Posts filed under ‘calgary mortgage broker’
Posted: August 5, 2010 Categories: calgary mortgage broker, calgary mortgages No Comments
A big congratulations to JoAnne Purcell of the Purcell Mortgage Team for ranking with the Top 50 Mortgage Professionals in Canada.
Every year the Canadian Mortgage Professionals Magazine gathers information from Canadian Mortgage Professionals and ranks them by dollar volume of mortgages funded for the year. For 2008 and 2009 JoAnne Purcell has earned the right to say she is in Canada’s Top 50 Mortgage Professionals. On top of being ranked highly in Canada, by the same ranking system JoAnne is also considered in the Top 10 Mortgage Professionals in Alberta and the Top 3 in Calgary (CMP Top 50 List).
JoAnne has achieved status as a Top Mortgage Professional due to her continuous high level of customer service which has built hundreds of relationships and created thousands of satisfied customers over the years. JoAnne truly is a one of Calgary’s top Mortgage Professionals.
About the Purcell Mortgage Team:
The Purcell Mortgage Team are an industry-leading pair of mortgage professionals who have been serving Calgary for several years. JoAnne Purcell was ranked within the Top 50 Canadian Mortgage Professionals in the CMP Magazine. If you are in need a reputable calgary mortgage professional, please contact us today!
The Purcell Mortgage Team are experts on Calgary mortgages!
Posted: July 27, 2010 Categories: calgary mortgage broker, calgary mortgages, mortgage advice 1 Comment
At some point in their lives, most Canadians have probably asked themselves whether it is better to buy or rent a home. And purchasing a home is one of the biggest decisions most people ever make.
Ultimately, the decision is a personal choice, but it helps to look at the pros and cons of buying to determine whether home ownership is right for you.
Some advantages of buying a home
Owning a home is generally considered to be a sound, long-term investment that can provide satisfaction and security for you and your family.
Each month when you make your mortgage payment, you are building equity in your home.
Equity is the portion of the property that you actually build through your monthly payment versus the portion that you still owe the lender.
At the beginning of your mortgage, more of your payments go toward paying off the interest and less toward paying off the principal. But the longer you stay in your home and the more mortgage payments you make, the more principal you pay off and the more equity you accumulate.
Most mortgages also offer you the option of making additional monthly or annual payments to reduce your principal faster. Some prepayment privileges, for instance, enable you to pay up to 20% of the principal per calendar year. This will also help reduce your amortization period (the length of your mortgage), which, in turn, saves you money.
There is also a tax advantage. If your home is your principal residence, any profit you make when you sell it is tax-free. A home can appreciate – or increase in value – as time passes, building more equity. As you build up equity, it’s usually easier to upgrade to a more expensive home in the future thanks to the profit you’ll make when selling your current home.
As an owner, you can also decorate and improve your home any way you like. Ownership tends to give you a sense of pride and can offer you and your family stronger ties to the community.
If you do decide that home ownership is right for you, it’s important to choose a home you can afford. If you can’t afford to buy your dream home, purchasing a more modest home can be a great place to start building equity that one day may allow you to buy the home of your dreams.
Since we’re currently in a buyer’s real estate market and interest rates have been dropping, now may be an ideal time to enter into home ownership for the first time.
Some disadvantages of buying a home
Since it’s easy to get caught up in the excitement of buying a home, it’s important to remember that home ownership has some additional responsibilities as well.
For one thing, a home can be expensive. Chances are, your monthly payments will be more than what you are currently paying in rent when you factor in such things as your mortgage, property taxes, repairs and general maintenance.
Owning a home ties up some of your cash flow and is likely to reduce your flexibility to move to a new location or change jobs.
While your home might increase in value as time goes by, don’t expect to get a big return quickly. There are no guarantees that your home will increase in value, particularly during the first few years. In the beginning, you could actually lose money if you sell because your home may not have appreciated enough to cover the real estate fees, and moving, renovation and other selling costs.
Real estate is, however, usually considered a good investment over the long term.
