Welcome to Mortgages with Miranda. I am Miranda Dunsmuir.
After years of running my own marketing and sales business, I have joined Vine Group- Mortgage Alliance as a Mortgage Agent serving clients across Ontario. Over the years, I have developed strong financial literacy skills as well as a thorough understanding of strategic planning and investing. In my past role as a business owner, I helped some of Canadas largest non-profit organizations such as Sick Kids Foundation, CAMH and CNIB, develop marketing strategies to generate quality returns and life-long donors.
With a passion for finance and a comprehensive understanding of the Real Estate industry, I pride myself on my ability to support families and individuals achieve their real estate dreams. My ultimate goal is to empower my clients to make educated decisions that benefit them now and in the future. Whether you are looking to finance your dream home, consolidate debt, or get involved as an investor in the real estate market, I will educate you and put your best interests first. I work around the clock and offer both in-person and remote options to accommodate all of my clients needs.
In my spare time, I make sure to stay active in the community by volunteering with the St Joseph's Hospital Foundation. I also love spending time outdoors. You can catch me on the bike path all summer long and playing guitar.
For any mortgage needs, feel free to reach out to me. I can't wait to support you along your home ownership journey.
Whether you are a first time home buyer, an experienced real estate investor or somewhere in the middle, I have the resources and expertise to guide, support and educate you through your mortgage financing. Browse through the different services I offer to learn more about how I can help you make your real estate dreams come true.
FIRST-TIME HOME BUYERS
Buying a home is one of the biggest financial investments you can make. The process can be daunting and down right intimidating as a person new to the real estate market. I can offer you support and information that you will need to find the best products and utilize all the options available to you. I firmly believe that there are no bad questions. I am here to answer everything you need to know and give you the confidence you need to start your journey into homeownership. We will start by taking a look at using your RRSPs, the first time home buyers plan and everything else available to you.
Are you ready to take the first step towards reaching your real estate goals? Pre approval is where you want to start. Receiving pre approval will serve you tons of benefits; you will know whether or not you qualify for financing, you will have a bench mark for your budget and can start shopping accordingly, and you can get a good idea of what your payments and expenses will be like. In order to apply for pre approval you will need to provide potential lenders with some documentation so they can evaluate your application to determine your lending qualifications. Be prepared to provide: Government Issued ID Most recent pay stubs Permission to pull a credit report Most recent tax return And more A pre approval should be the first steps in any homebuyers journey. This will allow us to see what amount you can currently afford, or what steps you need to take in order to buy your dream home. I am here to educate and guide you thoughout the entire process.
Are you looking at moving out of your current home and purchasing a new property? Whether you are looking to upgrade, downsize, or talk about your options after a seperation, I am here to guide you on your journey. Every situation is different, so lets talk about it. There are many options available to you regardless of where you are in your current mortgage term. My job is to assess your current financial situation and ensure that you are being couple with the mortgage options that align with your goals.
Refinancing is when you get a new mortgage to replace your current loan. Ideally, the new mortgage should help you save money or achieve another financial goal. The most common reasons for a refinance include: Debt consolidation Leveraging equity Funding a renovation Purchasing another property such as a rental or vacation home Exploring lower interest rates Changing the features of your mortgage. For example changing your ammortization schedule or exploring lower payment options A refinance can help you achieve many goals. It is also important to note that mortgage agents have access to other banking products such as Home Equity Lines of Credit. Contacting a mortgage agent can help you chose the best option available to you.
You can renew your mortgage at the end of your term or you can renew early if you are looking to take advantage of lower rates. I am here to guide you to make the best decisions for your financial situation. EARLY RENEWALS If interest rates are dropping and you are looking to renew your mortgage early, we should talk about your options. Most banks and lenders have penalty fees associated with breaking out of your mortgage early, however, it can sometimes be worth the upfront expense if it means long term financial gain. My job is to do all of these calculations for you to make sure you are weighing all of your options and choosing the one that is best for your unique situation. END OF TERM RENEWALS Everytime your mortgage is up for renewal, your current lender will send you paperwork to automatically renew with them. It has become common practice to choose the easiest option, which would be to sign and send the paperwork back. I am here to tell you that your current lender may not be offering you the most competitve rates and products available. I am here to make sure you are getting the best bang for your buck. Make sure you look at all your options before you automatically renew.
Past money mistake can have an impact on your credit score and hamper your chances of qualifying for a mortgage or getting a good interest rate. But the good news is with some time and perserverance it is possible to rebuild your credit. I am here to mentor you through the process of repairing your credit in order to make sure you are getting the best financial products on the market.
An investment property loan is a mortgage for the purchase of an income producing property. That includes buying properties to generate rental income or to renovate and sell for a profit, more commonly known as house flipping. I can educate you on the conditions of financing as well as the type of loan that will best suit your needs as you take your next step into real estate investing.
Browse the free tools available to you to help you take the steps you need to reach your home ownership goals
Check out this free mortgage calculator that will help give you a general idea of what you should expect your expenses to be as a homeowner.
