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Tag: fees and taxes included when buying a house

  • Why Is Your Credit Score is Important When Buying a House? - Buying a house is usually a big and exciting step in our lives. Once you’ve found the house you love, and contact a mortgage broker to secure the mortgage you need to buy it, your credit score is one of the first things that you will be reviewed by your mortgage lender. A Credit score ...
  • Reverse Mortgages: The Pros and Cons - Times have changed. In Canada, life expectancy is much longer than it has been in the past. People are living well into their 90s and their savings and pensions don’t always add up to the amount they actually need to live on in retirement. When typical sources of income like these fall short, older Canadians ...
  • 4 Reasons You Should Work with a Mortgage Broker - With each passing year, more people like you are looking to buy their first home. You’ve made an offer on the house you want to call home. Now you need to figure out which mortgage lender to work with when it comes to getting pre-approved for the mortgage you need. Navigating mortgage contracts and fully ...
  • What’s the Difference Between Fixed & Variable Mortgage Rates? - So you’ve finally found the house of your dreams and can’t wait to call it home. Your finances are in good shape and you want to get pre-approved for a mortgage. You know buying a house is usually a long-term commitment so you want to choose the right mortgage and interest rates. In finance, interest ...
  • Why You Need to Get a Mortgage Pre-Approval in 2021 - Buying a home is a goal many young Ontarians have on their to-do list and it’s a lofty one at that. With housing prices soaring in the past couple of years and rent prices increasing at a similar pace, how is one to get far enough ahead financially in order to buy a home? That ...
  • Buying a Home in Retirement & What You Need to Know -   Retirement is a time in life that we all dream about. The day we can quit our job, celebrate with a big party and kick back and relax for years to come. The idea of retirement might make you think of spending your days cozied up with a few good books, long walks with ...
  • Important Things to Know About Renewing Your Mortgage - Before the end of your term, you will have to renew your mortgage unless you sell your home before your mortgage term ends. A mortgage renewal is the process of taking the outstanding balance of your mortgage loan and renewing that loan for another term at a new mortgage rate. Typically, you want to renew ...
  • Using Your Mortgage to Pay Down Debt and Increase Cash Flow - On the surface, your mortgage may be a long-term investment or a way to save for your future. But a mortgage is more than what meets the eye. Even though a mortgage is itself a loan, similar to other types of debt, it can actually provide you with the opportunity to save money and can ...
  • First-time home buyers – Does it make sense to buy a house now or wait? - If there is one thing we have all noticed lately it’s how crazy home prices are. If there is a second thing we have all noticed it’s how crazy rental rates are to rent a house or apartment as well. So the burning question of late is: Does it make sense to buy a house ...
  • Understanding How Mortgage Penalties Work - It is important before signing any mortgage agreements to read the fine print. Mortgage penalties are an important part of a mortgage agreement; however, most homeowners don’t find out about them until they have to pay them. When shopping for a mortgage, you should carefully consider your options and choose a mortgage that best fits ...
  • Top Tips for Getting a Low Mortgage Rate - There is more to getting a great mortgage rate than just comparative shopping. It is also much more than having a good credit score. When you apply for a mortgage, there are many factors your lender will review to determine not only if you qualify for a mortgage, but what interest rate you will pay. ...
  • Should you refinance your mortgage? - When you choose to refinance your mortgage, you replace the existing mortgage you have in place with a new one with different terms. There are many reasons a person may choose to refinance their mortgage. Perhaps interest rates have dropped since you signed your mortgage. Or maybe you want to tap into your home equity. ...
  • Mortgage FAQs for First-Time Home Buyers - When you buy your first house, you have so many mixed emotions roll through you. From the excitement of buying a home of your very own, to a fear of buying the wrong house, to simply being overwhelmed by the whole process overall. It’s no small decision, buying your first home. That’s why I like ...
  • What is amortization? And other mortgage terms you should know. - If you are a homeowner, or you are a first-time homebuyer, it is important to know at least a few common terms used when talking about mortgages. While you may not need to talk about mortgages very often, you can expect to have a conversation about your mortgage at least every five to ten years ...
  • Everything you need to know about co-signers - Are you having trouble qualifying for a mortgage loan on your own? Or are you not getting approved for a large enough mortgage loan and need to amp up your mortgage application? If you’re having trouble getting approved for a mortgage, a co-signer may be what you need to save the day! But what is ...
  • What to do if your debt is in the way of getting approved for a mortgage - Buying a house is exciting but hearing that you can’t get approved for a mortgage can be heartbreaking. However, it doesn’t mean there isn’t any hope. There are many reasons why you may not get approved for a mortgage, or not approved for an ideal amount. For many people, the culprit is their outstanding debt. ...
