TOP REASONS TO WORK WITH MARG MORTGAGES

Here are several reasons to work with me

Purchasing a home is an important decision and you should be confident about your investment. I will work with you personally to offer you valuable insight throughout the process, save you time and find the mortgage that best suits your situation.

Get independent expert advice on your financial options. I am not tied to a specific lender or products so I can offer you mortgage products that will best match your specific needs. 
My only goal is to help you successfully finance your home.

I will also help you: · Save time with one-stop shopping. Instead of spending your valuable time meeting with competing mortgage lenders, I can quickly narrow down the list of lenders that will help you achieve your financial goals. I will make your comparison-shopping fast, easy, and convenient.  · I will negotiate on your behalf. Many people are uncertain or uncomfortable negotiating mortgages directly with their bank. And even if you have an existing relationship with your branch, Marg Mortgages is licensed under TMG , a mortgage brokerage that does millions of dollars of transactions yearly with a wide variety of lending institutions so I have strong lender relationships. I can use that relationship to your advantage to negotiate your mortgage to ensure you secure competitive rates and terms that benefit you. · I will ensure that you're getting the best rates and terms. Even if you've already been pre-approved for a mortgage by your bank or another financial institution, you're not obliged to stop shopping! I can investigate on your behalf to see if there is an alternative to better suit your needs. · Customization. All mortgages are not created equally, and depending on your financial goals, I will ensure the mortgage you receive helps you with those goals. Whether borrowing to purchase, renovate, or make your mortgage interested tax deductible, I can ensure that the mortgage you have helps achieve these financials goals. · From start to finish: Even after your closing goes smoothly, my job is still not finished.  I will help ensure your transaction closes on time....but after closing I am still available for all your mortgage needs. · No cost to you. There's absolutely no charge for my services on typical residential mortgage transactions. Like many other professional services, such as insurance, mortgage brokers are paid a finder's fee when we introduce dependable clients to a financial institution.
	I provide ongoing support
	Once your mortgage is signed and paperwork is complete, I am here if you need any advice on closing details or even future financing needs. I am always happy to be of assistance when you need it.

TIPS TO HELP YOU BUY YOUR FIRST HOME

TIPS TO HELP YOU BUY YOUR FIRST HOME

Let me help you make an informed decision   Buying a home is one of the biggest financial decisions you will make, so it pays to make an informed decision. I will assist you with the entire home buying process from the moment you decide to buy your home to the moment you move into your new home!   Why work with me? I will assist you in the home buying process by: explaining the various mortgage products available to you and provide you advice on the product best suited for your financial circumstances; advising you on the documentation you must provide to obtain a mortgage approval; customizing your mortgage options to make sure your mortgage works for you; and explaining all the costs that exist over and above your down payment.   Put together your home buying team   It helps to organize your home buying team of professionals to assist you with the process at the start. Your home buying team includes myself, your Realtor, a home inspector, a lawyer or notary and an insurance agent! KEY POINTS TO CONSIDER: Here are several key points to keep in mind as you start the home-buying process and how working with a mortgage broker can help you. Keep in mind, in most instances, my services are no cost to you with no risk and obligation. Know what you can afford Get a rate guarantee of up to four months Ensure all credit approval documentation are in place sooner than later including documentation required for different income types i.e. salaried vs. self-employed Open vs. closed mortgage, fixed rate vs. variable rate mortgage Conventional vs. high-ratio mortgage Length of repayment (amortization) - up to 30 yrs Your mortgage term â€" from 6 months to 10 years Other costs you need to consider such as legal fees, land transfer tax, survey, title insurance, fire insurance, home inspection and HST Overwhelmed? Let's chat and I will clarify each one of these points for you! Let me help you finance your home     If you're unsure of what your next step should be, let's talk. Together we can review your options and create a mortgage financing plan that works for you.

Marg Mortgage is Licensed under TMG The Mortgage Group – an award-winning Canadian mortgage brokerage with a national team of over 800 qualified and accredited mortgage brokers, agents and associates providing residential and commercial mortgage services. Since 1990, TMG has helped over a quarter million Canadians get the best financing solutions and mortgage rates through Canadian mortgage lenders from coast to coast.

