchase price to put down, but with mortgage
loan insurance you can put as little as 5% down. Mortgage loan insurance protects the lender from
default and most Canadian lending institutions are required by law to have it. If the borrower defaults
(fails to pay) on the mortgage, the lender is reimbursed by the insurer. The cost for this coverage is in
the form of an insurance premium which is added to your mortgage or can be paid in a single lump sum
at the time of closing.
Canada Mortgage and Housing Corporation (CMHC) and Genworth Financial are two major providers of
this type of insurance in Canada and their current loan premiums are as follows:
Financing Required Premium % of Loan Amount
80.01 to 85% 1.80%
85.01 – 90% 2.40%
Between 90.01 and 95%
Traditional Down Payment
Flex Down (Borrowed Downpayment)
3.15%
3.35%
*Premiums in Ontario are subject to provincial sales tax and premiums in Quebec are subject to provincial
sales tax — the sales tax cannot be added to the loan amount.
Insurance premiums are calculated based on the mortgage amount.
Calculate your mortgage
payments on the go with
our FREE mobile app!
7. Mortgage Brokers Ottawa
YOUR choice in the category of Mortgage Companies and Brokers
What is the Right Mortgage for you?
Low-Ratio Mortgage
A Low-Ratio Mortgage is one where the down payment is equal to 20% or more of the property’s
value/purchase price. A low-ratio mortgage does not normally require mortgage loan insurance.
High-Ratio Mortgage
A High-Ratio Mortgage is one where the borrower is contributing less than 20% of the value/purchase
price of the property as the down payment. High-Ratio Mortgages must be insured through Canada
Mortgage and Housing Corporation (CMHC), Genworth Financial, or Canada Guaranty, the three
mortgage insurance companies in Canada.
Open Mortgage
An Open Mortgage allows the mortgagor to prepay all or part of the principle amount at any time
without penalty. Open Mortgages usually have shorter terms of six months or one year, but can include
some variable rate/longer terms as well. Interest rates on Open Mortgages are typically higher than on
Closed Mortgages with similar terms.
Closed Mortgage
Closed Mortgages do not provide for payout before maturity. A lender may permit a payout under
certain circumstances but will levy a penalty for doing so. Most lenders allow a Closed Mortgage to be
Pre-Paid up to a set maximum per year without penalty.
Fixed Rate Mortgage
The interest rate is determined and locked in for the term of the mortgage. Lenders often offer different
prepayment options allowing for quicker repayment of the mortgage and for partial or full repayment
of the mortgage.
Variable Rate Mortgage (VRM)/ Adjustable Rate Mortgage (ARM)
These types of loans differ from a fixed rate mortgage in that the interest rate charged on the loan may
be changed during the term of the mortgage. Generally, these loans are initially set up like a standard
loan, based on the current interest rate. The loan is reviewed at specified intervals and if the market
interest rate has changed, either changing the size of the payment or the length of the amortization
period (or a combination of both), the lender then alters the mortgage repayment plan.
8. Mortgage Brokers Ottawa
YOUR choice in the category of Mortgage Companies and Brokers
Historical Rate Charts
Programs Available To Home Buyers
RSP Home Buyer's Plan – First Time Buyers
The RSP Home Buyer's Plan (HBP) is a federally instituted government program that allows you to
withdraw up to $25,000 from your RRSPs to buy or build a ‘qualifying home’ (as a first time home buyer)
or for someone who is related to you and is disabled. You may still be able to be considered a first time
home buyer if you own a rental property (which you have never occupied) or you have not recently
owned a home. Only the individual who is entitled to receive payments from the RRSP can withdraw
funds from an RRSP. The only restriction is for locked-in RRSPs that you are unable to withdraw funds
from.
You must repay all withdrawals to your RRSPs within a period of no more than 15 years. Generally, you
will have to repay an amount to your RRSPs each year until you have repaid the entire amount you
withdrew. If you do not repay the amount due for a year, it will be included in your income for that
year.