  • Beyond a Mortgage, what are the costs involved with buying a house? - You’ve decided to buy a house – congratulations! You’ve met with a fantastic mortgage agent or mortgage broker (like me), got approved for a mortgage, and have had your offer approved for the house of your dreams. But if this is your first time buying a house, have you considered what expenses come next? Buying ...
  • What is a guarantor on a mortgage? - You’ve tried to get approved for a mortgage, but you didn’t get approved for the amount you were hoping for. What are your next steps? Well, firstly let me start by saying that you still have tons of options. It can be disheartening to hear that you haven’t been approved for the ideal amount. But ...
  • How to improve your credit score to secure a mortgage - When getting approved for a mortgage, there are a few things you should come prepared with. There’s having a down payment saved, having your ID and employment history at the ready, but there is another major part of your application — Your credit score. A credit score is a number that is designed to represent ...
  • Why get pre-approved for a mortgage? - Many people believe that their first step in buying a home is contacting a realtor to start house hunting. What you’ve heard, is untrue. Buying a house doesn’t start in an open house or with a search on MLS, it starts in a mortgage broker’s office. Why? Well, before you start shopping for a house, ...
  • Recently divorced? Here’s how to get approved for a mortgage. - Going through a divorce or separation is not an easy process. It’s an emotional, heartbreaking experience that no one can prepare you for. Leaving your partner is not an easy choice to make, and it can drastically change your life in both positive and negative ways. One of the biggest setbacks, in particular, is the ...
  • Getting approved for a mortgage if you’re self-employed. - You’re thinking about buying a house, that’s great! Buying your first home is an exciting financial venture to take on. One of the first steps you will take on that journey is finding out how much of a mortgage you can get approved for. But, as someone self-employed, there are a few extra steps you ...
  • 5 Tips To Success When Buying a Condo in Barrie - There are many advantages to living in Barrie. Tons of activities to do, beautiful sights to see, and not to mention the top-notch health facilities and highly rated schools in the area as well. Yes, living next to Lake Simcoe is amazing, but do you know what would make it even better? Living in a ...
  • Got the winter blues? Don’t let them be from mortgage woes. - Is your mortgage giving you a case of the winter blues? You’re not alone. Many of us dream of having our monthly mortgage payments just disappear overnight. Now, overnight may be far too ambitious, but what if I told you that there are ways you can pay off your mortgage faster. Well, there are! These ...
  • Falling out of love with your mortgage? How & when to call it off. - Is your mortgage causing you financial grief? Do you feel as though your monthly mortgage payments are draining your wallet? It could be because your mortgage is too high. On average, if more than 30-32% of your annual income is going towards your mortgage payments, you’re paying too much for your mortgage. But there’s no ...
  • When & how to access your home equity - When you take on a mortgage, it feels as though you’ve taken on a large amount of debt. Although this is partly true, it’s important to remember that a mortgage is an investment. Your home holds a lot of your financial wealth, which is your home equity. Home equity is the value of a homeowner’s ...
  • Do you need a mortgage co-signer? - Buying a house is an extremely exciting experience, but it can also be stressful and disheartening to not get approved for a mortgage right away. Just because you didn’t get approved, doesn’t mean it’s impossible to eventually get approved for the mortgage you need to purchase your first home or your dream home. Particularly if ...
  • 5 things to think about before upgrading to a larger home - There’s a lot to think about when buying a new home. Whether you’re still living in the first home you bought or you’re an investment property pro, each house you buy is a major investment that needs to be thought through very carefully. Particularly when you’re about to purchase a larger property, there are going ...
  • How to Keep Your Home In a Divorce. - It’s a common debate between a married couple getting a divorce: who gets to keep the house? However, the question you should be asking yourself is: who can afford the house on their own? A divorce is an extremely emotional process where sometimes our feelings can mask our better judgement. Many of us have emotional ...
  • 5 Tips to Improve Your Credit Score - Your credit score can make or break your real estate dreams as a first time home buyer. Especially with the stress test looming overhead while you’re scrambling to get your savings together for a down payment. Mortgage lenders always will review your credit score before pre-approving you for a mortgage for a few reasons. So ...
  • What are the penalties if I break my mortgage? - The Bank of Canada has announced many dips in interest rates over the past few months, so I thought it timely that we talk about the penalties of breaking a mortgage as I’ve had clients asking me recently if it makes sense for them to break their mortgage to take advantage of lower interest rates. ...
  • What happens when you buy a house without a pre-approval - It’s exciting, house hunting for the place you will call home. Especially if it’s your first home buying experience. You look through all the listings online, you make your wish list, you go out and see them in person — or virtually! Then it happens…you fall in love with a home and you are set ...
