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Maximizing Your Mortgage Renewal: Why You Should Explore All Your Options
As your mortgage renewal date approaches, it’s a great time to reassess your financial situation and explore new opportunities. Many homeowners assume that renewing with their current lender is the easiest option, but doing so without exploring other options could mean missing out on better rates and terms. Here’s why reviewing your mortgage renewal carefully can make a big difference.
Gifted Down Payments: A Growing Trend Among Millennials and Gen Z
For Millennials and Gen Z, the dream of owning a home often feels out of reach without some form of financial assistance. Enter the gifted down payment—a trend that’s becoming increasingly common as families step in to help the next generation secure their first home.
Exploring Down Payment Options: Beyond the Gifted Fund
For Millennials and Gen Z, the journey to homeownership can feel daunting. With rising home prices, stagnant wages, and the burden of student debt, saving for a down payment is often the most significant barrier. While gifted funds from family members have become a common solution, they’re not the only option. Let’s explore some alternative sources and strategies to help young homebuyers gather the funds they need.
Understanding Mortgage Penalties: What Homeowners Need to Know
When you break a mortgage before the end of its term, lenders often charge a penalty. This is a common situation for homeowners in Ontario who need to refinance, sell their home, or switch lenders
Self-Employed Mortgages: Stated Income
Stated income mortgages, also known as "no-doc" or "low-doc" loans, are designed for borrowers who may have difficulty providing traditional documentation of their income.
Empowering Entrepreneurs: The Self-Employed Mortgage Playbook
For self-employed individuals, the mortgage journey can be riddled with complexities due to fluctuating incomes and unique financial circumstances. In this article, we'll dive deeper into the nuances of self-employed mortgages while providing a comprehensive understanding of how they operate.
Simple Tips To Improve Your Credit Score
Here are 8 simple tips on how you can improve your credit score! Download available in the article!
What You Need To Know About Mortgage Renewals
By being informed and proactive, residents in Ontario can make well-informed decisions when it comes to mortgage renewals and potentially save money in the process.
First-time Homebuyers Checklist
Attention rookie home buyers! This handy checklist will help you ace the mortgage application process and make it a stress-free ride. Download available in the article!
Mortgage Penalties
A mortgage penalty is a fee or charge that Ontario mortgage borrowers will face if they end their mortgage contract before the term has completed. Mortgage penalties may also occur when the borrower wants to make a lump sum payment that is more money than allowed within their contract.
How To Pay Off A Mortgage Faster
In Ontario, there are a handful of strategies that can help you pay off your mortgage faster. While it might not always be financially possible to do so, I want you to know all of your options for when it is!
Fixed VS. Variable Rate Mortgages
In Ontario there are two main types of mortgages that borrowers often consider – fixed rate mortgages and variable rate mortgages. The major difference between the two is really about how the interest rate either stays consistent or fluctuates over the term of the mortgage.
Refinancing Your Mortgage
A mortgage refinance is when you pay off your current mortgage, while replacing it with a new one. Essentially, when you refinance your current mortgage you are negotiating another, usually with more favourable terms.