Current Home Owners

Term APR 5 yr variable 4.65 1 yr fixed 5.50 3 yr fixed 5.50 5 yr fixed 5.79 10 yr fixed 6.25

You are currently established and are considering making a move. It may be a lateral move or you may want a new home that suits your changing needs.

There are a lot of terrific reasons for making a move.

We should know the current value of your home, the mortgage balance owing, the nature of the mortgage. Is it open, fixed or variable? Which bank holds the mortgage? Do you wish to stay with that bank or move?

Do you prefer branch banking or virtual banking?

If you wish to stay with your current bank, a key issue will be, what the penalty might be in order to move. Many times it is advantageous to get a lower rate and a new mortgage because some times the penalty might make it prohibitive to move. It is all on a case by case basis.

A key factor is getting pre-approved.
How much can I afford?

This is fast and painless and most of all, useful.

A pre-approval offers you three advantages:

1. You know the accurate house range in which you should be buying.

2. You lock in the rates for 120 days. This rate guarantee can prove invaluable.

3. You are not committed in anyway shape or form. If we earn your business we would welcome that. If you choose another route, we wish you the very best.

The pre-approval is a mix of your income, your down payment, the interest rate and your credit rating.

This involves taking details such as:

• Your name
• Your address
• Date of birth
• Social Insurance Number
• Where you work, how long and how much you earn
• Income: is it hourly, salary or commission
• Asset and Liability information
• Down Payment amount and source

There are many options for making your mortgage application:

1. Contact us online using our web contact form here.
   
   
2. Give us a call at 905-388-3176 or toll free at
   1-800-713-0985. We would love to discuss your options and the best mortgage solution for you.
   
   
3. Write us an email with your preferences and any questions you might have. We will promptly reply with tips and advice to help you along in your mortgage planning. Send your emails to advice@fairmortgagesolutions.com
   
   
4. Send a fax with details for what you want for your mortgage to 905-388-1737 or toll free at 1-800-713-0994
   
   
5. Personal meeting at a convenient location for you - your home, your work, our office etc... We won't squeeze you into our schedule - we'll make time for you and fit ourselves into yours!

Whatever you prefer. We will do our best to make it easy and simple for you.

Talk over your situation with us, we can provide advice and options as to what you can do and what the market indicates may be a good route to go.

You want the home to be affordable.

A general ratio is if you are hourly or salaried based, your mortgage payment, property taxes and heating payment should amount to 32% or less of your gross combined income. This is called your GDSR.

In addition your mortgage payment,property taxes, heating, all other debt like credit cards, student loans and car loans, should amount to no more than 40% of your gross combined income. This is your TDSR.

Every person is different, every situation is different.

If you are self employed, above doesn't apply. You must use common sense. There are excellent programs for self employed clients.

Statistically, it has been shown that if you keep within these parameters, it is generally affordable for you. Try and make yourself bulletproof.

Down Payment

Will come from the equity in your current home. Advise us if you wish to add to this from savings. Advise us if you wish to payout debt from the proceeds, if so, advise what items you would like paid. Let us know what size of down payment you would like to make.

Bridging

Sometimes the sale of your current home will be after you move into your new home. In this case you will require a bridge loan. A key factor we need to know is what the closing dates of both properties are to determine how long the bridge will last.

Generally it lasts from 1 to 30 days. Sometimes it can be longer on exception. The setup of a bridge is a lot of work. The cost to you is fairly minimal in light of the work done, so just be sure this is the route you wish to go because it is involved.

There is a one time set up fee and it is usually interest only.

Take the Next Step

Choose one of the four options below:

1. Apply for a Mortgage Online
2. Call Us at 1-800-713-0985
3. Let Us Contact You
4. Our Contact Info

Apply for a Mortgage Online

Call Us at
1-800-713-0985

Let Us Contact You

Our Contact Info