  • 5 things I wish I had known as a first time home buyer - When I look back at the time I purchased my first home, I was far from an expert and I only knew the bare basics of mortgages and what I was getting into. Making the transition from renting an apartment, condo or house to buying your first home is a big leap, though a rewarding ...
  • Dealing with Debt, your mortgage & COVID-19: for the self-employed - Looking back at February in 2020, many self-employed individuals and business owners had no idea their world would change come March 15 onward. COVID-19 has had a vast impact on business owners and support from the government has been tough to navigate on many levels from an HR perspective, an operating standing point and cash ...
  • The Bank of Canada Just Lowered Interest Rates Again – What You Need to Know - On March 13, 2020, the Bank of Canada made a pretty big cut to interest rates. In their press release, they mention that: “this unscheduled rate decision is a proactive measure taken in light of the negative shocks to Canada’s economy arising from the COVID-19 pandemic and the recent sharp drop in oil prices”. The ...
  • Are You Ready for Home Ownership? - Congratulations! You’re ready to graduate from renting to owning your very own home. However, have you carefully thought about the lifestyle and financial changes that come with becoming a homeowner? Without careful preparation and research, taking the jump from renting to owning a house can come at quite a shock for some people. To help ...
  • 4 Tips to Pay Off Your Mortgage Faster! - Are the winter blues getting you down – or is it your mortgage payments? After the holidays, many of us feel the sting of overspending and now that it’s a new year and we’re entering tax season, it’s time for us to start thinking smart about our money and financing too. It’s easy to let ...
  • Should You Break-Up with Your Mortgage? - It’s not you, it’s your mortgage. Just because you’ve agreed on a mortgage contract, doesn’t necessarily mean it’s set in stone. There are several reasons why you may be reconsidering your mortgage. Perhaps you’ve had a major change in your financial situation or maybe you’re interested in buying a new house. Or it could be ...
  • What is Home Equity? - There are several reasons people consider taking out home equity loans. Perhaps you’re thinking about doing some home renovations. Maybe you’re paying off other large financial debts such as college tuitions, car loans or credit card bills. For some, it may be because you’re paying off a large emergency expense or with longer lasting retirements ...
  • A Year in Review – Mortgage Highlights From 2019 - Wow, 2019 sure flew by, as did the entire decade! With the excitement of a brand new year upon us, let’s have a look back at 2019 and unpack some of the key issues that impacted the mortgage world and home ownership in Canada. The mortgage stress test The much-debated mortgage stress test has been ...
  • Do You Need a Mortgage Co-Signer? - For many people with less-than-stellar credit ratings, sporadic (or self-employment) income, or perhaps you’re new to Canada and don’t yet have a credit rating, getting approved for a mortgage can be tough. Even if you know you can afford the mortgage payments and upkeep, lenders may view you as too high a financial risk. That ...
  • What’s Trending: Is Buying a Home with Friends or Family for You? - Today’s sky-high housing prices in many areas mean that young people and families are being priced out of home ownership. With record-high rents and limited affordable housing options in some cities, a new trend that is growing in popularity is that of buying a home with other people such as friends, family and coworkers. This ...
  • Going for It: How to Reach Your Down Payment Goals -   If you’re tired of renting or want to move into your very own space, it’s a great time to think about buying a home. Not only are there a lot of affordable options to choose from in Barrie and Simcoe County to meet your specific needs, but there are great mortgage interest rates right ...
  • FAQs About Variable & Fixed-Rate Mortgages - As a certified mortgage broker, I work closely with my clients to help them find a mortgage solution that suits them best. Especially for first time home buyers, there are naturally a lot of questions about interest rates, down payment options, government incentive programs, and so on. Another critical consideration for home buyers however, is ...
  • 5 Reasons Why You Should Work with a Mortgage Broker -   Want excellent customer service, access to the best mortgage rates and peace of mind knowing you’re in good hands? Then you need to work with a mortgage broker when it’s time to buy your next property, renew your mortgage or take out a home equity loan! It’s an old misconception that a mortgage broker ...
  • Digging Deeper – Knowing Your Down Payment Options - Are you excited about the prospect of buying your first home, but just can’t figure out how to get that down payment nailed down? It’s not easy to save up for something as monumental as a down payment, especially when homes are priced so high in many areas. However, having a strategy in place for ...
  • Rejected by Your Bank? Mortgage Options You Need to Know - Home ownership is a personal and financial goal for many people, but sometimes it can feel out of reach, especially if you’ve been dealt a rejected mortgage application by your bank. While you may think this rejection is the end of the road for you, there are steps you can take to move forward in ...