9. Mortgage Brokers Ottawa
YOUR choice in the category of Mortgage Companies and Brokers
Qualifying Home - For the purposes of the Home Buyer's Plan, a qualifying home is a housing unit
located in Canada. This includes existing homes and those being constructed. Single-family homes,
semi-detached homes, townhomes, mobile homes, condominium units, and apartments in duplexes,
triplexes, fourplexes, or apartment buildings, all qualify. A share in a co-operative housing corporation
that entitles you to possess, and gives you an equity interest in, a housing unit located in Canada also
qualifies. However, a share that only provides you with a right to tenancy in the housing unit does not
qualify.
Locked-in RRSPs - In most cases, you will not be able to withdraw funds from a locked-in RRSP. ‘Locked-
in’ refers to the restrictions and limitations that are imposed by the Pension Benefit Act for each
province and territory. The locked-in RRSP is designed to preserve pension assets for your retirement.
Money put into your locked-in RRSP usually is the transfer value of pension benefits you have built up in
your former employer's pension plan, which you asked to be moved when you terminate employment
or plan membership. If you are unsure if your RRSPs are locked in, contact your issuer.
Benefits - The utilization of your RRSP's within the guidelines of the HBP results in benefits that are
realized immediately and extend over the long-term:
Increased down payment
Decreased principal balance on the mortgage owing
Avoidance of substantial interest costs that accrue over long periods
Establishing an RRSP with borrowed funds - The "HBP" permits an individual to establish an RRSP with
borrowed funds, and then use the resultant tax refund for a down payment. After a 90-day period, the
RRSP is collapsed to repay the loan. You will then receive a tax refund that can be applied to the
purchase of a home. These funds are considered an acceptable form of payment provided the refund is
received at the time of closing and the lender can verify that the borrower has proven liquid assets
equal to a minimum equity of 5% of the purchase price.
Managing Tax Refunds - The government does not monitor the funds that are withdrawn from RRSP's
for the purposes of the HBP. Therefore, providing that an individual has qualified as a first time home
buyer and has purchased a qualifying home, they may do whatever they desire with the funds,
including:
Clearing the balance on credit cards
Reducing or paying out personal loans
Making lump sum payments on a mortgage
Purchasing household necessities — appliances, furniture, accessories etc.
Increasing the down payment to reduce/avoid default insurance premiums
Paying for legal fees and or tax adjustments
The more debt you are able to pay off, the fewer monthly expense obligations you will have. This will
ultimately put you in a much better financial position.
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Which Professionals Should You Call On?
Because purchasing a home is probably the biggest investment you will ever make, you will definitely
want a team of professionals working with you throughout the process. Let a Mortgage Brokers
Ottawa trusted mortgage advisor lead the way.
Besides the mortgage broker, here are some suggestions of other professionals to help you along the
way.
The Real Estate Agent, who will:
Help you find the ideal home.
Write an Offer of Purchase.
Negotiate on your behalf to help you get the best possible deal.
Provide you with important information about the community arrange and coordinate the
home inspection and essentially save you time, trouble and money.
When the time comes to select a real estate agent, don't be afraid to ask questions — especially about
any possible service charges. The Buyer Agent works for you and gets paid by the vendor.
The Lawyer/Notary
You need a lawyer, (or a notary in Quebec), to protect your legal interests such as ensuring the property
you are thinking of buying does not have any building or statutory liens or charges or work or clean-up
orders associated with it. He or she will review all contracts before you sign them, especially the Offer
(or Agreement) to Purchase. Having a lawyer/notary involved in the process will give you peace of mind
and ensure that things go as smoothly as possible. Lawyer/notary's fees range widely and depend on
the complexity of the transaction.
The Home Inspector
You should consider having any home you are thinking of buying inspected by a knowledgeable and
professional home inspector.
The home inspector's role is to inform you on the property's condition. He or she will tell you if
something is not functioning properly, needs to be changed or is unsafe. You will also be informed of
repairs that need to be done, both immediately and in the coming months/years, and he/she may even
be able to tell you where there may have been problems in the past.
