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Tony Dhami Tackling Debt A Growing Priority

By TONY DHAMI Verico Designer Mortgages Inc More Canadians are heeding the interest-rate warnings and focusing on curbing their debt loads in 2010. A Manulife Financial poll released Tuesday found that paying down credit cards and lines of credit is growing as a financial priority among Canadians. In fact, more than a quarter, 28 per cent, pegged debt elimination as their main goal, up from 24 per cent in 2009 and a five-year… Continue

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Tony Dhami Help Your Debts By Accelerating Your Mortgage Payment

By TONY DHAMI Verico Designer Mortgages Inc Dealing with debt by accelerating your mortgage payments can be a very smart, efficient, and successful way of paying down your mortgage, while paying less in interest. There are a couple of ways to do this effectively. First, commit to the lowest amortization period you can while still being able to make the payments and qualify for the mortgage amount you require. The lower your am… Continue

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Tony Dhami What to Look for in a Mortgage Lending Company

Written By Tony Dhami www.topnegotiator.ca www.hamiltonmortgagebrokers.ca Type "mortgage lending company" into any search engine and thousands of results appear. Given this, how do you know what to look for in a mortgage lending company? Following are some guidelines: Tip #1: What to Look for in Mortgage Lenders: Canada. Comparison… Continue

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Tony Dhami INFO ABOUT PRIVATE MORTGAGE LENDERS

Written By Tony Dhami www.topnegotiator.ca www.hamiltonmortgagebrokers.ca Private mortgage lenders are likened to angel investors by some. They are similar because they usually provide short-term loans for asset-backed investments, e.g., land, property. As the hard asset is the collateral, private mortgage lenders don´t lend based on… Continue

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Tony Dhami SELF EMPLOYED MORTGAGE WITH NO PROOF OF INCOME

Written By Tony Dhami Verico Designer Mortgages Inc www.hamiltonmortgagebrokers.ca www.topnegotiator.ca You work hard, you make good money, you have a good credit history, you're independent, you're successful but you're self employed and you can't get a mortgage from the major banks. Right? Wrong? Over 20% of Canadian income ea… Continue

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Tony Dhami IS PRIVATE MORTGAGE FOR YOU ?

Written By TONY DHAMI www.hamiltonmortgagebrokers.ca www.topnegotiator.ca HAMILTON'S PRIVATE MORTGAGE SPECIAL REPORT • Do you need an 'unconventional' mortgage for a residential or mixed use property? • Are you purchasing a 'nonconforming' property and have been told it can't be financed? • Have you been turned down by a… Continue

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Tony Dhami Why People Borrow From Private Lenders ?

Written By Tony Dhami Verico Designer Mortgage Every day more people are bypassing the traditional lending routes and turning to private lenders to finance their investments. It’s true, traditional government regulated lending typically offers lower interest rate (though the difference is negligible) the benefits of private lending often far outweigh the difference. Traditional, government regulated, lending requ… Continue

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Tony Dhami HOME MORTGAGE DEAL OF A WEEK

Written By Tony Dhami Here is this week's HOME DEAL OF THE WEEK: Deal Purpose: -Refinance to payout first and second mortgages and consolidation. Employment: Primary applicant: 19 years, salaried Secondary applicant: Not working (Homemaker) Residence: 4 years as homeowners TDSR: 42.55% (GDS is not considered) Property: Owner occupied in Brampton Credit: Primary Applicant: Beacon 512 Credit bureau summarized as follows: F… Continue

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King Mortgage Forms for Download

Below is a downloadable Mortgage Application. You can fill it out on your computer, and Email the completed form back to Tony Dhami for review Mortgage Application.doc Try applying with the online mortgage application Back t… Continue

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King Mortgage The Mortgage Process - Needs and Goals

Step 1 - Needs and Goals The mortgage process begins with you. There are a number of questions that will need answering when you begin. For example, you may want to start by thinking about the following: What is your price range? What is the amount of down-payment you would like to invest? How much would you be comfortable paying on a monthly basis? How long do you think you will live in the home? Use the Mortgage Calculator… Continue

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King Mortgage Mortgage Terminology - Explained