  • Conditional vs. Firm Offers – What You Need to Know -   Buying a home is a complex process and considering that it’s likely the biggest purchase we ever make, it’s important to understand all the details: personally, financially and legally. One area that can cause a bit of confusion especially for first-time homebuyers is understanding conditional offers compared to firm offers and how to choose ...
  • Refinancing & Home Equity 101 - Since it’s back to school time, let’s take a look at a question I’m often asked and learn more about mortgage refinancing and home equity options. There are many reasons why people want to refinance their mortgage and start fresh with something that’s more in tune with their current financial situation. For example, perhaps you’re ...
  • The Ups & Downs of Downsizing - Keeping the family home long after the kids have moved out may be a goal for many people – especially at the holidays or family gatherings – but it can also become a financial and personal burden. It’s not always easy to make the decision to downsize into something smaller, especially when there are so ...
  • Want a Custom Home Build? Here’s How to Finance it: - Have you always dreamed of building your own custom home or cottage exactly the way you want it? You’re not alone! Perhaps you’ve found the perfect plot of land or you’re on the hunt for something super unique…all you need now is the financing. Don’t despair – there is a mortgage you can get for ...
  • Why the Lowest Mortgage Rate Isn’t Always the Best Rate - One of the first things people ask when it comes to mortgages is: “What’s the lowest interest rate I can get?”.  Naturally, we all love saving money, but sometimes there are additional factors that come into play when looking for the lowest price that impact our bottom line. For example, we wouldn’t drive an hour ...
  • Savvy Strategies for Your Mortgage Renewal - If you have a mortgage that’s coming up for renewal, there are several things you need to know in order to make your newly-updated mortgage the best it can be. Don’t think of renewal time as a time-consuming hassle, instead…think of it as a great opportunity! Not only might you find a better interest rate ...
  • How to Find a Great Mortgage Broker - Working with a mortgage broker is becoming quite popular in Canada, especially over the past several years. Did you know that in 2017, 39% of homeowners used a broker to arrange their mortgage? While some of this is due to first-time home owners and self-employed individuals who may have had difficulty getting approved for a ...
  • Two Mortgage Rates. Which Option is Best? - You’ve decided you want to move this year, so what’s next? Do you want a condo or a bungalow? Are you done with city life and yearn for quiet country living? When you’re ready to make your next purchase there are many choices and decisions to make. Not the least of which is whether you ...
  • All the Single Ladies, All the Single Ladies – Helpful Tips for Buying Your First Home - Single ladies … if one of your financial goals is to stop renting and finally buy your first home – but high housing prices and new mortgage regulations have you wondering whether it’s possible, put your hands up. As a single person with one income, buying a home can sometimes be a challenge. The good ...
  • First-Time Home Buyers: Here Are Three Things You Must Do Before Saving for a Down Payment - Is buying your first home on the top of your financial ‘to-do’ list? You’re not alone. Many younger Canadians cite homeownership as one of their main priorities and top financial goals. With housing and real estate costs on the rise, it can sometimes be difficult to find out how to turn this dream into a ...
  • 5 Questions You’ve Always Wanted to Ask A Mortgage Broker - Mortgage broker – you’ve heard the term, but you’ve never actually worked with a mortgage broker before. How does it work? Do you pay your broker? Aren’t mortgage brokers only for those with bad credit? What are the benefits of working with a broker when you are looking to buy a new home in Barrie ...
  • Mortgage Tips: Three Ways to Pay Down Your Mortgage More Quickly - What would you do if you didn’t have to pay your mortgage every month? Would you start putting more money aside for retirement? Would you finally splurge for that kitchen or bathroom upgrade you’ve been putting off? Perhaps more travel would be in your future? Although it seems like a dream, it is possible to ...
  • I’m Getting Divorced – How Does This Affect My Mortgage? - As we all know, life is full of changes, challenges and the occasional bump in the road. Getting divorced, for example, is one change that many individuals experience on their journey, and it certainly is not usually an easy process to go through. Not only are there emotional challenges involved in separating from your spouse, ...
  • Before You Commit, Is Your Mortgage Really a Good Match? - As far as relationships go, the relationship you have with your mortgage is pretty serious. In fact, it’s kind of a long-term thing. That’s why finding and choosing a mortgage that best suits your needs, your financial circumstances and any other priorities is so very important. Before you commit, take a moment to decide whether ...
  • The Downlow on Your Down Payment Options - Have you been saving for a down payment? If you have, you’re likely aware that it’s not an easy feat, especially when you are balancing other obligations like paying rent, paying down student debt or putting money in an emergency fund…or even saving for your retirement. What you might not know is that there are ...
  • Should You Break Up…With Your Mortgage? - At the beginning, things were great – your mortgage was the perfect partner, meeting your financial needs and allowing you to buy your dream home. Things have likely changed, however. You may even be wondering whether your mortgage is really ‘the one’? Is it time to break up with your mortgage? Why break up with ...
