Month: June 2018

What’s The Deal? Organ Donations

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Organ Donations Community Mortgage Movement

I’m Andrew Young of Mortgage Wise Financial and Community Mortgage Movement.

What’s the deal with Organ Donations?

So, on May 20, 2018 I turned 40, which is kind of a big deal and calls for a celebration. With me turning 40, it also meant that I had to renew my license through Service Ontario. The fee to get my picture taken was $90 alone, that made me angry.

However, on a more serious note, I received an organ donor reminder in the mail. I would like to talk to you today about Organ Donors. I myself am an organ donor and have been ever since I got my driver’s license. If you can, I highly recommend being an organ donor.

I would also like to mention how important this day means to me, as my father passed away 7 years ago today. He donated his retinas to this beautiful little girl. Because my dad was an organ donor, she now can see now. Even after passing, my dad was able to make an impact on someone else’s life. I personally feel like it is so important to be an organ donor!

Here are some facts about organ donations:

Age alone doesn’t disqualify you from being an organ donor! Did you know that you one donor can save the lives of up to 8 people! They can also enhance the life of up 75 people through the gift of tissue.

Your current or past medical history does not prevent you from registering to be a donor. Individuals with serious illnesses can, sometimes, be organ and/or tissue donors. Each potential donor is evaluated on a case-by-case basis.

All major religions support organ and tissue donation, or respect an individual’s choice.

Check out https://www.beadonor.ca/ to learn out how you can be an organ donor today! It only takes 2 minutes!

What’s The Deal? – Bloopers

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What's The Deal Bloopers

I’m Andrew Young of Mortgage Wise Financial and Community Mortgage Movement.

And what’s the deal with my inability to get my lines right?

Here is the deal, I can’t always get my lines right or joke around in between takes. Here are some of the bloopers while filming. While working on these videos I have compiled some footage of me forgetting some of my lines, playing around with “what’s the deal” and trying to figure out which one would work best.

Looking for help with refinancing or renewing your mortgage? Feel free to reach out and I’ll make sure I find an option that is suitable for you and your needs!

For those of you who don’t know me, I am a leader in the mortgage industry and in the London, Ontario community. Not only do I help with finding a suitable solution to my clients needs I also help with supporting the London, Ontario Community. I am involved in several London, Ontario not for profits and on multiple boards and committees in the London, Ontario and surrounding areas.

Myself and Community Mortgage Movement is a group of caring and compassionate advocates who are creating a cooperative approach to funding community initiatives. Not only do I want to help grow the London, Ontario community, I want to help develop sustainable funding to support local businesses and community partners.

For your viewing pleasure, I’m Andrew Young and that’s the deal!

What’s The Deal? Low-rate Mortgage Offers

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London Ontario Low-rate mortgage offers

I’m Andrew Young of Mortgage Wise Financial and Community Mortgage Movement.

What’s the deal with super low-rate mortgage offers?

I just want to go over a few different things before you lock yourself into something you don’t really want or something you don’t really need. What I want you to understand is what are you sacrificing to get a very low interest rate? Here are a couple things you should watch out for on low-rate mortgage offers.

Low-rate Basic Mortgages

These are low-rate mortgages that sometimes may include a reinvestment fee. A low rate basic mortgage will offer you an unbelievably low interest rate. So, what are you sacrificing with this type of mortgage? One of the main things you are giving up is your flexibility. Let’s say you were to break your mortgage after the first five years, there is generally a percentage of a penalty you will pay. So, if you break your mortgage early, you will generally have to pay a penalty (this is normally around 3%). These mortgages need to make their money somewhere! So, let’s say you have a mortgage of $400,000 that is a $12,000 penalty fee!

Reinvestment Fee

Some lenders are adding reinvestment fees into their mortgages. Some of the mortgages that we have seen here have these reinvestment fees added into their mortgage, they have a gradual decline over the five-year period, some dropping by .25% each year.  If you are 99% percent sure that you are going to stay at this property for five years it might be worth it to just wait it out, if not you should start considering other options.

What I like to do is a suitability analysis. We try not to sell rates as much as possible, I would prefer to find out what you need first before I come up with a solution.

I’m Andrew Young and that’s the deal!

What’s The Deal? The Posted Rate Hike

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Posted Rake Hike London Ontario

I’m Andrew Young of Mortgage Wise Financial and Community Mortgage Movement.

What’s the deal with the recent posted rake hike?

So, what is a posted rate? Well posted rates have been around since before I was born. The posted rate is an intricate sales tactic to lure you into a bank. Back in the day you would walk into a bank and you would see a posted rate on one of their walls. Following that you would then move into an office and talk with the banks’ mortgage specialist. They would then offer you a discounted rate (because you are such a good customer). Let’s say the posted rate is 6% and because you are such a “great” client, they give you a rate of 4.5%.

One of the reasons why a posted rate exists still is to help calculate a penalty. Higher posted rates equal higher penalties. So, what the banks are trying to do is eliminate those people who are trying to secure lower interest rates in going elsewhere. This is a problem with a lot of the banks nowadays, as there are some better variable rate mortgages available elsewhere. So, in short, a lot of people are now leaving banks to go chase a better rate. Therefore, the major banks are increasing their posted rate.

A lot of the lenders (non-banks) that we work with don’t use the traditional bank way of coming up with penalties. Instead they use their regular rates also known as straight rates or discounted rates. It could be advantageous for you to deal with a monoline lender, rather than a major bank. Another interesting fact is that banks do deal with brokers, but these are deals through different channels.

Now is the best time to have a look at your mortgage and make sure it is the best mortgage for you. I’m always here to help.

I’m Andrew Young and that’s the deal!

Self Employed & Looking For A Mortgage?

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Self Employed London Ontario

What’s the deal with being self employed?

I’m Andrew Young from Community Mortgage Movement and Mortgage Wise financial here to talk to you about being self employed and getting a mortgage if you are self employed.

So, you’re self employed? Well congratulations! So now you want to purchase a home – so, what do you need when it comes to looking for lenders?

Most lenders generally want to see at least 2 years minimum self employed or sub contracted income. When it comes to income, lenders will use a 2-year average from your line 150 from your T1 Generals or your Notices of Assessments. Don’t worry there are some opportunities when it comes to grossing up your income by a certain percentage or we also can add back some of the expenses to help get you to the mortgage amount you are looking for.

There is also the opportunity to use the Stated Income Mortgage Program. What is the Stated Income Program? Stated Income means exactly that. When a mortgage application is created, for a self-employed or commissioned applicant, and the entire income amount is not verifiable in traditional documents, for example a Notice of Assessment, the applicant may apply under the Stated Income program to allow an income adjustment to help qualify them for a home purchase or re-finance.

So, using the Stated Mortgage Program we take your stated income and inflate it by a reasonable rate to take into consideration, due to your profession (this is to consider your expenses and cash components of your job). All of this is to help make sure we can get you to the mortgage you want to be approved for.

I’m Andrew Young and that’s the deal!