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The Insurance Agent/Broker
An insurance agent/broker can help you with your insurance needs, including property insurance and
mortgage life insurance. Lenders insist on property insurance because your property is their security for
your loan. Property insurance covers the replacement cost of your home, so premiums may vary
depending on its value.
Mortgage life insurance provides coverage for your family should you die before your mortgage is paid
off. This type of insurance is available from your Mortgage Agent through a third party, as well as some
lenders, who then simply adds the premium to your regular mortgage payments. However, you may
want to compare rates between both an insurance broker and your lender.
The Appraiser
Having an independent appraisal done on a property when you make an offer is a good idea. It will tell
you what the property is worth and help ensure that you are not paying too much. Your lender can also
ask for a recognized appraisal in order to complete a mortgage loan.
The appraisal should include an unbiased assessment of the property's physical and functional
characteristics, an analysis of recent comparable sales and an assessment of current market conditions
affecting the property. Appraisal fees may vary but you should typically expect to pay $250 – $350 in
most areas for a typical single-family home appraisal.
What are you going to do
with the time and money
you save?
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The Importance of Your Credit Rating
What is a credit score?
A credit score is a statistical formula that translates personal information from your credit report and
other sources into a three-digit score. Credit scores can range between a low of 400 to a high of 850. In
general, the higher your score, the more “creditworthy” you are to the lender and the less likely you will
become delinquent on credit extended to you.
Credit scores are one of the primary tools a lender uses when determining the risk in lending money to
you. Creditors use credit scores, among other things, to determine whether or not to grant you a
mortgage (or credit) and, if so, how much credit and at what rate.
What can I do to improve my credit score?
Pay all of your bills on time. Paying late, or having your account sent to a collection agency, has
a negative impact on your credit score.
Try not to run your balances up to your credit limit. Keeping your account balances below 75%
of your available credit may also help your score.
Avoid applying for credit unless you have a genuine need for a new account. Too many
inquiries in a short period of time can sometimes be interpreted as a sign that you are opening
numerous credit accounts due to financial difficulties, or overextending yourself by taking on
more debt than you can actually repay. A flurry of inquiries will prompt most lenders to ask you
why. However, most scoring formulas will not penalize you if, for example, you are shopping for
the best car loan rate, or mortgage rate.
If your credit is “less than perfect”,
a Mortgage Brokers Ottawa Professional can help!
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How much will it Really Cost?
Once you have determined the price range you can afford and the type of mortgage you qualify for, you
will need to calculate all of the associated costs of the transaction to make sure you are financially
ready.
Up-Front Costs
It’s wise to plan ahead to cover the many ‘up-front’ costs of buying a home. Timing is important to help
make sure things go smoothly.
Mortgage Loan Insurance Application Fee and Premium. If yours is a high ratio mortgage (less
than 20% down payment), you may need mortgage loan insurance. The lender will add the
mortgage insurance premium to your mortgage or you can pay it in full upon closing.
Appraisal Fee. The mortgage lender may require that the property be appraised at your
expense. An appraisal is an estimate of the value of the home. The cost is usually between $250
and $350 and must be paid when you contract for those services.
Deposit. This is part of your down payment and must be paid when you make an Offer to
Purchase. The cost varies depending on the area property and real estate environment. Your
deposit can be used as part of your down payment.
Down Payment. Minimum of 5% of the purchase price is required for a high-ratio mortgage and
at least 20% of the purchase price is required for a conventional mortgage.
Home Inspection Fee. Remember that this may be a condition of your Offer to Purchase. A
home inspection is a report on the condition of the home and may cost over $400, depending
on the complexities of the inspection. For example, it may be more costly to inspect a home
that has large square footage, one that is expensive or one where contaminants such as pyrite,
radon gas or urea-formaldehyde are suspected.
Land Registration Fees (sometimes called a Land Transfer Tax, Deed Registration Fee, Tariff or
Property Purchases Tax). You may have to pay this provincial or municipal charge upon closing
in some provinces. The cost is a percentage of the property's purchase price and may vary.
Check with your lawyer/notary to see what the current rates are.
Prepaid Property Taxes and/or Utility Bills. To reimburse the vendor for pre-paid costs such as
property taxes, filling the oil tank, etc.
