This holiday season, my thoughts turn gratefully to those people who have made my success possible.
It is in this spirit that I say thank-you and best wishes for the holiday season and a very happy new year.
May peace, prosperity and joy be with you all!!!
All the best!
Shaun
Equity (low documentation) and vision (damaged credit) mortgages became more difficult to obtain in Canada this week as Concentra financial announced that it was "temporarily" suspending these programs in response to the current conditions of the economy and credit conditions in Canada.
These types of programs are very important to customers who don't fit the traditional "A" lending requirements of most banks and institutions.
Equity programs allow for reduced amount of required documentation in underwriting a mortgage. Over the past few years, lenders have been willing to allow for less documentation in situations where there is sizable amount of equity (security) in a property. The thoughts behind this are that a person is going to be much less likely to walk away from their mortgage if they have a sizable amount of equity in the property. These programs are normally reserved for customers with very high credit score, but still allow for the best broker rates available in the industry.
Vision programs are also heavily based on sizable downpayment or equity in a property as well. These programs however are directed towards customers who have had credit problems in the past. Because the lender does not have a positive indicator as far as credit goes, the rates offered are normally higher in these cases. The thoughts behind these programs are that they offer customers a chance to renew a mortgage or begin to get back on the right track. There are many reasons for a person to experience credit problems and in many cases, it's not because the customer can not be counted on or is irresponsible with debt. Business failure, divorce, health problems and job loss are all reasons that a customer may go through a period of financial difficulty. It is important that programs exist to help a person re-establish their credit and work towards financial strength.
A Vision loan program in some cases may even allow a person to get out of a difficult financial situation without having to go through bankruptcy, which can seriously hamper future lending opportunities.
As an independent mortgage broker, All Source Mortgages has access to many lenders and the full realm of products. I still have access to various Equity and Vision programs through other lenders. I am able to provide assistance with any type of mortgage situation and always happy to offer a second opinion.
For more information on either of these mortgage programs or mortgage solutions in general, please feel free to contact me!
If you found this blog message useful / informative I'd love to hear your comments. If you didn't I would still welcome your comments, just go easy on me!
With the recent cold snap that we have experienced in the West, I felt that it was important to provide a few helpful hints to help enjoy a warmer winter and curb the evil heating bill!
#1 - Caulk (or re-caulk) around the frames of doors and windows with acrylic latex caulking.
#2 - Check for gaps and cracks around exterior light fixtures, outdoor taps and other through-the-wall openings. Insert pre-cut draft-blocking gaskets where required.
#3 - Install door sweeps and/or weather stripping on all doors to outside.
#4 - Turn down the thermostat when going to bed or when you will be active around the house. Make full use of your own energy to stay warm. The savings can be substantial, up to 10 percent with a nightly setback of 4°C. Programmable thermostats can be used to adjust temperature settings up to several times per day according to a pre-set schedule.
#5 - Keep your furnace clean and in good repair. It's a good idea to change your filter monthly during the heating season. Purchase these in bulk and mark scheduled change dates on your calendar.
#6 - Wrap an insulation blanket around your hot water tank to reduce heat loss from the tank.
LUCKY #7 - Curl or cuddle up in a blanket with your loved ones instead of turning up the heat. I guess I am a true romantic at heart!!
Stay warm guys!
Brought to you by Shaun Serafini - Mortgage Development Manager - All Source Mortgages
Ph: (403) 328-1564
Cell: (403) 382-7882
Fax: (403) 328-3687
"Helping You Find the Way Home"
Here is a summary of All Source Mortgages best available interest rates vs. Major bank posted rates and cost savings on a mortgage of $250,000.
Are you sure that your bank has your best 'interest' in mind??
