Boomerang ONE Savings Strategy (BOSS)

Over the last few years, Canadian homeowners have witnessed unprecedented changes in the mortgage landscape. Banks have gone from passing low interest rates on to their clients ensuring their bottom line first by charging a higher rate of interest. Traditionally banks have offered their best clients rates as low as prime on Home Equity Lines of Credit (HELOC). Over the past 18 months these rate have risen unexpectedly to Prime + 1%. On a $300,000 balance this equates to $3000 a year in extra interest costs. With these changes, many homeowners have been asking, “Is there a better way?”

Well, here it is. The Boomerang One Savings Strategy (BOSS) gives you the benefit of the features of a HELOC with the lowest rates available to Canadian homeowners. We split the HELOC into two parts: A mortgage portion and a HELOC portion. With our ability to shop the market for the best interest rates we are able to lock in a rate of Prime –.75% inside the HELOC. This 1.75% savings can equate to $5,250 a year in interest savings.

The benefit is twofold. Not only are you saving interest and paying down your mortgage balance faster, as you pay down the fixed portion of your HELOC the room becomes available in your other portion which can be used for other purposes.

Visit  the BOSS official website to request your BOSS Analysis, and get more information on this great invoative strategy. 

www.theBOSSmortgage.com

Fixed Rate Mortgage

The Fixed Rate Mortgage offers a fixed interest rate for one-, two-, three-, four-, five-, six-, seven- and 10-year terms. Fixed Rate Mortgages give you the security of knowing that your interest rate won't change during the term you select. You can even increase your payments without affecting the interest rate you pay.

Variable Rate Mortgage (VRM)

A variable rate mortgage (also known as a floating rate mortgage or Adjustable Rate mortgage) is a mortgage loan where the interest rate varies to reflect market conditions. Usually linked to the bank prime rate, this product allows homeowners to take advantage in changes to interest rates. Options for variable mortgages include:

• Open - Usually priced at prime plus, but can be paid out at anytime without penalty.
• Closed - Many closed variable mortgages are offered at a discount to prime for well qualified homeowners. However, the loan is closed for the term length but most can be paid out with an interest penalty.
• Introductory Rate - This variable offers a lower rate or "teaser rate"for a short period of time and then a higher rate for the balance of the closed term.

We have the perfect variable rate mortgage to meet your needs. Call us to start the process today.

Self-Employed Mortgage

Today in Canada nearly 10% of all income earners are self employed, and that demographic is continuously increasing. That means that business owners are writing off their business expenses, and it is often difficult to prove exactly their real income. Other examples are those who earn no taxable income. Whatever the situation we do have the ability to use the "Stated Income" or "Self Employed" programs.

These program allows us to use the equity in the home, and or credit history to qualify for a HELOC or Mortgage instead of using income. These products are becoming more and more popular, and in some cases are the only option that some customers have. It is important to know that the Loan to Value (LTV) determines what qualifying criteria we need to follow. For example, a client with damaged credit may qualify for up to 65% LTV, while someone with excellent credit may qualify for up to 90% LTV.

All of these products do offer the best rates depending on the product you chose, fully discounted mortgage rates, and HELOCS at prime for well qualified clients.