Paramjit s. Girn – Mortgage Delivery Guy Mississauga

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Paramjit S. Girn

Welcome! Besides preparing quality content, we help Mississauga, Brampton, Toronto and GTA residents leverage their time and banks money efficiently to make them mortgage free quicker. Having said that, allow me to invite you to meet our licensed mortgage broker expert for an eye opening, no obligation session. Everyone who attends it, loves it. We are almost certain you will too. Don’t forget to down load your mortgage calculator app before you leave today.

Refinancing Mortgage Canada Rules

As of Jan 01, 2018 stricter rules for refinancing mortgage in Canada will be imposed. It’s called Mortgage Stress Test. In a nut shell you need 15-20% higher income to qualify for the same refinancing mortgage amount in Canada. Irony is many will fail & won’t be able to access their home equities.

Scroll down to learn how banks evaluate your mortgage refinancing file before even putting you through mortgage stress test.

From the table below, select the scenario that best describes your situation


Selections compiled will give you a good picture of where you stand and an estimation of your CID profile that will afford you a real advantage especially after Jan 01, 2018 once new rules of refinancing mortgage is implemented in Canada. Your decisions in this journey will affect you for life, so make them informed and put your best foot forward!

Meet With an Expert
Good Good At least 15% or more

Book Me In
Here’s My Availability

Not Sure Good At least 15% or more

Am Confused About My Credit
Here’s My Availability…

Good Not Sure At least 15% or more

My Down Payment Concerns Me
Here’s My Availability…

Good Good Not Sure

I Am Confused, Like to Meet
Here’s My Availability…

Others Others Others

I Need an Experts Opinion
Here’s My Availability…

Choose the best possible scenario from the table above if you are looking to refinance your home mortgage.

Credit Score

With the new rules of refinancing mortgage in Canada, credit score of more than 680 is good but again, best you hire a proficient mortgage broker to help iron out any inaccuracies that might be in your report. Following are guiding criteria in selecting options for the table above. Select “not sure” if any of the following situations apply to you:

Beacon Score - Mortgage Delivery Guy Toronto
  • You do not have a credit rating because you are new to the country, have been discharged from a proposal or have previously gone bankrupt
  • Your credit score is less than 680
  • You have never used a credit card, preferring to rely on cash
  • You have a history of late payments in the last three years
  • Unpaid bills have been forwarded to collection agencies in the last three years
  • You’ve never checked your rating and simply do not know

If you have any questions about your credit score  contact us  ,we can help!

Sufficient Verifiable Income:

Your sufficient verifiable income is comprised of your gross income available for payment of all debts as per lender requirements. Under the new refinancing mortgage rules in Canada aka Mortgage Stress Test your income should support the monthly payments with mortgage rate of 4.99% on your mortgage loan amount. Income that qualifies cannot be income derived from probationary periods and must accompany proof of employment such as letters, recent pay stubs, and notice of assessments or TI Generals.

Keep in mind as well that income requirements differ from product to product. Don’t hesitate to contact us for more information!

On the table above, select “NOT SURE” if any of the following situations apply to you:

  • Much of your income is cash (for example commission or tips)
  • You are in business for yourself (BFS)
  • You are presently on employment insurance, maternity leave or similar
  • Your total income before taxes is less than $50K a year
  • You have no rental income, only vacant properties

If you still have questions about your income status, contact us on 1.800.808.1613 & speak to our mortgage brokers on duty today.

verifiable income

Home Equity

On the table below, select “not sure” if any of the following situations apply to you:

Real estate Equity - Mortgage Delivery Guy's Team

On the table above, select “not sure” if any of the following situations apply to you:

  • Your home equity (for refinance) or Down Payment (For purchase) is less than 20%
  • You use secured or unsecured lines of credit
  • You don’t know what your home equity status is

If you have any questions that can help you determine your home equity status, give us a call!

Also known as a Home Equity Loan, a refinance mortgage on a home means adjusting the terms of your mortgage, by tapping into the home equity. Some home owners do this to leverage their homes equity to pay off for home repairs, medical bills or even a university education. Others simply want to pay off their consumer debts like credit cards, car loans, unsecured line of credits etc. Without smart planning, however, the advantage you once conceived of can turn into a nightmare! Be sure to know what you are getting in to, and how to leverage your strengths for maximum benefits where time and money is concerned. Do not forget the Canada wide new rules of refinancing mortgage aka mortgage stress test.