When making the decision about whether to buy or rent, it’s important to carefully choose a home you can afford, and then weigh the pros and cons. Millions of people enjoy the rewards of home ownership but, ultimately, it’s a personal decision based on your own priorities.
If you’re thinking of buying your first home, Dominion Lending Centres mortgage professionals can answer all of your mortgage-related questions.
About the Purcell Mortgage Team:
The Purcell Mortgage Team are an industry-leading pair of mortgage professionals who have been serving Calgary for several years. JoAnne Purcell was ranked within the Top 50 Canadian Mortgage Professionals in the CMP Magazine. If you are in need a reputable calgary mortgage professional, please contact us today!
The Purcell Mortgage Team are experts on Calgary mortgages!
Posted: July 14, 2010 Categories: calgary mortgage broker, calgary mortgages, mortgage advice No Comments
There are generally two ways to get a mortgage in Canada: From a bank, or from a licensed mortgage professional.
While a bank only offers the products from their particular institution, licensed mortgage professionals send millions of dollars in mortgage business each year to Canada’s largest banks, credit unions, and trust companies … offering their clients more choice, and access to hundreds of mortgage products!
As a result, clients benefit from the trust, confidence, and security of knowing they are getting the best mortgage for their needs.
Mortgage professionals work for you, and not the banks; therefore, they work in your best interest. From the first consultation to the signing of your mortgage, their services are free. A fee is charged only for the most challenging credit solutions, and it’s especially under those circumstances that a mortgage professional can do for you what your bank cannot.
Whether you’re purchasing a home for the first time, taking out equity from your home for investment or pleasure, or your current mortgage is simply up for renewal, it’s important that you are making an educated buying decision with professional unbiased advice.
About the Purcell Mortgage Team:
The Purcell Mortgage Team are an industry-leading pair of mortgage professionals who have been serving Calgary for several years. JoAnne Purcell was ranked within the Top 50 Canadian Mortgage Professionals in the CMP Magazine. If you are in need a reputable calgary mortgage specialist, please contact us today!
The Purcell Mortgage Team are experts on Calgary mortgages!
Posted: November 22, 2009 Categories: calgary mortgage broker, calgary mortgages, contests No Comments
Dominion Lending Centres – Mortgage Services Inc.
Trip Giveaway Contest
Rules and Restrictions
Who is eligible?
Everyone who refers business that closes between October 1, 2009 to December 31, 2009 and every client that completes a mortgage that closes between October 1 and December 31, 2009.
(Dominion Lending Centres – Mortgage Services Inc. 102, 279 Midpark Way SE; Calgary, AB T2X 1M2; Associates and their immediate families are not eligible).
What is the prize?
The prize is a trip credit** valued at $2,500 that can be used anyway the winner determines to use it. (ie. All at once one trip, as two small trips, or part of a larger trip). The voucher can be used for flight, accommodations, or any other part of the trip.
How to win:
Every referral received that closes between October 1 and December 31, 2009, earns the referrer and the client one ballot into the draw. There is no limit on how many ballots one referral source can earn. On Friday, January 9, 2010 the winner will be announced.
** trip must be booked before December 31, 2010.
Posted: October 19, 2009 Categories: calgary mortgage broker, mortgage advice No Comments
Your home will likely be the largest purchase you ever make, thus it requires that you take the time to find the best loan program and the best mortgage lender to handle your home loan.
Finding the best mortgage lender is a lot like any other industry. You must ask plenty of questions and perform due diligence, ensuring that you can make an educated, well-informed decision regarding your mortgage loan.
For many home buyers, particularly first-time homebuyers, the process of finding the perfect mortgage lender can be quite daunting; even overwhelming. It pays to take your time and research all of your options so that you can be rest assured that you made the right decision.
To ensure that your mortgage loan needs are best served, follow these simple tips:
- Find the best rates. Mortgage rates are published in the daily newspaper, so you can make this resource a first stop. You can also view current mortgage rates through a variety of websites, including ours. There is simply no better way to stay abreast of all changes in the lending industry than to read the latest news, either through the newspaper or Internet.
