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

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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

What Our Clients Are Saying

Reviews of services

Thank you to all of our clients for their recent reviews on Google. We truly appreciate everyone that has taken the time out of their day to leave us a review.

We thought we would take a moment to share a few of our reviews.

Dave said:

Very helpful, knowledgeable and made the application process easy. Very pleasant to deal with.

Debbie said:

Krista Romberg is very professional Krista is a great person to talk to and communicate with, she went above and beyond to ensure I would qualify for this Mortgage! Thank You! I will definitely recommend her and the Axiom Mortgage company to friends and family! Thank You Again!

Samantha said:

Krista is super easy to deal with and she knows her stuff! I attended a conference that she ran on the spousal buyout program and it was very informative.

Gloria said:

Krista bent over backwards to resolve our mortgage issues. She’s as efficient as she is pleasant. She deserves all the awards she received this year.

Keri said:

Axiom helped me to afford to keep my home, without a co-signer, after my divorce. I am truly grateful for their services!

Again, thank you all for your kind words and support. It means so much to know people are getting the service they need and deserve.

Going through the big D?

How to keep the family home during a divorce

For the country music fans out there, the words to Mark Chesnutt’s 1994 hit song still ring in my mind: ”I’m goin’ through the Big D and I don’t mean Dallas. I can’t believe what the judge had to tell us. I got the jeep and she got the palace…” Well, that may have been the 90’s way of doing divorce, but it doesn’t have to be like that.

If you find yourself in this unfortunate situation and you are in the middle of a divorce, chances are you will face one of the most common situations facing separating couples – one of you wishes to keep the house. So, you do like 65% of Canadians and you go to the bank. BIG mistake. The non-specialized personal banker nicely tells you that you need 20% equity in your home to refinance. If you live in Alberta like I do, we have seen little gain in equity since our market crash in 2008. Basically, if you bought your home with less than 20% down in the past nine years, they will likely tell you that you need to sell.

Tears well up in your eyes as you think about what your kids are going through, and how you must now compound the problem by moving them away from their neighbourhood friends and their familiar bedrooms. I have been in your shoes, and became a single mom when my kids were four and five years old. It was awful. Had I known there were other options, I may have chosen to do things differently.

The Spousal Buyout program

Here is a solution to this common problem. I call it the spousal buyout program. This program allows one spouse to “purchase” the matrimonial home from the other spouse and use up to 95% of the equity, unlike the bank’s refinancing program that only allows 80% of the equity. This program is truly a life-saver –  it keeps kids in their home and makes the best of a non-ideal situation.

What I like best about this program is it can be customized to each unique situation. This is perfect because one of the hardest components of divorce is the division of your assets and liabilities.  Joint car loan that needs to paid out? No problem. Joint credit card debt? No problem. Providing you have enough equity, these debts can be consolidated, allowing one spouse to be paid out in a lump sum. This lump sum can be an equity payout, or an equity and spousal support payout. Eligibility for this program is based on approved credit and up to 95% of the equity available in your home.

Are you concerned about qualifying for the spousal buyout program? We can use your spousal support, child support for your children under the age of 12, and any child tax benefits as income, in addition to your employment income to help you qualify.

For the person who is making support payments, this liability is often crippling on a mortgage application. There are options to reposition the spousal support debt to make it easier to qualify to purchase a new home. I’m happy to answer any questions you have about this and to help you find the right option for you.

This trying time requires an experienced professional mortgage broker to evaluate your financial situation. I have over 10 years of experience as a mortgage broker, and have specialized in spousal buyouts for five years. If you need help to guide you through the mortgage process during this change in your life, give me a call at 780-946-6222. In most circumstances, I am paid by the lender and not by you. Let’s face it, you’re hemorrhaging enough money right now (remember, I have been in your shoes).  Visit my website at www.spousalbuyout.ca for more info.

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