Steve Clark, AMP

My Commitment to You and your Best Interest is indicated by the AMP designation

In an ongoing commitment to the highest standards of mortgage industry performance and service, I am pleased to announce my completion and passing of the Accredited Mortgage Professional, (AMP) course.This designation recognizes my level of achievement and is the only national proficiency standard for Canadians within the mortgage industry.

The AMP designation indicates the highest level of integrity and attention to customer service. It also is an ongoing commitment to continuing education and ethical behaviour.

My commitment to my clients, my business and the mortgage industry has never been stronger. When you choose to work with me as your mortgage agent, you are receiving the highest level professionalism, knowledge and service possible. Your best interests are the highest priority and my promise to promote. Call me anytime. 705 730 2400.

Northwood Mortgage Agents will Explain your Mortgage Options in a Divorce

The tumultuous time surrounding your divorce does not have to be compounded by mortgage problems. The time to talk with your mortgage agent is before you actually separate so you can prepare a smooth transition into a new home or take sole possession of the existing home. Divorce does not relieve you of your obligation. If you both signed the mortgage, you are both liable.

To remove your liability the options are;

• Sell the house
• Refinance the mortgage
• Assume the existing mortgage
• Keep the mortgage

To discuss options with your Northwood Mortgage Agent now call Steve at: 705-990-0388.

Sell the House

Selling the house is the easiest and best way to make a new start and relieve yourself from liability. It is best to sell the house before the divorce is finalized to avoid disputes over selling prices. After all the closing costs, realty fees, and mortgage disposition is finalized, all you need do is split the proceeds 50/50. Additionally neither will have to worry about the other not making payments, maintaining the property or paying taxes.

Refinancing

In this scenario one spouse decides to keep the house and buy out the equity of the other. In order to do this he/she must refinance the mortgage in their name.  If this is your choice then you need to get your spouse to sign a “quit claim deed” to relinquish any rights they have to your house.  Also a good idea if you have not finalized the divorce is to get a signed, “deed to secure assumption”. With this document if your spouse has failed to refinance or has defaulted on the mortgage then you can take over the property and responsibilities, relieving the ex. After the divorce is final you should contact your mortgage agent or lender to supply them with contact information and ask they inform you of any missed payments.

 For a Confidential, No Obligation Consultation 

Assume the Existing Mortgage.

Not all mortgages are assumable. Contact your lender to determine whether or not your mortgage is assumable.  To start the process, your lender will need to draw up an assumption agreement and release of liability, to relieve the ex of responsibility or claim. You will need to provide proof of income to show you can actually handle the payments. You will also need to provide divorce papers and a quit claim deed. There are assumption fees, but they are less than refinancing . Should you need extra funds there is an option to “blend up” the mortgage amount assuming you qualify along with agreeing to the new rates and terms.

 Keep the Mortgage

Keeping the mortgage as the original is definitely the most risky. It is already acknowledged that you can’t get along, do you really want to maintain close financial ties with someone you no longer like or trust? There are so many pitfalls in this scenario it is difficult to see them all. Suppose your ex doesn’t pay the mortgage on time or default in some way. You are equally responsible under the terms of the contract, so your credit goes down the tubes as well.  You also need to be aware of any liens that your ex incurs on the house that will make it difficult to sell.

The most important factor to consider is the difficulty you will have of qualifying for a new mortgage if you are tied to one already. The lender may want to ensure you can pay for both, credit criteria will be raised as will your down payment requirements.

Toronto Mortgage Brokers, Skilled Pros who can Help You to Get a Mortgage after Consumer Proposals (OPD) or Bankruptcy

In today’s troubled economic times bankruptcy and consumer proposals continue to be the route for individuals in over their heads with unmanageable debt and crushing payments. They both are a legal status for those who are insolvent and cannot pay the debts owed to their creditors.

“You can qualify for a mortgage after either a bankruptcy or an OPD, but before you do you need to be aware of the rules. It is a good idea to meet with a Northwood Mortgage agent to discuss your plans and what is required for approval.”

