Refinance Tips From Your Toronto Mortgage Broker

Morteza Sadeghi — Fri, 05 Mar 2021 14:15:19 +0000

OMJ Mortgage Capital is the Toronto mortgage broker that can help you refinance and take advantage of lower interest rates. It’s also possible to tap into your equity to pay off bills or improve the property.

Here’s a few tips that can help you steer through the process and get the best option.

Decide Why You Want To Refinance

Before you decide to go through the process, you need to know why you are refinancing. There are some common goals and they include:

paying off an existing mortgage faster by getting a shorter-term
getting a fixed rate mortgage and better terms than an adjustable-rate product
using your home equity for home improvements or debt consolidation. You can even pay for a child’s education with the money.

There are several different methods you can use to refinance an existing mortgage.

Add a HELOC

A home equity line of credit provides access to the equity in your house. It is secured by how much you’ve built up over the years. Homeowners need to adopt a realistic plan about what they will use the money for and how you’re going to repay it.

That needs to include payments on both the principal and interest. Remember, there’s usually no penalty for paying back large amounts early.

Break Your Mortgage

Homeowners can also eliminate their existing mortgage contract and take on a brand-new one. Before you take this step, it’s important to find out if there are appraisal and administration fees as well as a prepayment penalty.

There might also be a reinvestment and mortgage discharge fee to remove charges on the current product and register the new one.

We are the Toronto mortgage broker that can handle your refinance for you. That includes looking into what’s called a blended rate which includes the current rate you’re paying and the one that’s currently available.

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Here’s the upside to having a home office

Morteza Sadeghi — Mon, 01 May 2017 09:03:04 +0000

With more and more people becoming their own bosses, it’s important to understand the advantages of this kind of work when it comes to the home deduction you can claim. Understandably, a home equity line of credit is a useful tool to help you get the things you need in the startup phase, but some of these deductions come in handy financially all through the life of your business.

As you might imagine, there are some rules and regulations governing what you can and can’t claim and these need to be as closely followed as the mortgage requirements that got you the home in the first place.

First off you need to be able to prove that you use at least a part of your home exclusively for business. For example, if you meet patients or clients in one particular room of your home on a regular basis, the chances are you can claim business expenses for that room. You should also be able to prove that you use it for administrative duties relating to your business.

Now for the fun part. The deductions. While there are provisions for a portion of your heat and hydro as well as property taxes, the deductions for having a home business are good but perhaps not exactly the bonanza you might expect. For example, while pens and paper are deductible, filing cabinets, chairs and desks are considered capital items so the amount you can claim is reduced and spread out over a longer period.

Still, having a home based business is an excellent move for others reasons including the fact you can claim permanent renovations to the house where the business is located. Finally, you can include business fees and relevant memberships as deductions, all of which make having a home

The post Here’s the upside to having a home office appeared first on OMJ Mortgage.

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Refinance Tips From Your Toronto Mortgage Broker

Here’s the upside to having a home office