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Why the “Best” Rate is not always the “Lowest” Rate

It is easy to confuse the “best” rate for “lowest” rate in the current mortgage climate in Canada.

To do this though, would be a huge mistake. As experts who know the importance of providing our clients with the information they need to make confident, educated decisions about their finances, we can’t stress this enough.

When they receive clients, they are often underestimated. These “no-frills” mortgages are “no-frills”. This is a low-cost, lower or discounted interest rate. Is it a worthwhile option? You could be aware of what you’re getting.

It is important to keep in touch with them. For instance, this kind of mortgage is not portable. You are essentially “stuck” for the duration of your term. It would be like purchasing your mortgage. If this happens, you should be at a financial cost. If you’re trying to break your mortgage, you’ll be able to break your mortgage. If you try to refinance your mortgage early, hefty penalties again.

It is obviously not a product for everyone. Most mortgages are usually absent. It makes it necessary to weigh it carefully. You will most likely have to take advantage of features such as prepayment options, portability, refinance options and possibly a rate of hold. Typically, these kinds of “no-frills” mortgages are not recommended.

So what exactly is the “best” rate? Many people focus only on the product, which can be just as important. Now, and in the future, at the best rate available. Your particular situation.

Usually, I get the best rate:

“Everyone wants the lowest interest rate the on their mortgage, because they want to pay the lowest amount in interest. However, if you aren’t educated, it’s not. Compare shopping for a car. Would you only go to a Ford dealership? Of course you wouldn’t! You would want all options available to you. Mortgage Broker Mortgage Broker at a Mortgage Broker. If you’re looking for a shop around your first mortgage broker. ”

There are MANY different mortgage products out in the market today and IT CAN BE difficult to the know the which one is just right for you. This is a question. He was an expert in mortgage industry. We will negotiate your best rate for your mortgage.

Give us a call today to find out how we can help you!

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Why you should check your credit score

Your credit score may be the most important number in terms of your financial wellness. However, did you know that the average person isn’t aware of what their current credit score is or how it even works? Let’s be honest, it probably isn’t something that pops into your daily conversations or conscious mind even. If you are like most people, chances are you only look at your credit score if you are in the process of applying for a mortgage for a home, a loan for a new car or maybe a credit card. Believe it or not, it is something you should know about and actually check on a regular basis. Here are two reasons why it is a good idea:

Financial Health – It is important to know where you stand with your credit score at all times, not just when you need it. Think of it as an important part of your financial health. You wouldn’t ignore certain aspects of your physical health if you were trying to maintain your overall health, so why do it financially? By monitoring your credit score on a regular basis, you will be accountable for your spending habits and feel more in control of your finances. You will be able to quickly see if your score has gone up or down and if necessary, take steps to improve it. You will essentially be keeping your credit score “healthy” by keeping an eye on it.

Accuracy – It is possible for errors to happen on your credit report. Left unchecked, these errors could result in you being turned down for a mortgage or credit card. They could also be an indication that someone may be trying to steal your identity by opening credit cards and loans in your name. Errors can range from mistakes in your personal information (incorrect date of birth or mailing address) to credit card accounts (think a payment made on time, but showing as “late”) or even accounts listed that you never opened (possible sign of identity theft). By checking your credit score at least once a year, you will be able to see if there are discrepancies and swiftly take action to correct any mistakes with the credit bureau or begin steps to repair or improve your score. If there is an issue with your credit, it won’t go away overnight. It takes time for a credit score to recover.

Remember, your credit score is a record of how well you manage credit. It is used by lenders to assess your risk and financial health. We can’t stress enough the importance of ensuring the information on your credit report is accurate. If you are worried that checking your credit score will have a negative impact, don’t be. Both Equifax and Transunion offer credit reports that are considered to be “soft hits” and do not affect your credit score.

Do you have questions about your credit score or how it affects your eligibility for a mortgage? For a free, no obligation consultation, please contact one of our trusted professionals by phone at +1-204-326-4479, +1-877-282-0904, by email at save@vssolutions.ca or visit our website https://vssolutions.ca/en/

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Top 10 things first-time home buyers need to know

Are you a young house hunter? If so, it’s time to get your finances in real estate. If you are financially ready?

Here are 10 key questions:

1) When should you start preparing? Get what you need. It could be a question. If you’re trying to get a little bit more than 12 months in advance,

2) How much can you realistically afford? It’s a bill to pay for your income. This is where the VSsolutions starts.

