Mortgage Secrets

With Majestic Mortgage, we will help you save money by paying your mortgage fasters and paying fewer penalties. In traditional banking, all your assets are separated from your liabilities so you can earn low interest on your deposits however pay more interest on your payments. This allows you to have a longer loan as well has pay more interest. There is a way to reduce those results. You can combine what you have and what you owe into one account and all your income can go towards reducing the mortgage. This way you can bring your mortgage, savings and income together. The benefits of this is saving thousands in interest and becoming debt-free sooner as well as paying fewer penalties. At any point, you decide or accidently break your mortgage, you pay penalty on the amount left rather than the purchase price. This is the perfect way to save money even after breaking your mortgage.

Approving a mortgage is easy but keeping up with payments when you are on vacation is very difficult. Based on your current income, keep your mortgage payments bi-weekly or weekly. When your mortgage payments are on a bi-weekly basis, you pay an additional payment compared to when you pay once a month. Having an additional payment might seem a waste of money. However when you go on a vacation and it is time to pay your mortgage, you can use that one additional payment to cover for your missed payment. You can take advantage of this possibility if your income is able to support bi-weekly payments and if you are considered eligible for this plan. The most important step you have to take is informing the bank of this decision and you are stress free for the rest of the vacation. Contact Majestic Mortgage now for further guidance on paying your mortgage during a leave.

Are you looking for a new house? Does the owner currently have a mortgage? Do you want to take over that mortgage? That is a possibility. If the homeowner currently has a loan and you want to purchase that house on market value and keep their mortgage to avoid going through the process and expense of applying for a new loan. You can take over the homeowner’s mortgage for the same low interest rate for a specific amount of time and pay for the rest of the purchase price amount left through your bank account or apply for a short ammonization period loan at current market interest rate. Apply for a mortgage assumption today! Contact Majestic Mortgage today for the right guidance of porting your mortgage to your new house.

Want to move into a new house; however your mortgage has not fully paid off yet. You can take a port your mortgage. Porting your mortgage is when you can carry your current mortgage into your next house’s mortgage. Your current mortgage can be carried into the next one at the same interest rate for a specific amount of time. The remaining amount of the mortgage can be approved at the current interest rate available in the market at normal ammonization rate. By porting your mortgage you are saving money and time for your new mortgage. You can get your new house today. Contact Majestic Mortgage for the right strategic plan for porting your mortgage.

Very few individuals know the RRSP way of using money for down payment. You, as a first time home buyer can use a part of your RRSP money towards your down payment. You can use you to $25 000 from your RRSP money towards your down payment for your new house. This is known as a temporary loan from your RRSP and it needs to be paid within 15 years or else it will be charged towards your taxable income. The Canada Revenue Agency allows you to make several withdrawals as long as you are one of the owners. The CRA provides a full document regarding Home Buyers’ Plan. Contact Majestic Mortgage today for the right steps in obtaining the down payment money.

If you are currently a first time-time home buyer purchasing land in Ontario, you are eligible for a refund of all or part of the land transfer taxes. In order to claim a refund, you much be 18 years or older and cannot have owned a property in the world. Earn up to $4000 in land transfer rebates. There are different limitation for parent and child purchasing new house, spouses purchasing the property and many more. The Ontario Ministry of Finance provides a full document regarding Land Transfer Tax Refunds for first-time homebuyers. Contact Majestic Mortgage right now to see your eligibility for land transfer rebates.

Is your current house too small for your family? Do you want to earn extra money? There is an easy solution. Purchase a new bigger house, and put the current house on rent. You can use equity from your current home to purchase your next house. There are only a few restrictions: your new house must be bigger than your old one and you must claim your new house as your primary residence. Move into a new house without selling your old one and having a secondary income. Contact Majestic Mortgage to provide you with the right real estate professionals and guidance in approving a 2nd mortgage.

Mortgage Secrets

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