  • What to Look for in a Mortgage Broker - You know the benefits of working with a professional mortgage broker, but how do you choose the right mortgage broker for you? Good question! With quite a few mortgage broker options available in Barrie and Simcoe County, it can be difficult to choose the best one to work with. To help you decide, here are ...
  • The Top Five Myths about Mortgage Brokers - Are you missing out on the best mortgage solution because of mortgage broker myths? You may be surprised to learn that this could be the case. Although a large percentage of Canadians who use brokers report that they do so in order to get a great deal and benefit from the expert advice provided, there ...
  • Mortgage Basics 101 – Here’s What You Need to Know - Planning to purchase your first home is a major milestone. Although you are likely feeling excited to start a new phase in your life as a home-owner, you’re also probably feeling a little stressed out as you attempt to navigate the purchasing process. From home inspections to mortgage preapprovals, there is certainly a great deal ...
  • Everything You Need to Know About Mortgage Pre-approvals - If you’re currently searching for a home in Barrie or around Simcoe County, you’ve likely heard that it’s advisable to get pre-approved before your search begins. Getting pre-approved for a mortgage definitely helps – not only does it make the financing process a little easier, it also gives you a solid idea of how much ...
  • My Mortgage Application Was Denied, Now What? - Owning your own home is not only a dream but also a financial goal for many in and around Barrie, Ontario. However, factors like high housing prices, rising interest rates, an increase in self-employment and contract work, and new mortgage rules that came into effect this year have made this dream a little more difficult ...
  • Fixed or Variable? How to Choose the Best Mortgage - Condo or freestanding home? City life or quiet country living? Two story or bungalow? When looking to make your next move and purchase a new home, there are certainly quite a few choices and decisions to be made. One key decision that you’ll need to make is the choice between a fixed rate and a ...
  • Why Getting Pre-Approved is Your Best Move - Spring is right around the corner, which means the housing market is about to ramp up. If you’re searching for a home, it’s an exciting time to get out and start looking at what’s available and checking out all the open houses. However, an important step to take before getting you start your search is ...
  • Should You Be Worried About a Real Estate Bubble? - If you’ve been paying attention to real estate for the last little while, you’re probably well aware of the fact that some industry experts believe we are in the middle of what is known as a real estate bubble.  Although it remains to be seen whether this prediction will come true, it’s important to understand ...
  • Everything You Need to Know About Using a Mortgage Co-Signer - You’re finally financially and emotionally ready to take the leap into homeownership. There’s just one problem – your credit rating isn’t quite there yet.  For many younger and first-time home buyers, this is often the case. Although you may be fully able to financially afford your mortgage payment, your credit score rating may fall shy ...
  • Managing Rising Interest Rates & Staying on Top of Debt - Interest rates in Canada are on the rise again and, according to a recent survey, many Canadians are already feeling the financial effects. In fact, 1 out of every 3 Canadians reports feeling worried that they won’t be able to handle their monthly bills and expenses if interest rates continue on this upward trend. If ...
  • The Run for Your Money; Where to Go to Get a Mortgage - There are several options when it comes to securing a mortgage – beyond the banks. From a very young age we learn about banks – we use that word synonymously with anything to do with saving, spending and moving money around. However, when it comes to mortgages and loans, what we should be referring to ...
  • New Mortgage Regulations Are Here – How ‘Stressed’ Do You Need to Be? - What was the biggest news in mortgages and real estate in 2017? Without a doubt, it was definitely the new federal mortgage regulations, including the new ‘stress test’ requirement, slated to come into effect January 1, 2018. Now that the new year – and the new regulations – are finally here, many families in Barrie ...
  • Venturing Into the Mortgage World – Challenges for Self-Employed Professionals - Love being your own boss? There are certainly many benefits to working for yourself, including control over the type and nature of the work that you do, and the flexibility you can enjoy in terms of your working hours and environment. That’s not to say the freelance life is completely full of free-wheeling ease and ...
  • If I Have Bad Credit, Can I Still Get a Mortgage? - Are you working on rebuilding your financial stability after a setback or challenge? Whether it’s a job loss, accident or unanticipated expense, you’re likely wondering how this setback will affect your financial goals and priorities, such as purchasing a home, particularly if your credit score has been affected. Experiencing a financial setback doesn’t mean you’ll ...
  • Learning the facts about assumable mortgages - Now that interest rates are predicted to rise, an increasing number of people are talking again about assumable mortgages, also called a mortgage assumption. With an assumable mortgage, the home buyer can take over, or assume, the obligations of the existing mortgage of the seller – but only with the approval of the original mortgage ...
