Blog
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.
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.
Mortgage Closing Costs
As a general rule of thumb, a homebuyer should set aside approximately 2% to 5% of the purchase price.
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.
What Does A Mortgage Agent Do?
I get asked this question a lot and it’s simple as “what does a mortgage agent do?” or “what is your process?”. So, allow me to run you through both questions and provide some clarity.
Benefits Of Using A Mortgage Agent
A lot of individuals may ask why it's important to use a Mortgage Agent. I have broken down the benefits of using a mortgage agent below.
How To Come Up With Your Down Payment
I want to highlight the different options homebuyers have when it comes to their down payment in an attempt to ease any worry.
Options For Adding Someone To Your Mortgage Application
Some homebuyers may need a little extra help during their application process, whether it’s because they need more funds to secure their down payment, or maybe even because their credit score is just not quite what the lenders are looking for. The good news is, there are solutions for that. Having a co-applicant, co-signer or a guarantor can help relieve some of the pressures that come with applying for a mortgage. Let’s dive into what these are, and how they can help!
Types Of Insurance Homeowners Need To Be Aware Of
Homeownership can be quite overwhelming and knowing all of the components that go along with it can be confusing, especially when it comes to the different types of insurance. Allow me to break it down for you.
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.
Pre-Approvals
A pre-approval is a way homebuyers can see what terms and conditions a lender is willing to offer them.
Purchasing A Property – What Happens at the Lawyer’s Office?
Whether it is to start a new chapter, earn rental income or buy one’s first home, buyers in this market are eager to have a smooth closing and a stress-free process as they make one of the biggest investments in their lives.
First Home Savings Account
In my professional opinion, investing in any of the four of these accounts is a great way to save for your future, whether that be for retirement or for your first home.
What To Know Before You Look For Your Dream Home
There are many things you need to know before you go out and look for your dream home!
Mortgage Trigger Rates And Trigger Points
From March 2022 to January 2023, there have been consistent rate hikes from the Bank of Canada (BoC), increasing the prime rate from 2.45% to 6.7%. This is a major concern for people with a variable rate mortgage as they have seen their rates essentially triple in this timeline, inching closer and closer to their “trigger rates”.
What Is The Canadian Mortgage Stress Test?
The stress test is a calculation to guarantee that the borrower can still qualify for their mortgage in the event that their interest rate rises.
How To Get The Most Out Of Your Retirement Savings Plan
When it comes to saving for retirement there is one question that I want to address right from the get-go: what is the difference between a Retirement Savings Plan (RSP), Tax-Free Savings Account (TFSA), and a Registered Retirement Savings Plan (RRSP)?