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All in one new mortgage alternative

What sets the “All in One” product apart from the rest of the traditional mortgages is the way the account is structured to work. With a traditional mortgage, your mortgage payment is taken periodically from your bank account. Every bank says you can pre-pay your mortgage faster, but believe me, those that do are a very small percentage. Statistically, only 5% of all clients maximize their pre-payment potential.

The “All-in-One” account combines your mortgage with your chequing and savings accounts. This means that every time you deposit your payroll, your spouse’s payroll, or any other income (like Canadian child benefits)  your mortgage balance is immediately reduced by the amount that you deposited. You are instantly saving money on interest. Your money is working for you every minute not just once in two weeks or once a month.

Let’s say that you have $5,000.00 sitting in your savings account for a rainy day emergency fund. The banks are paying you less than 2% interest on your account. That means you are earning less than $8.50 per month in interest meanwhile the banks are charging you roughly 3% on your mortgage balance. With “All-in-One”, you can move this “rainy day” money into your account and immediately start saving. When you need to take money out, you can do it at any time. The “All-in-One” gives you a debit card, cheques, credit cards, and they have over 3500 ATM’s across Canada.  It is like a normal bank, but one that finally works for you. With traditional banking, your chequing account only benefits the bank and if you need funds, they give you the general public’s money back in the form of loans and charge you interest. On average, our 5 big banks have over 450 billion dollars in their client’s chequing accounts which they use for these loans. They pay on average 0.001 % interest on these operating accounts, which makes it like free money for them. 

Here is the best part…this program offers interest rates similar to the lowest rates we see in the industry. If you think that this product sounds interesting please call us. We have a strategy that we call “VS All-in-One” that we have developed internally. As Manulife’s #1 Volume Mortgage Broker we have learned how to properly structure the account to maximize your results and help you be debt-free years sooner.

*To qualify for this product, you must have a minimum of 20% down payment/equity in your existing home. Some restrictions may apply. For a full list of exclusions please call us at 204-326-4479 or email to save@vssolutions.ca

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Why do I need a mortgage broker?

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For something as seemingly straightforward as buying a home, the mortgage process can feel overwhelmingly complex. One element of the purchasing process that causes confusion among home buyers is whether or not to use a mortgage broker. A mortgage broker is an intermediary between borrowers and lenders. Their job is to find the right loan and lender for borrowers, ensuring a smooth mortgage process for all parties involved.

According to the Canada Mortgage Housing Corporation’s 2015 Mortgage Consumer Survey, mortgage broker market share is trending upwards for most market segments. This is particularly evident among repeat buyers where market share has increased from 32% in 2012 to 42% in 2015. Over this time period broker share has also increased among first-time buyers (48% to 55%) and refinancers (27% to 33%). Among renewers, broker share has remained stable at around 21%.

So should you be one of the growing individuals who turn to a mortgage broker when purchasing a home? The following are some of the benefits brokers can offer:

Rates
If you want to make sure you’re getting the best rate possible, working with a mortgage broker can take a lot of the guesswork out of the equation. Brokers have access to a large network of different lenders, helping them to find the best interest rates for your type of loan.

Payment
You can work with a mortgage broker without having to worry about hidden fees. Mortgage brokers’ livelihoods depend on the quality of their services, not on charging borrowers. They get paid a commission from lenders. Brokers also have more incentive to find the best mortgages for borrowers, since they don’t get paid until your mortgage funds.

Options
Your first instinct might be to approach your current financial institution when the time comes to take out a home loan. However, being a customer doesn’t always guarantee approval, or lowest interest rates. Mortgage brokers deal with multiple lenders, allowing them to canvass a much larger area when searching for your loan. While your bank may deny you a loan or charge higher interest rates, brokers have the capability to find a lender that won’t.

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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