HOW TO PAY OFF YOUR DEBT FASTER

HOW TO PAY OFF YOUR DEBT FASTER

What is a debt consolidation?

In a nutshell, this involves taking out one big loan, which you use to pay off your current debts. Once your outstanding debts have been paid off, you’ll just have one payment to make each month towards your consolidation loan.

A debt consolidation is helpful in that it accomplishes three things.

First, it lowers your interest rate. Many credit cards have high interest rates – some as high as 27% – and if you haven’t been making more than your monthly payments, chances are your balance isn’t going down very quickly because of the interest charges. A good debt consolidation loan has a lower interest rate than the credit cards you are consolidating, which saves you money in the long run because more of your payment will go towards paying down your debt.

Marg Mortgages works with our partner to help you plan for the future with an unsecured personal loan! We offer.........

• $5,000-$35,000
• Rates starting as low as 6%
• 6 months to 5 year terms
• Funding within 24 hours
• Soft credit pull to qualify

You can also use our personal loan for the down payment on a new home or a renter property. Click on the link below for more information: http://www.margmortgages.ca/LookingForYourFirstHome

THE CREDIT GAME BY LENDERS

Everyone has one form of debt such as student loans, credit card, car loan, a mortgages, phone bills or utility bills. Lenders have rules that you have to follow whenever they lend you money in any form. They give you penalties if you don't follow the rules and you will be rewarded with good interest rate and more credit facilities if you play the game right and obey the rules. You will even get ranked higher if you are a top player! The rankings are your credit scores which the banks/lenders call the beacon scores.

You are a top gamer if you pay your bills on time, don't use over 50% of your credit limit, don't apply for too much credit at once etc( ask your lenders about their rules or lending policies). In simple terms just obey the rules laid out and you will always be in the game. But if you are a good guy who lost your job and couldn't keep up with your payments, you could be penalized for up to 6 years. Because late payments will remain on your credit reports as reported by your lenders. Although the penalties were set to punish or correct the behaviours of bad players that just won't pay their bills but the same punishment applies to a good guy who lost his job.Most lenders will work with a person who calls them as soon as they sense trouble. Therefore, not all lenders are bad :)

How are you ranked?

When you use your credit card for purchases your information is electronically sent to your lender who in turn reports your payment habits to Equifax and Trans Union. Although there is also Northern Credit Bureau Inc here in Canada but the commonly used ones are Trans Union and Equifax. These credit agencies are paid to use the data collected about you to determine if you are a credit risk to the lenders or not. Do you ever wonder if the credit bureaus are on your side or the lender's side???

It is very easy for a lender to report your habits to credit bureaus but if there is an error in your credit report, you will jump through hoops to get it fixed. The reason is because credit bureaus work for the lenders and not consumers. Your credit scores are between 300 and 900. 300-575 is rated as poor, 576-629 is fair, 630-679 is good, 680-750 is excellent and 751-900 is an amazing score. A good credit score gives you the bargaining power on interest rate. Keep in mind that lenders borrow you money in order to make profits. The higher your interest rate, the more money they make. You will pay the lenders less for borrowing if your credit is score is excellent. Well, I don’t know if you can really win this game! Either way, you still have to pay the lender.

The credit game could be fair or unfair depending on your spending habit and the way you play the game. My advice is simple, obey by the rules! The only way to beat the lenders in this game is to pay off your credit card bills before your payment grace periods. Please ask your lenders about lending grace periods which mostly applies to credit cards.

Email me at info@margmortgages.ca with all your credit, money and mortgage questions.

Credit Challenges & Financial Freedom: Our story & My Advice

My husband and I got the keys to our first home on the 27^th of May 2005. It was a huge milestone for us as I was also expecting our second child. We got a 3 bedroom town house in the heart of Toronto Ontario. I remember quiet well that we had to save for 4 good years to buy this home. My husband worked nights and went to school during the day while I worked at a major bank. As new immigrants and a young family we were focused on achieving our financial goals by saving monthly and never lived beyond our means. But our lack of knowledge in financial planning/literacy led to lots of mistakes along the way.  These mistakes were very costly as we both ended up with credit challenges that took 5 years to rectify. 