Using a rate sheet will help you see the impact your down payment amount can have on your mortgage payments. Browse some examples or contact me for a custom rate sheet.
Wondering how much you need for a downpayment? It can vary. Take a look at this chart to browse the different amounts and options you may have.
Get in touch!
I welcome questions and inquiries with open arms. I would love to hear from you. Fill out the form below and I will be in contact with you soon.
Frequently Asked Questions
When should I contact my mortgage broker?The short answer is that you should reach out as soon as you have a property goal in mind. Whether you are just exploring your options and want to know what you can afford or you have a goal already in mind, you will benefit from speaking to an agent. Your goals could be able buying your first home, investing in a property, consolidating debt or even freeing up some cash flow. Contact me to talk about your options.
Why should I work with a broker instead of my bank?Mortgage agents provide a one-stop shop for their clients. I have access to over 40 potential lenders with only one credit inquiry impacting your score. Agents are able to find the best rates and get you approved quickly. We work with major banks, B lenders, insurance and trust companies, and private lenders. We are specialists and know what different lenders have to offer. As an agent, I am also able to arrange a mortgage for those having trouble getting approved by a bank, such as self-employed people and those with poor credit histories. Unlike major banks, I will also work around the clock, not just 9 to 5, in order to accommodate you.
How do I use my First Time Home Buyers Plan?The Home Buyers' Plan (HBP) is a program that allows you to withdraw funds from your Registered Savings Plans (RRSPs) to buy or build a qualifying home for yourself or for a related person with a disability. The HBP allows you to pay back withdrawn funds within a 15-year period. You can withdraw funds from more than one RRSP as long as you are the owner of each RRSP account. Your RRSP issuer will not withhold tax on withdrawn amounts of $35,000 or less. Some RRSPs, such as locked-in or group RRSPs, do not allow you to withdraw funds from them. Certain conditions must be met in order to be eligible to participate in the HBP, including the following: - you must be considered a first-time home buyer - you must have a written agreement to buy or build a qualifying home, either for you or for a related person with a disability - you must be a resident of Canada when you withdraw funds from your RRSPs under the HBP and up to the time a qualifying home is bought or built - you must intend to occupy the qualifying home as your principal residence within one year of buying or building it. If you buy or build a qualifying home for a person with a disability, or help a related person build or buy a qualifying home, you must intend that the related person with a disability occupies the qualifying home as their principal place of residence
How much do I need for a down payment?One of the most common mortgage myths is that you need 20% down in order to get approved for a loan. I am here to tell you that is incorrect. The minimum amount you need for your down payment depends on the home's purchase price. If you are purchasing a home that is $500,000 or less, you only need 5% of the purchase price. If your home is between $500,000-$999,999, you can put 5% down on the first $500,000 and 10% for the other portion of the purchase. Any homes that are priced at $1 million and above will require 20% of the purchase price. If you are self-employed or have a poor credit history, your lender may require an additional down payment.
What are the hidden costs associated with a mortgage?- Appraisal Fees: this will confirm the value of the property and typically costs between $325 and $425 - Closing Costs: these generally refer to the legal fees, property tax and utility adjustment costs, and land transfer taxes. You should generally budget around $5,000 to $7,500 - HST: on the price of the home from the builder or on the commission payable on resale homes. The amount will vary depending on the purchase price. - Home Inspection: the condition of a home inspection is included to identify any existing or potential underlying problems in a property. This will generally cost $350 to $500 - Home Insurance: most lenders will insist that you have enough home insurance to cover the total cost of the property (since the property is their security for the loan). This cost will vary depending on the price of your home. - Interest Adjustment: this is the calculation of interest from the closing date, to the date the first mortgage payment is calculated from. This cost will vary depending on the mortgage amount and date of transaction. - Condo Fees: if you are buying a condo, townhome, or a home within a gated community, you may be charged a monthly fee to cover the costs of common area maintenance and operations. This can cost around $500 but can be more or less depending on the size of the unit and property. - Title Insurance: this protects you against title defects, liens against the title, title fraud, encroachment problems and other issues related to the title. This cost is a one-time fee, typically a few hundred dollars, but worth the peace of mind.
Do I have to have perfect credit to get a mortgage?The answer is NO! For most lenders, you'll need credit scores between 620 and 680 as a minimum for a mortgage. That being said, you may still qualify for a mortgage with a 600 credit score with certain private mortgage lenders. That's why you come to a mortgage agent for help! We have access to B lenders and private lenders that are still willing to look at your application. A qualified mortgage agent (like me!) will also teach you how to improve your credit score in order to qualify for better rates.
Is there a fee for your service?The services of a mortgage agent are completely free, most of the time. The only fees you need to cover are the appraisal and legal fees. If you're not paying a fee, how does the mortgage agent get paid? Usually, an agent earns a finders fee for introducing you as a client to a mortgage lender. Most lenders offer similar finders fees which means you are getting unbiased mortgage advice at no cost.
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