Bankruptcy

Do not be too hasty trying to get a mortgage until after your bankruptcy has been officially discharged. The time line from filing to discharge is from 9 months to 1 year. Only when it is fully discharged can you begin to re-establish the credit necessary to qualify for a mortgage.

On average mortgage lenders will be reluctant to approve a mortgage, for at least 2 years after your discharge. You must have at least 1 year of re-established credit as well. On your credit report, you must have a minimum of 2 trade lines, (creditors you owe). It is also very important that at least one of the creditors be a major financial institution, such as your bank. One good way to increase your credit worthiness is obtain a GIC loan from a bank and a low limit credit card.

Some lenders have a condition that states that they will not lend if the bankruptcy included property. Also they are reluctant to lend if it included credit from their organization, as one would expect.

“As a Northwood Mortgage Agent, I have access to over 48 lenders, some of which will approve previously bankrupt individuals.”

The documentation absolutely required for a mortgage application is the “Statement of Affairs” which outlines all liabilities covered in the bankruptcy. If you have not received the statement from your trustee you should request one from him/her.

OPD or Consumer Proposal

An OPD (Orderly Payment of Debt) or Consumer Proposal is in the view of a lender essentially the same as bankruptcy. The credit rebuilding is still necessary as well as the discipline involved.  However with a OPD you do not forfeit assets, such as the equity in your home. This is considered more favourable in the eyes of a lender as property is usually not involved.  Also bankruptcy is a last resort, OPDs are pro-active.

Bankruptcies or events leading up to consumer proposals can seem overwhelming and they definitely do severely damage your credit. However all is not lost if you are willing to be patient. It also requires a sincere and honest effort to get your finances and credit back in shape.

“People with credit problems can still get approved for mortgages, but it requires extra time, hard work and the skill of your Northwood Mortgage Agent. Call today 705.990.0388″   

 Northwood Mortgage Agents help Self Employed to get Mortgages

Self employed individuals or BFS (Business for Self) make up 20% of income producing Canadians.

Northwood Mortgage agents have access to lenders who have come to realize the importance of the market and have designed mortgages specifically towards BFS entrepreneurs. Just because there are mortgage products targeted to you doesn’t mean they are easy to get.

Although these products are available they still require solid preparation. As with all mortgages, proper planning and consultation with your mortgage agent will avoid the many pitfalls, delays and common mistakes made by individuals seeking mortgage funding.

The good thing is that you can get a mortgage for most purchases or purchase with improvements. You will also be able to fund progress advances for new builds and refinance you current mortgage.

 For a Meeting with your local Northwood Mortgage Agent

The BFS category is taking it pretty much on the chin when it comes to providing information to qualify for a mortgage compared to employed individuals. Here are some of the rules;

• Good Credit - is an obvious but extremely important rule. A good score in the 700s will definitely appeal to even the most discriminating lender.

• Debt- Your TDS, total debt service ratio, must be a minimum of 42% but with a credit score over 680 can be 44%.

• Stability- a proven record of at least 2 years positive income is necessary. 

• Income – you must declare a reasonable income that is comparable with your industry sector. You can’t be declaring $20,000 income if you are a skilled tradesman in an industry reporting $100,000.

• 3rd Party Verification – you must provide verification that you have managed you finances and credit properly. Usually a financial statement prepared by your accountant.

• Loan to Value - you must have a loan to value ratio of 90% for a purchase or progress advance and 85% for a refinance.

• Maximum- Loans are capped at $750,000 although some case by case exceptions can be found. Equity take outs are capped at $200,000.

• Documentation – 2 years Notice of Assessment and T1 Generals, financial statements and or HST return, business licence. These are on top of photo ID,  and a completed mortgage application.

• Delinquencies, Bankruptcies or Tax Arrears – forget it you won’t qualify.

Talk with your Northwood Mortgage Agent  to get all the information required for a BFS mortgage. If you are prepared and well documented it can be a breeze. Call me today at 705-990-0388 I’ll be glad to talk with you but more important, I’ll listen.

Northwood Mortgage Brokers will help you Access Government Rebates, Credits and Refunds.