I shared our story:

1.       To create awareness in the new immigrant communities about the importance of financial literacy and planning

2.       To inspire and encourage you that most realistic financial goals and dreams are achievable if you put in enough effort and plan accordingly

3.       To encourage you to seek help if you find yourself in a challenged credit situation. 

My Advice:

1.       If you’re currently renting due to a challenged credit situation, speak to someone that can help you such as an account manager in the bank or a finance coach.  

2.       If you want to buy a home and you don't have a down payment, seek professional advice.

3

We waited four years to buy our first home but you no longer have to wait for years because there are lots of first time home buyer programs that can help you. It took us five years to resolve our credit challenges but you now have lots or tools and resources that can help you get out of debt faster.  

The moment you start using your credit facilities to supplement your income, it means “there is fire on the mountain and you have to run”. This will be a good time to reach out to an expert.

Alicia Keys and Adele both have Ron Anderson as their voice coach and Lebron James who is a top athlete has a personal shooting coach. Invest in your future by hiring an expert to help you with your financial goals or talk to your financial advisor at the bank. But keep in mind that a financial advisor works for the bank while a finance coach works for you!

I am a mortgage planner and a Finance coach. I work with my clients on all aspect of personal finance such as building new credit or fixing challenged credit, savings for a specific goal, financial literacy and matching mortgage solutions to a specific life stage. 

Email: info@margmortgages with all your personal finance and mortgage questions. You can also check out my website www.margmortgages.ca to learn more about mortgages solutions.

(Marg Mortgages is licensed by The Mortgage Group)

Evaluate your spending: $100=8 hours of work=A pair of shoes

Evaluate your spending by calculating how many hours of labour (life energy) will need to be spent for each purchase. I can assure you that the value of money will become more real if you ask yourself the following questions:

• ·         Did I receive fulfilment, satisfaction, and value (from this purchase) in proportion to life energy spent?
• ·         Is the expenditure of life energy on this purchase in alignment with my values and stated life purpose?

Two hundred dollars has an abstract quality. It becomes more real when comparing various purchases that can be made for that amount. It becomes most real when put in terms of the eight or sixteen hours of labour needed to earn the money to buy this new item you want.

Whenever you want to make a purchase, try to compare the cost of the item to the hours of time needed to earn the money to pay for it and decided if the purchase is worth it. This excise will teach you, your spouse and kids the value of money.

Money is a stranger without a destination, it comes and goes. Money is hard to find or get but it is easily spent. Always evaluate your spending by comparing your purchase to the value that you hope to get from it.

Teach your kids the value of money by explaining how many hours of work you have to put in before you can afford to buy a toy, game or a phone for them.

There are people earning $10 per hour and $375 per week and my 11-year-old son is asking me to buy him a new phone in September that will cost over $600. This is why I gave my son our lawnmower and sent him around our street to mow lawns. He managed to make a total of $30 after 5 hours and he soon returned home exhausted. I then asked him how many more hours of work he would need to save up for his new iPhone. After barely two minutes of consideration, my son decided that he wouldn’t need the new iPhone after all. He thought about how much time and labour it took just to earn $30 and how much more time it would take him to earn the $600 he needed to afford the phone. This is why my dear son decided to reward himself with a $10 burger from A&W instead; keeping his remaining $20 as a souvenir in his wallet. I don’t know how long the $20 will last, but I’m sure that he won’t quickly forget his lawn mowing experience.

The long and short of the story is that you should STOP and THINK before you SPEND! Evaluate your spending habit.

Please subscribe and follow me on my blog and email your questions to info@margmortgages.ca or call your community Finance Coach on 780 901 8060.

PRACTICAL STEPS TO GET OUT OF DEBT OR MANAGE YOUR DEBT

Going into debt by buying a depreciating asset like a car, or anything that doesn't produce an income (like borrowing for a holiday) is not always helpful in getting out of debt.

The following principles can help you manage your money and also lead you to financial freedom.

Create a budget and track your expenses: Creating a budget is simply developing a plan in which you tell your money what you want it to do. Tracking your expenses with a budget is like using scales. As it allows you to see how you are doing and motivates you to be more careful with your expenditures.

