Rose called after reading in one of our previous articles which stated that it would be better to call us about six months prior to mortgage renewal. We encourage our readers to call sooner rather than later so we can check credit, book the best rate, or help clients get ready for the maturity of their mortgages. Waiting until a few weeks before maturity is stressful and remember your bank is counting on you just signing it without doing any shopping. As a matter of fact, 80% of Canadians blindly sign that mortgage renewal which locks them into a much higher rate, costing them thousands extra.                                                                                                                

That’s why we like to start about six months prior to maturity, so we can do a full analysis of every client’s situation. And sometimes it makes sense to pay it out earlier rather than wait till maturity, as was this case.                                                                                                               

So we had a look at Rose’s financial situation and much to her amazement we were able to really transform her financial situation. We took her from a 6.1% mortgage on her Drayton property to a 2.2 % variable rate mortgage. In the meantime, we found a way to reduce her total monthly payments from 3500 per month in adsdition to paying off 11 credit cards totalling some 69,000. Credit card balances were high because she had significantly improved the house. Now she has one easy payment of less than $1000.

But that is only half of the story. We were able to remove her father who had co-signed for the mortgage four years ago and replace him with her new husband who was a former bankrupt. Her father was very pleased, and her new husband was legitimized financially and as we like to put it, ‘brought back from the dead’. What was even more shocking was the value of their home. The appraisal came in approximately $50,000 more than they both expected so all their hard work fixing up the house had also paid off. it was a win/win situation for Rose and her hubby. They will now take some of the interest savings and pay down their mortgage as quickly as possible now, saving them even more.

A footnote to this story is that their bank would not lend them the money to improve the house, so they had to rack up high interest(bad debt) credit cards instead, putting them under much financial pressure. They had approached their bank a year ago to see if they could increase their mortgage. The bank declined them.  We got it done, and now they are out of a hole, and their lives are moving forward, with ease.

Folks, most people have ‘circumstances’ and most mortgages have’wrinkles’ and the banks only want straight forward mortgages without ‘warts’. Don’t waste your time appraching your bank. Call us first. We’ll not only get you approved, we’ll get you a better rate, better mortgage product, and give you better service.

If you want expert advice to look at your situation, especially if you need a creative solution, please call us. Even if your situation is very straight forward, we will get you a better deal. We love helping people put their financial house in order and we are very good at what we do because we have extensive experience, and we care.

Pete called in a panic. He went out and bought a house based on his bank’s pre-approval. The Agreement of Purchase & Sale gave him 5 banking days to obtain financing, otherwise the deal becomes null and void if he does not waive the financing condition, thereby firming up the purchase. Not only did the bank end up saying NO, but they assured him that everything was fine leading him to waiving the financing condition. THEN after the purchase was firm, they turned around and said NO. Now he was in a position of being sued by the vendor if he could not close. This is why he was panicking and rightly so. His realtor then suggested he call us for help. Too bad we weren’t referred to in the first place and none of this would have happened.

You see folks, banks ‘so called’ pre-approvals(as the saying goes) are not worth the paper they are printed on. Reason being, is because the bank neither does a credit check or employment/income verification, and that is just looking for trouble. Yes there was an issue with his income, but we figured it out and got it done. We also got him a 3.74% 5 year fixed rate mortgage, and did not charge any fee or cost for our service. just think about how embarassing and frustrating it is to go out and buy a house based on a green light from the bank, to then have it all blow up.

When you get a pre-approval from us, you can rest assured that the only thing left to be approved is the property, not starting from scratch and doing what should have been done in the first place.

As for the banks, well, they all operate the same way, and it is down right unprofessional and dangerous. If you haven’t used our services before, isn’t it time you did.

When you need advice about where you stand, credit wise that is, before you apply for a mortgage, who  should you call first? folks the answer here is anything but gray, it’s black and white. The answer is us. When approaching your bank first for a mortgage, you are likely to be told at first “NO PROBLEM” only to end up disappointed if you have any credit issues whatsoever. The only thing your bank will tell you is that ‘Your credit is not acceptable’ without telling you why, and that they cannot help you. Not very helpful is it, because they leave you completely in the dark. And you leave your bank feeling like you are a loser, when you are anything but.

This is one of the big advantages we have over the banks, and there are many more. We review your credit standing in great detail with you. If there is an issue, we either structure the mortgage application to overcome the issue, or we show you how to correct it, and get you into a position to qualify for the mortgage you need.

Very few people even check their credit rating on their own once a year, which is recommended. Even if you understand how to maintain a good credit rating, you should still check periodically to make sure that nothing is on here that should not be. It happens more than you think. Mistakes, confusion by creditors about people with same or similar names etc., and then there is fraud, which has become incredibly sophisticated, evasive, and rampant these days.

When arranging a mortgage, the banks are very limited. They only have a few mortgage products, whereas we have only 40 lenders, and hundreds of mortgage products.

Then there is ‘Advice and Service’. We constantly hear from clients that ‘the bank never told me that before’ and ‘We can’t believe how easy it was to deal with you, and how responsive you were’

Why limit your options with a bank? Why put up with inferior advice and service when you don’t need to anymore. Folks, this is all we do. Mortgages, and we are the experts. Our industry has become mainstream. we have a 35% market share and its growing rapidly, mainly because Canadians are dissatisfied with their bank, and because many are learning that dealing with an experienced mortgage broker expert, is the best way to go…and they are telling friends and family like wildfire. if you haven’t used our services before, isn’t it time you did?

Would your bank call you up and suggest that they give you an ‘all time low’ interest rate now, instead of waiting for maturity next year, when rates will be higher. Of course not. The banks are looking out for their interests, not yours.

Well folks, we are dedicated to look after your interests. WE OFFER YOU A LOWER(than bank) RATE AND WILL SAVE YOU THOUSANDS OF DOLLARS over the next term. WE GUARANTEE IT. And you don’t need to be concerned about the penalty. If there ever is a WIN/WIN this is it.

if your mortgage is renewing soon, later this year or even next year, we can help you SWITCH LENDERS FOR FREE, that’ no penalty*** no legal or discharge costs AND we’ll get you a better rate(saving you thousands more) than your lender will offer you.

If your current mortgage rate is 5 per cent or higher, we can save you big money and secure you an ‘all time’ low rate for another 5 years. How does a 2.1% or 3.84% mortgage sound to you. Please check out ‘our rates” at www.ronandtracy.ca. and see how much lower our rates are than the banks.

If you are thinking about refinancing to pay off your consumer debts, we may also be able to help you with the penalty. Invariably, the savings we fnd you far outweigh any penalty.. Most often, we can reduce your total monthly outlay by over 50%. for example, if your mortgage payment, credit cards, and loans total $3,500 per month, we can help you reduce this to $1,750 or even less.

Use the savings to take that trip you’ve been dreaming of, renovate your kitchen or buy a new car with cash(and eliminate a car payment) etc. Won’t that feel so good paying cash for a big ticket item. All you have to do is pick up the phone now and call us for a no obligation analysis. Do not delay, act now. Lastly for this week, we want to emphasize the importance of dealing with an experienced mortgage broker. Please be very careful who you choose. There are many new inexperienced mortgage agents out there that quite frankly do not know this from the stories we are hearing from new clients. They either received bad service or bad results. We are not slapping anybody. We are simply speaking the truth.

Certain conditions apply.