For a First Time Buyer, FTBs, accurate professional information from a mortgage broker or mortgage agent is vitally important. Proper planning and being aware of the rules can help to save you thousands in rebates, credits and refunds.

A mortgage agent can help you arrange financing on your home with the lowest interest rates in history, but he can also provide some valuable information that can save you thousands, too. To access your Northwood Mortgage Agent, call 705-990-0388, ask for Steve.

The Home Buyer’s Plan

The Government of Canada, through the Canadian Revenue Agency introduced a plan designed to help FTBs to get into the market. With the plan you can withdraw up to $25,000. in RRSP contributions without paying withholding tax if it is put towards the purchase of a new or resale home. This money remains tax free as long as it is repaid within 15 years and your are still eligible for all the refunds and credits as if it were still in the fund. There are some rules in the fine print that you need to be aware of and your mortgage broker or mortage agent can help you understand the following;

1.  The funds need to be in your RRSP for a minimum of 90 days. 
2.  You must be a minimum of 18 years old
3.  The home must be your principle residence within 90 days of transfer
4.  Neither you or your spouse cannot have owned a house or had interest in a house anywhere in the world.   
5.  You must have a written agreement to purchase or build and the condition of the final withdrawal no later than 30 days after closing.

So what if you have already purchased and were counting on the RRSP money for your down payment? Your mortgage agent will provide you with two options.

•  Ask for a delay in closing. This is easier to do with a new home as builders may be willing due to delays in supplies or contractors

•  You may still be able to access the funds in your RRSP, but they will be subject to withholding tax. You will still be eligible for the deduction and tax refund.

• You may be able to use your line of credit for the down payment and then when the 90 day term is satisfied you get the 90 day benefit, the deduction and the refund, plus your LOC is intact.

Be sure to ask your mortgage broker about the HST tax on your home. Here’s what you need to know.

»HST tax is applied to new homes or homes that have been substantially renovated, not on resale homes

»New home buyers will receive a rebate on the Provincial portion of the HST up to $24,000 regardless of the price of the home.

It is always a good idea to plan your purchase by talking with mortgage professionals before you go out to buy a home. A Northwood Mortgage agent, will help you decide on your qualifications, affordability and will help you wade through and understand rebates, credits and deductions.

Naturally, there is a lot to consider when getting a mortgage loan. Wading through the paperwork and red tape, as well as making key decisions is not something you have to do on your own. Why not let an expert guide you through the complications and intricacies of the mortgage process.

Mortgage agents in Toronto, GTA, and Barrie area can come to your home and help you make the big decisions.

A mortgage agent can walk you through the differences between a fixed or variable rate mortgage and how each could benefit you, in your situation. Mortgage brokers and agents don’t work for a bank or lender – they work for you to bring you the best mortgage available. No need to toss a coin.

Get an expert to help you make an educated decision.

Steve Clark is an experienced Northwood Mortgage Ltd agent.
Click here to see how he can help you with your mortgage.

Fixed Rates or Variable Rates? A Decision not Easily Made.

When a mortgage broker or mortgage agent conducts a client meeting inevitably the discussion gets around to the type of mortgages available. Basically there are two, fixed or variable, although with the advent of a hybrid mortgage, that combines both, technically there is three.

So which one is better? The short answer is, it depends.

“On the surface the current 2.80% variable rate looks much better than the current 3.14% rate, and for some people it just might be. However the lowest rate might not be the best mortgage for you.”

An honest mortgage broker or mortgage agent will tell you he does not know what is going to happen to interest rates.  We just don’t know anymore than you do, what will happen to the economy, world events, the Bank of Canada or the bond markets, all factors in determining mortgage interest rates.

Get a Northwood Mortgages Ltd. Agent working for you today!

Contact me right now
705-990-0388                  
info@georgianmortgages.com

Your mortgage broker or agent will be able to provide historical data, of variable rates to fixed rates and their differences, but as with all historical data it is not indicative of the future and therefore inconclusive. When making an important financial decisions you need more information.

The right one can save you thousands, the wrong one might cost you thousands.