Create a budget and monitor your expenses

How much do you earn per month -        $5,000.00 (b4 taxes)

After-tax income                                              $4,250.00

Expenses:

Rent/mortgage                                              $1000

Food                                                              $500

Utilities                                                          $150

Cable, Internet & Phone                                  $90

Insurance                                                        $100

Gas/transport                                                  $100

Savings                                                          (10% of your net)

Proverbs 27

           ²³ Be sure you know the condition of your flocks, give careful attention to your herds;

            ²⁴ For riches are not for ever: and a crown is not secured for every generation?

            

2.       Simplify your lifestyle – live within your means

3.       Establish an emergency fund: An emergency fund is an account separate from chequing or long-term savings that is set aside specifically for emergencies. Some experts recommend beginning with $1,000 and building that to three months ‘worth of income. When you have this amount, you won‘t need to use your credit cards anymore. If you must use a credit card, such as when traveling or making purchases online, be sure to pay off the debt immediately.

                Pay off your credit cards, use cash/debit cards for purchases, and use credit wisely: I like                     advising my clients to prioritize paying off the credit card with the highest interest rate.

                Another suggestion is to pay down the smallest debt first, experience that victory, and apply for                 your payments from the first card to the second, and so on, creating a snowball effect to pay                off the cards ASAP.

Canadian debts are at its highest in years because interest rate is at its lowest but banks will increase interest rate as soon as the economy starts to improve. So DEBTORS BEWARE

4.       De-accumulate or sell possessions and assets that you no longer are using, that are beyond your ability to maintain, and/or that can be sold to generate additional cash. 


5.       Learn how to be a smart shopper: Limit the opportunities advertisers have to seduce you with their baits.

6.       Use insurance only to protect against catastrophic losses: Consider auto and medical. 


7.       Get creative: Whenever an apparent financial need surfaces, determine a minimum of two, preferably three, price quotes and/or solutions on how to solve this specific need.

8.       Practice long-term savings and investing habits: Saving money is the number-one wise money management principle everyone should practice. There are three types of savings we should have:

9.       emergency savings;

10.   savings for wants and goals e.g. saving for personal or children education, buying a car, furniture and,

11.   Retirement savings.

12.   There must be budgetary control

                                                                      i.   Plan you budget: it will keep you from overspending and debt trap

                                                                    ii.      Follow your budget: stick to your budget plan

                                                                   iii.      Prioritize your expenditures

Feel free to email me at info@margmortgages.ca or call 780 901 8060 with your questions. And subscribe to my blog for future updates. margaretadekunle.blogspot.ca

The Reality of Debt (Proverbs 22 verse 7)

Debt is a bondage that weighs down the mind and sometimes affects genuine relationships. Therefore, it is very important to make sure that your financial goal aligns with your life goals. You are aware that the best way to manage your money is to stay out of debt and have a strategy in place before the expenses or temptations arise.

Proverbs 22 verse 7: “The rich rules over the poor, and the borrower is a servant to the lender”

Don’t be enslaved by debt, financial education and proper planning is the key to a healthy financial life.

Suggestions that can give you financial freedom includes but not limited to:

1.       Work hard, live simply and save wisely

2.       Value family togetherness by discussing money with your significant other and your    kids

3.       Be honest, fair , and generous in all financial dealings

4.       Avoid borrowing, especially for consumable or fast depreciating items

5.       Do not use credit cards unless you have the money to it off each month

6.       Pay your bills promptly

Some Reasons Why People get into Debt

1.       Reduced or loss of major source of income and expenses remain basically the same

2.       Unexpected price increase for basic necessities such as utilities, insurance food etc.

3.       Medical expenses

4.       Lack of self-discipline and contentment

5.       Impulse purchases

6.       Not living within our means

7.       Covetousness:  This is one of the major causes of indebtedness. You  become covetous  when we eagerly desire things which belong to other people, even when you do not have the power economically to purchase such things. It is common knowledge that wrong desires produce wrong actions.

8.       Poor money management: Mismanagement of your income will create a gap and you might constantly be in need of money which will lead to borrowing regularly to close the gap. Proper planning and money management will prevent unnecessary spending and guide you to keep your spending within budget.

