New To Canada Tradeshow!
Join us this Saturday, April 27th, between 10am and 4pm.
Stop by our booth and say hi!
#MortgagesMadeEasy
We’re Banff Bound!
MMG Brokers are always up for any excuse to learn and grow in the industry!
We are thrilled to be attending the mortgage brokers event of the year!! With an amazing lineup of speakers, educational sessions, and more – The 2019 Alberta Convention at the gorgeous Fairmont Banff Springs Hotel is where we want to be! June 2-4, 2019. Are you attending the conference?
#abcBanff #myAMBA #myMPC #YouBelongInBanff #strongertogether
New to Canada?
Are you or someone you know New to Canada and looking to buy a home? Visit us at the New to Canada expo for all of your mortgage and qualifying needs!
Join us on April 27th between 10am and 4pm
Stop by our booth and say hi!!
#MortgagesMadeEasy
MMG Mortgages:
Social Contract
A social contract is an implicit agreement among the members of a society to cooperate for social benefits, for example by sacrificing some individual freedom for state protection. In both moral and political philosophy, the social contract or political contract is a theory or model, originating during the Age of Enlightenment.
At MMG Mortgages, our social contract speaks to our passion for what we do and how we deal with our business and our clients on a day to day basis. We live by these unwritten rules, and take pride in knowing our entire team lives and breathes honesty & integrity, which is the most important part of our business.
First Time Home Buyers Incentive Plan
The 2019 Federal Budget meeting was concluded on March 19th with the below notable changes to be made to Canadian mortgaging by Fall of 2019. Our brokerage is optimistic by these changes but disappointed in the low impact this will have of overall buyers in our Canadian market. There is also an associated risk with the future repayment of the incentive and something that we are eager to learn more about in the upcoming days and months.
The new CMHC First-Time Home Buyers Incentive Plan represents a shared equity mortgage program that would give eligible first-time home buyers the ability to lower their borrowing costs via equity sharing with CMHC of up to 5% of the purchase price of an existing home, or 10% of a new build. No repayment required monthly. The buyer would repay the incentive, for example at resale.
Only eligible for households earning $120,000 annual income or less. Max eligibility lets them borrow no more than four times the annual household income.
Further noted is an additional increase in the eligible RRSP withdrawal amount through the Home Buyers’ Plan (HBP). Previously $25,000, this has been increased to a maximum to $35,000.
Please contact MMG Mortgages for further information and get our take on the upcoming changes.
Worried about the rising interest rates and what they will do your mortgage payments?
Here are some examples of what a 1% rate increase could do at your renewal date or to your adjustable rate payments.
Contact us today to inquire about your options and protect your investment!
Concerned about rate increases?
Ask us about this great 7 year fixed rate!
*Limited time promo.
*Easy exit strategies after the first 5 years.
Contact us today for more information!
MMG Mortgages specializes in financing residential property flips and renovation projects for first time investors and full time real estate investor professionals. We have the knowledge, experience and expertise to assist you in making educated and profitable real estate investment decisions.
The Property Flip Mortgage allows up to 80% of the after-renovated value, which means you can put as little as $10,000 down, and keep the rest of your capital to renovate and resell or refinance the property. We conduct our own same-day no-fee valuation to allow you to take advantage of quick closings.
• The mortgage is fully open, without prepayment penalties.
• The interest rate is 15.5% with monthly interest only payments.
• Our lender will lend in 1st or 2nd position with the same terms.
• Our lender will use your own lawyers to limit the legal costs.
• Start to finish, our lenders can fund within 48 hours with limited documents required.
This product also works great for interim/bridge financing, renovations, or to solve other short-term problems before you sell or you refinance into a new first mortgage.
We are thrilled to welcome Scott Thomson to the MMG Mortgages team!
With close to a decade in the mortgage business, Scott has mastered the ability to stay on top of an ever-evolving industry. Scott has become a leader both in the mortgage arena and in his community. We are so excited to watch him grow with MMG and to work together with all of his amazing creative energy.
Welcome to the team, Scott!
• Are you withdrawing funds from your RRSP or retirement account for your down payment?
You are classified as a first time buyer if you have not owned a property in your name over the past 5 years. If this is you and you have a retirement account that you want to withdrawal from, the maximum amount is $25,000.00 per person, tax free (or $50k per couple). Don’t over withdrawal, or it will result in expensive taxes and fees.
• Not all mortgages are created equal. It’s not just about the rate.
Every mortgage has features and perks tied to it such as pre-payment ability, portability, transferability and possible payment holidays. Make sure to always ask your mortgage professional if you have these features available and beware of “restricted mortgages”.
• Always get a second opinion.
In this day and age, it is tougher to get approved for what you ideally want. Just like mortgages, not every bank is created equal. Every bank has their own internal guidelines. Some lenders are more lenient then others with reviewing your application. A broker can help you navigate which bank will approve you for the best rate, product and the highest approval amount. There is no charge to use a broker so don’t pigeon hole yourself in only visiting one bank and having one option.