Intitially,  when attempting to decide on fixed or variable rates you and your mortgage agent should discuss and analyse the following;

• Income - Is there a risk of income interruption, what type of income is it, salary or commission. Is there enough to qualify for a 5 yr fixed rate most commonly called the MQR or mortgage qualification rate, used to evaluate affordability.

• Debt - your Gross Debt Service, (GDS) ratios consider your principle interest taxes and heat. (PITH) your Total Debt Service ratio, (TDS) includes PITH plus all your other debt such as credit cards, lines of credit, loans, car payments. Each ratio compares your monthly debt to your monthly income.

• Equity-Do you have equity in your home and is your Loan to Value, (LTV) less than 80% to allow refinancing if necessary. 

• Assets-  Do you have at least 6 months of living expenses or can access a line of credit.

• Risk Tolerance - Can you handle a 2% increase in interest and a 30% increase in payments. What about a 4% increase.

Your mortgage broker or agent must run future interest rate scenarios to look and the impact on payments and amortization and how they apply to you and your personal finances.

A mortgage broker is trained to provide you with the right information so you can make an educated decision. Just as no one mortgage fits all individuals, no one answer to the question of whether a variable rate or a fixed rate mortgage is best for your unique situation.

Mortgage Brokers Help Divorcing Couples Finance Their Next Move

Mortgage brokers play an integral role in smoothing the transition to single life by working with clients who are about to separate or divorce to arrange mortgages for both.

As difficult and emotional as divorce is, couples need to contact their mortgage agent to discuss, property equity, individual credit scores and availability of mortgage financing. The mortgage agent can meet confidentially with both parties either separately or together. Unlike a lawyer who must represent one client or the other, a mortgage broker or mortgage agent, can work with both individuals to arrange a mortgage for both at the same time.

The mortgage broker will follow the rules of fiduciary duty to ensure both parties are treated fairly and equally and that both best interests are met. 

Get a Northwood Mortgages Ltd. Agent working for you today!

Contact me right now
                        705-990-0388            
info@georgianmortgages.com

6 Steps your Mortgage Broker will Take to Help You;

1) Provide Open Correspondance.

Both parties, where ever they are, need to be informed of developments or information required. A mortgage broker will keep concise and accurate records of all meetings and relay information to each party so that they are both aware of every step in the process of mortgage financing.

2) Provide the Patience.

Important decisions need to be made concerning properties owned mutually. A mortgage broker can work with individuals or lawyers to work through the legal decisions imposed by the courts. He will also meet with both individuals, doing the legwork to get the deals done. This often takes time as parties may not live in close proximity.

3) Lend an Ear.

Mortgage brokers and mortgage agents are trained to listen. The agent must listen to both parties to determine their wishes, goals and aspirations for the future. It is not only essential to listen but to practice effective communication skills by repeating back to individuals to let them hear how they are communicating, allowing for reflection or clarification.

4) Provide Timely Follow-up.

Things move quickly especially when your mind is occupied with so much turmoil. The mortgage broker will keep on top of things to make sure documents are assembled, deadlines are met, and closings go as scheduled.

5) Provide a Neutral Professional Service.

A mortgage broker is not involved with the courts, lawyers or the myriad of other problems of divorces and separations. He is neutral and his actions are based on facts so the mortgage agent eliminates the emotions in providing the best mortgage options for both parties.

6) Confidentiality is Guaranteed

Mortgage brokers are bound by law and best practices codes of ethics to maintain confidentiality in all matters concerning your financial situation and mortgage application. It is advisable that you seek options to mortgage financing before you make these important life decisions. As your mortgage agent we will meet with individuals and confidentially discuss financing your next move and will provide you with the best available options so you can make  educated decisions

Getting a mortgage loan is a major life decision. It can be a confusing, stressful, time-consuming process, especially for first time home buyers. That’s why it makes sense to go to an expert, and have someone in your corner.

Working with a mortgage agent or broker means there is someone to support you throughout the process of obtaining a mortgage. Someone to answer questions, clear up confusion, do the legwork for you and bring you the best available rates.