  • How Does the Bank of Canada Control Interest Rates? - The Bank of Canada seems to be shrouded in mystery; who are they and how can they control interest rates for an entire country? This unique corporation has an interesting job to do, and as Canadians, it’s rather comforting knowing they ultimately have our backs. What is the Bank of Canada and how does it ...
  • New Mortgage Qualifying Rules & What You Need to Know - New mortgage rules were recently released by Canada’s top regulator of federal banks, The Office of the Superintendent of Financial Institutions (OSFI), and will take effect on January 1, 2018. These rules were designed to protect today’s housing market, and help avoid the economic risks associated with even a slight increase in interest rates. Many ...
  • Mortgage renewals: time to hit “refresh” on your options - Time flies when you’re…working hard to pay off your mortgage. Before you know it, your mortgage term is coming to an end, and it’s time to renew. Most of us go through mortgage renewals several times in our lifetime; sometimes the interest rates are higher than our current rate, and other times we get lucky ...
  • Fixed vs. Variable Mortgage Rates – Lock in your rate, or fluctuate? - If you are looking to renew your current mortgage, or you are a first-time home buyer, you likely already know just how many little details need to be sorted out before deciding on what kind of mortgage you will end up getting. One consideration is whether you should get a fixed-rate or variable-rate mortgage.  If ...
  • The real deal on getting a down payment for your new home - If you are applying for a mortgage, you need to have a down payment; there’s no way around it. By law, lenders can only approve a maximum loan of 95% of the value of the home, so the rest is up to you. Mortgages with only 5% down are called “high-ratio mortgages” because the mortgage ...
  • When might I need a co-signer on a mortgage application?  - After looking at houses and applying for a mortgage, there’s nothing more disappointing than having an application denied. If your application is rejected, it’s usually because you (and/or your spouse) did not meet all the lenders’ criteria, or, simply put, your application wasn’t strong enough. You may not even have a poor credit rating, it ...
  • What does amortization mean, and how does it impact my payments? - Wait! Keep reading! Most people’s eyes glaze over when we start talking about amortization and mortgage calculations, but I am here to simplify and explain this important part of your mortgage. Amortization of a mortgage refers to the length of time it takes to pay off your mortgage loan, and it is impacted by the ...
  • Is the bank the only place to get a mortgage? - When you’ve made the decision to buy a new home, whether you’re making the transition from being a renter to becoming a home owner or you’re taking the leap into home ownership moving out from under your parent’s roof… The most important part of the process isn’t finding the right house to buy… It’s securing ...
  • What is the best payment frequency for my mortgage? - When it comes to buying a home as a first-time home owner there are so many things to keep in mind, understand and make decisions about, it can be very difficult if you’re not fully understanding how each step in the mortgage process and what each of the decisions you make will mean for you ...
  • How Important Is The Financing Waiver When Purchasing Your Home - In today’s real estate market many people have been waiving the financing clause in their offer to purchase a home. Before 2017 adding a financing clause was what most Realtors® would recommend adding to your offer along with an inspection to ensure the home didn’t have any problems that could be a big expense to ...
  • How Good Does My Credit Score Need To Be To Buy A House - One of the most anxiety-inducing parts of getting a mortgage is wondering if your credit score is good enough to be approved for the mortgage you want. Since your credit score not only determines whether you’re eligible for a mortgage but also has an enormous influence over what the interest rate will be, it’s important ...
  • Buying A Home When You’re The Boss: Mortgage Tips For The Self-Employed - In today’s world, a vital backbone of our economic growth comes from those who are self-employed. While self-employment definitely has its benefits, it can be a little tricky when it comes time to apply for a mortgage. However, not to fear, there are several steps you can take to prepare yourself for a mortgage application ...
  • What Options do I Have When It Comes To Finding The Funds For My Down Payment? - A common question when financing the purchase of a new home is whether or not a down payment can be borrowed. In simple terms, yes. However, it does add additional risks to the borrower such as higher interest rates, more extensive credit and employment checks, and shorter term mortgages which can prove to be difficult ...
  • What Is A Housing Bubble & Should I Be Worried? - In the real estate industry both professionally and socially there is a ton of jargon, but the one term that is thrown around the most I think is referenced as the “housing bubble”. Is the bubble getting bigger? Is the bubble about to burst? What will happen when it does? The media uses this term ...
  • How Much Does Default Mortgage Insurance Cost? - If you have less than a 20% down payment to purchase your new home, you may still be eligible for a mortgage with the support of mortgage default insurance. Mortgage default insurance can help you to purchase your new home as long as you have a minimum of a 5% down payment. In fact having ...
