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Tag: long term amortization

  • 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 ...
  • 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 ...
  • How much of a down payment do you need? - You’re ready to buy a house. You’ve lowered your debt, you’ve been saving for a down payment for a while, and you’re finally ready to take the next step in buying your first home. When buying a house, the down payment is one of the biggest upfront expenses you will have to pay. The more ...
  • How to afford your first home in Ontario - As it is widely known, Ontario is one of the most expensive provinces to live in, second to British Columbia. According to a recent report, Milton, Mississauga, and the GTA are the three most expensive cities in all of Ontario to buy a house in 2021. Prices are high, and there are tons of first-time ...
  • 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. ...
  • 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 ...
  • Buying your first home 101 - Thinking about buying your own place? Buying a house is one of the most rewarding and exciting experiences a person can go through. It can also be pretty overwhelming, particularly if you’re a first-time homebuyer looking to secure your first mortgage. Buying real estate is also one of the biggest financial decisions you will probably ...
  • 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, ...
  • First-time home buyers – Should you buy a house now or wait? - It’s no secret that the Canadian housing market is extremely hot right now. Particularly in Ontario, houses are selling at record-high prices. Since the beginning of the global pandemic in March 2020, housing market prices started to increase and are still on the rise in 2021. According to the Toronto Regional Real Estate Board, the ...
  • Spring 2021 & The Real Estate Market - 2020 was easily one of the hottest years in the Ontario real estate market to date. There was a huge demand for residential real estate, and it’s a trend we have continued to see throughout the beginning of 2021. There are tons of buyers out there, like yourself, but not quite enough supply for the ...
  • 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 ...
  • 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 ...
  • Taking the leap from renting to owning a house - To rent, or not to rent? That is the question – whether to continue renting or to buy a house and take on a mortgage. There’s a common misconception that renters are throwing their money away, and another that you need to buy a house as soon as you can afford a down payment for ...
  • Financial planning and RRSPs - You’re ready to start financially planning your future, but where should you start? Navigating different savings plans and ways to invest your money can be overwhelming.. I’m here to help simplify your journey. One of the many savings accounts you can choose from to start investing your money in is an RRSP. But, what is ...
  • A Home Renovation For Christmas & How To Finance It - Who doesn’t love getting gifts? I know I do. The holidays are here! But due to the COVID-19 pandemic, maybe your Christmas shopping list is looking a little shorter this year. It’s bittersweet, but with the money you’re saving, why not treat yourself to a nice little (or big) gift? It’s time to stop putting ...
  • 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 ...
  • The Pros & Cons of Buying a Home with a Group of People - When it comes to buying a home in Canada, it is getting more and more difficult to do on your own. As property values continue to climb in different areas, it’s also becoming increasingly more hopeless to find a place on your own. That is why you may be considering buying a home with a ...
  • How to reach your down payment goals - You’re thinking of buying a house, that’s fantastic! Buying a house is a rewarding experience but requires a lot of planning and thinking ahead. More specifically, you need to think about your future financially if you choose to buy a house. What is your current financial situation like? Are you in a good enough place ...
  • 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 ...
  • 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 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 ...
  • 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 ...
  • 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 ...
  • 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 ...
  • 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, ...
  • Financial Planning of RRSPs, and Why You Should Care - There’s an acronym that keeps popping up recently: RRSP. Unsure of what an RRSP is and how they can help you when buying your first home? Well, you’ve come to the right place. Here’s a quick crash course on RRSPs and how they can make a huge impact on your financial planning strategy. What is ...
  • 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 ...
  • Top Tips to Keep Out of Debt this Holiday Season - There’s a lot of pressure every holiday season to spend, spend, spend! From gifts for friends, family and coworkers, to decorations, dinners and parties; the money just flies out of the wallet! While it’s definitely challenging to stick to financial goals and avoid going deeper into debt this time of year, there are ways to ...
  • 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 ...
  • 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 ...
  • Hot Off the Press! Must-Know Facts About the New First Time Home Buyer Incentive Program - It’s finally here! A brand-new update was released on the much-talked about First Time Home Buyers Incentive program offered by the federal government’s National Housing Strategy. This new program will be administered through the Canadian Mortgage and Housing Corporation (CHMC), and it’s designed for those struggling to find affordable housing, which as we all know, ...
  • Buying Your First Home in Canada? Here’s What You Need to Know - If you’ve just moved to Canada from another country, you’re already in the midst of an exciting transition in your life. As part of this transition, you may be looking to purchase a new home (and maybe even your first home!). Although you may already be somewhat familiar with the purchasing process, here are a ...
  • What to Do Before Buying Your First Home in Barrie - You’ve done the math and while you’d love to make your dreams of homeownership a reality, financially, it’s not quite the right time to start your new home search. Don’t fret! Although it may not be the time to buy just yet, there are still things you can do that will move you closer to ...
  • How to Prepare for Your First Rental Property - Passive income. A solid, long-term investment (particularly if the value of the property increases). Why wouldn’t you want to own a rental property? Although there are definitely quite a few benefits, there can also be a few downsides if you’re not prepared to buy your first investment property. Here are a few key tips to ...
  • 5 Crazy Easy Ways to Stick to Your Budget This Summer - Owning a home – this is the year that you’re determined to make it happen. All you need to do is cut back your spending and put a little extra towards that down payment every month. You also need to stick to your budget. Easy-peasy right? But wait – it’s summertime and the livin’ is ...