- After you locate a lender who offers a good mortgage rate, look further into the associated fees of the loan, such as application fees, origination fees and appraisal fees. Many lenders may offer low interest rates, but once you get done paying all of the related fees you are in over your head for thousands of dollars.
- Once you have chosen a few lenders who fit the bill when it comes to mortgage rates and related fees, make sure they are a trusted lender with a solid reputation. This is not the time to find subpar lenders who may or may not have a good history of lending.
- Ask friends, family members and neighbors for mortgage lender referrals. Often times, the best way to find a great lender is through the referral of a trusted individual. Although this should certainly not be the only way in which to find a mortgage lender, it can help narrow down your search.
- Make an appointment to meet with several lenders. Now is the time to ask plenty of questions regarding their loan products and your financing needs. If the lender is inpatient with you or is difficult when it comes to answering all of your questions and addressing all of your concerns then it is best to move on.
- Ask the mortgage lender professional which loan products are best for you. A good mortgage lender will take the time to thoroughly research your loan needs so that you won’t get stuck in a loan that’s simply not suitable for your situation or budget.
- Take a first-time homebuyer course. Many first-time homebuyers choose to take a first-time homebuyer course through a local real estate company. A course in home buying should also cover the home loan process, and is often a great place to ask questions and gather information so that you can make the best decision regarding your choice of home loans. Alternatively, download our new homebuyers guide!
Or let us do your homework for you. Calgary Mortgage Brokers and Calgary Mortgage Associates do the due-diligence for you. Mortgage specialists go through the above process everyday and don’t charge the client a dime to for their effort, so call contact the Purcell Mortgage Team and let us take the guess work out finding the lender that is best for you!
About the Purcell Mortgage Team:
The Purcell Mortgage Team are an industry-leading pair of mortgage professionals who have been serving Calgary for several years. JoAnne Purcell was ranked within the Top 50 Canadian Mortgage Professionals in the CMP Magazine. If you are in need a reputable calgary mortgage broker please contact us today!
The Purcell Mortgage Team are experts on Calgary mortgages!
Posted: October 5, 2009 Categories: calgary mortgage broker, mortgage advice No Comments
There’s no doubt about the current credit market: mortgages are not what they used to be. Stricter lending guidelines can make your home buying experience all the more complicated – unless you prepare yourself and your credit in advance.
Before you begin perusing neighborhoods and dreaming of your first home, you should instead begin thinking about your credit. Because, let’s face it, if your credit isn’t in order, obtaining a mortgage may simply be unattainable, especially in today’s economic climate.
Don’t let this information scare you; instead, begin the road to understanding your credit so that you can be fully prepared to take on a mortgage lender and walk away with a mortgage for your first home.
The Road to a Better Credit Report
The first step is to understand that one of the first things a lender will do is review your credit report. In fact, the lender will likely pour over it with a fine-tooth comb.
What is the lender looking for? Evidence that you have managed your finances well; that you have a strong history of paying your bills on time; and that you aren’t overextended with debt.
Therefore, your first plan of attack should be to order a copy of your credit report from all three, national reporting bureaus: TransUnion, Equifax and Experian. Best of all, you are entitled to a free copy of your credit report, from all three credit agencies, on an annual basis.
How to Evaluate Your True Credit
Once you have possession of your credit reports, you will need to make sure they are accurate. This may involve quite a bit of your time, but it is necessary, as even minor errors or discrepancies on your credit report can lower your overall credit rating, thereby either preventing you from obtaining the best, possible interest rate or from obtaining a mortgage at all.
If you locate any discrepancies or errors on your credit report, it is crucial that you immediately contact the appropriate credit reporting agency, who will then investigate and hopefully resolve the issue on your credit report.
What Your Mortgage Lender Evaluates
Your mortgage lender will ultimately be looking at your FICO score, which is designed to help lenders decide whether they think you are a good credit risk. Your FICO score is comprised of several factors, including:
- Your payment history – Have you paid your debts on time?
- The total amount of your debt – Also referred to your debt-to-income ratio, or how much debt you pay out each month in relation to your overall income. Now is a good time to begin paying off as much debt as possible.
