Our Mortgage Services

Mortgage Pre-Approval

Find out how much you can afford before you go househunting! This will keep you focused on shopping for homes within your price range. If you qualify for a preapproved mortgage, you'll be certain of the size of mortgage for which you qualify and guaranteed a rate for a specific period of time. If you don't qualify for a pre-approved mortgage, we will be able to help you estimate a mortgage-qualifying amount.

First Time Buyers

Buying a home is an exciting time! You're about to take a big step so you'll definitely need some advice from a mortgage professional. We'll give you the facts your bank won't tell you about financing your next purchase. With access to multiple lenders, we'll help you find the best rates and best mortgage options to help you buy your dream home. Our best advice? Begin with a conversation with a mortgage professional in your area.

Renewing Your Mortgage

If your mortgage renewal is fast approaching then you’ll soon be at an important financial milestone. Now's a great time to look at the many innovative options and competitive rates available. Lenders send out renewal forms just prior to renewal dates to those with good payment histories, with about 70% of homeowners sending it back without asking any questions. In today’s hectic world, that can be the easiest and best route, but you should ask yourself some questions before you sign on the dotted line. This could be an important moment of opportunity.

Renovation Financing

Maybe it just needs some new landscaping, an extra wing for your growing family, an expanded kitchen, or a swimming pool in the backyard! A record number of Canadians have taken advantage of the historic low mortgage rates and rising real estate values and have tapped into their home equity through equity take-outs. There's never been a better time to access the extra funds that can help bring your home to that next level of comfort. Consider accessing the cash you need for the renovations and improvements you've been dreaming about!

Investment properties

Investment properties - particularly smaller, residential real estate - are now accessible to many average Canadians. And as any homeowner will confirm, real estate has been one of the most attractive investment categories in Canada for the past decade. If you're considering an investment in real estate, start by having a conversation with an experienced Mortgage Broker, to explore some of the innovative new options and great rates available today.

Vacation Homes

There are many Canadians jumping at the chance to own a recreational property. The aging baby boomer population is flush with capital and an insatiable desire for a waterfront or other recreational property. And with the advent of better roads, Internet and telephone service, satellite service, and winterization expertise, people are realizing that vacation properties can make ideal retirement homes. No longer just perceived as a welcome retreat from the city, a second home is now viewed as a solid financial investment with the added value of a potential retirement property.

Debt Consolidation

Many Canadians are taking advantage of refinancing some of the equity in their mortgage to reduce their credit card debt. Why pay high interest rates on your bank's credit card debt when you can add that debt to your mortgage and pay a much lower interest rate! One important part of a strategy is knowing "good debt" from "bad debt". A well-planned mortgage can help you turn those bad debts into good debts and get them out of the way.

Why Choose A Mortgage Broker

Mortgage Brokers primary expertise is locating funding for mortgage financing. They know where the best rates can be found. What's more, they have the knowledge required to present a proposal for financing to lenders in the best way possible to successfully obtain mortgage financing.

  1. They work for YOU, not the bank
  2. They are experts at matching you with the best-suited mortgage.
  3. Access to different lenders, banks, trust companies, investors and financial institutions.

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Testimonials

Excellent service, great rates and attention to detail. You walked us through everything so there were no surprises at all. Were grateful that we found your services! Highly recommended for sure.

We wanted to get a mortgage through our bank but came across your website on the internet. Are we ever glad we did. We saved literally tens of thousands of dollars and the whole experience was a breeze.

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2019-04-01 - This is what the federal budget means for homebuyers

This is what the federal budget means for homebuyers

The recent federal budget included Housing Affordability Measures that may be applicable to your situation, now or in the future.  There are three key measures intended to help: an incentive for first-time homebuyers, an increase in the amount of RRSP funds first-time buyers can access for a downpayment, and allowing divorced individuals to use their RRSP funds under the Home Buyers Plan. Let’s take a closer look at each:

First-Time Home Buyer Incentive (available Fall 2019)

This new measure is basically a shared equity program designed to reduce mortgage payments for first-time buyers with the minimum downpayment. The Canada Mortgage and Housing Corporation (CMHC) will provide 5% of the cost of an existing home, or 10% of a new home in what amounts to an interest-free loan that isn’t payable until you sell the property. The extra encouragement to purchase a newly built home is expected to boost home construction and help address a housing shortage in many areas.

There are a few caveats. If your household income is more than $120,000, you aren’t eligible for the program. And your total borrowed amount (including the incentive portion) can’t be more than four times your household income. With a 5% downpayment and a household income of $120,000, the maximum purchase price would be approximately $505,000. 

