First Time Mortgage Archives - OMJ Mortgage

Here’s Some Tips for Getting Approved for Commercial Mortgages

Morteza Sadeghi — Thu, 30 Jun 2022 14:41:00 +0000

Interested in getting commercial mortgages? Read this.

We understand how daunting the process can be as a commercial mortgage broker. An entire project can rest on the bank’s approval. However, there are a few things you can do to increase your chances of success.

Start by taking a careful look at your real estate needs. Spur-of-the-moment projects that are not carefully thought-out don’t usually win banker’s approval. Don’t make this common mistake. Many startups buy a place that meets their present requirements without looking towards the future.
A carefully planned budget needs to include several aspects. Businesses need to consider more than the purchase price or base rent. Renovations and production downtime during a transition often get overlooked. Legal fees are an important part of these commercial mortgages.
Make sure to prepare your documents before you apply. These can include details on the property you have your eye on and a solid business plan. Don’t forget you’ll need to have up-to-date financial statements.

Meeting with the banker before you bid on the property is a good idea. Especially if this is your first time applying for commercial mortgages. That’s when the bank can advise you on other conditions that need to be met.

Assessments You Might Need

You might need building condition assessments as well as an appraisal and a title search.

Show a little patience. Your bank will need time to go over your purchase offer. When you’re looking at commercial mortgages, don’t forget to consider any repayment flexibility. They might allow you some wiggle room to absorb the cost of moving your business.

You might even be able to roll some renovation costs into the loan. Looking at the various financing options is a critical part of commercial mortgages.

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Mortgage Broker Toronto Tips for Saving for A Down Payment

Morteza Sadeghi — Tue, 10 May 2022 22:36:00 +0000

As a mortgage broker in Toronto with credentials and experience, we can help you get the best mortgage rates. However, you need to start the process of getting a mortgage by saving for a down payment. Here are a few tips that can point you in the right direction.

Prioritizing is the first step in putting this kind of money together. Ask yourself if you can cut back on the number of times you go out to eat and take a vacation. Do you need to drive a newer car and buy all the latest items? Tightening your belt is the best way to save for a home. Besides, you’ll have new expenses to pay like utilities and property tax you will need to budget for when you get the keys.
Paying off your debts as much as possible is a good idea. Start with your credit cards. It’s hard to save money when you’re paying interest to someone else. Begin with the credit card that has the highest interest rate.
In Canada, you can use the Tax-Free Savings Account to put aside some money. You can put together a down payment tax-free using one of these. Get in touch with a financial planner or advisor to find out more about how these work.

As your mortgage broker Toronto, we understand how it can be overwhelming when you’re saving for a down payment. If you’re feeling stuck at any point, a credit counsellor is a professional who can help supply some ideas.

When you finally put together the money, we can help you by getting the best mortgage rates. OMJ Mortgage Capital has an excellent track record of proven results. What’s more, we take great pride in the fast turnaround times and very quick approvals that we provide to our clients.

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Tips For Your Mortgage Broker in Toronto Team on Avoiding These First Time Homebuyer Mistakes

Morteza Sadeghi — Wed, 30 Mar 2022 14:15:00 +0000

As a mortgage broker in Toronto, we’ve seen the kind of missteps that first-time homebuyers can make. We can help them get the best mortgage rates when they finally decide on a house. Plus, these friendly tips can help them stay on the right course when they venture into the real estate market as newbies.

Spending Everything You Qualify For

One big mistake occurs when first-time homebuyers use what they qualify for on the house. It’s a mistake because they need to factor in other items like food, transportation, maintenance, and utilities into their budget.

The amount a lending institution qualifies you for doesn’t take into account your overall financial picture. Don’t forget to factor in your other payments along with the mortgage numbers.

Another Mortgage Broker in Toronto Tip: Look Past The Staging

It’s important when you’re shopping for a house not to fall in love with the staging think that it’s the status quo. Keep in mind that some sellers remove personal belongings so staging companies can come in and redecorate rooms.

It’s important to keep in mind there’s a big gap between these perfect designs and the way you will actually live in the house. For example, stagers quite often take away appliances like blenders, microwaves, and coffeemakers to make a countertop look like it has more room.