Refinance Mortgage: the Advantages

Mississauga Mortgage Refinancing -
  1. Mortgage Term Re-negotiation
    This allows you to get better mortgage terms depending upon your situation. This is your golden chance to in fact correct your previous mistake when you got you mortgage. Do you know what kind of lien did your bank has put on your house i.e. Standard or collateral liens and how they affect your access to your equity...
  2. Better Mortgage Interest Rates 
    The size and type (variable or fixed) of your outstanding mortgage has the potential to save you money over time. Talk to our mortgage broker about hard numbers and what mortgage rates are better for you and why.
  3. Increased Cash Flow
    Anywhere in Canada with refinancing mortgage rules you can access up to 80% of your real estate’s value (less outstanding mortgages). That means more money for home renovations or your children’s future. There is more than one way to access this equity. Read our mortgage brokers Bio & learn how you can benefit from his skill set today.
  4. Lower Overall Debt
    With enough home equity, a refinancing mortgage allows you to pay out high interest debt, and that is irresistible to many home owners. Debt consolidation is smart financial management with the right refinancing approach.
  5. Real Estate Investments
    Refinancing mortgage can open up significant opportunities for your financial future by freeing up the funds required for investing in real estate. Beside mortgage stress test, learn 3 critical factors which will impact your next investment property mortgage file.
  6. Home Extensions, Upgrades or Renovations
    Think ahead. Is there a possibility you will want to sell your primary residence and relocate? Extensions, upgrades and renovations not only increase your property value, they improve your quality of life. You are enabled to do all this via mortgage refinancing.

Smart Strategies & Tips

A refinance mortgage is not something you want to gamble on so the need for vigilance is paramount. It’s also not something you want to do to finance your trip to Casino Niagara or the Woodbine Race Track! Mark my words, you will sorely regret it if you do.

Successful mortgage refinancing demands smart strategy and an informed mindset. Keep these factors in mind:
  1. Cost of Refinancing mortgage depend on the strategy you use to access equity or lower your interest rates, and the potential for legal fees also must be taken into account.
  2. Do not allow yourself to be seduced by lowest mortgage rates in advertising copy. The reality is a very different picture indeed, and many have learned this the hard way.
  3. Know the costs and fees associated with refinancing, because some times these can add up to an amount larger than you had hoped to gain! Applications, appraisals and inspection fees are just three examples.
  4. Be sure to balance your short and long term goals – refinancing is a serious undertaking!
  5. Monthly payments for variable rate mortgages can shift according to interest rates.
  6. If you are mid-term in your mortgage, breaking it will likely incur prepayment penalties, which can be greater than three months interest for fixed mortgages.
  7. Always discuss your credit, income and equity profile with a knowledgeable mortgage professional in advance of a refinancing your mortgage to ensure success.
  8. Never inflate your home price as lenders commonly ask for appraisals. You want to be certain to present yourself honestly.
  9. Dig deep to learn about all your options when it comes to specialty refinance mortgage products you may benefit from.
Mississauga Mortgage Refinancing -

3 ways to Refinance Brampton's Real Estate - Mortgage Delivery Guy

Methods to Refinancing Mortgage

There is more than one way to tap into your home equity so careful forethought and planning is important to choosing the right avenue for your needs. Here are three:

  1. Early breaking of existing contract
    This option only makes sense if you need lower interest rates or home equity access. Basically it means eliminating your current arrangement and assuming a new one with a lender of your choice.
  2. Home equity line of credit (HELOC)
    You can always add a home equity line of credit but you will be on the hook for monthly, interest-only payments toward the outstanding balance. This may be accessible through your current lender.
  3. Extend or blend your current agreement
    A blended rate means you blend your current mortgage rate with any additional funds you borrow at current market rates. A lender may offer you this, but it is important to compare the blended rate against any savings if you break your mortgage.

The Other Options

It’s helpful to know that even if a lender rejects your file, our non-mortgage solutions can still be a viable alternative with regard to your mortgage refinance needs. For information about refinance mortgage, or to discuss your mortgage situation, arrange a confidential Strategy Session today.

Need Recommendations, Why Not Speak With An Expert?

Still got questions or concerns about your mortgage and real estate needs? Why not discuss your mortgage refinancing scenario with an Ontario licensed mortgage expert and get customized solutions that works for you? Allow us to invite you to schedule your mortgage strategy session with one of our licensed experts. Those who attended finds it very informative and eye opening. We are almost certain you will like it. Simply click the link below and send us your availability and we will confirm your meeting time and date.