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Tag: home owners

  • 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 ...
  • 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. ...
  • 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 ...
  • Renovating your home? Use Your Mortgage & Home Equity! - There are a variety of reasons you may have decided to renovate your house. Perhaps you’re looking to make your house more energy efficient by replacing the windows. Maybe your deck is out of shape and needs repairs. Or you’re simply tired of looking at your dated kitchen and need to spice things up. Whatever ...
  • What is the Affordable Homeownership Program? - With housing prices on the rise and Barrie becoming one of Ontario’s most sought-after real estate markets, buying a house for many Ontarians may feel close to impossible. But it doesn’t have to be this way. What’s amazing about the province we live in, is that you have options available to help you reach your ...
  • 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 ...
  • First Time Homebuyers 101: Your checklist to take care of before the house-hunt - So, you have decided to buy your first home – congratulations! Buying your first home is an exciting and rewarding experience. There is a lot to look forward to when it comes to shopping for your first home such as checking out different neighbourhoods and browsing houses online, looking at what’s available. However, there are ...
  • 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 ...
  • 5 Thoughts to Ponder Before Buying a Condo in Barrie - There are many reasons why you should choose to live in Barrie. The affordable living costs, the amazing balance between urban and rural living, and the lively downtown core. With a Barrie condo, however, you get to experience all of that with the bonus of a killer view and an easy, and a “less-maintenance” lifestyle ...
  • Do You Qualify for the Affordable Homeownership Program? - For many renters in Simcoe County, the idea of owning a home isn’t exactly an option due to affordability. Across all the cities in Canada, Barrie was rated the 13th most expensive city to live in. The Canadian Government has implemented different assistance programs such as the First Time Home Buyer’s Incentive. However, these programs ...
  • 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 ...
  • Think Before You Spend – Managing Your Inheritance - You’ve just inherited a large amount of money. Inheritances can create excellent opportunities for you depending on how much you received. For some people, the immediate thought is to spend that money right away. However, inheritances can have great financial impacts for you if you treat them carefully. Normally with an inheritance, it involves a ...
  • TFSA – What Is It & How Does It Work - Want to start investing and you’re not sure where to start? You’ve come to the right place. In Canada, lots of millennials are saving – in fact, roughly 80% of the generation has savings. But are they really using their money to it’s fullest potential? According to a survey conducted by the Ontario Securities Commission, ...
  • 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 ...
  • Fall & Winter House-Hunting: Tips for Savvy Buyers - Didn’t get to house hunt during the peak spring and summer months? Maybe you weren’t financially ready or didn’t have the time…but that might not be a bad thing! While the weather may be better for touring homes and it’s easier for families to move during the summer, you may find some big advantages to ...
  • 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 ...
  • CHIP Reverse Mortgage & What it Means for You - With the cost of living so high and Canadians living longer, it’s not always easy for seniors to save up, budget appropriately and keep up with the bills. Even with careful financial planning, life happens – and sometimes we just need that little leg up when we’re older to help us achieve our financial goals. ...
  • Time to Renew Your Mortgage? Read this First. - A lot of people cringe at mortgage renewal time and think it’s a complicated, awkward process. However, when armed with a bit of time to research and shop around, renewal time doesn’t have to be difficult at all, and it will help make future renewals a piece of cake. When we arrange for our first ...
  • Smart Mortgage Tips to Help You Get Ahead - When it comes to your mortgage, do you want to get ahead? Of course you do! Whether it’s choosing the right mortgage when buying your first home or paying off your current mortgage more quickly, many Canadians are looking for smart ways to find the right mortgage solution and reduce their mortgage debt. With home ...
  • A Year in Review – Mortgage Highlights From 2018 - It’s almost hard to believe, but 2018 is winding down and 2019 will soon be upon us. From politics to economics to social right movements and beyond, 2018 was certainly an eventful year on both a local and global scale. Mortgages too saw their fair share of change and activity in Canada. Here’s a rundown ...
