A Guide to the CHIP Reverse Mortgage ProgramBy Scott WestlakeMarch 7, 20190 comments#reversemortgage #CHIP #CHIPreversemortgage #retirementmortgage #twt #thewestlaketeam #scottwestlake #mortgagebroker We just received the updated guide for CHIP Reverse Mortgages and are available for distribution. This guide covers the following topic: 1. A note from the President of CHIP 2. What is a Reverse Mortgage 3. The Benefits of CHIP Reverse Mortgage ...Read more...
Bank of Canada Reduces Prospects of Rate HikeBy Scott WestlakeMarch 6, 20190 comments#BoC #mortgagerateupdate #twt #thewestlaketeam #scottwestlake #dlc #mortgagenews BANK OF CANADA REDUCES PROSPECTS OF A RATE HIKE In a very dovish statement, the Bank of Canada acknowledged this morning that the slowdown in the Canadian economy has been deeper and more broadly based than it had expected earlier this year. The Bank had forecast weak exports and ...Read more...
Oakville Young Professional or Entrepreneur of the Year (YPEG)By Scott WestlakeMarch 5, 20190 comments#oakvillebia #YPEG #awards #twt #thewestlaketeam #scottwestlake #bestmortgagebroker #oakvillemortgagebrokerage #mortgage This past year I was nominated for the YPEG - Young Professional or Entrepreneur of the Year. I went through the vetting out process which included a detailed report on ones business, including: results, year over year growth, community involvement, mentorship, leadership, implementation ...Read more...
March Monthly Mortgage NewsletterBy Scott WestlakeMarch 5, 20190 comments#monthlymortgagenewsletter #mortgagetips #mortgagenews #twt #thewestlaketeam #scottwestlake #DLC #oakvillemortgage #gtamortgagebroker This March we touch on a few different topics: 1. Going through a divorce, doesn't mean you have to split from your home -Understanding what a spousal buyout program is. 2. Insurance products for when you own a home. -Touching on Title Insurance, Mortgage Protection ...Read more...
Purchase Plus ImprovementsBy Scott WestlakeMarch 4, 20190 comments#purchaseplusimprovement #homerenovation #renovationmortgage #twt #thewestlaketeam #scottwestlake #oakvillemortgagebroker #gtamortgage #luxuryrealestate Have you ever walked through a home thats almost perfect. If you could only renovate one of the washrooms or them all. Update the Kitchen or make the Laundry Room more functional. These renovations often happen while living in the home but few people realize we can ...Read more...
Mortgage Stress Test CalculatorBy Scott WestlakeFebruary 28, 20190 comments#mortgagestresstest #stresstestmortgage #twt #thewestlaketeam #scottwestlake #preapproval #mortgagecalculator #realestate Are you wondering how the "stress test" impacts your ability to buy a home? We launched an app this past year to specifically help you calculator what you can afford. By downloading: https://www.dlcapp.ca/app/scott-westlake you can quickly click on our stress ...Read more...
How to pay off your Mortgage FASTER in CanadaBy Scott WestlakeFebruary 28, 20190 comments#mortgagetips #mortgaegeadvise #buyingahome #twt #thewestlaketeam #scottwestlake #oakvillemortgagebroker #burlingtonmortgagebroker #torontomortgage As a brokerage that originates a lot of mortgage business, I feel we have a responsibility to not only help Canadians get into their homes but also help them become mortgage free faster. Below are my tips on how you can do this! 1. Choose an accelerated mortgage payment ...Read more...
How to get a Mortgage on a CottageBy Scott WestlakeFebruary 28, 20190 comments#financingcottage #cottagemortgage #muskokamortgage #twt #thewestlaketeam #scottwestlake #bestmortgagebrokermuskoka #muskokamortgagebroker Financing a cottage can be as easy as financing your principal residence or more complicated than you can imagine. This is why we strongly recommend getting advise before making the multiple drives back and forth to cottage country without being properly informed. When ...Read more...