Property Insurance. The mortgage lender requires this because the home is security for the
mortgage. This insurance covers the cost of replacing the structure of your home and its
contents. Property insurance must be in place on the closing day.
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Qualifying Rate. For high ratio loans with a fixed rate term of less than 5 years and for all
variable rate mortgages, regardless of the term, the qualifying interest rate is the greater of the
benchmark rate, and the contract interest rate.
Survey or Certificate of Location Cost. The mortgage lender may ask for an up-to-date survey or
certificate of location prior to finalizing the mortgage loan. If the seller does not have one or
does not agree to get one, you will have to pay for it yourself. It can cost in the $1,000 to $2,000
range. A survey may be replaced by a requirement for Title Insurance for a lesser amount.
Water Quality Inspection. If the home has a well, you will want to have the quality of the water
tested to ensure that the water supply is adequate and the water is potable. You can negotiate
these costs with the vendor and list them in your Offer to Purchase.
Legal Fees and Disbursements. Must be paid upon closing and cost a minimum of $500 (plus
GST/HST). Your lawyer/notary will also bill you direct costs to check on the legal status of your
property.
Title Insurance. Your lender or lawyer/notary may suggest title insurance to cover loss caused
by defects of title to the property.
Payment Tables
Mortgage Payment Table
(per $ thousand, i.e. $200,000 Mortgage at 4.75 %, 25 or 30 year Amortization multiply 200 X 5.67 = $1,134.00
monthly payment)
AMORITZED FACTORS AMORITZED FACTORS
Annual
Interest Rate
25 Years 30 Years
Annual
Interest Rate
25 Years 30 years
3.00% 4.73 4.20 5.50% 6.10 5.64
3.50% 5.00 4.48 5.75% 6.25 5.80
4.00% 5.26 4.76 6.00% 6.40 5.95
4.25% 5.40 4.90 6.25% 6.55 6.11
4.50% 5.33 5.05 6.50% 6.70 6.57
4.75% 5.67 5.19 6.75% 6.85 6.43
5.00% 5.82 5.34 7.00% 7.00 6.59
5.25% 5.96 5.49 7.25% 7.16 6.75
Visit our website and use our online Mortgage Calculator
www.mortgagebrokersottawa.com/mortgage-calculators
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Repayment Options
Amortization: The actual number of years it takes to repay a mortgage in full is the amortization period,
(usually 25 years).
For a mortgage of $200,000.00 at an interest rate of 4.5%*, amortized over 25 years, your monthly
payment is approximately $1,106.00.
Increasing the payment frequency to bi-weekly saves approximately $1,045.00 interest.
Increasing your payment frequency can save you a significant amount of interest over the term of
your mortgage, and assist you in paying your mortgage off faster.
Payment Schedules: Most lenders offer several different payment options that will help you pay less
interest and repay your mortgage faster.
Check out the table below to see how changing your
payment frequency can save you money.
$200,000 mortgage, interest rate of 4.5%*, 25 year amortization
Payment Frequency Amount Amortization
Years
Total Interest
Paid
Interest savings vs.
Monthly Payment
Monthly $1106.95 25 $132,083.77 $0
Bi-Weekly $509.29 25 $131,038.61 $1,045.61
Weekly $254.57 25 $130,935.38 $1,148.39
Bi-Weekly Rapid $553.48 23.08 $111,466 $20,617
Weekly Rapid $276.74 23.08 $111,242 $20,841
*Rate is subject to change without notice
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Glossary of Terms
Amortization period: The actual number of years it will take to repay a mortgage in full. This period can
be longer than the loan's term. For example, a mortgage may have a five-year term and a 25-year
amortization period.
Appraised value: An estimate of the market value of the home and property that the borrower pledges
as security for the mortgage. This value may be more or less than the purchase price of the property.
Assets: The items of value that you own, such as your home, car or summer home.
Below prime: A variable rate mortgage, in which the interest rate varies with bond market conditions,
(usually the lenders “Prime” rate).
