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Welcome to Mortgage Architects Professionals!

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Your How to Guide to Renewing your Mortgage

Your How to Guide to Renewing your MortgageREMEMBER, YOU'RE IN THE DRIVER'S SEAT
You’ve got a track record as an owner, and lenders will want your business and will compete for it. That’s where a mortgage broker can really help. Your first step is to connect with us. With low interest rates and a growing selection of innovative mortgage solutions, you could potentially save thousands by shopping around.

Our independent Mortgage Brokers know what’s going on in the marketplace, and can connect with over 50 lenders to find the best interest rate and options for your renewal. After all, a lower rate can save you big time in costs over the life of your new mortgage.

You’ll be offered a number of loan options, so discuss them with your Mortgage Broker and choose one that best suits your needs. Over and above considering the lowest rate, discuss whether a fixed or adjustable rate is better for your situation.

There will be a few fees and costs associated with this process, such as legal and administrative costs for transferring the mortgage, as well as a mortgage discharge fee. Your Mortgage Broker can ask to have these costs absorbed – it’s worth asking because it’s competitive out there.

That’s it. Once your renewal is completed you can sit back and give yourself a pat on the back (and your Mortgage Broker too).

Get the best deal and the best advice possible when renewing your mortgage - contact an MA broker today.

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Want choice? Don't use a bank, use a broker!

What is the best mortgage?One of the greatest advantages of using a mortgage broker is getting access to over 50 lenders. A bank will only offer you access to their products, while a mortgage broker can offer you more choices through multiple lenders. With this vast product selection, brokers help homebuyers and owners get the best mortgage for their needs.

What is the best mortgage?

  1. The right rate
  2. The right mortgage privileges

When selecting the right lender your broker will consider:

  • Term
  • Rate - variable vs. fixed
  • Payment flexibility
  • Pre-payment privileges
  • Restrictions, fees and penalties
  • Mortgage portability or assumability
  • Qualifying with no income verification (self-employed)

Focusing on a rock-bottom rate can mean higher fees and penalties with more restrictive terms when you want to move, refinance or use your mortgage for a debt consolidation. A mortgage broker will give you a sound evaluation of product choices and together will help you decide what option suits your need.

Get the best deal and the best advice possible when renewing your mortgage - contact an MA broker today.

First Home

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Other Mortgage Factors To Consider Besides "Low Rates"

Other Mortgage Factors To Consider Besides When shopping for a mortgage it’s hard to get “low rates” out of your head. Of course you would like the lowest rate you can get, but focusing solely on one aspect of your mortgage is a common mistake many people make. Many mortgages with low rates often have a catch, knowing what to look for can save you a ton of money in the long run.

Rather than focusing entirely on rates, take a look at things such as pre-payment privileges and mortgage portability to really save you money on your mortgage.

Pre-payment privileges allow you to pay a certain amount of money toward your mortgage on top of your current monthly payment without having to pay a pre-payment charge. These payments can be in the form of lump sums or increased monthly payments. Having this option will allow you to pay down your principal mortgage amount, the lower your principal is the lower your interest will be.

Mortgage portability allows you to transfer your mortgage over to a new property without having to pay a penalty. The benefit of this option is the ability to lock into a low interest rate by carrying over the exact terms you currently have on your mortgage.

Knowing what to look for in your commitment can help you negotiate, allowing more flexibility throughout your term. Have a strategy and know the conditions of your mortgage to get the most out of your money.

Get the best deal and the best advice possible when renewing your mortgage - contact an MA broker today.

First Home

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Fixed-rate vs. a variable-rate mortgage: choosing which one is right for you can be a difficult decision.

Fixed-rate vs. a variable-rate mortgage: choosing which one is right for you can be a difficult decision Historically low interest rates have prompted many Canadians to opt for variable-rate mortgages. Variable rates float up and down with your bank’s prime rate and are often a better deal on paper: in recent year they've carried a lower interest rate (0.50% lower or more, in some cases). But if the Bank of Canada raises its overnight lending rate and your bank increases its prime rate in lockstep, that variable rate will climb. Not the case for a fixed-rate mortgage - its interest rate stays the same for a pre-determined amount of time. There are pros and cons to both options.