A mortgage agent works directly for you, not a bank or lender, meaning they have your interests at heart at all times.

Unlike a bank, a mortgage agent has a duty to find you the best possible mortgage and they are bound by law to do so. And they come to you – you can deal with an agent directly over the phone, by email or in person from your own home. Why not have an expert working for you?

Steve Clark is an experienced Northwood Mortgage Ltd agent.
Click here to see how he can help you with your mortgage.

Mortgage Brokers, Fiduciary Duty and the Bank.

Fiduciary duty is more than a fancy phrase, it is a set of legal rules that all mortgage brokers and mortgage agents, among other occupations, are bound by. Mortgage brokers can face legal action that comes with severe penalties for violation of these rules and principles.

Key elements of a fiduciary relationship as deemed by the Supreme Court of Canada are: trust, confidence and a reliance on special skills or knowledge. If these elements exist then mortgage brokers are legally attached to a fudicary relationship.

Fiduciary responsibility to a mortgage broker means simply;

” putting the mortgage client’s interest ahead of the mortgage broker and providing the highest level of standard care to the client to promote this interest”.

Get a Northwood Mortgages Ltd. Agent working for you today!

Contact me right now
            705-990-0388      
info@georgianmortgages.com

In the case of a commercial or retail outlet, employees are considered, “at arms length” from a transaction and therefore not bound by agency laws or fiduciary duty. Visiting the Wikepedia website one finds a list of 22 occupations, mortgage brokers and mortgage agents included, that routinely by law, attract fiduciary relationships.

Strangely banks are not on that list!  They are considered a commercial retail enterprise thus not bound by law to provide this vital element of a business relationship.

It is generally accepted that the sales person in a sales transaction is interested their own self interest along with the interest of their employer, (profits) and that those interests come before yours. The same is true in a bank retail outlet. Quotas, bonuses, advancement etc, are all predicated on employee performance in the selling of products, mandated by head office for the profitability of the bank.

This must come as quite a shock to the thousands of unsuspecting individuals who enter a bank expecting that their best interests are to take priority when they are seeking a mortgage.

 In spite of all evidence and appearances that would indicate agency law and fudiciary duty should exist, incredibly, banks are not legally obliged to provide these important protections.

For all the mortgage brokers and mortgage agents, who are legally bound by these laws and principles, this only serves to strengthen our commitment to serve our clients openly, faithfully and honestly. It is validation and vindication of our purposeful place within the mortgage industry.

 It also serves to promote mortgage brokers and mortgage agents as the best and arguably the only choice, when seeking a mortgage.

We promise you up front that we are working for you, not the lender, and you have the assurance that the Supreme Court of Canada makes sure we do!

Getting a mortgage loan does not have to be inconvenient, confusing, or expensive. If you live in the Barrie or GTA area, dealing with local mortgage agents can save you a hassle, and get you the best mortgage rates available.

Today a local mortgage agent has the same capabilities as the big city agents. They are able to work with large brokerages out of Toronto, meaning they have access to all the latest mortgage information and the lowest rates, and can bring them to your door. There’s no need to set foot in a bank. Local agents bring small town service and big city expertise to you – and their service is free.

Steve Clark is an experienced Northwood Mortgage Ltd agent.
Click here to see how he can help you with your mortgage.

How Does a Barrie Mortgage Stack Up to a Toronto Mortgage?

The truth is mortgages in Barrie are as accessible as mortgages in Toronto, thanks to local mortgage agents representing large brokerages in your area.

Local mortgage agents are equipped with the latest information, mortgage interest rates and terms, and can bring all of the available mortgage options to your door.

Today a mobile mortgage agent can arrange your mortgage from the comfort of your own kitchen and still get you the best mortgage available anywhere (and their services don’t cost you a dime).

Get a Northwood Mortgages Ltd. Agent working for you today!

Contact me right now
705-990-0388
info@georgianmortgages.com

Why a Northwood Mortgages Ltd. Agent is so sought after.

A large mortgage broker such as Northwood Mortgages Ltd. has developed relationships with over 48 of the largest lenders in Canada, including 4 of the major banks.