Blended rate mortgage: A mortgage that combines the amount the borrower owes under an existing
mortgage with additional mortgage money required by the borrower. The interest rate for the new
amount borrowed is a "blend" – or combination – of the interest rate of the old mortgage and the
interest rate for the additional amount to be borrowed.
Bridge financing: A loan made for a short term, to "bridge" (or cover) the time gap between completing
the purchase of one property and finalizing arrangements to pay for it. The need for this type of
financing often results from mismatched closing dates.
Canada Mortgage and Housing Corporation: The Canada Mortgage and Housing Corporation is a
federal Crown corporation that administers the National Housing Act. CMHC's services include
providing housing information and assistance to consumers and providing mortgage default insurance
for high ratio mortgages.
Carrying costs: The expenses of living in and maintaining a home and property. These include mortgage
payments, property taxes, heating, repairs, maintenance fees, etc.
Closed mortgage: A mortgage that generally cannot be prepaid or renewed early unless the borrower
is willing to pay an additional interest charge. Some lenders may allow limited prepayment privileges
without additional interest.
Closing date: The date the purchase of the property becomes final and the new owner takes
possession.
Collateral mortgage: A loan evidenced a promissory note and backed by the collateral security of a
mortgage on a property.
Conventional mortgage: A first mortgage of up to 80% of the property's appraised value or purchase
price, whichever is lower.
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Convertible mortgage: A mortgage that may be prepaid or changed to another term at any time.
Deed: A legal document that transfers and evidences ownership of the property to the buyer.
Default: Failure to repay an outstanding debt as agreed.
Deposit: A sum of cash that must be paid to the vendor by the purchaser. This money is a symbol of the
purchaser's commitment to buy. If the offer is accepted, the deposit is applied to the down payment. If
the buyer turns down the offer later, the deposit may or may not be returned.
Down payment: The amount of money put forward by the buyer toward the purchase price of a home.
Equity: The difference between the price for which a property could be sold and the total amount
owing on it.
First mortgage: A mortgage that is registered first against the property. This mortgage has to be paid
first in the event of sale or default.
Fixed rate mortgage: A mortgage for which the rate of interest is fixed for a set period of time.
Floating rate mortgage: Another name for variable rate mortgage.
Gross debt service ratio: The percentage of a borrower's gross monthly income that can be used to pay
housing costs, including the monthly mortgage payment (principal and interest), heating costs, property
taxes and condominium fees (if applicable). Usually not more than 39% of the gross monthly income.
High ratio mortgage: A mortgage for more than 80% of a property's appraised value or purchase price.
In other words, the down payment amount is less than 20% of the purchase price/appraised value.
Interest: The cost of borrowing and is the amount paid on the money borrowed. It is represented as an
annual percentage rate applicable to the mortgage.
Liabilities: What you owe, including taxes, mortgage, car loan and credit card balances.
Maturity date: The last day of the term of your mortgage agreement. The mortgage must be paid in full
or renewed by this date.
Maximum rate: An alternative term for protected rate.
Mortgage: A loan used to purchase or refinance a home and a security for the repayment of the loan.
Mortgage disability insurance: Insurance that covers your mortgage payments should you become ill or
disabled and unable to work.
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Mortgage life insurance: Insurance that pays off your mortgage debt in the event of your death.
Mortgage payment: The regular instalments made on the balance on a mortgage loan comprised of
principal and interest (in most cases).
Mortgagee: The lender.
Mortgagor: The borrower.
Multiple Listing Service (MLS): A computer-based system for relaying information to real-estate agents
about properties for sale.
Open mortgage: A mortgage that can be prepaid or re-negotiated at any time without additional
interest.
Open variable mortgage: A variable rate mortgage in which the interest rate varies with bond market
conditions. Interest rates are generally tied in with the Bank of Canada overnight rate. You may prepay
or renegotiate an Open Variable mortgage at anytime without additional interest.
Penalty: a sum of money paid to a lender for the privilege of prepaying the mortgage in full or in part.
Pre-approved mortgage: A mortgage for a set maximum amount and interest rate that is arranged prior
to the purchaser finding a house. Often arranged prior to shopping for a home, this option can help the
purchaser establish an affordable price range. Also known as a pre-arranged mortgage.
