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Get A Better Mortgage Inc. offers personalized service that is
professional, ethical, and knowledgeable. Robert DiStefano and
Mark Tamburro combine over 25 years of accumulated experience
and knowledge in the Mortgage and Financial Services
fields.
Our primary function is to work for you in arranging your
mortgage and we ensure that during this process we will:
 . get you the most competitive rates
. offer you the
widest choice of mortgage options including variable rate
mortgages, fixed rate mortgages, capped variable rates
.
educate you on your choices and aid in your decision
.
counsel you on credit and mortgage qualifications
. deal
with all of the major banks and mortgage wholesalers
.
provide maximum flexibility in financing choices
. help you
every step of the way
"As your mortgage brokers, our only role is looking
after your interests"
Best of all, this professional mortgage service is FREE.
Get A Better Mortgage Inc. is compensated by the lender that funds your
mortgage.
Robert Distefano
began his career in
the mortgage business with a major finance company before
deciding that he wanted to work for the public and has been
brokering since 1992. Robert specializes in business
development and marketing and is a charismatic
entrepreneur.
Mark Tamburro H.b.SC. and MBA
Mark’s
career began in 1995 after completing his HBSc at the
University of Western Ontario and in 2001 he completed his MBA
from York University. Mark specializes in deal structuring and
brings a financial planning approach to the mortgage placement
process.
Lender Achievements:
Firstline/CIBC –
Lifetime Achievement Award 2003; Diamond Status 2003, 2002;
Platinum 2001
MCAP – Masters Status 2003, 2002, 2001
Scotiabank – Top Referring Individual Office 2002, 2001,
2000
CIBC Trust – Award of Excellence 1998
1. How much can I afford to pay for a
home?
To determine 'affordability' your Get A Better Mortgage Inc. consultant will first need to know your taxable
income, along with the amount of any debt outstanding and the
monthly payments. Assuming it is your principal residence you
are purchasing, they will then calculate 32% of your income
for use toward a mortgage payment, property taxes and heating
costs. If applicable, half of the estimated monthly
condominium maintenance fees will also be included in this
calculation.
Secondly, your Mortgage Consultant will calculate 40% of
your taxable income and deduct all of your monthly debt
payments, including car loans, credit cards and credit line
payments. The lesser of the first or second calculation will
be used to help determine how much of your income may be used
towards housing-related payments, including your mortgage
payment. These calculations are based on Lenders' usual
guidelines.
In addition to considering what the ratios say you can
afford, make sure you calculate how much you think you can
afford. If the payment amount you are comfortable with is less
than 32% of your income you may want to settle for the lower
amount rather than stretch yourself financially. Make sure you
don't leave yourself house poor. Structure your payments so
that you can still afford simple luxuries.
To calculate how much of a mortgage you qualify for contact Robert
Distefano or Mark Tamburro toll
free at 1-888-337-8332.
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2. What is a home inspection and
should I have one done?
A home inspection is a
visual examination of the property to determine the overall
condition of the home. In the process, the inspector should be
checking all major components (roofs, ceilings, walls, floors,
foundations, crawl spaces, attics, retaining walls, etc.) and
systems (electrical, heating, plumbing, drainage, exterior
weather proofing, etc.). The results of the inspection should
be provided to the purchaser in written form, in detail,
generally within 24 hours of the inspection.
A pre-purchase home inspection can add peace of mind and
make a difficult decision much easier. It may indicate that
the home needs major structural repairs, which can be factored
into your buying decision. A home inspection helps remove a
number of unknowns and increases the likelihood of a
successful purchase.
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3. What is the minimum down
payment needed to buy a home?
Mortgages with less
than 20% down must have Mortgage Loan Insurance provided by
either the Canadian Mortgage and Housing Corporation (CMHC) or
GE Capital Canada.
While most Canadian homebuyers save
for a down payment, with selected lenders the minimum 5% of
the purchase price can come from resources other than your
own. These lending arrangements are subject to certain
restrictions based on income level and credit score. The 5%
down payment can come from borrowed funds (from a line of
credit or family member, for example). The amount borrowed for
a down payment is factored into debt service ratios (which
determine how much you are eligible to borrow).
The 5% down payment can come from a cash-back feature of
the mortgage. Keep in mind that in this case, the posted rate
(that is, an undiscounted rate) will be required by the
lending institution.
In addition to the down payment, according to CMHC and GE
rules you must have 1.5% of the purchase price available to
cover the applicable closing costs (including, but not limited
to, legal fees and disbursements, appraisal fees and survey
certificate, where applicable).
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4. What is mortgage loan
insurance?
Mortgage Loan Insurance is insurance provided by Canada Mortgage and Housing Corporation (CMHC), a crown corporation, and GE Capital Mortgage Insurance Company, an approved private corporation. This insurance is required by law to insure lenders against default on mortgages with a loan to value ratio greater than 80%. The insurance premiums, ranging from .50% to 3.70%(depending on the type of mortgage product and amortization), are paid by the borrower and can be added directly onto the mortgage amount. This is not the same as Mortgage Life Insurance.
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5. What is a high-ratio
mortgage?
A High-Ratio mortgage is one where the amount to be borrowed by way of a mortgage is greater than 80% of the purchase price, or the appraised value, whichever is less. High-Ratio mortgages generally require Mortgage Loan Insurance provided by either, Canada Mortgage and Housing Corporation (CMHC) or GE Capital (GE), a private Insurer.
The Mortgage Loan Insurance premium is paid to CMHC or GE and protects the Lender in the event the mortgage is not repaid and the bank has to take back the property. The benefit to the borrower is that it allows them to purchase a home with less than 20% down payment. The insurance premium is paid by the borrower and can be added directly onto the mortgage.
