New Mortgage Rules Starts January 1, 2018

OSFI finalizes new guidelines

Today, the Office of the Superintendent of Financial Institutions (OSFI), released revised guidelines for the mortgage industry, similar to the draft version released earlier this summer.  These new parameters will take effect January 1, 2018.

OSFI said they will be holding information sessions through the fall to discuss implementation expectations. We anticipate that lenders will provide specific guidance within the coming weeks about how they will be handling these changes and guidance around submission cut-off dates, pre-sale contracts and other nuances surrounding the changes.

Summary of OSFI’s Mortgage Underwriting Guidelines B-20 revisions:

Introduction of a Minimum Qualifying Rate (Stress Test) for Uninsured Mortgages

The new minimum qualifying rate for uninsured mortgages will be the greater of the five-year benchmark rate published by the Bank of Canada, which is 4.89% or the contractual rate plus 200 basis points.

Lenders will be required to enhance their LTV measurement and limits

Lenders must establish and adhere to appropriate LTV ratio limits that are reflective of risk and must continually update as housing markets and the economic environment evolve.

Restrictions will be placed on certain lending arrangements that are designed or appear designed to circumvent LTV Limits (ie Co-Lending)

Federally-regulated financial institutions are prohibited from arranging with another lender: a mortgage, or a combination of a mortgage and other lending products, in any form that circumvents the institution’s maximum LTV ratio – so limits in mortgage bundling.

It is important to note that these changes to B-20 are not technically required by Credit Unions. That said, in the past, adherence to B-20 has occurred by some CUs for all or some of the guidelines. Given the funding capacity of Credit Unions, there may be some changes to their policies as well.

The significant concern with these changes and the stress test was shared with OSFI. TMG Management and Mortgage Professionals Canada stressed the potential impact of these changes and provided alternative suggestions to help the regulator achieve their goals.

Client's Testimony

A note from a satisfied client..........
Siba, Edmonton, AB: I had gone to different Mortgage lenders in and out of town to find financing to buy a house and after I have been turned down everywhere I had almost given up hope. Then one day I went to this networking workshop and she happened to be a speaker there. The minute she opened her mouth I knew she was the one to get me what I wanted, it was as if God whispered into my ear and I had no doubt. Her passion, fire, and energy was exhilarating. Marg Mortgages was God sent to save the day. This lady doesn't take no for an answer she will fight for you until you get what you want. She will stay up to 0100-0200hrs at night working and communicating with you until the end. I will recommend her to my family, friends, colleagues and even my enemies. I am a true testimony. Marg Mortgage thank you very much, the community is lucky to have you and will recommend and advise anyone wanting a mortgage to utilize this lady's services. Marg Mortgages can fix your credit and get you the right mortgage!! email: info@margmortgages.ca

Marg Mortgages Credit Rebuilding Program

What is Credit

Everyday we are asked, “how credit works”. Credit is getting things first, and paying later. Credit in Canada is used for everyday purchases through to major life milestones. When it comes to large purchases, credit is essential (after all, who has a spare $400,000 in cash for a home?

Credit is used when you want to:

• Get a loan
•  Buy a house
•  Lease a vehicle
•  Get a good phone plan

•  Make travel reservations
•  Get certain jobs
•  Rent an apartment
•  Pay less interest

Can Anyone Get Credit?

We all have a credit score — some good, some not so good (some are even 0!). The trick is that you need to have a good credit score in Canada to get credit. Credit allows you to reach your goals in a more flexible way. Since building your credit score takes time and patience, now is the time to start building.

Your Credit Score is a Number that Affects You

Your credit score may look like ‘just’ a three-digit number, but it sums up your whole financial reputation. Think about it like a financial resume. This number is all about trust and determines what type of credit you can get in Canada, from a mortgage all the way down to payday loans. Your credit score also decides what conditions (like a cosigner) and interest (high or low) you will get on any credit you apply for.

If you have a history of paying lenders on time and managing your debts responsibly, you’ll have a high score! If you don’t have a history at all, or if you have a low score — it will be hard to get lenders to trust you. Our goal is to help those with no score or a low score get back into the credit game.

Have You Ever Been Denied for a Credit Card?

If you’ve been turned down for credit, don’t take it personally; it probably means your credit score was too low. Lenders do a lot of math to figure out the risk of not getting paid, based on credit scores. Unfortunately, an awesome personality doesn’t count for much in the world of credit.

Credit Building With Marg Mortgages

• No Credit Check. No money out of pocket.
• Approval in minutes!
• Clients sign up for one of our programs, ranging from $1,200-$5,500.
• We put up the program amount and hold it as collateral. As clients pay down the program they begin to build-up equity (savings), which they can withdraw.
• These payments are reported to their credit profile as an Installment Loan
• All programs are 36-60 months with fully open terms and no penalty to payout early.
• Interest on the program ranges from 15.99%
• A commitment fee is charged on each program that is rolled into the payments and paid over the first several months.
• The commitment fee must be paid before the client can cancel.
• This fee ranges from $200-$400 depending on the program size (see program summary page.

Email Marg Mortgages: info@margmortgagges.ca

If you’ve ever been denied for credit, we can help you.

YOU CAN BUY A HOUSE WITH NO MONEY DOWN

If you have a good job and want to buy a first home, but don’t have a down payment, can it be done? The answer is maybe and depends on how you answer these questions.

How's you credit score? In order to qualify for a mortgage you must have a good credit rating. Try and reduce or eliminate all outstanding credit card debt first. Cancel credit cards that you are not using.

Do not change jobs just before applying for a mortgage. The lender will want to see that you have a stable employment history. You can go to Equifax.ca to obtain a free copy of your credit score. If any information in your credit file is incorrect, take the time to get it fixed before applying for any mortgage loan.

Do you qualify for an insured mortgage? With an insured mortgage, you are able to finance up to 95 per cent of the purchase price, either through CMHC or a private mortgage insurer. You will need to have at least the remaining 5 per cent down payment, as well as approximately an additional 1.5 per cent to cover the land transfer tax, legal, moving and other closing fees.

You may also want to set some money aside to do some work on your new home before you move in. To obtain the insured mortgage, you will have to demonstrate that you have enough monthly household income to pay your mortgage as well as your household expenses. It is a good idea to try and get pre approval for a mortgage, so you know before looking how much you can afford, based on the down payment that you have.

Is it possible to buy a house with no down payment? Some lenders offer qualified buyers the entire down payment on the day of closing, if the buyer has good credit, stable employment and qualifies for the lender’s closed-mortgage rate over 5 years. This can allow you to buy a home worth up to $400,000 in most cases.

The disadvantages with these mortgages are that if you want to discharge them early, you will have to pay back a pro-rated portion of the money received. And you will probably be paying 3 per cent more interest on a monthly basis than you would if you were using a variable rate mortgage, which is popular today for most home buyers.

This extra interest will amount to more than the imputed value of the down payment over a five-year period, yet it will be offset by the fact that you get to close your purchase now, with a down payment that you currently don’t have. Other lenders offer similar “cash back” mortgages, which may cover your 1.5 per cent closing costs or more, on similar terms and conditions.

If you are contemplating a home with a basement apartment to help carry your expenses, be careful to make sure that the unit has legal zoning and complies with the local Fire Code. In addition, make sure that you notify your insurance company about this.

Finally, always have a professional home inspection done. You do not want to find, after closing, that the house requires repairs that you can’t afford.

Even if you have a low down payment, by being properly prepared, your dream of home ownership can come true in 2017.

Get your Mortgage pre-approval in 1 hour. Click below: http://www.margmortgages.ca/LookingForYourFirstHome

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