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Why a Mortgage Broker is Your Best Ally in the Coming Years

With Canada’s mortgage market bracing for one of the largest renewal waves in recent memory, there’s never been a better time to call in a mortgage broker. And by “call in,” I mean get someone in your corner who will make this decision more than a game of eeny-meeny-miny-mo with your mortgage. Let’s talk about why a mortgage broker could save you more than just a few bucks—they could save you the hassle of being squeezed by a single bank’s one-size-fits-all approach.Here are six re...

BRRRR Investing in Canada: Master the Buy, Rehab, Rent, Refinance, Repeat Strategy for Real Estate Success

IntroductionCanada’s stable real estate market, combined with favourable interest rates and rising demand for rentals, makes it an ideal landscape for real estate investors to employ the BR strategy. This approach—Buy, Rehab, Rent, Refinance, Repeat—allows investors to generate cash flow, build equity, and expand their portfolios without continually investing fresh capital. This guide covers each phase of the BRRRR process, with insights and tips specific to the Canadian market. Whether yo...

Avoiding Common Mortgage Pitfalls

The mortgage approval process can feel overwhelming, with many steps and potential obstacles along the way. Fortunately, knowing the most common pitfalls and how to avoid them can help make the journey to homeownership smoother and less stressful. Here are the top tips to help you stay on track and ensure a smooth mortgage approval process.1. Avoid Major Financial ChangesOne of the most common pitfalls in the mortgage process is making significant financial changes, like applying for new credit,...

Balancing Debt Repayment and Saving for a Down Payment

One of the biggest challenges for future homeowners is finding the right balance between paying down debt and saving for a down payment. Both are essential to securing a mortgage, but prioritizing one can sometimes feel like you’re sacrificing progress on the other. Here, we’ll explore strategies to manage both effectively, keeping your finances mortgage-ready and helping you reach your home ownership goals.1. Assess Your Financial Goals and PrioritiesThe first step to balancing debt repayme...

How Life Changes Can Impact Your Mortgage Approval

Life can bring unexpected changes, and while these shifts are often positive, they can impact your mortgage approval process. Decisions such as a job change, new credit application, or co-signing a loan can affect your financial profile, so it’s essential to know how these life changes may influence your mortgage status. By understanding the potential effects, you can make informed choices to keep your mortgage approval on track and get closer to your dream home.1. Career Changes and Job Stabi...

How to Keep Your Finances Mortgage-Ready

Securing a mortgage is a major step toward homeownership, but maintaining a stable financial profile during the process is essential. Lenders assess your financial stability closely; even minor missteps can affect your mortgage approval. Here’s a practical guide on keeping your finances mortgage-ready to avoid common pitfalls and ensure a smooth approval process.1. Pay Your Bills on TimeMaking timely payments on your bills is a key factor in maintaining a strong credit profile. Lenders look cl...

Should You Lock in for 10 Years? The Benefits and Drawbacks of a 10-Year Mortgage

When it comes to choosing the right mortgage, there’s no universal solution. While the 5-year fixed-rate mortgage is a popular choice in Canada, there’s another option worth exploring: the 10-year fixed-rate mortgage. Locking in your mortgage for a decade can offer unique benefits for some homeowners, though it may also come with its drawbacks. Let’s take a closer look at both sides to help you determine if a 10-year term aligns with your financial goals.Benefits of a 10-Year Fixed Mortgag...

The Ultimate Guide to Documentation for Self-Employed Mortgage Applications

Navigating the mortgage landscape as a self-employed individual can feel like traversing a maze blindfolded. But fear not! We're here to shed some light on the path and guide you through the essential documentation needed to qualify for a self-employed mortgage in Canada.Why Documentation is CrucialIn the eyes of lenders, self-employed borrowers often appear riskier because their income isn't as predictable as that of salaried employees. To mitigate this perceived risk, lenders require comprehen...

Alternative Lenders 101: The Flexible Mortgage Solution for Self-Employed Borrowers

Hey there, self-employed mortgage borrowers! Ever feel like traditional banks are treating your mortgage application like it’s a VIP-only club, and you just don’t make the list? Trust me, you’re not alone. But don’t worry—there’s a superhero in the mortgage world, and it’s called alternative lenders.Let’s break it down so you can see why they might be the financial fairy godmother you didn’t know you needed.Who Are These “Alternative Lenders”?Alternative lenders (or, as the...

Inflation and Interest Rates: What the Latest Trends Mean for Canadians

The Canadian economy has been on quite a ride lately, especially when it comes to interest rates and inflation. As we head into the latter part of 2024, it’s important to understand how recent changes—like the drop in September’s inflation rate—could affect your financial situation. Let’s break down the latest developments and what they could mean for things like interest rates, borrowing, and the overall economy in the coming months.September Inflation Falls to 1.64%: What Does It Mea...

Bond Market Update: Is the Tide Turning?

For those of you keeping a close eye on bond yields, you might have noticed an unexpected shift over the past few weeks. While many anticipated rates to head lower, the 5-year Government of Canada yield has moved in the opposite direction—up 33 basis points in just two weeks! So much for the certainty that rates were only going to fall.Sorry to burst the bubble, but rates can move in both directions—especially when you least expect it.Is This the Work of the Bond Vigilantes?Could we be seein...

