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Luciano Giustini
9 followers -
Mortgage Agent
Mortgage Agent

9 followers
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Great unbiased service from a professional.
Deal completed in clients best interest!!
Client owed arrears to his 1st & 2nd mortgages also in debt with taxes and condo fees. Here is a single parent with daughter struggling to keep up to all his payments. The solution Luciano of zoomortgage approved a personnel loan to carry his payments for the next 5 months. We then had an approved real estate to asses the property for us. The clients credit had started to get severely affected by his arrears and debt obligations.
Conclusion: We had the real estate put the property for sale and sold in 3 days for 100% of asking price. 
He avoided Bankruptcy paid off all the debts and moved in to his sisters house for one year.
He is now saving his pay for a future purchase and rebuilding his credit to get the best interest rates available.
He now says he is stress free with no obligations and has put him self back on track for a bright future for him and his daughter.
Moral of story:
Yes he has lost his property but avoided bankruptcy that would have affected him for the next 7yrs. Ultimately the credit will have taken much longer to rebuild. 
Luciano at Zoomortgage is here to help you find the best scenario for your situation and satisfy your financial needs to best suit you.
Here at Zoomortgage were always looking out for your interest.

#mortgages #lowrates #debtfree  

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Just to put it out there, anyone buying or refinancing a home
should really consider using a mortgage broker.
Reason: with all the rule changes in the mortgage industry you need a professional to guide you in the right direction.
In turn you will see the different options they provide and the best solution for your financing.
We here at ZooMortgage have a variety of different lenders for all situations.
Please feel free to give us a call or visit.
www.zoomortgage.ca

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 We say YES when the bank says no to debt consolidation loans!

Average household in Canada now owes more than 1 1/2 times its annual income.  This is shocking considering our global economic instability.  Still, people don't seem to want to talk about or even think about their debt.  Once you've become overwhelmed with it and the prospect of losing your home becomes a reality, it is often too late.

 
           Signs you have a debt problem
Refusal to acknowledge debt
Don't ask and don't talk to anyone about money
Using one credit card to pay off another
Spending your emergency money, while promising to pay it back later
Using your bank overdraft as a backup while you wait for your paycheque
At some point, your debt will come back to haunt you, and no matter what promises you make to yourself, or how you try to hide it, it will be a big problem.  It's time to take control of your debt and take back your life before your debt controls you.
Luciano at ZooMortgage can relieve all your payments and provide a low cost,low interest rate product that will provide our clients with one easy payment by Debt Consolidation.

Benefits that ZooMortgage can do!
Reduce monthly payments
Use one easy payment to pay bills instead of multiple payments at differing interest rates
Save thousands in interest payments, fees and penalties
Reduce your stress over your debt load
Begin to get out of debt
Improve your credit rating
Contact Me and lets get started on the right path for a better future.
  Don't Hesitate to Call or Visit my Website
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Having trouble keeping up with your debts 
Not to worry, here at ZooMortgage we help to give you the breathing room to put yourself back on track. With debt consolidation Luciano at ZooMortgage will help you save 100's a month on  payments and re leave the stress . Visit www.Zoomortgage.ca to see how i can help.

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 Why using a mortgage broker is better for you.

When dealing with a mortgage broker/agent you are gaining a licensed professional dealing with mortgages.
That means when you go to a bank to apply for a mortgage most of the personal you speak to are really not licensed agents that can answer all of your questions, they are merely administrators that follow a certain guideline for there specific bank.
The difference here at ZooMortgage is you will always deal with a qualified licensed agent to help you with your mortgage needs.
 At ZooMortgage  we deal with many different lenders and are not obligated to any, to find the best rate and solution for your mortgage needs,  getting you the best possible rate and conditions that in turn can potentially save you tens of thousands of dollars over the term of your mortgage.
For latest mortgage rates visit:
                                      www.zoomortgage.ca
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A little poem for your thanks giving day.
 
May your stuffing be tasty 
May your turkey plump, 
May your potatoes and gravy 
have nary a lump. 
May your yams be delicious 
and your pies take the prize, 
and may your Thanksgiving dinner 
stay off your thighs!  

From our table to yours have a safe and 
Happy Thanksgiving weekend.

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Your Collateral Mortgage And What You Should Know.


A collateral mortgage is a loan which is backed by a promissory 

note which is in turned backed by security, whereas a 

conventional mortgage is just a loan secured by a house. 

Normally the only people who are asked to sign collateral 

mortgages are those who use their houses to arrange lines of 

credit with balances that can balloon, not a regular mortgage 

with a fixed amount owing and a standardized payment. With 

a conventional mortgage there are strict rules about how much 

you can borrow determined by the value of the property when 

you take the loan. Not so with a collateral mortgage, because 

it’s actually a loan which is backed by your promissory note. 