  • 3 Mortgage Moves That Will Help You Get Ahead - Have you thought about your mortgage lately? For those who were already approved and have signed on the dotted line, it’s likely that it doesn’t come to mind very often, besides ensuring that you don’t miss a payment. If this is the case, you may be missing out on potential opportunities for you and your ...
  • 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 ...
  • 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 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 ...
  • An Equity Line of Credit Card Can be a Big Help in the Future - No matter how carefully we prepare for “the future,” it’s always a mystery. It can hold adventure, and pleasant surprises. Though the future can also throw little bumps into the road like fiscal hardships or emergency situations – which may leave you looking for a little help paying the bills or filling in financial gaps ...
  • 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 ...
  • A Secured Line of Credit is Great for the Golden Years - When you buy your first home and start juggling mortgages, lawyer fees, titles, amortizations, and all of the other aspects involved in purchasing your dream property, it’s understandable that plans for your retirement years might take a back seat. Those who are 40-50 years old and buying a home for the first time may find ...
  • 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 Your Mortgage to Invest in RRSPs - Canadians have many reasons for refinancing their mortgages. Renovations, emergencies, paying for your children to go to college: these are all viable scenarios that regularly influence homeowners to take the equity out of their mortgage and put it somewhere else. However, strategic refinancing can also be a great financial planning tool. One of the most ...
  • 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 ...
  • 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 ...
  • First-Time Home Buyer’s Down Payment Options - This is a little known Homeownership Program in Simcoe County (Barrie, Orillia, Innisfil, Alliston, Collingwood, Bradford, Midland, Wasaga Beach) that aims to assist low-to-moderate income earners who are currently renting to purchase a home.  The program will provide a 10% down payment in the form of a forgivable loan. This program is designed to free ...
  • The Dangers of Mortgage Penalties - When signing up for a mortgage, Barrie home owners rarely analyze the costs involved in breaking a mortgage before the end of the term.  Many think, “Why would I need to break my mortgage?”  Well there is a lot that can happen over a 5 year term.  Most don’t want to image the scenario of ...
  • Using a Mortgage Calculator for my Home Purchase in Barrie - For many first-time potential homebuyer‘s figuring out what you can afford can be a difficult process.  Long before you see a mortgage broker for a pre-approval you do have access to other tools that can help prepare you for a home purchase.  Mortgage calculators can be a great option that can quickly help determine what ...
  • Don’t Wait Until You Can’t: The Mortgage Approval Process - Mortgage qualifying in Canada has become much more difficult over the past few years, the Canadian government has been tightening mortgage policies in an effort to cool the real estate market. This has put much stress & aggravation on some Barrie home owners, who in the past, have easily qualified for the mortgages they needed. ...
  • Be Cautious of the Collateral Mortgage - Knowledge is power when it comes to mortgage lending; the more you know, the more opportunity you have save money in the long run.  This being said, one of the most controversial mortgage terms is a “collateral charge”.  When locking in a mortgage with a lender, they can use one of two methods to secure ...
  • Certain Tax Laws Can Affect Your Income Property - If you’re like me, you’ve probably watched the show ‘Income Property’ on HGTV. If you haven’t I’ll give you a quick synopsis: Scott McGillivray is a Real Estate Investor and Contractor and is the host of the show. Scott leads home owners, who would like to convert part of their home into an ‘income property’, ...
  • The Importance of a Mortgage Pre-approval in Barrie - You’ve probably heard the old adage “Don’t put the cart before the horse.” That same idea holds true when it comes to home buying in Barrie.  It happens far too often when a person will find that ‘perfect’ place and fall in love with it, only to discover that the home is out of their ...
  • Owning a Rental Property in Barrie - Investing in a rental property may seem like a frightening process initially.  Immediately, the financial and legal risks associated with purchasing can be enough to deter one from the idea. Inevitably you may be faced with periods of vacancy, repairs, and tenants who may not be perfect, but if you can get past these minor bumps, you ...
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