• Always get pre-approved!
When your mortgage professional provides you with the maximum qualification amount for your new home, did they review your credit, your income documents and your down payment details? Beware of the quick 60 second online mortgage approvals. They are not accurate and could set you up for failure.
• Further to the above, be sure to ask if this approval amount is for the purchase of a single family home, condo or town home.
If you intend to purchase a property with condo fees, these amounts need to be included in your monthly debt and this will reduce the maximum approval amount.
• Don’t over-borrow and always do your research of what your total closing costs will be.
Aside from the down payment, there are also legal fees, home inspection costs, possible condo document review fees and potential land title transfer fees (province dependent).
Happy birthday to this South African beauty! Not only is Deane a kick ass mortgage broker, he is also the guy that always makes you smile when he walks in a room. We are so very lucky that Deane is part of the MMG family and we are wishing him a very happy birthday and year to come!
Did you know at MMG we have a full TEAM working on your file? True story! Our full time underwriters and office operations crew make sure all of our transactions get the priority attention they need! We’ve got an amazing model for tackling the complex transactions that today’s market is creating. Connect with us!
Happy Birthday Jacki!
We looked for famous quotations, thought of phrases, we even tried to compose some verses, but Couldn’t find anything suitable to describe such an incredible person. You are one hell of a mortgage broker, mentor to others, your sensible and smart, Fun and Loving. And aside from all of your vast business accomplishments you are The best Mom and The best friend to everyone. Be proud of your age: this year you are wiser, smarter and closer to senior discounts. Yesssss!
Happy birthday from your MMG Mortgages Family!
Such a wonderful evening at our MMG Staff Christmas Party over the weekend! THANK YOU to the MMG Staff and Brokers for being such a great, hardworking team. Lucky to have each of you! And thanks to all who made it out for such a great night! We are so thankful for all the continued support and amazing partnerships!
Have you ever wondered what some of the material differences are between the big banks and the smaller monoline lenders? (mono – meaning a bank who only deals in mortgages). Here is a great article from our friends at MERIX Financial who explain some of the differences of how mortgage payout penalties can be calculated. Although this might not be the case with every bank, this is a very good example of what often occurs. REMEMBER: Not all mortgages are created equal!
"Heather was AMAZING! She walked us through our roller coaster journey from renovation plans to land buying and home building plans to buying an existing home, took the time to answer all of questions, and ended up securing us a more than competitive interest rate on a mortgage that allowed us to buy our dream home! She made the entire experience seamless and “easy”! I would not hesitate to use them again or to refer them to anyone and everyone! Thank you MMG mortgage for your patience with us and for helping us in our journey!!!"
Another great review from one of our amazing clients! Thanks so much Danielle!
""Heather was fantastic to work with.
She is incredibly knowledgeable, professional and quick to respond which set our nerves at ease being first time home buyers. Heather really listened to us carefully and answered our questions and gave us invaluable guidance. I would recommend Heather and MMG Mortgages to anyone looking for an insightful and experienced mortgage broker."
- Danielle"
Possession dates don’t match up? No problem, we have a solution for you with flexible bridge loan options. Multiple lending options, no payments required until your property sale, minimal set up fees and easy qualification.
The major lenders will only lend up to 50% of the land's market value, Luckily, we have a few smaller lenders that will consider 75% land market value, and this is predominantly in the urban city center locations, or small acreages close to the city limits. Alternatively, the down payment and lending value depends on the maximum number pf acres and vicinity of the land but we can consider up to 160 acres pending the zoning is country residential, agricultural or residential.
For many homeowners, the biggest question is “How can I pay off my mortgage as fast as possible?” Owning your home outright provides you with greater financial freedom, flexibility and the ability to focus on other financial goals like retirement or saving for your child’s education. It doesn’t even have to be that hard - you’ll be amazed how small changes in your mortgage terms and payments can make a big difference. Here are some simple strategies to help you pay your mortgage off faster. These tips will help reduce your amortization:
1. Make your regular mortgage payments more frequent: Save interest and become mortgage-free sooner by choosing biweekly or weekly payments rather than monthly payments. This will have the effect of making two extra monthly payments every year, without even noticing it.
2. Increase your payment amount when you can: If you’ve had a mortgage for a while, you’re likely used to the routine of making regular payments. Now might be a good time to consider if you could afford to increase your payment a bit. Also, whenever your household income rises (i.e. salary increase, new job, etc.), consider increasing your mortgage payment at the same time.
3. Increase or double-up your payment: To help pay off your mortgage sooner, you can double your current mortgage payment of principal and interest on any regular payment date or increase your payment amount up to 20%. This additional amount will go directly towards your principal without any cost or penalty. The increase of payment options varies with each lender. Ask MMG what your options are. These payment increases will always be in addition to making lump sum payments.