Transferring or Switching your MortgageBy Scott WestlakeFebruary 26, 20190 comments#switchmortgaeg #transfermortgage #twt #thewestlaketeam #scottwestlake #oakvillemortgagebroker #refinancingmortgage #mortgagerenewal Transferring your mortgage or switching your mortgage from one lender to another is usually done in order to take advantage of a better rate or better terms. A transfer or switch is different then a refinance. A transfer/switch is when you don't add any money to the mortgage, ...Read more...
Construction Financing Oakville & GTABy Scott WestlakeFebruary 26, 20190 comments#constructionfinancing #constructionfinancingoakville #twt #thewestlaketeam #scottwestlake #oakvillemortgagebroker #constructionmortgage There are two types of homes we get a lot of inquires about financing when it comes to construction. Building a home to live in as your principal residence and building a home to sell for investment purposes. When building a home to live in we have numerous lenders that ...Read more...
Minimum Down Payment RequirementsBy Scott WestlakeFebruary 22, 20190 comments#preapproval #downpayment #downpaymentoptions #minimumdownpaymentoptions #twt #thewestlaketeam #scottwestlake #oakvillemortgagebroker #torontomortgage #luxuryrealestate Explanation of minimum down payment requirements: Purchase price between $1 - $500,000 = 5% minimum down payment Example - a purchase price of $400,000 is a minimum down payment of $20,000 Purchase price between $500,000 - $999,999 = Blended down payment The ...Read more...
Mortgage Document ChecklistBy Scott WestlakeFebruary 20, 20190 comments#mortgagedocumentchecklist #mortgaechecklist #twt #thewestlaketeam #twt #scottwestlake #oakvillemortgagebroker #mortgageoakville #gtamortgage #mortgageadvise #lucuryrealestate When applying for a mortgage or even better, when doing the pre-approval its crucial from an underwriting perspective to understand the buyers income. We have created multiple checklists to help clients understand whats required: Our checklist outlines what clients should ...Read more...
Canadian Mortgage Professionals 2019 Hot ListBy Scott WestlakeFebruary 18, 20190 comments#hotlist #CMPhotlist #scottwestlake #twt #thewestlaketeam #oakvillemortgagebroker #mortgagebrokergta #mortgageadvise #luxuryrealestate Each year Canadian Mortgage Professional (CMP) accepts nominations for their "HOT LIST." They commented on this group by saying, "despite a challenging year for the broker channel, these 40 mortgage professionals managed to set the industry on fire." I am proud to say the someone ...Read more...
How To Know When You Are Ready To Buy A HouseBy Scott WestlakeFebruary 18, 20190 comments#ishomeownershiprightforyou #areyoureadytobuy #preapproval #mortgagebrokeroakville #mortgagebrokertoronto #twt #thewestlaketeam #scottwestlake #mortgageadvise #oakvllemortgagebroker Signs you are ready to buy a house! 1. You have enough for your down payment -The minimum down payment to purchase a home in Canada is 5% and this should be a natural starting point. Being able to save for the down payment shows the discipline needed for home ownership ...Read more...
Top 35 under 35By Scott WestlakeFebruary 7, 20190 comments#top35under35 #top35mortgagebrokers #twt #thewestlaketeam #scottwestlake #oakvillemortgagebroker #burlingtonmortgagebroker #bestmortgagebroker #luxuryrealestate #financingluxuryrealestate I recently came across and article (below) I forgot was written. Back in 2016 I was thrilled to be nominated and awarded as on of the TOP 35 Mortgage Brokers under the age of 35. The reason this meant a lot to me, is I entered the market fairly young - in my mid 20's after finishing ...Read more...
How To Finance Luxury Real EstateBy Scott WestlakeFebruary 7, 20190 comments#luxuryrealestate #financingluxuryrealestate #jumbomortgage #largemortgageoakville #luxuryfinancing #twt #thewestlaketeam #scottwestlake #oakvillemortgagebroker #bestoakvillemortgagebroker When Financing Luxury Real Estate its important to work with a team that has experience working similar files, especially if the mortgage amount is getting North of $1mil. We get a lot of calls from Private Bankers, Wealth Managers, Top Performing Realtors, Lawyers and even ...Read more...