Emily Innala Mortgages

Is your current lender not suiting your needs? Reach out anytime to learn about other options.

CEBA loans are coming due soon, stay tuned for updates as the repayment date approaches.

There's help for homeowners who are struggling with the current rate environment in Canada. Reach out anytime to discuss your options.

Happy Halloween!

The Diamond is partnering with BGC North Simcoe to raffle an incredible 3-night stay at one of their luxury cottages.

View everything the resort has to offer at www.thediamond.ca

All proceeds go directly to BGC North Simcoe.

Tickets are $15 each. You can buy them at the link below.

https://www.zeffy.com/ticketing/23f54418-e53b-447f-8263-73be7f701b2d

What's included: Arrival between September 2023 - May 2024, 3 night accomodations for up to 6 people in a 3-bedroom cottage. Thursday or Friday arrivals. 9 holes of golf for up to 4 players. Resort fee of $29.95 per night is not included. Retail value of $4,600.

The Bank of Canada has announced their decision to RAISE the overnight rate, meaning prime increases to 7.20%! The next announcement is scheduled for September 6th.

There are so many different types of insurance for homeowners. Some are mandatory, and others are not, and it is important to know the difference between the types of coverage!

Happy Canada Day! How are you celebrating today? 🍁

Private mortgages can be an excellent tool for individuals in unique situations or for very unique properties, for home flippers or for individuals with rushed closings.

Your mortgage agent should clearly illustrate for you the pros and cons of entering into a private mortgage, and you should feel comfortable that this is the best decision for your situation, providing the best outcome at the end of your term.

The following are eight tips to keep in mind between your mortgage approval and funding dates:

1. Don’t buy a new car or trade-up to a more expensive lease.

2. Don’t quit your job or change jobs. Even if it’s a better-paying job, you still are likely to be on a probationary period. If in doubt, call your mortgage professional and they can let you know if this may jeopardize your approval.

3. Don’t change industries, decide to become self-employed or accept a contract position even if it’s within the same industry. Delay the start of your new job, self-employment or contract status until after the funding date of your mortgage.

4. Don’t transfer large sums of money between bank accounts. Lenders get especially skittish about this one because it looks like you’re borrowing money. Be ready to document cash transactions or money movements.

5. Don’t forget to pay your bills, even ones that you’re disputing. This can be a real deal-breaker. If the lender pulls your credit bureau prior to closing and sees a collection or a delinquent account, the best you can hope for is that they make you pay off the account before they will fund. You don’t want to have to scramble to pay off a debt at the last minute!

6. Don’t open new credit cards. Again, just wait until after your funding date.

7. Don’t accept a cash gift without properly documenting it – even if this is from proceeds of a wedding. If you have a bunch of cash to deposit before your funding date, give your mortgage professional a call before you deposit it.

8. Don’t buy furniture on the “Do not pay for XX years plan” until after funding. Even though you don’t have to pay now, it will still be reported on your credit bureau, and will become an issue – especially if your approval was tight to begin with.

While you may not risk losing your mortgage approval because you have broken one of these rules, it’s always best to talk to your mortgage professional before doing any of the above just to make sure!

Getting a rate hold prior to shopping for a home has so many more benefits than just securing you the lowest rate!

With a rate hold, you know what you will qualify for and what your monthly payment could look like, based off your purchase price.

Reach out to me today to secure your rate hold, with no cost and no obligation.

416.821.4088
[email protected]

Happy Father's Day!