Lenders have begun to raise their mortgage rates slightly. The increase is small: variable-rate mortgages have inched up just 0.10% - 0.20% in most cases, but even a small rate increase like this means many mortgage holders saw their monthly costs increase. Still, the cost of a variable-rate mortgage remains cheaper than fixed rate.

So what's the best options for you, right now?

The case for variable-rate mortgages

  • It's cheaper: interest rates remain lower for variable-rate mortgages. If you're looking for the best possible deal on a mortgage, you'll find it with a floating interest rate
  • Historically, variable-rate mortgages have been much better deals. A York University study found homeowners with variable-rate mortgages saved $22,000 in interest over 15 years compared to those with fixed rates
  • Rate increases will happen gradually. If the Bank of Canada raises its lending rate and your bank follows suit, increases will be slow to minimize its effect on the economy

The case for fixed-rate mortgages

  • It's more stable: you know exactly how much interest you'll be paying over the term, so it's easier to budget
  • Rates now sit at a historic low. It's not likely they will go much lower, so chances are you are locking in at the best possible time
  • Interest rates have fluctuated dramatically in the past. In the early 1980s, for example, interest rates topped 20%. Locking in insulates you from those change completely

For anyone with a variable-rate mortgage who'd like to shield themselves from future rate increases, the option of ‘locking in’ your mortgage is there. Most lenders will allow you to switch your variable-rate mortgage to a fixed-rate option. Mortgage Architects Professionals brokers are there to provide advice and help the switch go smoothly.

If you're going to lock in, do it now

The cost of fixed-rate mortgages could rise another 0.60 - 0.70% (60 to 70 basis points) in the near future, TD Bank economist Diana Petramala told The Globe and Mail. This would be a reaction to the U.S. central bank raising its interest rate for the first time in a decade (a move that would affect the Canadian bond market, and your bank’s financial position as a result). If that happens, as it is widely expected to, Canadians should prepare for rates to rise.

What you need to know

Locking in may come with some extra costs and restrictions. Here are a few things to be aware of:

  • You may have to pay a fee to switch to a fixed rate
  • You may have to wait a certain amount of time before you’re able to lock in
  • Your new mortgage may come with restrictions on refinancing

Make sure to get all the details from your lender in writing before you lock in your rate.

Get personal advice and make sure 'locking in' goes smoothly, contact an MA Professionals broker today

Are you looking to invest in property? If you like, we can get one of our mortgage experts to tell you exactly how much you can afford to borrow, which is the best mortgage for you or how much they could save you right now if you have an existing mortgage

Mortgage News»

Mortgage News Box

CMHC Hiking Insurance Premiums

Tuesday, January 17, 2017

Homebuyers with less than 20% down are going to pay more. CMHC is hiking mortgage insurance rates for the third time in three years. Premiums are jumping up to 0.65 percentage points on the highest LTV mortgages, effective March 17, 2017. Here’s the new premium table: But high-ratio hikes aren’t the only story. Premiums on mortgages between 65.01 and 80% LTV are soaring too. At 80% LTV, the premium is almost doubling to 2.40%. That will push up interest rates among lenders who currently pay this premium for their customers in order to securitize the mortgage. CMHC had a conference call


No New Rules Coming. Well, Maybe One

Saturday, January 14, 2017

Finance Minister Bill Morneau is suggesting that no new mortgage rules are on the drawing board. After meeting with economists on Friday, he told reporters: “We, as you know, were quite careful in considering the…situation around the housing markets across the country as we considered measures to ensure that, you know, the people’s biggest investment was protected. We put in place some measures that we thought would better protect people by ensuring that the mortgages that they took on were appropriate for their situation.” “We will remain focused on this area to ensure that those measures are having the desired


First-Timers Delaying Homebuying

Monday, January 9, 2017

Nearly half of Ontario’s first-time buyers say they’ll delay their home purchase as a result of the federal government’s new mortgage rules introduced in October. As part of the government’s new stress-testing measures, buyers with less than a 20% down payment must now prove they can afford a payment at the BoC benchmark rate (currently 4.64%). That change alone will force approximately 45% of first-time homebuyers to postpone their purchase while they continue building up their down payment, according to a recent Ipsos poll conducted for the Ontario Real Estate Association (OREA). “It’s important to remember who’s being affected by measures that