- Your credit history – A lender will look for a history of responsible credit management on your part.
There is no magical formula for determining your FICO score; instead, it is a culmination of several factors, all of which work together to give a lender a good idea of how you have managed your credit in the past, and how much debt you have taken on at any given time.
The best rule of thumb is to simply pay your bills on time, keep your debt to a minimum and check your credit reports for accuracy before applying for a mortgage so you can be ahead of the game and ready to secure a mortgage.
About the Purcell Mortgage Team:
The Purcell Mortgage Team are an industry-leading pair of mortgage professionals who have been serving Calgary for several years. JoAnne Purcell was ranked within the Top 50 Canadian Mortgage Professionals in the CMP Magazine. If you are in need a reputable calgary mortgage broker please contact us today!
The Purcell Mortgage Team are experts on Calgary mortgages!
Posted: September 23, 2009 Categories: calgary mortgage broker, mortgage advice No Comments
Interest rates sit at near-historic lows. This reason alone is compelling enough for many people to make the transition from renting to ownership. If that’s you, congratulations! You have many factors working for you right now: plenty of homes available for purchase, low interest rates, and the fact that many homeowners are looking to sell now (and are very negotiable as a result).
Mortgage Requirements Have Been Tightened
Do you recall the attitude that existed several years ago when mortgages were being handed out faster than Halloween candy? Unfortunately, the “money for all” approach that many lenders had simply doesn’t exist today. The market “crash”, along with tightened access to credit, have changed the way many people will be able to obtain a mortgage.
However, that doesn’t make it impossible. It simply means that, in regards to applying for a mortgage, you need to have everything in order. Your calgary mortgage broker will be able to provide more information in detail.
Preparing for Your Mortgage Application: Four Essential Steps
The golden rule here is to think ahead. Don’t disillusion yourself into believing that you can have everything prepared in a matter of hours or days. When you are dealing with multiple contacts across a variety of businesses, things can take days, weeks, or months to materialize properly. Thinking ahead and organizing everything a month or two in advance can save you equal that in frustration.
Thinking ahead is actually pretty easy. All you have to do is:
- Know your lendability - Order a copy of your credit report from the major bureaus so that you know what your credit score is. If it’s good (above 650), great! If it isn’t (below 600), work on getting it better (lower debt, pay bills on time, pay more than minimums, etc.). Reducing your debt-to-income ratio before you apply for a mortgage is always a good idea (lenders are looking at your debt-to-income ratio more than ever now).
- Gather all necessary documentation - Proof of income, down-payment source, bank statements, bills, insurance, etc. The sooner you have it the more prepared you are.
- Freeze all credit gathering until after the mortgage process – Applying for credit makes you more of a risk to a lender. This is especially true when the lender could possibly provide you with hundreds of thousands of dollars. Don’t apply for a new credit card until after you have your mortgage.
- Remain stable, accessible, and trackable - Not you specifically, but the source of where your money is coming from. Lenders will want to see your down-payment in a location that is verifiable, such as a guaranteed investment account or savings account. They’ll also want to see that your day-to-day lifestyle is sustainable, and the addition of a mortgage won’t create too much financial risk.
Taking the time to gather your financial documents and proof of good candidacy is essential. A mortgage broker that specializes in Calgary mortgages is key in streamlining this process for you.
About the Purcell Mortgage Team:
The Purcell Mortgage Team are an industry-leading pair of mortgage professionals who have been serving Calgary for several years. JoAnne Purcell was ranked within the Top 50 Canadian Mortgage Professionals in the CMP Magazine. If you are in need a reputable calgary mortgage broker please contact us today!
The Purcell Mortgage Team are experts on Calgary mortgages!
Posted: September 18, 2009 Categories: calgary mortgage broker No Comments
A recession hit us. I know, I know, brace yourself. That’s a bit of surprising news, isn’t it?
Sarcasm aside, there’s no denying that the global economic crisis (AKA, the recession) really put a lot of people in positions they weren’t used to being in. For many people born post 1980, a “recession” was an entirely new, completely foreign concept. For others, it was a case of lather, rinse, and repeat.