Prepayment: (often referred to as a Principal Reduction). Allows the borrower to prepay a portion or
all of the principal mortgage balance, with or without penalty, ahead of schedule. This decreases the
total amount of interest paid over the life of your mortgage. This option is typically restricted to specific
amounts and times.
Principal: The amount initially borrowed under the mortgage.
Protected variable mortgage: A variable rate mortgage in which the interest rate varies with money
market conditions. Interest rates are generally tied in with the Bank of Canada overnight rate. The
interest rate cannot, however, exceed a pre-set maximum rate during the term of your mortgage.
Rate (interest): The annual percentage amount charged in return for borrowing funds.
Realtor: A real estate professional who is a member of a local real estate board and the Canadian Real
Estate Association.
Second mortgage: A mortgage granted when there is already a mortgage registered against a property.
If the borrower defaults and the property is sold, the second mortgage is paid after the first.
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Security: Property, or assets, offered as backing for a loan. In the case of mortgages, the property being
purchased or refinanced forms the security for the loan.
Survey: A document providing details of a property's boundaries, measurements and structures. It also
describes any easements, rights-of-way or encroachments made by either your property or by adjoining
properties onto your property.
Term: The length of time a lender will lend mortgage funds to a borrower. Most mortgage terms run
from six months to five years. Certain lenders may offer longer terms, e.g., 6, 7, 10, or even 25 years.
After this period, the borrower can either repay the balance of the mortgage, or renew the mortgage
for another term. The total length of a mortgage is usually made up of several terms.
Title: The legal evidence of ownership to a property.
Title search: A detailed examination of the registered title documents to ensure there are no liens or
other encumbrances, or claims, on the property, and no question regarding the seller's statement of
ownership.
Total debt service (TDS) ratio: The percentage of a borrower's gross (before tax) monthly income
needed to cover payments for housing costs, including principal, interest, taxes, heating costs and
condominium fees (if applicable), and all other debts and obligations, such as loans and credit cards.
The usual total should not be more than 44% of gross monthly income (some exceptions apply).
Variable rate mortgage: A mortgage for which the rate of interest fluctuates as the lenders “Prime
Rate” changes. Also known as a floating rate mortgage.
Vendor: The seller in a real estate transaction.
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Fax Cover Sheet
Send to:
Direct Fax : 613-692-2810
Attn: Lisa Theriault
Enclosed:
Completed & signed Mortgage Application
Recent pay stub for all applicants
CCRA “Notice of Assessment” or T1 General (if self-employed)
Purchase and Sale Agreement
MLS listing
From:
____________________________________________________________________
Lisa Theriault
Mortgage Brokers Ottawa
Broker Licence # 11759
5560 Manotick Main Street – Tel: 613-692-3900 Fax: 613-692-2810
To complete a secure application on-line, visit my website at:
www.lisatheriault.com
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Mortgage Application
Mr.
Mrs.
Ms.
Miss
Applicant First Name: Last Name: S.I.N. App
/ /
D.O.B. App.
/ /
MM DD YY
Home Phone #:
( )
Mr.
Mrs.
Ms.
Miss
Co-Applicant First Name: Last Name: S.I.N. Co-App
/ /
D.O.B. App.