Refinancing Your Mortgage as a Self-Employed Borrower: Unlocking Financial Benefits

One of the primary advantages of refinancing your mortgage is the potential to secure a lower interest rate, which can significantly decrease your monthly payments. For self-employed individuals whose income may fluctuate, reducing monthly expenses is crucial. For instance, if you currently have a 5-year variable rate mortgage at 6.2% on an $800,000 loan, refinancing to a rate of 4.9% could save you approximately $847 monthly and over $50,000 in interest over the mortgage’s life....

Understanding Mortgage Payments: Timing, Renewal, and Interest Rates

Mortgage payments are an essential part of your financial responsibilities after purchasing a property. However, understanding when and how these payments are due can be confusing, even for seasoned homeowners. To avoid financial pitfalls, it's crucial to grasp the intricacies of mortgage payments and their timing.Let's explore why mortgage payments are typically made in arrears and not in advance, using real-life case studies to understand further....

The Impact of Credit on Your Mortgage

Understanding the role of your credit score in securing a mortgage is crucial for any potential homebuyer in Canada. Your credit score not only affects your ability to get a mortgage but also the terms and the rate you'll pay. Here's what you need to know about how credit impacts your mortgage prospects....

Financing Options for Self-Employed Real Estate Investors

Navigating the real estate investment landscape as a self-employed individual comes with its unique set of challenges, primarily when securing traditional financing. This blog delves into creative financing options that cater specifically to the non-traditional income patterns of self-employed investors, offering flexibility and accessibility....

How the Bank of Canada’s Rate Cuts Impact Us.

The Bank of Canada has started its rate-cut cycle, which can run up to 2%—2.5% overall when it is done.  This easing cycle reverses the painful situation for homeowners, Bankers, Business Owners, Home Builders, and the entire real estate industry. How transformative will it be? Here's a preview of what to expect....

Unlocking Your Home’s Value: A Comprehensive Guide to Accessing and Leveraging Home Equity

Homeownership is more than just a roof over your head; it's a significant investment and a potential source of financial leverage. For many homeowners, the biggest chunk of their wealth is tied up in their home. But how can you tap into this value? This guide explores how to access and use your home equity effectively in Canada....

Are Hefty CMHC Premiums for a 30-Year Insured Mortgage Worth It?

Starting August 1st, 2024, first-time homebuyers looking at new constructions have a new option to lower their payments: 30-year amortizations for CMHC-insured mortgages. But is this option really beneficial, or does it come with hidden costs?...

Securing a Mortgage as a Self-Employed Homebuyer: What You Need to Know

Being self-employed should not stand in the way of buying a home, although it may present some unique challenges during the mortgage application process. Lenders often require more comprehensive documentation from self-employed individuals to fully understand their financial situation and to offer the most suitable financing options. Here’s what you need to prepare when you’re ready to pursue homeownership....

The Benefits of Real Estate Investment In Wealth Building

Real estate investment remains one of the most robust ways to build wealth over time. In Canada, where the market has shown resilience and consistent growth, real estate can be a particularly enticing option. This article explores why Canadians are turning to real estate as a key component of their long-term financial strategy and addresses some common inquiries prospective investors have....

Investing in Multi-Family vs. Single-Family Rentals: What's Best for Your Portfolio?

Investing in real estate remains a proven approach to wealth building, but deciding between multi-family and single-family rentals can be complex. This blog examines both options to assist investors in choosing the right type of property for their portfolio....

Understanding Mortgage Penalties: A Guide for Homeowners

Sometimes life throws unexpected changes your way, which might lead you to consider breaking your mortgage term early. However, doing so can incur penalties that impact your finances significantly. This guide aims to demystify mortgage penalties, helping you make informed decisions and possibly save on costs....

Grants and Incentives for First-Time Home Buyers

The Home Buyers' Plan (HBP) is a helpful option for eligible individuals who want to purchase or construct a home. This plan is ideal for first-time buyers who can make a tax-free withdrawal of up to $35,000 ($70,000 for couples) from their registered retirement savings account (RRSP). After withdrawing, you have 15 years to repay the borrowed amount without any interest. The repayment period starts two years after the withdrawal has been made....

Is a Credit Score Drop Really Something to Fear When Applying for a Mortgage?

In the complex world of home financing, one common concern among borrowers is the impact of credit inquiries on their credit scores. It's not unusual for borrowers to hesitate about a mortgage credit check, fearing it might lower their overall credit scores. However, it's essential to understand that these checks are a routine part of the mortgage application process and should not cause undue worry.We’ve heard things like:“Can’t you just use my free Borrowell report?”“I don’t want a...

Mortgage Refinancing: Guide To Lower Payments & Accessing Equity

Homeowners choose to refinance for various reasons:Lower Monthly Payments: Restructuring your mortgage to enjoy lower monthly payments.Accessing Home Equity: Cashing out on home equity for renovations, investments, or paying off high-interest debts.Switching Rate Types: Moving from a variable-rate mortgage to a fixed-rate mortgage for predictable monthly payments....