However, how you feel about the recession doesn’t change the fact that it has made life a little more difficult for those looking to obtain a loan or mortgage. Before the recession, banks and lenders alike seemed to hand out zero-down mortgages like candy. Now? Well, be prepared to save some cash.
Obtaining a Mortgage Post Recession
People can still get mortgages, and unless you have absolutely no income, no credit, and no cash, there’s a good chance that you can get one too. Many banks have dramatically tightened their purse-strings, which is why Calgarians looking for a mortgage may find that using a Calgary mortgage broker is the way to go, but that doesn’t mean that they’re impossible to obtain.
Your credit is more important than before, but it doesn’t have to be squeaky clean for a lender to provide you a mortgage (especially if you’re using an experienced calgary mortgage broker). As always, make sure that you have your ducks in a row:
- Clean up your credit - Pay off as much of your debt as possible a few months before approaching a lender. This will make you more applicable for credit as your debt:income ratio will have been reduced.
- Build a down-payment – Save money to be used as a down-payment. The more you have, the better your chances of getting a mortgage (and the more you may be able to get approved for).
- Show consistency and stability in your lifestyle - If a lender runs your credit bureau and sees that you’ve been trying to get a ton of credit in a very short period of time it makes you look like a serious risk. Avoid seeking any more credit than you absolutely need.
Are the Days of Zero-Down Long Gone?
For some people, yes, the days of zero-down mortgages are over. However, these people are also the people that likely should not have necessarily obtained a mortgage in the first place (due to financial/economic reasons, stability reasons, or otherwise).
As always, your mortgage broker will let you know about what your best options are and how they’ll work for you.
About the Purcell Mortgage Team:
The Purcell Mortgage Team are an industry-leading pair of mortgage professionals who have been serving Calgary for several years. JoAnne Purcell was ranked within the Top 50 Canadian Mortgage Professionals in the CMP Magazine. If you are in need a reputable calgary mortgage broker please contact us today!
The Purcell Mortgage Team are experts on Calgary mortgages!
Posted: September 14, 2009 Categories: calgary mortgage broker, mortgage advice 2 Comments
A common myth that is very prevalent is that people who are self-employed, or who work on a commission basis, can not get a mortgage/have difficult time getting a mortgage. While this myth is true in certain situations, it is not a universal rule. In fact, obtaining a mortgage when you’re self employed can be a very streamlined and simple process assuming that you have certain things in order. There are many people in Calgary who are self-employed who enjoy the same access to mortgage products that those who are not self-employed do.
Things Necessary to Obtain a Mortgage When Self-Employed
As previously mentioned, it is possible to obtain a mortgage when you are self-employed or on commission. If you are newly self-employed the process will be different than if you have been self-employed for a number of years.
If you are newly self-employed (under three years) it is important to have the following in order:
- An excellent credit rating - Lenders will look at your “beacon score” first, before assessing other things such as equity, assets, down-payment, etc. A score of 600 or more is considered “good”, while a score of 680 or more is considered “excellent”. Unless you have a significant down-payment your credit will need to be very good. If it isn’t, you can raise your score by maintaining a low balance on your credit cards, paying more than the minimum payments on your loans, and reducing your overall debt to income ratio by eliminating debt. Unfortunately, this process does take time.
- Your last two NOA’s (Notice of Assessment) from Canada Revenue Agency - Your NOA is your proof to the lender that you have filed and paid taxes on the income that you are presenting to them. In many cases you will need to ensure that you have your last two NOA’s (at least), and that the income shown on your NOA matches what you are presenting to the lender, but with stated income mortgages offered by some lenders if your NOA’s do not match its not game over.
- A down payment - Unfortunately, most (if not all) lenders will not lend to someone who is self-employed without at least 5% of the purchase value as a down-payment. If you have excellent credit, a 5% down-payment should be sufficient (assuming you don’t have a large debt overhead). If your credit rating is still good (over 600) but not as high as it could be, a down-payment of 10% or more may be required.