Ask About The Bigger Components

Don’t be tricked by the staging company. It’s important to ask about the bigger components like AC units and furnaces as well as plumbing and the foundation. These are essential parts of any home you want to buy.

As an experienced mortgage broker in Toronto, we also like to suggest that you confirm floor plans for condos. It’s not uncommon for numbers to be copied from several building plans and need to undergo last-minute changes. Avoiding any surprises later on means measuring the rooms yourself.

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Your Mortgage Broker Toronto Offers Up Some Excellent Ways To Save For a Down Payment

Morteza Sadeghi — Mon, 01 Mar 2021 00:15:38 +0000

Before we can help you get the best mortgage rates possible, there’s a few things that you’ll need to do. One of the big ones is saving for a down payment. We are the mortgage broker In Toronto that wants to make sure you have good information.

That’s why we put together a list of the best ways that you can save for one of these.

One of the best ways to put this kind of money together is to set up an automatic savings account. Make sure that it’s direct deposit and that you decide not to use the money for anything else but a down payment.
Lowering your expenses is another great way to save the money together for a down payment. Cutting out entertainment and any trips you may have planned will help you save.
We can help you get the best rates on a mortgage. We also like to suggest that our clients pay off high interest rate credit cards first. With the money that they save they can inch closer to getting the keys for that first or second home.
Some of our customers even decide to get a second job. If you do, you’ll more than likely be able to make bigger deposits into that savings account. Even looking for something seasonal or temporary can make a big difference.
Some people even look into borrowing some money from one of their retirement plans for a down payment. Talk to your human resource or payroll department to see what you can do.

When you’ve put the money together, we are the mortgage broker in Toronto that can help you get the best rates and terms. Get in touch with us when you are ready and we will be happy to help.

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Here’s some surprising first time home buyer expenses you might not have considered

Morteza Sadeghi — Mon, 01 May 2017 09:38:23 +0000

Buying your first home is one of the most exciting and challenging times you’ll experience. Even after you’ve gone through the maze of getting the right financing, looking through all the homes in your price range and finally getting the keys to the one that suits you best, another real need for some first time home buyer advice comes into play.

For instance, there a are few unexpected expenses you might not have put a little extra cash away for.

Changing the locks. One of the most important first timer home buyer tips you don’t want to bypass is making sure you control who gets in and out of your new home. Although you can save some money by going to the local home improvement store and making this it do-it-yourself project, you can still run up a bill if there are a few locks to switch. You need to remember your house has more than likely had a few owners and was maybe even rented at some point, so you don’t want to skip this step since there could still be a few keys floating around.
Furnishings. If you’re like a lot of new home buyers, you’ve more than likely imagined what each room in your new home will look like with your personal touch and the furniture choose. Of course it’s solid first time home buyer advice not to go overboard and outfit every room with brand name furniture you put on credit, but there are a few staples you might need at first. For example, you could need a bigger dining table if you’re planning on entertaining when your in-laws hint they want to see the place, but being selective and frugal in those early years is good practice.

Finally, no set of first time home buyer tips would be complete without mentioning those expenses that always seems to be going up without your ability to control them. For example, property tax is a great reason why you should have a little extra cash on the side to cover the increases of the cost of owning your first house.

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Here’s a few good reasons to buy a home

Morteza Sadeghi — Mon, 01 May 2017 09:36:56 +0000

While it is true there have been some bumps in the road as far as investing in real estate goes over the last several years, some of the best first time home buyer advice you’ll get is to go ahead and start looking for a place of your own. The advantages still far outweigh the negatives when it comes to getting those keys and following are a few reasons why investing in real estate is still some of the best first time home buyer advice you can get.

Not only will you appreciate having your own place, but the home that you finally pick will show you its appreciation over time. Let us explain. Real estate is still the historically proven way to buy something that has a long term stable growth in value. That even includes those years when the economy in general was suffering through the last recession.
With that appreciation in value comes another benefit called equity. No list of first time home buyer tips is complete without some mention of this type of home ownership you build over time by making your mortgage payments. Remember money spent on rent is money you’ll never see again while making those mortgage payments is an investment in your future wealth.

You can even make those mortgage payments as predictable as you want with a fixed rate mortgage. With this type of plan, these payments stay constant although you might still incur increases in utilities and property taxes. There’s a certain type of stability that you get with owning a house that can’t be matched when you rent. Staying the same neighborhood for several years is a great way to build lasting relationships with the people around you. This kind of lifestyle also offers your children the stability of staying in the same school.