 

CMHC’s First-Time Buyer Incentive – Mortgage Payments

 

No Incentive

With 5% Incentive

With 10% Incentive

Purchase Price

$440,000

$440,000

$440,000

Downpayment 5%

$22,000

$22,000

$22,000

Incentive

$0

$22,000

$44,000

Mortgage

$418,000

    $396,000

$374,000

Monthly Payment

$2,052

$1,944

$1,836

Assumes 25 yr am, 5 yrs, 3.34%

 

The program is expected to be launched this Fall.  We’re still waiting for some details on how the incentive is paid back, and how increases or decreases in equity will be handled.  Stay tuned! In the meantime, I can certainly run some numbers to determine if this is something you, or someone you know, may want to take advantage of later this year. 

Bolstering the Home Buyers’ Plan

The Home Buyers' Plan (HBP) has allowed first-time buyers to withdraw up to $25,000 ($50,000 per couple) from their RRSP to help with downpayment and closing costs, without having to pay tax on the withdrawal. HBP withdrawals are not added to a person's income when withdrawn, but instead must be repaid over a 15-year period. The budget increased the maximum withdrawal amount to $35,000 per qualified buyer, which is effective immediately. 

Divorced individuals eligible for Home Buyers’ Plan (available now)

The budget also proposed that those experiencing the breakdown of a marriage or common-law partnership can now participate in the Home Buyers' Plan. This measure will be available for withdrawals made after 2019, and is great news. After all, a financial plan that starts with homeownership can help both parties make the best possible start on a new path. 

The bottom line on budget 2019? There are some good measures for some homebuyer groups that needed a boost. The new first-time buyer incentive program has certainly added another layer of complexity to the already complicated mortgage world that includes two different stress tests. Getting expert advice throughout your mortgage years is more important than ever. Got a homebuying dream? Feel free to get in touch for a review of your situation at any time!

 

 

2019-03-05 - Homeownership trend - buying with a friend

An interesting new homebuying trend emerging among millennials is home purchases that are completed with a friend. It’s a creative solution to the housing market given tough qualifying rules and high prices. Pooling your resources is a great way to take you from the fringes of homeownership to landing what you really want and getting a start on wealth building.

Here are a few of the things you’ll want to talk about before you get started:

  • Detached, condo or something else? How many bedrooms/bathrooms and what amenities do you both want? Are you the fixer-upper types or do you want move-in ready?
  • What can you both afford? Remember to factor in closing costs including lawyer’s fees. Put a budget together that includes property taxes, any condo fees, heat and hydro, internet, cable, anticipated maintenance costs, and household expenses.

Next, talk about how co-ownership will work, and consider getting legal advice and a legal agreement outlining roles and responsibilities, including:

  • whether ownership is divided equally among the buyers, or by some other percentage based on what you bring to the purchase and ongoing costs;
  • how you plan to divide and use the space within the home, and any mechanism for dealing with conflicts;
  • how you are going to divide ongoing and one-off expenses;
  • how you want to handle household chores, repairs and maintenance;
  • what happens if one co-owner wants to sell their share for any reason? Will the other owner(s) have first right of refusal to buy their share? And how will you establish a fair market value for that share?
  • what if one person is unable to afford to continue to pay his/her share of the mortgage for any reason?

Today many young millennials get their money working for them early through property partnerships with friends. A little pre-planning and you could be hosting your joint housewarming party!

2019-01-28 - 6 reasons to work with an expert on your mortgage renewal

6 reasons to work with an expert on your mortgage renewal

Given the large financial commitment of a mortgage, it’s surprising that so many homeowners sleepwalk through the mortgage renewal process and don’t look at all their options in the marketplace. Many accept whatever their lender offers or just have a short negotiation to shave a few points off.  While it’s tempting to choose what is easiest, it’s so important to have a mortgage expert working for you as early as 9 months prior to renewal. Here’s why:

1.     I have access to over 50 lenders so I can make sure you are being offered the best deal possible.

2.     Having a good credit score is important if you want to switch your mortgage to a new lender for a better deal. Your current lender may also take your score into consideration at renewal. You have more control over your credit score than you think, and you may want to discuss credit improvement strategies.

3.     If you have enough equity in your home, you may be able to move high-interest debt to your lower-rate mortgage, improving cash flow and saving on interest. Renewal is the perfect time to do this.  I can run the numbers to see if this strategy makes sense for you.

4.     Taking on new debt or leaving your current employment prior to renewal can affect your ability to move your mortgage to another lender. We can discuss the potential impact of changes to your personal situation. 

5.     If your mortgage isn’t insured, I can help determine if you can switch to a lower-rate insurable mortgage that offers long-term savings.

6.     If you need to free up cash flow for specific needs or life situations, a 30-year amortization might be an option for you to consider (20% or more in equity required). 