A Glossary of Terms Related to the Mortgage Process Amortization Paying off the principal balance of the mortgage, usually by a combination of equal periodic payments and extra payments of principal at irregular intervals. Usually associated with a target period (the standard being 25 years) over which the initial blended payment is calculated. The maximum amortization available in Canada is 40 years. Adjustments on Closing (There are two types of ad… Continue

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King Mortgage Interest Rates

Interest Rate - A Key Component of Your Mortgage Deciding on the type of mortgage interest plan is one of the most important decisions a home buyer will make. Your choice of mortgage plan can save you tens, even hundreds of thousands of dollars over the life of the mortgage. While we offer the best rates in the industry, obtaining the lowest rate does not guarantee the lowest total cost. (view current interest rates) You also need… Continue

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King Mortgage Refinancing

Refinancing an Existing Mortgage Refinancing a mortgage means paying off an existing mortgage and replacing it with a new one. There are many common reasons why homeowners refinance: - The opportunity to obtain a lower interest rate - The desire to convert from a fixed rate mortgage, to an adjustable rate mortgage - The opportunity to tap into home equity in order to finance a large purchase or renovations - The desire to consolidate debt Some of these motivations… Continue

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King Mortgage Mortgage Programs

The Possibilities with Different Types of Mortgages 0% Down payment Mortgage / 5% Cash Back The 5% CashBack Mortgage is great for first-time home buyers or current homeowners looking to trade up. You can even use your 5% CashBack to pay down your mortgage (5% down payment) effectively giving you 100% financing. Tax Deductible Mortgage GET FREE TAX REFUNDS - Turn your mortgage interest into yearly tax refunds PAY OFF THE MORTGAGE SOONER - Save thousands of dollar… Continue

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King Mortgage Closing Costs

Closing Costs Associated With Your Mortgage We ask our clients to budget up to 2% of the purchase price of the home or condo to cover closing cost. While these vary depending on the situation, typical costs include: Survey In most cases, the agreement of purchase and sale will have a clause asking for the vendor to provide a survey to the purchaser at their cost within a certain period of time. If the vendor does not provide you with an acceptable survey, you may n… Continue

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King Mortgage Mortgage Resources (Links to Help You)

External Resources on Many Aspects of the Mortgage Process. CMHC - Canada Mortgage and Housing Corporation Genworth - Mortgage Insurance AIG - Canada’s newest private mortgage default insurer. Equifax - Y… Continue

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King Mortgage Pre Approval - Why You Should...

A mortgage Pre-Approval is an important first step toward getting a mortgage for two reasons: -The pre-approval will give you a good idea of how much of a mortgage you can afford. -The pre-approval will hold a rate for up to 120 days therefore protecting you from any rate increases. Pre-approvals are: - FREE, No Obligation - Guaranteed to be the Lowest Interest Rate for 120 Days - Fast and Easy - Short Form Takes 1… Continue

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King Mortgage Credit Rating

Credit Rating - How it Affects Your Mortgage Lenders analyze your credit scores to determine whether or not to approve a home mortgage, a car purchase and nearly all other types of loans. Before lending you money, creditors want to determine how much of a risk you are—in other words, how likely you are to repay the money they loan you. Credit scores help them do that, and the higher your score, the less risk they feel you'll be. Most increases to your credit scores take pl… Continue

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King Mortgage The Mortgage Players

The Players Involved With Your Mortgage Mortgage Agent / Broker A Mortgage agent will negotiate with various lenders on your behalf in order to secure the best deal to suit your individual needs. Lender King Mortgage, and Verico Designer Mortgages have access to over 40 lenders where we can shop for the mortgage that best suits your needs. Appraiser The appraisal is a professional opinion by a third party who will determine the market value of the propert… Continue

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King Mortgage Mortgage Products

Mortgage Products Available to You Fixed mortgage interest rates If you chose a closed fixed interest rate, you are locked-in with the lender for a specific term. The interest rate charged will not change during the term of the mortgage. Should you decide you want to break the mortgage (say, you decide to sell your home), lenders will charge a penalty. The penalty is generally the higher of three month's interest or the interest rate differential The interest rate differen… Continue

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