  • Understanding the Closing Costs on Your Home Purchase - Very few people are lucky enough to simply decide on a whim to buy a home or cottage, and then purchase one the very next day. It usually takes time to carefully save for a down-payment, rearrange finances, get pre-approved by a lender, and decide where to live. Although it’s not always easy when making ...
  • What Are Land Transfer Taxes (& Do I Need to Pay Them)? - They say that there are two things in life that are inevitable; death and taxes, and when it comes to buying a home, there are definitely taxes involved that every home buyer needs to know about. One question I get often is about land transfer taxes; specifically, who needs to pay them, how it works, ...
  • Three High Tech Tools to Help You Save For Your First Home - According to a recent poll, almost half of Canadians who fall between the ages of 25 – 34 dream of buying their first home. Although the intention is certainly there, the poll also suggests that only a quarter of those with home ownership dreams have been able to put money aside in order to make ...
  • Are You Really Ready to Buy Your First Home? - As the adage ‘Home is where the heart is’ suggests, our homes are much more than bricks and mortar (or wood and steel). Instead, the place we call home is where we feel happy and safe, where we create memories and where we grow together. Also, for most of us, it’s also our biggest investment ...
  • Is Now the Right Time to Buy a Home? - When it comes to the real estate market in Canada, there’s definitely a lot going on! From the recent mortgage stress test regulations and rising interest rates, to a decrease in the number of homes being sold, there has been no shortage of real estate news – news that may have many potential home buyers ...
  • What Exactly is a Conditional Offer? - If you’ve bought or sold a house in the Barrie area or you’re in the process of buying your first property, you’ve likely come across the term ‘conditional offer’ before. Although this is a relatively familiar term, many people are not aware of what a conditional offer really is, including the responsibilities and requirements that ...
  • How to Tell If a Bridge Loan is Right for You - You’ve found your dream home in Barrie and need to snap it up before it’s off the market. There’s only one problem. Your house hasn’t sold yet. Or, maybe you’re planning major renovations to your new home and want to complete them before you move in. Whatever the case may be, a bridge loan may ...
  • 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 ...
  • When buying a house do I really need a home inspection? - You’ve finally found a house you love and are ready to make the offer to make it your own. As simple as that statement is, it’s a little more complicated than signing on the dotted line and making a cheque out for your deposit. Although it’s easy to get wrapped up in all the excitement ...
  • 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 ...
  • 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 ...
  • 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 ...
  • Manage your mortgage by create a household budget - A household budget isn’t a wish list based on how much money you want to have & how you plan to spend it. It’s a step-by step plan of how to spend the money that you actually have & it only works when it’s realistic. If you set up your budget on real numbers you’ll ...
  • 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 ...
  • Why Should I Get a Mortgage Pre-Approval Before Shopping For a Home in Barrie? - Don’t go looking without one but also don’t rely of one too much!  I prefer to call a “pre-approval”, a “rate hold”.  Lenders will guaranty a rate for 90 to 120 days while you are out shopping for a home, if the rate drops over that time period you normally will receive the lower rate.  ...
  • Is Rent-to-Own the Right Choice for my Barrie Home Purchase? - You’ve dreamed of buying your own house in Barrie but for some reason you can’t qualify for a mortgage, due to ever tightening qualifying restrictions.  This has frustrated many young families who are struggling to break a cycle of renting.  There are many reasons why someone might not be in a good position to buy their ...
  • 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 ...
  • 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 ...
  • Barrie Mortgages Made Simple -   Find out more about Oriana Financial and how we can help you get the very best rates and terms for your house purchase in Barrie. I offer the best strategic mortgage advice covering Barrie, Simcoe County and Central Ontario. Purchasing a home is the biggest financial decision most of us will make in our ...
  • Are you Financially Ready for Home Ownership? - Are you thinking of buying a home in Barrie to take advantage of the record low lending rates? The first step is to take a good look at your finances to see what is affordable for your situation. The Canada Mortgage and Housing Corporation, provides information about how to evaluate your financial readiness. They have ...
  • Saving for a Down Payment - One of the biggest challenges most first-time home buyers in Barrie run into is saving a down payment.  We are fortunate to have government backed default insurance in Canada.  These programs provide security for potential lenders, allowing them to only require a 5% down payment from well-qualified applicants.  While 5% does not seem like much ...
  • First-Time Home Buyers in Barrie - Buying your first home can be a huge undertaking; researching the Barrie market, working out a budget, understanding the different financing options & knowing where to get help picking the “right” property.  In my experience, I’ve found that buyer’s don’t truly know their down payment options.  I’ve got five options that can either; save you ...
  • “No” Means “Yes” if You Have a Co-signer - Though commonly used for smaller purchases such as a vehicle, as lenders tighten their credit guidelines, mortgage co-signers are becoming more and more prevalent in the housing market. Whether you are beginning to establish your credit or you are experiencing a financial set-back, qualifying for a mortgage on your own can be difficult. If you ...
  • “Down Playment” to Down Payment - Today, when purchasing a home the desired down payment for a mortgage is typically 20%; however, more often than not, people don’t have that amount of cash available to them without a strategic savings plan in place. There are various ways you can go about saving for a down-payment to buy a home, but ultimately ...
  • Preparing to Apply For A Mortgage to Buy Your First Home - Purchasing your first house is likely one of the biggest and most exciting decisions you will ever make. Although it’s a thrilling time in one’s life, it can also seem like an overwhelming time presenting challenges along the way. Before entering the Barrie realty market, it’s important to establish some key aspects to better prepare you for ...
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