9.       Banking on a windfall: Charging your credit card or spending money for special projects or purchases in hopes of a special gift or another source of income that you are “hoping” will be coming soon.

10.   Saving too little or not at all

11.   Financial illiteracy: Build a relationship with your money and understand the burden of debt. Learn more about your personal finance.

Feel free to email me at margmortgages@gmail.com or call 780 901 8060 with your personal finance questions. And subscribe to my blog for future updates.

How To Reduce Your Bill Payments and Save Money

You understand the importance of saving money on a monthly basis but the stress of paying your high bills creates uncertainty. High bill payments could force you to live from pay cheque to pay cheque but there are ways to manage your monthly payments and start saving money.

·         Phone and Utility bills: For your phone and utility bills, call the companies to discuss the possibility of reducing your bill payments. Take a closer look at your phone bill; do you really need 3-way calling or international texting features?  Be aware of how much you’re paying on a monthly basis by monitoring your bills for the next 3 months. Then think about removing the features that you don’t need or use.

·         Cable bill: You spend 8 hours or more at work and you are probably too tired to watch TV when you get home. If his is the case, why are you paying for a premium cable package?  I do advise my clients to take out special channels such as the sports package or HBO. You can save $15 to $20 monthly by eliminating some channels.  

·         Credit Cards and Loans: If you’re paying an annual fee, what are your benefits?  If you are not using the benefit that comes with the fee, I will suggest that you get a credit card without an annual fee.  An average credit card has a 19.99% interest rate but you can call your credit card company to see if they have a credit card with a lower interest rate.  Or look into debt consolidation loans to pay off your credit cards.  

Your car loan is due for renewal yearly, make sure that you negotiate your interest rate rather allowing the loan to auto renew. If your loan is less than a year, how much you’re paying in interest? If your interest rate is higher than 10%, you might want to call your bank to renegotiate the loan after 6 months.

·         Rent payment: How much are you paying in rent on a monthly basis? After you pay your rent and other bills, how much do you have left to save? If your rent is $1300 and over, you can afford a mortgage payment for a $200,000 home (this is just a rough calculation). If your rent is $1300 or more, you might be spending too much on rent. I will advise that you get a place with lower rent payment so that you can start saving for the down payment to buy your own home. Your mortgage payments minus interest will become your equity which is a form of savings for the future.

·         Mortgage payment: You should make your mortgage payment bi-weekly or weekly if you can. The frequency of your payment can help reduce the amount that goes towards interest payment. Any amount saved from interest payment will go towards the equity in your home.

Conclusion

Pay attention to the dollar amount of your monthly bills and look for ways to reduce your payments. Call your service providers to take out the services that you’re paying for but not using.

Feel free to email me at margmortgages@gmail.com or call 780 901 8060 with your money questions

Build a Good Relationship with your Money

Life is hectic. Sometimes we have to juggle so many things at the same time. This is why most people don't have the time to build a relationship with their money.

Building a relationship with your money means constructing good spending habits. Make the right choice about your wants and what you really need. It is also very important that you know the financial products that you have knowledge is key, awareness about the financial products that you use can be the difference between a happy life and a life fraught with financial anxiety and trouble.

What to do:

• Go on a financial diet
• Live within your means
• Say no to your kids at the grocery store(tough one)
• Buy what you need and only take on debts that you can afford
• You have to spend time to know and understand your finances

Financial knowledge is a powerful force that can help you gain an holistic control of your life. Your ability to make good financial decisions could be a deciding factor to your well being.

A good relationship with your money is better than a good relationship with your bank. When you are so loyal to a particular bank, you will stop paying attention to your service charges. There are  people who have 4 unlimited chequing accounts at 4 different banks and with a monthly service charge of $14.99 each. Having 4 chequing accounts is excessive because the extra paid fees can be directed towards a savings account.

What not to do:

• Don't put money management on the back burner
• Don't buy things because they are on sale
• Don't ignore your monthly bank statement

Building a long lasting relationship takes time. Education is key!
Please free to email me at margmortgages@gmail.com for any question(s). You can also leave a comment below and subscribe to the blog for future updates.