  • What is Mortgage Default Insurance and Why Do I Need To Pay it? - Buying a new home in Barrie’s hot real estate market is without a doubt a good investment. Home prices are on the rise and look to only be increasing in value in the foreseeable future. But if you don’t have a large nest egg of funds to put towards a down payment, how can you ...
  • Do New Windows Increase The Value Of Your Home? - Deciding where your hard earned dollars are best invested in your home when it’s time to renovate or time to sell, can be a tough question. You could add granite counter tops in the kitchen, or you could renovate the bathroom to look like a spa… But which renovations will bring you the best return ...
  • What Is A Vendor Take-Back Mortgage & What Is The Benefit Of Securing One? - With the real estate market being scorch-worthy hot and mortgage interest rates being at an all-time low in Canada, there’s no better time to invest in your first home or to take advantage of rock-bottom rates while purchasing that cottage on Georgian Bay, you’ve always wanted. However, with tighter parameters around mortgages and lenders demanding ...
  • Where Can You Find Extra Cash For Renovations? - Making your home, your very own is one of the most satisfying tasks you’ll undertake after becoming a new home owner. Perhaps you’ll spruce up the kitchen, add that stylish island you’ve been wanting, to give you extra counter space, take down that wall between the living room and dining room to give your home ...
  • What is a Prepayment Penalty on Your Mortgage and How is a Calculated? - Whether you’re a first-time home buyer or have purchased and sold many homes in your life, you may or may not have had to pay a prepayment penalty on your mortgage. However, it is something you should understand when signing the dotted line of your mortgage. Even though it may sound like a simple process, ...
  • How Do I Determine the Value of My Home? - One of the greatest pleasures of owning a home is taking pride in making the new house you have purchased, a home – reflecting your style while it also becomes the heart of many memories. You invest uncountable hours in decorating, painting, gardening, and up keeping the lawn, growing more attached to your dearest home ...
  • What’s the Difference Between a Bank, a Trust Company & Credit Union When Looking for a Mortgage? - Whether you’re a first-time homebuyer or a seasoned real estate investor, understanding the fine print of your mortgage can be trying at times. Which is why in this article we’re going to outline the difference between getting a mortgage with a bank, a trust company and a credit union to help you better understand your ...
  • What Are My Options To Close My Mortgage - You’ve found your dream home, you’ve put in the offer, it’s been accepted and now it’s time to close the deal… But what exactly does closing a mortgage mean and what are your options to do so?   What does it mean to close a mortgage? Closing a mortgage is the last step in financing ...
  • Is Your Rate Too Good To Be True? - With the real estate market being much hotter than the weather these days, you might have noticed that interest rates on mortgages are at an all-time low as well – Making it a fabulous opportunity for first-time home buyers and real estate investors alike. When you compare today’s interest rates to the rates of 5 ...
  • What Is Title Insurance And What Does It Protect You From As A Home Owner - Buying a home is one of the most exciting events in a person’s life. Owning a piece of real estate that you can call home is an exhilarating feeling, and while you may be basking in the glory of your new abode, you need to remember that you must protect your investment. By this, we ...
  • Refinancing A Mortgage To Help With A Lawsuit - Refinancing is basically the act of paying off an existing loan and replacing it with a new one. There are a few common reasons for homeowners to refinance… For example, to obtain a lower interest rate, to seize an opportunity to shorten the term of their mortgage, the desire to consolidate debt, and the need ...
  • Refinancing a Mortgage to Invest in a New Business - There are many reasons people choose to refinance their mortgage. Refinancing your mortgage to invest in a new business can be a great idea. When you refinance, it’s not the same as renewing or simply switching your existing mortgage to a new lender. Switching your mortgage to a new lender can be done at no ...
  • Refinancing Options for Your Second Home - It’s possible to take out a mortgage on a Canadian cottage or investment property; but that’s not the only method you can use to finance your second home or cottage. In most cases, it’s actually not a good way to go. Many choose to simply refinance their existing property, and use that fund source to ...
  • Is It Time That You Refinanced Your Mortgage & Consolidated Your High-Interest Debts? - Some people want to refinance their homes in order to buy a new boat, upgrade a kitchen or send their kid to college. However most apply to refinance their mortgage in order to stay on top of their financial goals. Life becomes much easier (and cheaper!) when you consolidate high interest credit cards and other ...
  • Refinancing your Mortgage to Pay for your Child’s University or College Tuition - With mortgage interest rates being at an all time low, right now is a good time to refinance your mortgage if it’s something you’ve been thinking about. A lot of Canadians are taking advantage of these record low rates and applying for refinancing. There are many reasons to refinance, from renovations to perhaps buying a ...