/ /
MM DD YY
Home Phone #:
( )
Email Address: Marital Status:
S M D Sep CL W
Dependant
s
Years at Present
Address:
Rent/Mtg. Payment:
$ /Mth
Address: Apt. City: Province: Postal Code: Own Rent
Other:
Previous Address (If Less Then Three Years At Present Address): How Long:
Applicant's Present Employer Salaried
Commission
Self-
Employed
Other
Work Phone #:
( )
How
Long
Occupation Type of
Business
Gross Annual
Income
$
Applicant's Previous Employer (If Less Than 3 Years At Present) How
Long
Occupation Type of
Business
Gross Annual
Income
$
Co-Applicant's Present
Employer
Salaried
Commission
Self-
Employed
Other
Work Phone #:
( )
How
Long
Occupation Type of
Business
Gross Annual
Income
$
Co-Applicant's Previous Employer (If Less Than 3 Years At Present) How
Long
Occupation Type of
Business
Gross Annual
Income
$
Source of Other Income Gross Annual
Income
$
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Mortgage Brokers Ottawa
Mortgage Application
ASSETS VALUE LIABILITIES TOTAL DEBT MONTHLY
Cash in Bank $ Student Loans $ $
Real Estate-Residence $ Mortgages $ $
Real Estate-Other $ Mortgages $ $
Real Estate-Other $ Mortgages $ $
Deposit on Purchase $ Loans $ $
Auto (yr/make) $ Finance / Lease Payments $ $
Auto (yr/make) $ Finance/Lease Payment $ $
Stocks/Bonds/CSB's $ Personal Credit Line $ $
RRSP's: $ Other Finance Co. $ $
Other: $ Other Loans: $ $
$ Credit Cards: $ $
$ $ $
Personal Effects $ Signed as Guarantor $ $
Total Assets $ Total Liabilities $ $
Anticipated Closing Date: Estimated Purchase Price:
Term: Downpayment Available:
Lawyer:
How did you hear about us?
By Signing below I/We hereby authorize Mortgage Brokers Ottawa hereinafter referred to as "the Broker", to arrange on
my/our behalf the loans described above and certify that the above information which is furnished with the intent that it be
relied upon by the Broker to obtain said credit, is true and correct and: i) Agree (if this application is for a loan to be secured
by a mortgage) that the evaluation inspection and legal expenses incidental to this application will be paid by me/us and that
I am not in arrears on my present mortgage. ii) the above information includes all my/our debts and that we have no current
unsatisfied judgements and that I/we have not declared bankruptcy in the last six years and that all my/our outstanding
credits are current and in good standing. iii) I/we also acknowledge that the Broker may also be receiving a fee in respect to
the arranging of the loan and I/we hereby waive any right to deny or dispute the Broker from receiving said fee. iv) In
connection with my application for credit, I/we hereby take notice that you may be procuring and may be referring to a
consumer report respecting me/us containing personal information and I/we hereby consent thereto and to the disclosure
of such information to other credit grantors or consumer reporting agency and to retain this application for the Brokers
records.
Dated at this day of Year
Witness Applicant Co-Applicant
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Is There More to Home Buying?
Finding and purchasing your home can be an exciting and overwhelming process. You may be relieved once you
finally take possession of your new house but be aware that the financial responsibilities of homeownership are
just beginning.
Make Your Mortgage Payments on Time
Whether monthly, biweekly or weekly, be sure that you always make your mortgage payments on time. Making
late payments (delinquency) may result in late charges and negatively affect your credit rating. Failing to make
payments can even lead to more serious consequences like foreclosure.
A good way to prevent late payments is to have the amount automatically deducted from your account every
month and to put at least three months' worth of mortgage payments in savings for emergency situations. If you
are having trouble making payments, discuss the situation with your lender or Mortgage Agent.
Costs of Operating a Home
Besides your mortgage, property taxes and insurance, there are many other ongoing costs related to operating
your home. They include maintenance and repair, costs for services such as security alarm services, snow
removal services and gardening services (if you wish to pay for these). If you have a condominium or strata, some
of these expenses may be included as part of your monthly maintenance fee.
Saving for Emergencies
Even if you know how to do repairs yourself, there are costs involved. Every building has a life cycle, which means
that all parts of a building age and require major repairs or replacement at some point. For example, you might
know that your roof will have to be replaced in a few years simply because of its age. Repairs like these are
expected and can be planned for. However, many repairs are unexpected and can sometimes be costly.
Set aside an emergency fund to deal with unexpected problems ranging from major repairs to illness and job loss.
A good guideline is saving 5% of your take-home pay and putting it in a special account.
28. toll free p 1-866-354-6789
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mortgagebrokersottawa.com
788 Island Park Drive
Ottawa, ON K1Y 0C2
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Ottawa, ON K1Z 8N8
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