Spruce Grove Mortgage Broker: Krista Rumberg
 (780) 946-6222   ·    Email

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Money & Conflict Luncheon

Money MOrtgage

Krista is presenting at the Alternate Dispute Resolution Luncheon  Tuesday February 19th in Edmonton.

It should come as no surprise that money woes can be the cause of marital and family stress; unemployment or poor spending habits can exacerbate the situation. One can easily conclude that
this reality extends well beyond just the family unit.

The FOAJ & ADRIA are pleased to present two speakers this month that will offer their experience, insights and resources to better understand the money & conflict dynamic. What skills or resources might be available to you when assisting families though these difficult conversations or decisions?

 

Speakers

As a mortgage broker, Krista Lindstrom has focused her own practice on families facing separation and divorce, and walking her clients through the complexities of restructuring mortgages and finances to retain the marital home, often with the bets interest of their children in mind.Knowing that life isn’t always easy, particularly at the end of a relationship, Krista has dedicated herself to
helping people navigate all possible mortgage options when facing separation and divorce. Krista believes that Knowledge is Power, and will share her personal experiences in dealing with families in conflict. Attendees will gain insights into approaches, tools and resources that would be useful in their

 

Second presenter is Manraj Waraich, from the Credit Counselling Society, a non-profit service helping individuals and families find their best options to deal with their debt and get their finances back on track. Manraj will present Financial First aid for Mediation Professional, assisting us all to learn how financial stress impacts our clients, to recognize the signs of financial stress, and to know what strategies and resources might be available to assist them.

 

EDMONTON
Tuesday, February 19
11:30 AM to 1:00 PM
Buffet Royale West
17202 95 Ave NW
Money & Conflict
$25 for members & $35 non-members

 

Buy Your Ticket

Financial Health in 2019

Financial Health in 2019

If you’re looking to make some financial headway this year, let’s talk about why now is as good of a time as any (or better) to review your mortgage and discuss how paying down your mortgage more aggressively will save you money in the long term.

Financial health Mortgage

Mortgage Review

If you haven’t had a mortgage review completed in a while, the start of a new year is a great time to do this!

Depending on when you got your mortgage, by taking a look at your existing mortgage and comparing it to products available on the market today, you might be able to save a lot of money by restructuring. Even what seems like an insignificant saving can have a considerable impact when rolled out over several years.

The truth is, you’ll never know unless you take a look. So even if you’re just a little bit curious, feel free to get in touch, and I’d be more than happy to sit down with you and discuss your mortgage options.

Early Pre-Payments

Consider aggressively paying down your mortgage using pre-payment privileges. Although you’ve probably heard this before, maybe now is the time you decide to take action.

Most mortgages allow you to pay down 10-20% of the original principal mortgage amount as a lump sum and/or increase your payments by 10-20%. Did you get a raise at the end of 2018? Now might be a good time to increase your mortgage payments to match.

Any money that you put on your mortgage as a pre-payment goes entirely towards the principal balance and is not a pre-payment of interest.

My goal is not only to help you get the best mortgage available, but also to help you get rid of that mortgage as quickly as possible.

Mortgage Simple EdmontonEdmonton Mortgage

(780) 946-6222

Krista@mortgagesimple.ca

What Documents Do You Need To Apply For A Mortgage?

Home buying is exciting, but also can be a lot of work. There are a lot of factors in play when thinking about purchasing a home, from location, how many bedrooms, finding a realtor, mortgage broker and lawyer.

Within all of this there is some documents and information needed as well. In order to apply for a mortgage we need to be able to figure out your income and your down payment.It can sometimes seem like a lot so here are a couple of tips for organizing:

  • Set up a place where you can have all the documents go. This could be an accordion file folder labelled with each item or simply a inbox on your desk where it gets placed and ready to go.
  • For any letters you need, ask employers/family for them now, as sometimes they need a bit more than a days notice to pull together a letter.
  • Print off our Mortgage documents checklist and keep it with your paperwork, checking off items as you have them.

With this check list you can now begin to pull together all of your documents and start the four steps to getting a new mortgage below.

Step 1: Apply

You can start the application process with me online even, by visiting this link. Or you can give me a call (780) 946-6222 or sending me an email Krista@mortgagesimple.ca

Step 2: Processing

I will then be in touch to review your application and discuss your specific needs before getting you approved for your mortgage financing.

Step 3: Acceptance

When your loan is approved, I will send you your approval and a list of required documents. The checklist above is a great start ahead of time. The approval must be signed and returned along with any other required documents.

Step 4: Funding

Once your loan is complete you will need to meet with your lawyer to finalize and register your loan.