Mortgage Loan Insurance premiums range from .50% to 3.70%(depending on the type of mortgage product and amortization) of the mortgage amount and are calculated based on the overall loan to value. For instance, borrowers with a 5% down payment, a loan to value of 95%, would pay a premium of 2.75% while those with a 15% down payment, a loan to value of 85%, would pay an insurance premium of 1.75%.
Mortgage Loan Insurance is not the same as Mortgage Life
Insurance.
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6. What is a conventional
mortgage?
A conventional mortgage is usually one where the down payment is equal to 20% or more of the purchase price, a loan to value of 80%, or less, and does not normally require Mortgage Loan Insurance.
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7. Why should I use Robert
Distefano and Mark Tamburro as my mortgage
consultants?
Financial Institutions sell only
their own products to the public through their own sales
force. As a result, they are not able to provide unbiased
advice or selection since by doing so they risk losing your
mortgage to a company whose product may provide more value to
you. Robert Distefano and Mark
Tamburro sell a variety of mortgage products and services
as they deal with many lenders, not just one. Because of this
they are able to search for product from a variety of
lenders - banks, trust companies, insurance companies and
credit unions - for the best product, rate and terms for your
particular needs. Thus, their recommendations are totally
objective.
Robert Distefano and Mark Tamburro are also able to
negotiate on your behalf, structuring deals to meet the
criteria of the lenders, and therefore getting you a mortgage
solution that works for you. Remember, our primary role is to
work for you.
To gain market share from Mortgage Broker companies and
individual brokers, the majority pay a finder's fee for
referred business. Due to the volume of business done by
Robert Distefano and Mark Tamburro, fees are paid by the
lender and we receive fast approvals in order to gain the
business. This allows us to shop amongst the various financial
institutions for the mortgage rate and product that best suits
the needs of the client and, in almost all cases, at no cost
to the client.
When you deal directly with a Financial Institution and
your mortgage is declined, for whatever reason, you must begin
the application process all over again with another Lender.
When you deal with Get A Better Mortgage Inc. the application can quickly be
redirected to another Lender, or several other lenders, for
consideration.
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8. How much does it cost to use
a mortgage consultant?
The vast majority of
mortgage clients do not pay a fee for the services of a
Mortgage Consultant. To gain a larger market share, the
majority of financial institutions pay a finder's fee to
Mortgage Consultants and at the same time offer them their
best discounted rates and fast approvals in order to gain
their business. This allows the Mortgage Consultant to shop
among the various financial institutions for the mortgage rate
and product that best suits the needs of the client and, in
almost all cases, at no cost to the client.
In situations where traditional lenders will not approve a
mortgage because of poor credit, and where the application
must be placed with a private or non-traditional lender, a
brokerage fee may be charged to the client. This cost must
always be disclosed to the client up front and must be
authorized in writing by the client before it can be
charged.
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9. How does bankruptcy affect my
ability to qualify for a mortgage?
Depending on
the circumstances surrounding your bankruptcy, generally some
lenders would consider providing mortgage financing. If you
are a previously discharged bankrupt the best way to determine
whether or not you qualify at this time is to discuss
your situation with us. We have many lenders to
approach based on your circumstances. For more information on
how Get A Better Mortgage Inc. can help you, contact one of our staff today!
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10. Can I use gift funds as a
down payment?
Most lenders will accept down
payment funds that are a gift from family as an acceptable
down payment. A gift letter signed by the donor is usually
required to confirm that the funds are a true gift and not a
loan. Where the mortgage requires Mortgage Loan Insurance,
Canada Mortgage and Housing Corporation requires the gift
money to be in the purchaser's possession before the
application is sent in to them for approval.
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11. What is a pre-approval and
how do I get one?
A Pre-approved Mortgage provides
an interest rate guarantee from a lender for a specified
period of time (usually 90 to 120 days) and for a set amount
of money. The pre-approval is calculated based on information
provided by you and is generally subject to certain conditions
being met before the mortgage is finalized. Conditions would
usually be things like 'written employment and income
confirmation' and 'down payment from your own resources', for
example.
The easiest way to get a Mortgage Pre-approval is by
calling one of our trained staff. You will be asked some
questions to determine your financial situation and then we
will calculate the size of mortgage you qualify for, using
this information. With your authorization, they will then
proceed with arranging a Pre-approved Mortgage for you if you
are planning to buy property in the near future. Most
successful Real Estate Professionals will want to ensure you
have a Pre-approved Mortgage in place before they take you out
looking for a home. This is to ensure that they are showing
you property within your affordable price range.
In summary, a Pre-approved Mortgage is one of the first
steps a Home Buyer should take before beginning the buying
process.
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12. Should I wait for my
mortgage to mature?
No, have us begin to shop
around for an interest rate at least 90 days before your
mortgage matures. Lenders will often guarantee an interest
rate to you as much as 90 days before your mortgage matures.
And, as long as you are not increasing your mortgage, they
will cover the costs of transferring your mortgage too. This
means a rate promised well in advance of your maturity date,
thus eliminating any worries of higher rates. And if rates
drop before the actual maturity rate, the new lender will
usually adjust your interest rate lower as well.
Most lenders send out their mortgage renewal notices
offering existing clients their posted interest rates. The
rate you are being offered is usually not the best one. Always
ask the mortgage consultant to investigate the possibility of
a lower interest rate with the lender or another lender. If
you don't you may end up paying a much higher interest rate on
your renewing mortgage than you need to.
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For more information on how Get A Better Mortgage Inc. can help you, email us today!
Or call us toll free at 1-888-337-8332.
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