If homeownership is in your near future, managing your money will be key to securing a mortgage. Here’s how you can make a great first impression with lenders:⁣
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✅ Limit your spending and reduce existing debts.⁣ The lower debt payments you have the higher mortgage you can qualify for.
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✅ Show you’re a good saver⁣. Whether it’s an RRSP, TFSA, or simply a savings account, showing that you can save money makes you a more attractive borrower to the lender, and that you are responsible with your money.
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✅ Review your credit. Check your credit score and credit history to address any issues or errors⁣ before you start the mortgage process. Often times any errors on your credit report can take upwards of two weeks to be corrected by the credit bureau, depending on the error.
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✅ Pay your bills on time⁣. Timely payment, shows consistency to the lender. This is also a great way to increase your credit score, which helps strengthen your mortgage application.
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✅ Cut out major purchases or changes to finances. Thinking of leasing a car or changing your job? These changes will impact your finances, thus your mortgage qualification. Speak with a mortgage specialist to help decide on how to approach these major changes prior to applying for a mortgage.
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✅ Get professional advice. Ideally from a trusted mortgage broker, who can help you understand your options, and make the best decisions based on your overall situation and goals.
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Lenders love it when you know where your money’s going. It gives them confidence that you’ll pay them back.⁣
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Improve your chances of getting approved. Get in touch with me to discuss your mortgage needs and future homeownership goals.
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📲 604.799.8133⁣
📧 mortgagesbyamytatla@gmail.com⁣
🌐 amytatla.com⁣

Does it make sense to refinance your existing mortgage?
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Yes! There are some circumstances when refinancing your home mortgage may be helpful.

MYTH: Now is not the right time to refinance.

TRUTH: This depends on your individual situation. For example: Say you didn’t get the lowest rate available when you took out your mortgage due to your credit score. Your score has since improved, so it may be worth a refinance to secure a lower rate now.

MYTH: Refinancing is only about getting a lower rate.

TRUTH: There are many other reasons to refinance, such as:

• Reduce the length of a loan
• Take cash out to pay off debts, do renovations, property investment
• Eliminate the cost of private mortgage insurance
• Change interest rate to either Fixed or Variable

MYTH: You’ll lose some of your home’s equity.

TRUTH: Only true if you take out cash when you refinance. If you do any of the below, you will NOT change your home equity:

• Lower the interest rate
• Drop the mortgage insurance
• Reduce the mortgage term

Need cash now? Age 55+? You also have the option to pursue a reverse mortgage. See my previous blog post for more details.⁣
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If your ready to explore your options, I have you covered, with access to traditional lenders (banks), as well as alternative lenders. So get in touch!⁣

604.799.8133⁣

mortgagesbyamytatla@gmail.com⁣

Convert your Home Equity to Cash

A reverse mortgage is just a first charge on your property. You still own your home and have title to the home. You can access up to 55% of your home’s equity, either as a lump sum payment or you can structure to receive monthly payouts.

It’s different from other types of loans in a couple ways:

(1) No income or credit qualification

(2) No monthly payments

Reverse mortgages are the fastest growing mortgage product in Canada, helping the fastest growing market segment, Canadians age 55+. See below for scenarios where taking out a reverse mortgage may be a solution for you.

Cannot afford the down payment for your home purchase? Ask parents to take out a Reverse Mortgage.

• Parents (age 55 plus) provide an early inheritance to their children today
• Parents can access up to 55% of their home value in tax-free cash with no monthly payments
• Basic house inflation over time typically offsets the accruing interest which allows the client to maintain their equity

Need cash to purchase an investment property or vacation home? Reverse Mortgages help 55+ clients who:

• Have equity in their primary residence, but have limited income and want to invest in real estate
• Want to purchase a vacation home to enjoy with their family
• Are looking to build wealth and income through real estate

Need MORE cash after selling to make your next home purchase? A Reverse Mortgage is used when:

• 55+ clients who are selling and looking for the right home
• Net sale proceeds are too low to purchase the home they want
• Monthly income supplement needed to help cover carrying costs i.e. condo fees

Ready to convert your home equity into cash, or help your children purchase their first home? Contact me to learn more!

📲 604.799.8133
📧 mortgagesbyamytatla@gmail.com
🌐 amytatla.com