Remember, I work for you. With access to dozens of lenders and hundreds of mortgage options, my goal is to help you make informed decisions so you always get the best package of rate and features that best fits your needs.

2018-12-21 - 8 tips you won't get from your bank in 2019

Eight tips you won’t get from your bank in 2019

If you’ve got a mortgage – or plan to get one this year – you probably know that it’s more complicated than it used to be just a few short years ago. That said, I have many tips and strategies that can help you get the mortgage you need, tweak the one you have, or help you plan for renewal. Here are my top eight: 

  1. To get the best deal, you need options. When you go to your bank, you’re talking to one lender. Their best deal might not be THE best deal. It’s also difficult to qualify at a bank if you are self-employed, have past credit issues or finding the stress test a challenge.  Credit unions, alternative and private lenders are increasingly helping people get into new homes or refinance their mortgage.
  2. Best-rate quotes are often meaningless.  Mortgage rule changes have thrown mortgage pricing up in the air. Your actual rate depends on a whole slate of factors, which is why you can only get an accurate rate quote after an in-depth assessment of your personal situation.
  3. The devil is in the details. People tend to focus on rate, but you can save thousands by making sure you get a mortgage that has fair penalties, allows you to prepay, and ensures you will also be treated fairly at renewal. Don’t end up paying exorbitant fees, or be forced to take a high rate at renewal.
  4. An insurable mortgage might be a smart move.  If your mortgage is “uninsured” and you want to switch to a new lender for a better rate at renewal, that lender will qualify you using a 'stress test', which may affect your ability to move your mortgage, and giving your lender no incentive to offer you the best rates. It’s possible that you can switch your mortgage to a lower-rate insurable mortgage that has more flexibility. 
  5. A 30-year amortization can give you wiggle room on cash flow.  A longer amortization (20% or more in equity required) allows you to minimize your mortgage payments and free up cash flow for uses like investing, business needs, post-secondary education, maternity leave, home maintenance, or other life situations.  You can keep your payments at a shorter amortization and only use this flexibility if the need arises.
  6. Monitor your credit score. The best rates go to borrowers with the best credit scores. Lenders are also paying closer attention to any warning signals that clients may have trouble paying their mortgage. If your credit slips and your lender feels your risk has increased, you may be offered a higher rate at renewal.
  7. A rental suite can be a sweet mortgage helper. A home with a rental suite could help you buy a single-family home instead of a condo, get you into that neighbourhood you love, or help you offset mortgage payments in the house you’re in so you can become mortgage free sooner or have the freedom to channel money into other areas.
  8. Plug your biggest money leak. If debt is choking your cash flow and you have enough equity in your home, you may be able to move that debt to your lower-rate mortgage and save thousands. Using home equity to pay down debt is one of my specialties!

New year. New chance to make sure your mortgage strategy is working for you and helping you build wealth. Get in touch for a review of your situation. 

2018-11-28 - Broker vs Banker

Broker vs Banker

You want it all: the best available rate with exactly the right features you need to live comfortably with your mortgage and pay if off in record time. If you want the perfect mortgage, you need to shop around. And that’s my strength. I offer access to over 50 of Canada’s leading lenders, including major banks, credit unions, and national, regional and private lenders. I do the research for you, finding you the best mortgage across multiple lenders. 

Your bank, as great as they are with your day-to-day banking, may not be the best choice for your mortgage because they represent just one available lender. Access to lender choice is one difference between getting a mortgage from a Bank vs a Broker, here are more:

 

Your Mortgage Broker

Your Bank

Mortgage Rates

Mortgage brokerages negotiate discounted rates with lenders, and have access to rate promotions and specials.

Rates are set by the Bank. If there’s a better deal in the marketplace, you’ll have to find it yourself.

Objectivity

Your Mortgage Broker works for you, not any one lender.

Mortgage specialists are there to build business for the Bank.

Solutions

Brokers have access to mortgages for the self-employed and those with past credit issues.

It is difficult to get a mortgage for certain client situations.

Cost

The winning lender pays your Broker for the services and solution provided.

Mortgage specialists are paid and incented by the Bank.

Ongoing Service

Brokers offer ongoing advice after your mortgage closes i.e. how to pay off your mortgage faster, power down debt, finance renovations or invest in property.  There have been many regulatory changes, so it’s important to have access to a mortgage expert.

No proactive ongoing advice is typically provided. You will get an annual mortgage statement.

At Renewal

Your Broker will go to bat for you again to make sure you have the best deal possible.

You may not be offered the best deal initially, requiring you to proactively contact theBank to negotiate.

Getting a mortgage is a very significant financial event. That’s why you want someone who is highly specialized in the mortgage marketplace and focused solely on your needs. Get in touch for advice that is relevant to your situation.

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