Regulators Deserve Praise…and Reproach

Sunday, January 8, 2017

CMT has a long record of critiquing government rule changes in the mortgage business. It’s a check and balance on a bureaucratic system that sometimes “forgets” to consult stakeholders and discounts the consumer repercussions of its policies. But it would be a mistake to misinterpret this as advocating for the status quo. On the contrary, Canada’s mortgage regulators have kept our housing market from going completely off the rails. Specifically, they’ve been prescient and wise in reversing lax lending policies, including: Zero-down insured loans 100% rental financing 95% insured refinances 95% stated income financing Insured interest-only financing High-ratio HELOCs Insufficient minimum credit scores Inadequate


Higher Rates Are No Gift to Homeowners

Tuesday, January 3, 2017

The government’s ongoing crusade against lenders is already proving costly. Regulatory tightening over the last year has raised conventional mortgage funding costs by at least 25 bps, say lenders we’ve spoken with. A ¼ point rate hike may not sound like a lot, but that’s $2,300 siphoned out of families’ pockets on a typical mortgage—over just one 5-year term. If you’re a new buyer making an average down payment on the average Canadian home, regulators have just penalized you with $10,400 more interest over your amortization. (The average amortization is 18.8 years and the average first-timer’s down payment is 21%, according to MPC). As usual, housing bears are jubilant over


Mortgage Career: TMG The Mortgage Group

Tuesday, January 3, 2017

Company: TMG The Mortgage Group Position: Director, Corporate Marketing Location: Toronto, Ontario Apply to: shanna@mortgagegroup.com Director, Corporate Marketing Reports To: President, TMG The Mortgage Group Canada Inc   Hours and Salary Full Time Competitive salary and benefits   Summary Director – Corporate Marketing is responsible for developing and managing the branding (internal and external) of a well-known, national mortgage brokerage.  He/she is to oversee the brand, strategic marketing initiatives while promoting growth and expansion, as well as managing the day-to-day corporate marketing programs and responsibilities. He/she must be a motivated, results focused individual and have a solid track record of


2016 – Year in Review

Saturday, December 31, 2016

Another year is in the history books. Man, that one went quick. Here’s a rundown of the headlines that marked a year of flux in our business (what year isn’t a year of flux, but anyway…). ********** TOP STORIES OF 2016 DoF Announces New Qualification Rules OSFI Announces Crackdown on Underwriting FICOM Unveils Comp Disclosure Plans for B.C. Brokers D+H Monopoly: Officially Over   THE YEAR’S TOP DEALS & LENDER MOVES National Bank Shutters Broker Division DLC Buys Invis-Mortgage Intelligence BFG and RMA Join Forces Vancity Divorces Brokers True North Becomes a Lender FCF Capital Buys 60% of DLC Manulife


Manulife’s New BFS M1

Friday, December 30, 2016

Manulife Bank is fast becoming an essential broker lender thanks to its competitive rates and balance sheet products. Those products should be in high demand this coming year, especially given National Bank’s exit from the channel. That includes its most recent rollout announced last week, the Manulife One for Small Business Owners. This product’s hallmark is flexibility. Well-qualified BFS (business for self) clients can qualify with TDS ratios up to 69%. Moreover, for clients meeting the following criteria, TDS can exceed 70% if: Their net worth is at least 2 times the loan amount Their liquid assets are at least 1.2 times the


Broker Lender Market Share – Q3 2016

Monday, December 26, 2016

Mortgage volumes in the broker channel surged in the third quarter, up 9.6% year-over-year. That’s according to data from D+H. This data precedes the government’s transformative mortgage rule changes which kicked in on October 17 and November 30.  The top 10 broker channel lenders accounted for 84.8% of broker volume, the most in seven quarters. That’s a trend that could strengthen in 2017 as the Department of Finance’s new rules injure small lenders. Here’s a look at the reported market share for all top-10 lenders in the broker business, as of last quarter… Rank  Lender Market Share* 12 Mo Change 1 Scotiabank 20.0% +220 bps 2 First National 12.4% -300


Merry Christmas & Happy Holidays

Sunday, December 25, 2016

Peace and cheer to you and your family this holiday season. CMT will return on Monday, December 26.

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