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Some good tips from your toronto mortgage broker just before you move

Morteza Sadeghi — Mon, 01 May 2017 09:19:11 +0000

We’re here when you need us—right from the beginning when you start looking at all the different options you have when you’re choosing a first mortgage or even refinancing. Remember, a good Toronto mortgage broker works for you and not the big financial institutions so you’ll get the product that’s best for you when you use us.

We take a personal interest in these economic times too and that means offering some advice on a few of the things you’ll need to do just before you move into your new home. Taking this article and pinning it to a refrigerator can serve as a handy reminder so you don’t forget anything.

-As much as you might like to, you can’t run from your bills so there’s really no option but to let the post office know about your change of address. Cable and Internet providers need to be aware of your new digs and your doctors and attorney will need to know the new information as well.

-Utilities are essential, especially when you’re moving in the colder seasons. It’s suggested that you get in touch with the right people here about two weeks before the big day. Remember that you might even be changing providers that operate with different procedures, so it’s best to leave yourself enough time so you don’t get caught in the dark or cold in your new home.

Finally, it’s a great idea to keep all of your important documentation that pertains to the move in a safe place. Don’t forget to contact your insurance company to make sure all the necessary protection is in place to transfer to your new home so there’s one less thing to worry about.

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Before you wonder how to calculate mortgage payments, you’ll need to think down payment

Morteza Sadeghi — Mon, 01 May 2017 09:16:25 +0000

One of things you’ll need to master to navigate buying a home successfully is the art of taking each step as it comes and not getting too far ahead of yourself. For example, well before you even start thinking about matters like applying for a mortgage and how to calculate mortgage payments, you need to be sure you’ve got enough cash set aside to begin the process. That money is called a down payment and here’s a few ways you can save for one.

Although it might not seem like a conventional avenue to pursue, it is possible to use gift money to get the ball rolling on your own place. There needs to be a paper trail here so the financial institution can see where the money is coming from and that it is in fact a gift. It’s important to be sure you understand the nature of the gift and that the monthly financial obligations of owning and maintaining the house will still be your responsibility.

Making a new budget also helps. Looking for places where you can trim expenses and pay off existing debts is a great way to start saving for a down payment. Cutting back on entertainment expenses is good practice for the kinds of sacrifices you’ll need to make after you’ve got the keys to that new home. Refraining from using your credit card where possible will also improve the amount of money you can save.

Finally, remember the down payment is only part of the money that’s required. When you’re applying for a mortgage, keep in mind there will be closing costs to cover like lawyer’s fees so you’ll need to set aside some cash to meet all of your early obligations.

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Best family cities in Ontario

Morteza Sadeghi — Mon, 01 May 2017 09:13:47 +0000

The post Best family cities in Ontario appeared first on OMJ Mortgage.

Here’s how your old socks can save money in heating costs

Morteza Sadeghi — Mon, 01 May 2017 09:12:27 +0000

When you’ve been through all the finances and looked through the various mortgage types to arrive at the product that works best, you’ll sign on the dotted line and get the keys to your new home. After you’ve been living in that space for some time, the smart homeowner understands they need to learn home maintenance and repair.

One of the most important factors in your home are the windows you have. Whether you’re looking to have replacement units installed or maintaining the ones you currently have, there are a few things every homeowner needs to know about.

First off, although replacing the windows for an entire house can be expensive, there’s usually no need to think about refinancing a mortgage if you just want to upgrade some of the units you currently have. Finding out where the drafts are and repairing those is a great way to get underway.

When you think about the fact that on average 10 to 25% of a home’s heat escapes through drafty windows, you’ll see why this needs to be looked after. For those of you on a budget, plastic shrink film is one of the better solutions. You can buy this at any home improvement store and it can be easily layered over the windows using nothing more than a hair dryer.

We’ll bet you never thought you could use rice and an old knee sock to stop the drain on your heating bills. Well, those are the simple instructions for a draft snake that can be used to stop drafts in your home. Finally, you can stop cold air from getting in your basement by gluing foam board to a piece of drywall and placing it over basement windows you don’t need to look out of until the Spring.

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