I'm on Maternity Leave- Can we get a Mortgage?

Looking for a house in Toronto's competitive real estate market does not always time itself perfectly for your life's circumstances. Here is how you can get a Mortgage while on Maternity Leave.





I’m Nathalie Ng. I am the Money Chick- A mortgage agent who is licensed 2 give unbiased Mortgage advice.


I've heard  new-Moms,  now with a bigger family, cannot get a mortgage.


It all depends which lender they approach & whom they are talking to. Not all lenders will approve a mortgage to someone who is on maternity leave.


I know of a lady who is looking to move up to a bigger house, what she can do?


One of my clients  just gave birth to twins. They were looking to buy a property before she got pregnant, but the pregnancy came first. A month after giving birth, they informed me that they now have twins; that they really, had to move from their condo.


So I have good news for women who are on MAT LEAVE; worried that they could not get a mortgage. We were able to determine their level of income and debts. As a licensed mortgage agent, I was able to identify a lender who would be willing to consider her situation.
Now, many months later, they have moved into a new house where the twins have their own room.


 Its Good to help families in need…. How can Clients Reach you?
They can reach me at 416-629-1818


Call David Pylyp to start you home shopping needs filled.    We make it simpler for you.

What is a HELOC?

I’m Nathalie Ng. I am the Money Chick- A mortgage agent who is licensed to give you unbiased advice on your mortgage. 

Nathalie, I hear so much about HELOC’s what are they?



Home Equity Line of Credit is a smart and flexible financing solution for home owners who own an existing property. It is an integrated financing solution where the home owners borrow in a convenient way & unlock the equity they have built up in their home. They can use that capital however they wish.

What are the reasons in general people would get a HELOC?

There are many reasons for getting a HELOC. Whether it’s paying down high interest rate debts, undertaking home renovations, or simply handling day-to-day expenses, many people seem to be feeling the financial squeeze. But few realize there’s something close at hand that can help them manage all of their credit 
needs.

Can you give me a practical example when it is used?

HELOC’s are usually used to pay off:  High Interest Credit Card debts, car & personal loans & unsecured lines of credit. Because the existing credit cards debts are at very high interest rate ranging from 19 to 30%, a HELOC is much more viable since the rate on a HELOC product ranges from (Prime rate +0.5) to (Prime +1). So it can be as low as 3.5 or 4% roughly. This represents significant savings in interest.

Another key benefit of the HELOC is that it allows you to take advantage of interest rates that are lower than most other debt products, namely, unsecured credit lines, some car loans etc…. That could mean savings of hundreds of dollars or more each every year. 

So it seems there are potential savings when using HELOC to pay debts..  Can you give me another example?

Some people use it to do home renovations in their basements. These can cost $20,000 and up. For example- If someone is renovating their kitchen and/or basement, and the cost is let’s say $30,000. Instead of paying cash or using credit cards of 19%, the homeowner you can do a HELOC for lets say 4% and the minimum monthly payment is only $99! That is pretty good.

What if people already have a mortgage. Can they still get a HELOC?

Very often, people refinance their mortgage since their mortgage of 3 years ago, is more expensive than mortgage rates now. So it is in their best interest to refinance now. So I encourage them to take the extra 
equity out and use it for personal use. All this can be accessed through a single, one-time application. 
In the case where they don’t need to refinance, they can just obtain a HELOC as a 2nd mortgage. It is also
good to remember that a HELOC is like an open mortgage- so there are no fees or charges to pay that Line of credit in full. 

Can anyone apply for a HELOC?

Yes, anyone who is a home owner can apply. However, to be eligible, they need to have a Triple AAA client, good credit and a stable job. And those who are approved, they can only borrow up to 65% with a HELOC. New rules effective July 9th, 2012.  One word of caution I would like to add though: Is that a HELOC is not to be used to satisfy shopping indulgences such as mall shopping, or big screen TV. A person who is getting a Line of Credit to buy such household items should think twice about that. 

That is great information, thank you Nathalie. How can we get hold of you?
Thank you, I can be reached at 416-629-1818

David Pylyp on Google+

How 2 Access your Equity If you Divorce

How You can Access more equity when divorcing!


Hi, I’m Nathalie Ng. I'm the Money Chick- A mortgage agent who is licensed 2 give unbiased advice on your mortgage. 


Can you help clients who are single, separated, single parents  & divorced?


Yes I do and it is a special niche as I deal with lenders who are in this market segment.





What can clients do when they are divorcing? I know of many women who are looking to buy their own property now.  Can they start all over again & buy another property?


Definitely... With the increasing # of divorces, many of them want 2live separately. However, due to the economic circumstances, some stay together in order to keep the house Others, rent after divorce. Both of which are not good as in the 1st case, they are unhappy living together and the 2nd, it is financially not advisable to rent.


In the traditional way,  when a couple is divorcing, their lawyer is splitting all their assets. There could be times when the couple decides to sell the house and live separately. So what happens then?


What happens is each party ends up with a smaller equity thus, resulting from not being able to buy another property. As you may also know, utilizing a mortgage to Refinance & free up equity can definitely be a great tool when paying out joint matrimonial liabilities, as well as providing a cash settlement. Recent changes in mortgage financing however have now capped accessing home equity to 85% of the property’s value. But I have good news! There are cases where I have been able to assist divorcing couples & their lawyers in negotiating separation agreements. Essentially, the clients are allowed to free up to 95% of the equity in a property specifically for marital splits. That is a huge difference from 85% which is the norm.


So let`s say, for a house valued at $400,000, how much equity they can get?


With traditional lenders, they can only have access to 85%, which = $340,000 in this case. This could be used to pay off one spouse, debts & settlement.  Now compare this vs accessing 95% of the value of the house.


For the same house of $400,000, now they can access $380,000 of equity. This is an extra $40,000. That $40,000 can itself contribute towards a bigger down payment towards a new house. All this is at very good mortgage rates. Divorcees and single parents should really think of owning again rather than renting.


That is the smarter way…Thank you Nathalie. How can we get hold of you?
Nathalie can be reached at 416-629-1818

David Pylyp on Google+