Contact me today for a free, no obligation comparison!
| All Source Mortgages | Bank Posted | Monthly Savings on $250,000 | |
| 1 year | 4.35 | 5.60 | $178 |
| 2 year | 5.05 | 6.25 | $175 |
| 3 year | 5.15 | 6.25 | $161 |
| 4 year | 4.89 | 6.09 | $174 |
| 5 year | 4.99 | 6.75 | $260 |
| 7 year | 5.80 | 7.35 | $236 |
| 10 year | 5.95 | 8.25 | $356 |
| Adjustable | Prime plus 0.6% | Prime plus .6% | $0 |
| * Rates as of December 15, 2008 |
Looks like the bad economy has caused one of my lender's to lose their marbles! For a very limited time, I have the following rates available on fixed, closed mortgages. If you are ready to pull the trigger or no somebody that may be, I'd be happy to see if I could save some money on a mortgage. These rates are unmatched right now!
|
1 Year Term 4.35% |
|
3 Year Term 5.15% |
|
4 Year Term 5.34% |
Contact me today to find out more!
Mortgage Development Manager for Southern Alberta. Whether you're buying your first home, have damaged credit or a seasoned real estate vet, I would be happy to find the right mortgage for you.
Did You Know that Less than 50% of Canadians Use a Mortgage Broker when in need of a Mortgage?? If you are going to your bank for your mortgage there's a very good chance that you will pay MUCH more interest than you need to.
Whether you're buying your first home, renewing an existing mortgage, or refinancing, we will find the right mortgage with the best overall conditions. All Source Mortgages has access to a wide variety of lenders and products to find the right solution for you. Our home equity loans can help with renovations, debt consolidation, education and more. We are experts, trained to help you achieve your home ownership dreams.
Referrals are always appreciated!! It is the highest honour that I can receive! Thank you!
Helping You Find the Way Home
All applications are encouraged! Shaun can help with residential or commercial financing, debt consolidation, asset enhancement, Home Equity Lines of Credit and damaged credit applications. Even if you just want to compare a previous rate that you've been quoted or want a second opinion, I am always willing to help!!
First time home buyers are always welcome!! It's important to fully understand what you're doing when purchasing your first home. I will take the time to meet with you and discuss all aspects of the financing and purchasing process to ensure that you are as comfortable as possible with making such a big decision. There is no cost for the services that I provide.
100% Financing (zero downpayment) available on approved credit! Contact Shaun today to find out if you qualify.
Pre-approvals can cap an interest rate for up to 120 days while you look to find the home of your dreams. Shop without the pressure of rising interest rates! If rates go down during your pre-approval period, you still receive the lower rate!
A pre-approval can be arranged over the phone, via email or in person. The application should only take about 30 minutes. Know how much of a mortgage that you qualify for before you go shopping!
I cannot say enough about Shaun and the service he's provided my husband and I. We were new to the city of Lethbridge, just starting out in our professional careers (and carrying the student loan debt to prove it!) and hoping to buy our first home. Greg (my husband) is self employed and other financial institutions wouldn't even consider helping us with a mortgage because Greg was considered a liability. Shaun met with us, took a look at our options and has helped us purchase our first home- we move in August 1. All I can say, with utmost sincerity, is thank you. Thank you, thank you, thank you! I have and will continue to tell all my friends about the great work Shaun has done for us and continues to do!
Asheley Cowie -- Lethbridge Alberta
We refinanced our mortgage with Shaun and I would highly recommend him to anyone considering refinancing, or applying for a mortgage. He is very helpful, knowledgeable, and efficient. Thanks Shaun!
Janis McLaren -- Lethbridge Alberta
I have nothing but Kudos for you Shaun, you took the time to sit and explain things in a language I understood.
Also you are always up for coming and answering our questions at any time or day. Without you we wouldn't have our beautfiul house!!! Thanks again
Jackie Geneau -- Coalhurst Alberta
Now that we've been in our new place for almost 2 months, that have passed in an absolute blur, I also wanted
to say thank you for the excellent mortgage you arranged for us. I was very pleased with the way you understood our situation and got us a mortgage that fit.
Wesley Penner -- Lethbridge Alberta
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