3) what are your wish list? Have you ever heard of it? It unfortunately doesn’t usually end very well. It is a must-have-been-been-seen-a-day. Are those marble countertops a deal breaker?

4) Should you get pre-approved? Absolutely YES !! It can’t be stressful enough, especially in today’s housing market. For 120 days, you can’t have to pay for it.

5) What is important? Credit scores, credit cards, credit cards, credit cards, credit cards, credit cards, credit cards, credit cards. When combined, they result in your credit score. Your credit score is available to you. Aim for a score over 680.

6) What kind of documents will you need? If you are salaried, you can write a letter. If you’re a self-employed person, you’re . Other documentation may be requested by the lender.

7) What is the most important to you when getting a mortgage? There is so much more than that. Do you see yourself moving or starting a family within 5 years? Yes? Maybe a shorter term is better for you. Do you know your mortgage payments could increase? No? Then think about a variable product. Are you looking for a property? Yes? You may need a Purchase Plus Improvements mortgage. Looking for mortgage options.

8) How much of a down payment will you need? There have been some new rule changes that have come in effect recently. For homes with a purchase price of less than or equal to $ 500,000.

9) Do you know about closing costs? It is very important to plan your finances. If you’re paying for it, it’s possible to pay for it. and Title Insurance. If you are buying a brand new home, it could be associated with the cost of items.

10) Did you remember to factor in those “extras”? If you’re looking for something like the last day, you’ll be able to forget those cleaning supplies.

If you’ve purchased your home tax bill, you can’t get it. You could receive your closing costs.

Ready to get started? Please contact us by phone + 1-877-282-0904 or email save@vssolutions.ca

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Critical illness with benefits

Life insurance, as many know and understand, is a must-have product. Not only does it give financial support if a family member passes away, but it also gives peace of mind while everyone is still alive as you know you are covered financially in a tragedy. A lot of people do not realize that the financial problems can start long before a person passes away. If the main income earner of a family is diagnosed with a critical illness or disease such as cancer, stroke, heart attack, coma, Alzheimer, and many other, this would impact the financial situation of a family as well since they could no longer work. They would need to be hospitalized or receive treatment which can drag on for many years, forcing the other partner to either find a full-time job, sell the house, or downgrade the overall lifestyle when they should be there for the sick to help motivate and support them.
This situation can be avoided by investing in critical illness insurance. It pays a tax-free amount if the insured is diagnosed with over 20 different illness and diseases while the person is still alive. This could help cover financial obligations without having to downgrade or worry about the future while the sick is getting treated. The argument could be that “I know I will die, so I see the use of life insurance, however, I do not know if I will get sick. So am I throwing my money out for nothing?” The simple answer: NO!
Critical illness insurance offers an option that if nothing happens and the client does not get sick, they receive 100% of what they paid back. The insurance covers you until age 75 or 100, however, you can cancel the insurance after 15 years already and receive everything back that you paid! This would mean that in the case you are diagnosed with a critical illness, you will be paid the full insurance amount but if you are fortunate enough to not be diagnosed with any illness or disease, you will receive everything back. Let me illustrate with an example below:
40 year old Male, Non-smoker applies for $50,000 of critical illness insurance until age 75. Monthly cost is $104.36. If anything happens until he reaches 75 years of age, he will get $50,000, tax-free. Starting in year 15, if he cancels before getting any illness, he will receive $18,784.80 which is exactly what he paid for 15 years. If he cancelled after 20 years, he would receive $25,046.40. Even in the case that he cancels when he reaches age 75, he would receive $43,831.20 back. You will never pay as much as you would get for the insurance. Regardless of if you are diagnosed with 45 or 75, you will not have paid in more than you would receive in case of an illness.
For incorporated business owners, there is even an option that the corporation pays for the insurance with you being able to get the return of premiums instead of the corporation. In this option, partial return of premiums already start in year 4 rising to 100% by year 15.
This product is currently under review as the life insurance companies are not profitable with this setup. This means that in the near future this option will either disappear entirely, or the prices will increase drastically. My recommendation would be to apply as quickly as possible to secure your family and yourself before this product disappears.

For more information or to obtain a quote, give us a call at 1-204-326-4479 or send us an email at Insured@vssolutions.ca.