Is debt holding you back?

Statistics support the fact that many Canadians are utilizing credit to help maintain their lifestyles but while doing so they are preventing themselves from moving forward in their standard of living. Here is a brief check list to help determine if too much debt is holding you back

The checklist

1. Can you save 10% of your gross income?

2. Do you have more than 3 credit cards?

3. Do you only make the minimum monthly payment on your cards?

4. Have you had to ask someone to co-sign for a loan because of your credit rating?

5. Do you know how much money you actually owe?

6. Do you use your credit cards to borrow money to pay for other debts?

7. Can you identify the difference between a need and a want?

8. Are you feeling depressed about you level of indebtedness?

If two or more of these apply to you, you are definitely seeing too much debt in your life. 

Developing a plan now can change all of that. Consider me to show you how you can use the equity in your home to change all that.

Michael Williams

647-280-5975

The Mortgage Process

Your Application

The first meeting, whether by telephone or in person, is a good opportunity for us to get to know each. You will provide me information and other documentation required to submit an application.  I will have you sign a form giving me permission to request a credit report and gather personal information.  I am usually steadfast about meeting my client in person before the application process goes any further but sometimes circumstances do not allow, at this point.

Submission to Lender

After an application is completed, your credit bureau is fulled and after all the other qualification factors are taken into consideration the application is submitted to an appropriate lender. I will determine the lender by qualifying you for the most suitable mortgage product that you are eligible to obtain, all  this will be reported to you promptly.

Documentation Required

The lender's underwriter will then return a mortgage approval with a list of conditions - this usually takes 2-4 business day. These conditions will require various forms of documentation before final approval is given. These documentation usually include, but not limited to, letter of employment, pay stubs, T4, notice of assessment, proof of down payment, property appraisal, etc. Some of these items may require authentication and confirmation that they match what was submitted in the application.

Final Approval

After the lender is satisfied that all conditions have been met, I notify you right away.
After your acceptance I will ensure your lawyer is instructed.  The lawyer will set up meeting with you to review and sign the official mortgage documents. The documents are then registered.

Disbursement & Closing

After the mortgage is registered, the lender sends a cheque to the lawyer which is held in trust until disbursement are made. You now hold official title to the property and are responsible for the new mortgage.

Congratulations!

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If you’re like most renters, you feel trapped
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Michael Williams
Mortgage agent
Lic.# M08002961
Tel: 647-280-5975
Fax: 1866-589-1391
Email: mwilliams@morcan.ca

Lower Your Monthly Payments

What others are saying about the service I am providing

Is Your Mortgage Helping or Hindering? Find out with a Free Mortgage Checkup! 647-280-5975

Here's what we will discuss:
1. What rate is best? Fixed or Variable
2. Is it a good time to refinance to pay out High Interest credit card debts?
3. What penalty or fees can be expected when you refinance?
4. Is an interest- only mortgage right for you?

Specialties:
Hard to place mortgages, bank turndowns, private lending - 1st and 2nd mortgages.
Some conditions apply!

Michael Williams
Mortgage Agent
647-280-5975
Lic.# M08002961

Client Success Story

For one single mom, the purchase of a home for herself and her family was not the jubilant occasion that one would expect. Her aged mother had bought the home and then, sadly, passed away just a few months later. My client purchased the home from her mother’s estate, but not long after moving in, discovered that the beams and roof trusses over the garage were terribly rotten. My client was told that repair was unavoidable and that the roof would not last the winter. She knew that making monthly payments on the necessary repairs would over extend the family budget and she did not know what to do.

I was able to obtain a second mortgage that would pay for the new roof, credit card debts and other miscellaneous debts. The second mortgage was structured in such a way that the monthly payments were prepaid for the year. At the end of the term I will be able to blend the first and second mortgage payments and, because of the recent repairs and increased in property values, the equity in the home have increased which will allow for extra funds to be taken out to pay off a car loan. This will greatly lower the monthly debt and allow for saving for a rainy day.

My client now has the peace of mind in knowing her home is structurally sound and also has a plan for creating a “rainy day” account. 

I feel very fortunate to have been able to help this family.

I would like to help you or anyone you know that might be in a similar predicament.

Please call me for any mortgage advice.

Michael Williams

Mortgage Agent

647-280-5975

Lic. #M002961