  • Refinancing Your Home to Pay Out Your Ex - If you’re getting a divorce and you own your home, there are some important decisions that need to be made. Will the house be kept for one spouse to inhabit? Will it be sold, and the proceeds divided? Will one spouse buy the other out? Will the spouse who stays in the home refinance the ...
  • Refinancing Your Mortgage – How and Why Would You Take out Equity for Home Repairs and Renovations? - If you have enough equity built up in your home, it can be a valuable asset. A home equity loan (often called a second mortgage) is available to you if you need cash for renovations or home repairs. Interest rates on home equity loans are higher than they are on mortgages; but they’re lower than ...
  • Start The Year Off Right With Good Mortgage Behaviour - With lenders eagerly looking to build their client bases and interest rates being low, mortgages are getting approved fairly often these days. However for many buyers, the hard part isn’t getting a mortgage approval – it’s keeping it. There can be unexpected “land mines” buried in the ground you need to cover from the moment ...
  • How to Obtain a Self-Employed Mortgage in Barrie? - After the 2008 financial meltdown, the government took aim at high risk mortgages to ensure Canadians didn’t suffer the same fate as the US and their housing market. Unfortunately one of their main targets was self-employed individuals due to their higher rate of default. The government was able to push through several waves of mortgage ...
  • Mortgage Penalties Can Be Debilitating, Find Out How To Avoid Or Reduce Them - Far too often I see home owners inquiring about refinancing their mortgage in Barrie to consolidate debt, separation/divorce or a major home renovation only to find out that their pre-payment penalty is outrageous.  In most cases it prevents themselves from progressing into a better financial situation.  It is critical to read into the fine print ...
  • Is A Fixed Rate Mortgage Now The Right Choice For My Barrie Home? - It is true that fixed rates offer some longer-term deals if rates go up but are they going up anytime soon?  No one truly knows, economics have been wrong for the last 5 years.  So why should we believe them now?  While it’s true that the economy will eventually get stronger, we’re still a long ...
  • Should I Look at a 10 Year Mortgage for my Barrie Home? - The short answer is “no”.  There was a time last year when 10-year rates where within a ¾ percentage rate of 5-year rates.  That made for a good argument, for more conservative mortgage holders, that a longer term made very good sense.  Those days have changed, the spread is now over 1% making the interest ...
  • Why Would I Refinance my Mortgage? - There are a number of reasons refinancing your mortgage makes lots of sense. There could be a number of planned events, such as a home renovation or a child’s post-secondary education. The property owner could also be faced with unexpected expenses, such as a home repair or mounting credit card debt. The first factor that ...
  • Why Use a Mortgage Broker? - I often get asked the question, “Why would I use a mortgage broker & not just go to my bank branch to get a new mortgage or renew my current mortgage?”  I can tell you that there are a number of reasons why a mortgage broker is the better option when looking for a mortgage. ...
  • Who’s Looking Out for Me When It’s Time to Renew my Mortgage? -   Did you know that a recent Maritz/CAAMP survey found that only 56% of mortgage holders negotiate their mortgage rate on their renewal?  This means that 4 out of 10 mortgage clients simply sign-back their renewal notice without shopping around!  A few months ago the Bank of Canada released a report that found that borrowers ...
  • When does a private 2nd mortgage make sense? -   In many circles a “private mortgage” is a bad word, it’s only needed by people who are in financial trouble & might lose their house?  Right?  While this sometimes is the case, for others a private mortgage is a way to save money. If your house is in dire need for some renovations (or ...
  • Can You Afford a 2% Interest Rate Increase? - Are you like one in five Canadians? A recent survey conducted by the Bank of Montreal concluded that 20% of Canadian households would be in some financial hot water if the interest rates rose by 2%. That is a significantly high number of Canadians who could potentially lose their home. Could you imagine how much ...
  • How Can a Mortgage Broker Help Someone Who is Self-Employed? - Being self-employed in Barrie has some incredible rewards and seemingly endless benefits, but there can be some pretty big limitations as well – especially when it comes to securing a mortgage. In the midst of current economic turbulence, lenders tend to be leery when financing those who have taken a risk and are self-employed. People ...
  • What is the Best Way to Finance My Household Renovations in Barrie? - So you’re ready to update or completely renovate your Barrie home? Perhaps the kitchen is slightly dated, maybe you hate the tiles in the bathroom or the shingles on your roof need to be replaced. Whatever renovations you may need to do, chances are you are going to need some sort of financial help. Often, ...
  • What a Barrie Mortgage Broker Can do for You? - If you’re like most people, a mortgage is the biggest financial commitment you will ever make. It can be the most exciting, yet terrifying time of your entire life. It involves a huge lifestyle change and a great deal of courage. The average person will do a little bit of research, visit the bank offering the ‘best’ ...
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