That means you can borrow more than your house is worth.

There are a few things you should know if dealing with some of 

the lenders.

First, a mortgage is secured by a house so moving it to a new 

lender is simple if you get a better deal. But a collateral 

mortgage can’t move because it’s backed by a note and acts like 

a personal loan. So it has to be discharged and a new mortgage 

arranged – a process which costs big.

That’s why TD, for example, routinely signs up people for 125% 

of what they actually need to buy a house. The ‘extra’ is 

available to them as a line of credit.  

Not only do some lenders register a collateral mortgage for a 

greater amount than you borrow, but they also register 

potential higher interest rates. If you screw up and don’t pay 

on time, the rate could be increased as much as 10%.

Luciano Giustini at ZooMortgage would suggest that when ever 

you are negotiating for a mortgage, you should have a 

professional look at your situation and discuss which product 

suites you best.
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Early Renewal

Most lending institutions will allow you to break your present mortgage contract and renew early. For example, if you had signed for a 5 year term but part way through (e.g. after 37 months) you decide that interest rates are the lowest ever and all indications are that they are going to start going up again, you may opt to renew early to get the low interest rates for a new term.

You will, however, pay the institution a penalty for breaking your present contract. In spite of the penalty, this could still save you money.

However the benefits of getting a mortgage with ZooMortgage is we keep track of the rates and will notify the lender on your behalf,
which means savings on your new mortgage and no penalty on renewal.

Luciano Giustini of ZooMortgage suggests never sign a renewal from your lender without doing your homework, it can  save you tens of thousands of dollars over the term of your mortgage.

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Breaking Down Debt: How 4 Different Loans Affect Your
                                           Mortgage- Worthiness

Want to get a new mortgage? Then, your credit score is a really big deal — Luciano from ZooMortgage says it can make or break your mortgage payments, and ultimately determine whether or not you get the house you want.

But before we talk about credit scores, let’s talk about the debt that affects them. There are two types of debt: secured and unsecured. When you borrow money to buy a house, the bank can take back the house to recoup their money if you don’t pay the debt. That means the debt is secured — it’s being balanced against something that you want to keep, and gives the bank some measure of security that they’re going to be able to recover the money they've loaned you.

Unsecured debt, on the other hand, means the bank can’t reclaim the thing you’re buying with the borrowed money. (Credit card debt is unsecured, and so are student loans.)

Let’s look at the impact of four key consumer loans, a mix of secure and unsecured debt, on your credit score—and ultimately your mortgage worthiness:

1. Student loans

Student loans are unsecured debt, but they’re not necessarily bad for your credit score — if you pay your bills on time. Because they often take decades to pay off, student loans can actually help your score. Loans held (and paid consistently) over a long period of time raise your score. Luciano at ZooMortgage suggest you also pay your student loan earlier so that when you go to purchase that home the debt to ratio will be better for affordability purposes.  

2. Auto loans

Auto loans are secured debt, because the lender can repossess the car if you don’t pay up. In some cases, auto loans raise your credit score by diversifying the types of debt you carry. And because auto loans are harder to get than credit cards, some mortgage lenders may look favorably on you because you've already been approved for a loan that wasn't a slam dunk. In some cases lenders will ignore the auto payment depending on the dept-to-income ratio. If your ratio is to high the lender will give options on consolidating  the car loan into the mortgage.

3. Payday loans

Payday loans don’t usually show up on your credit report. But if you default on the loan, it might ding your credit. Payday loans are unsecured — the lender doesn't have any collateral — and the interest rates are often exorbitant, costing way more than people expect.

4. Existing mortgage loans

Mortgages are the classic example of a secured debt because the bank has the ultimate collateral — a piece of property. Mortgages, when paid on time, are great for your credit score. Missed payments on previous mortgages will make your new lender very nervous, however. If you already have a mortgage and are applying for another one, the new lender will want to know that you can afford to pay both bills every month, so they’ll be looking closely at your debt-to-income ratio.

If your second mortgage is for a rental property, you may be expecting the rental income to count towards the income side of the equation. But most lenders will count 50% of the rental income 

In general, having different types of debt can boost your credit score. So it’s not necessarily a bad thing to have a student loan and an auto loan when you’re applying for a mortgage. But be careful — over-borrowing can hurt you. Most mortgage companies, in addition to looking at your overall credit score, will look for a debt-to-income ratio below 43 percent. They’ll look at all the money you owe, and the monthly payments on all of that debt. They want to see that your income is enough to cover all your debts, including the mortgage you’re applying for.

Have your self a great and safe long weekend!

ZooMortgage Is available 24/7 for all your mortgage needs.
phone toll free 1.888.481.2858
Also available for mobile service
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