From there, find and move into your new home and enjoy the fruit of your hard work!

Spruce Grove MortgageAxiom Mortgage Edmonton

 

 

Separation, Divorce & Finances

In my 30’s my parents had to co-sign for my mortgage and it was a humbling experience. My specialization in mortgage services for divorce and/or separation came from personally navigating the process alone. It became my drive to find another way, so nobody else had to go thru what I did.

No one wants to struggle financially following a split, especially when it takes such an emotional toll.

It’s imperative to examine your finances to determine if you can comfortably afford to buy out your spouse. If you’ve decided to remain in your matrimonial home, but the mortgage payments, taxes, monthly bills and upkeep push you to your financial limit, the stress that this will put you under may not be worth staying put – even for the sake of keeping something constant in your children’s lives.

 

Creating workable solutions for divorcing spouses with the ‘Spousal Buyout Program’

When refinancing a typical mortgage, you can only access up to 80% of the home’s value. But, through a Spousal Buyout Program, you can ‘purchase’ the home from your spouse and unlock up to 95% of its equity. Matrimonial debt and lump sum equity payments can also be included in the mortgage – up to 95% of the appraised value.

This added access to funds often makes the difference between one spouse being able to buy out the other’s half of the home versus having to sell the home and find two new separate places to live. This can prove especially difficult, of course, if children are involved.

Many people find that qualifying for a mortgage under the new Canadian mortgage stress test rules to be quite difficult. I have special tools that allow a borrower to use child tax credit, child support, and spousal support as a source of income. It is equally difficult for the payor of the support to qualify for a mortgage as this extra payment can be quite limiting. As your broker, I have solutions that can help a borrower navigate around these limitations.

My business thrives on referrals from past clients as well as other professionals such as Collaborative divorce lawyersfinancial plannersdivorce coaches, and realtors, and the best part is in most cases your broker is likely to be paid by the financial institution that lends you the money.

This means there is likely no brokers fees to you, the client.

As a mortgage specialist who works with divorcing couples, I’ve adopted three key priorities to ensure I serve every client to the best of my ability, including:

  1. Operating with integrity by always ensuring my clients receive the best mortgage product and rate to meet their unique needs – both now and over the long term.
  2. Providing solutions, support and answers while navigating unchartered territory such as separation/divorce, which ultimately leads to financial independence.
  3. Keeping a positive outlook regardless of the situation at hand to help keep clients in a positive frame of mind while they complete their separation/divorce and split the matrimonial home.

As an added benefit of my specialization, I’m also able to get more exceptions from my trusted lender partners to ensure my clients’ needs are met along their road to financial independence following a breakup. I help homeowners split their marital home and educate my clients so they can create financial independence and own a home on their own that’s within their means.

My goal is to empower you with financial independence and help you find a way to stability after a separation/divorce.

Divorce Mortgage

Mortgage Portability

The Guise of Mortgage Portability

“Is my mortgage portable?”
The answer is probably yes.

“Is it easy to port my mortgage?”
The answer is probably not.

When you’re selling your existing home and buying something else, porting your mortgage involves transferring the remainder of your current mortgage term, outstanding principal balance, and interest rate to that new property. Although this might sound like a good idea to keep a low rate intact, in reality, sometimes it feels like the stars have to align for it to work out.

Most people assume that porting a mortgage guarantees mortgage qualification on the purchase of a new property using the mortgage they got when they bought their last property. Often they feel confident about their ability to simply port their mortgage, and might even sell their existing property or write an offer on a new property, believing that they are already qualified (because they were qualified before). This isn’t the case.

Just because your mortgage is portable, doesn’t mean you’ll somehow magically qualify to buy a new property with an old mortgage. Mortgage financing doesn’t work that way.

Porting a mortgage requires full re-qualification, it’s not a loophole to purchase a new property without disclosing changes in your financial situation. The lender will ask for new employment documents and pull a new credit report. It is the mortgage qualification process, with additional conditions.

The most common reasons porting doesn’t always work out as planned

  • You may not qualify for the new mortgage.
  • The property you are buying doesn’t meet the lender’s guidelines.
  • You still need a down payment.
  • You’ll most likely have to pay a penalty, even if it’s refunded.
  • Timelines rarely work out.

So, if you are in a situation where you have an existing mortgage, and you’re looking to buy something else, and you’d like to discuss mortgage portability, please don’t hesitate to get in touch anytime! I’d love to walk you through your options.

There is no substitute for solid mortgage advice. Porting might make sense, but then again it might not. Either way, I’ll make sure you know exactly where you stand.

Questions on your mortgage, or want to compare your mortgage to what is currently available? Please email me.

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