If you have been self-employed for a number of years, and have maintained good credit, you will find that a good Calgary mortgage broker will be able to get you a mortgage without too much fuss. Remember, those who are self-employed are a larger risk for a lender since there is no guarantee of income.
What To Do If Your Local Calgarian Bank Turned You Down
You will find that banks do not like to offer mortgages to those who are self-employed as earnestly as they will to others. However, if you are using a mortgage broker who specializes in Calgary mortgages, your options are not as limited as they may seem. Remember, a bank is only able to offer you its particular set of products and services- this fact in itself can be very limiting. A mortgage broker is able to offer you a wide range of products and services that extend across a platform of multiple lenders.
If you aren’t sure if a mortgage broker will benefit you, read our article on what a good calgary-area mortgage broker can do for you.
About the Purcell Mortgage Team:
The Purcell Mortgage Team are an industry-leading pair of mortgage professionals who have been serving Calgary for several years. JoAnne Purcell was ranked within the Top 50 Canadian Mortgage Professionals in the CMP Magazine. If you are in need a reputable calgary mortgage broker please contact us today!
The Purcell Mortgage Team are experts on Calgary mortgages!
Posted: August 10, 2009 Categories: calgary mortgage broker, mortgage advice No Comments
Do you remember the days when getting a mortgage was easy? Simply show up to your favourite broker or banks office with a pay stub and a decent credit score, and after signing a few papers, you walked out the door with a mortgage! Okay, perhaps it was never that easy, but the global financial crisis has effectively ended the days of banks handing out 108% mortgages.
Lenders, in a bid to act more responsibly, have tightened their lending criteria. However, this doesn’t mean that you need a perfect credit rating or no outstanding debts to qualify for a mortgage. Being savvy, and following the advice of a good mortgage specialist, will net you a mortgage that is perfect for what you need it for (not all mortgages are the same). When it comes to home loans, knowledge is power.
Confused? Talk To Your Mortgage Broker.
If you are unsure about home loans it is always a good idea to talk to your mortgage broker. As with just about anything, there are many ways that you can borrow money- and that money doesn’t always have to come directly from a bank. Your mortgage broker is a specialist and knows the ins and outs when it comes to finding a suitable lender for you. Not only that, but your mortgage broker is a trained professional who knows the Calgarian marketplace.
Your goal as a home buyer is to find the ideal home for you needs. All factors, from price to square footage, play a role in that. Your mortgage broker can do a lot more than simply connect with you with a lender; mortgage brokers can offer sound financial advise in regards to lending products that are tailor made for your specific situation. After all, if you are a first-time buyer with no equity your product needs may be different than someone with a lot of equity built up.
How a Mortgage Broker Operates in Calgary
Calgary is a big city, both by geographical size and by population. Because of this fact there are dozens of mortgage brokers that can assist you in finding a lending solution. All mortgage brokers will follow a structured process:
- Initial consultation - Your mortgage broker will discuss your lending needs and circumstances based on the information that you provide. This consultation will determine your needs and long-term goals, ensuring that your mortgage broker finds the best lending solution for you.
- Rate negotiation - A good mortgage broker, such as the Purcell Mortgage Team, will not simply pick a lender for you. Instead, they will negotiate with lenders until they have a solution that fits your needs. Lenders, when vying for your business, will often give a mortgage broker interest rate cuts and drop various fees and charges- benefits that are not usually available to you without one.
- The Approval Process - Once your broker has found the right loan product for you the broker will complete the necessary paper work and send it off to the lender. You may need to provide some documents/information, but the majority will be handled by your broker. Most lenders will get back with a pre-approval within a few days, with a formal approval taking up to two weeks (depending on the lender).
About the Purcell Mortgage Team:
The Purcell Mortgage Team are an industry-leading pair of mortgage professionals who have been serving Calgary for several years. JoAnne Purcell was ranked within the Top 50 Canadian Mortgage Professionals in the CMP Magazine. If you are in need a reputable calgary mortgage broker please contact us today!
The Purcell Mortgage Team are experts on Calgary mortgages!
JoAnne Purcell, AMP