Not all mortgage brokers have these established business relationships.

These relationships give Northwood Mortgage agents the ability to survey the entire lending marketplace at once – and select the mortgage and terms that best suit their clients from the largest possible array of choices.

Every mortgage agent claims to have the best rates and terms available, however that is not always true.

Large mortgage volumes by large mortgage brokers, like Northwood Mortgage Ltd., (who originates over $500 million in mortgage funding annually), means receiving volume “status” from lenders and better rate discounts which are then passed on to clients.

Mortgage agents licensed with Northwood have a decided advantage over agents working with smaller firms.

When choosing your mortgage agent, there are a number of things to consider. The main considerations are

The service,
Best mortgage rates,
Availability of options and
Knowledge of the mortgage agent .

Only by working with a mortgage agent associated with a larger mortgage broker, will get you the best overall mortgage for your needs.

Everyone wants the lowest mortgage rate available for their mortgage loan. That’s why it only makes sense to go to a mortgage specialist, an expert in everything mortgages.

They don’t work for a bank or lender – they work for you, their client. This means they search all sources to find you the best rate possible, saving you time and a lot of money.

And all these services are free.

Shopping for a mortgage is like shopping for a flight or a big-screen tv. Comparing prices is key. You wouldn’t just purchase the first one you came upon. An experienced mortgage specialist knows how to find the best rate, and how to explain the fine print. Unlike a bank they depend on your business – you are their business. For service, support and savings talk to an expert.

Steve Clark is an experienced Northwood Mortgage Ltd agent.
Click here to see how he can help you with your mortgage.

Mortgage Specialist Services

Mortgage specialists or agents, only focus on mortgages. No tellers, deposits, car loans, or ATMs. No large expensive buildings, branches, huge corporate head offices, or the layers of management and “fat cat” salaries that go along with it.

This means that every day of every week we are reading the latest mortgage news, surveying the marketplace for innovative mortgage products, and essentially living and breathing mortgages and only mortgages.

The same is true of some of the lesser known mortgage providers who make up a large percentage of all the mortgages in Canada. Names like Street Capitol, Resmor, Merix or MCAP. Not exactly household names, but instrumental in providing rates, options, and terms through mortgage brokerages exclusively.

A recent survey of mortgage borrowers revealed that
65% did not compare mortgages from more than one lender before they obtained their mortgage!

The number one reason?

They falsely believed that their loyalty and business over the years, will be returned in kind.

Nothing can be farther from the truth. There are numerous anecdotes from borrowers who receive mortgage renewal notices with rates far above market rates. In order to get the best rate you must call the bank, make an appointment to go to their offices, to negotiate better rates and terms. In short Canadians, reluctant to change old habits, are spending more for mortgages than the need to.

In fact they do not even care if you take your business elsewhere!

The loss of your business is more than made up from people who just blindly sign and return the bank’s first offer.

How’s that for loyalty?

Get a Northwood Mortgages ltd. Agent working for you today

Contact me right now
705-990-0388
info@georgianmortgages.com

 

Just take a minute to think of your bank’s mortgage officer. They receive their entire compensation, bonuses, benefits and pensions from one source, their employer, the bank. Who’s interest will be coming first, yours or the entity that employs them?

A mortgage specialist or mortgage agent receives their compensation in the form of a finder’s fee from any of the many mortgage sources they access. Their focus remains on you because it doesn’t matter which lender they work with as long as you, the client, get the best mortgage available.

A mortgage specialist relies on client satisfaction and referrals for his income and business growth. Not on quotas, budgets and career advancement to keep in good favour with his bosses.

Working with a mortgage agent or specialist can mean the difference of thousands of dollars in interest over the life of your mortgage.

Dollars you have worked hard for and deserve to keep. 

 

Northwood Mortgage agents are mortgage specialists who can even get you a better rate at the same bank you have placed your devotion and loyalty with.

Something to think about when you see that smiling, happy and contented banker, hoping to make his quota this month and be in line for that promotion, isn’t it?