APPROVED FINANCIAL IS FOCUSED ON HELPING THEIR CLIENTS BECOME MORTGAGE FREE; FASTER!
Our Solution is Simple, Easy to Administer and FREE to ALL Money Cafe™ members...
Our analysts will require five (5) pieces of date, before producing your NEW and IMPROVED Amortization schedule.
Our Analysts need your:
When you receive your report, if you would like to speak to a Money Cafe executive or a licensed mortgage broker for clarification or what's the next step.
Don't not hesitate, fill out anyone of our online forms, including the form on this page.
If you would like to know, how to pay off your mortgage in 12.5 years, saving tens of thousand of wasted interest, sign up today and submit your request.
Unless your last name is Buffet, we all need a traditional mortgage from our banks which provides us with the lions share of the capital required to purchase our homes.
Do you know what LTV stands for? The acronym LTV stands for Loan To Value. Here is an example: if you purchased a $500,000 home and your deposit was $100,000, your LTV is 80% (400,000/500.000) as 80% of your the cost of your home is in the form of a loan or mortgage.
In the above scenario, we basically say 'thank you' to the bank and accept their amortization schedule to pay off our mortgage in 25 years.
Sorry folks, that's old school!
You do not have to wait 25 years to be mortgage free and The Money Cafe intends to help!
Our Service is FREE!
Unfortunately, over the years, we have seen too many families who needed a 2nd mortgage for a myriad of reasons and the interest rate they had to pay was in the 12% - 18% range.
Why are you destroying your future wealth by paying 12% to 18% a year (plus fees)?
Now, were not oblivious to 'stuff' life throws out at you, we've seen clients struggle to pay off failed marriages, pay off unprecedented debt levels or incur debt to help out family members, however, you don't have to subject yourself to exorbitant rates.
The Money Cafe has access to a myriad of firms who lend on equity or as they're commonly called Equity Lenders.
They don't care about credit scores or income levels, the ONLY yardstick is the equity you've built up in your homes.
If The Money Cafe™ can 'save' you money, we will:
As you are well aware, The Money Cafe™ does NOT MARKET or SELL anything financial products.
The act of 'selling' violates our current business policy and mandate to educate the average consumer and work with them to achieve the financially-focused consumer (FFC) status.
If you would like to speak with one of the companies we're connected to, please drop us a line and we will make that connection for you, however, we will not be involved in the transaction.
However, if you sign up for our 2nd Opinion services, we can comment and guide you along.
The guidance will be offered by a licensed mortgage agent/broker.
Lately, companies who offer Reverse Mortgages in Canada and the USA have ramped up their TV and print advertising, however, you need to call in for information and they will contact you...
However, the same information is available via The Money Cafe™ and you can obtain this info with utmost discretion.
A reverse mortgage is a mortgage based product which is available to people 55 years or older.
They will advance UP TO 55% of the value of your home, WITHOUT requiring a payment from you, until you die.
The Money Cafe™ looks at this income and investment option for Canadians who are age 65 and over, even clients in their 70's.
The reverse mortgage is designed to NEVER be more than the value of the home, you do not give up title nor will you ever be asked too leave.
The Money Cafe™, along with its mortgage and insurance associates have created a program, where you can have the best of both worlds.
a) You can receive monthly income for life...
b) You can invest a portion of the advance to generate even more wealth for you in the future...
c) You can insure the outstanding reverse mortgage balance and when you does, god forbid, the tax-free insurance dollars will pay off the reverse mortgage, leaving your beneficiaries...a mortgage free home.
Are you aware the greatest single purchase in your life is generating you 0% a year?
Yes, you live in your home, you're raising your children in it, you're creating life-long memories in it, however, your home can do much more for you.
It can go to work for you! The best part, you don't have to worry about making your home work too hard, or working long hours ,it doesn't care, like the energizer bunny it keeps on working 24 x 7.
Has The Money Cafe™ gone mad!
Not at all! Have you seen the movie OPM? What does the acronym stand for?
OPM = Other Peoples Money...
Whose money? The banks, or more specifically, people's money, like you and your neighbors who 'park' their money at the bank in a daily interest savings account, earning 1% annual interest, while it takes YOUR MONEY and charges another customer, 18% to use their credit card or by lending another family your money!
HOLD UP! How is this possible and what can we do about it?
The first part of this question is easy, they charge credit card holders 18% and pay you 1% for lending the credit card holder your money! (no wonder they post billion dollar profit margins.
The second part of your question is a bit tricky. Here is why...you can borrow via a line of credit (tied to your home) at 3% and then invest that money in a vehicle earning 6%, theoretically doubling your returns...not bad right?
Borrow at 3% and earn 6% - that's a 100% ROI...
It gets better; you can borrow at 3% and earn 8% to 12%, earning you a 250% (8/3) to 400% (12/3)..
Lastly, to make it even better, you can deduct the interest on any money borrowed to INVEST!
It's time to ramp-up your wealth creation strategy.
We will wrap up this section by touching on Mortgage Insurance.
Most lending institutions will require the borrower to secure a life insurance policy from them in the event you does before repaying the mortgage.
Here is the thing...when you purchase mortgage insurance from the bank, you're making them the beneficiary, you're paying GST on your premiums and if you switched banks for a better mortgage rate, you lose those premiums and not have to start over at A HIGHER AGE!
Instead, we encourage our members and clients to purchase a 10 year or 20 year term from an insurance company, and it you have to switch banks, no big deal, the life policy is portable, you don't have to pay GST and finally, you can name your spouse as the beneficiary.
Why would you make your spouse the beneficiary and not the bank?
For starters, every month your mortgage payment reduces what you owe, moving the time frame forward, in years 10 - 15 (or later) you may owe 50% of your original mortgage, so why wouldn't you want your spouse to receive 50% of the death benefit and direct 50% towards the bank to pay off your mortgage?
Another reason you may secure a term policy directly from an insurance company are riders;
Riders such as a Critical Illness or Disability coverage.
Did you know, if you ONLY provided enough money to pay off your mortgage, your family may struggle to pay the monthly bills?
This is where a proper FNA (Financial Needs Analysis) comes into play. an FNA will accurately calculate the optimized level of insurance to a) pay off your debts and b) replace your income.
As we wrap up this section, have you thought of, the consequences if you had a massive heart attack and was off work for a year?
What if you fell off the ladder and broke your leg, restricting you to your bed for 6 months, how would your family survive?
Consider insurance policies purchased directly from an insurance company as your fairy godmother, looking over you in the event of a critical illness , death or disability.
Guys/gals, purchasing insurance is not an expense, its your silent protector!
As much as every amortization schedule is different and people have different needs, we've found the majority of 25 year mortgages are fully paid off in 12.5 years. The actual paid-off years may be different based on your personalized circumstances. We reserve the right to change the new amortization period.