Our Mortgage Services
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.
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.
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.
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 - 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.
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.
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.
- They work for YOU, not the bank
- They are experts at matching you with the best-suited mortgage.
- Access to different lenders, banks, trust companies, investors and financial institutions.
We were very satisfied with the service we received from Marina and her team.Their commitment, hard work and dedication to treating clients like close friends are very much appreciated. We will continue to recommend them to anyone we know who is looking for a better mortgage rate and an excellent service.
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.
Five brilliant ways to work a reverse mortgage
It’s true: a reverse mortgage - one of the best financial tools available to Canadians over 55 - can greatly assist cash-strapped seniors who need to pay off their debts and live comfortably in their family home. But reverse mortgages are also a brilliant strategy for well-heeled retirees who want to unlock the value in their homes for wealth-building strategies or to enhance their retirement.
Here are five brilliant reverse mortgage strategies:
1. Buy a second property. Who would have thought you could pull the value out of your first home – after retirement – and use the money to pick up a little vacation home… or maybe an investment property?
2. Start a business. Canadians are increasingly pursuing a passion or using their professional talents to start a new business after retirement. A reverse mortgage is a great way to pull value from your home and make an investment in something you love to do.
3. Give your children a leg up on the homebuying ladder. Tougher qualifying rules have created extra obstacles for first-time homebuyers. A reverse mortgage lets you keep enjoying your home – while giving your children some help to get into their own home.
4. Renovate the home you love. Maybe your dream is a gourmet kitchen to hone your cooking skills. Or an outdoor entertaining area to make the most of your family time. Or maybe you’d like to renovate to make your home more accessible as your mobility decreases. A reverse mortgage can generate the funds to make it all possible.
5. Use your home to get away! A reverse mortgage can give you a cash infusion to enhance your lifestyle. Many retirees are looking forward to more travel – and a reverse mortgage can provide the funding to make it happen, without ever giving up your home!
Bet you didn’t know a reverse mortgage could be such a powerful financial tool! You can access equity in your home – tax free - and never make a mortgage payment on those funds. You always retain ownership of the home, and you are never required to move or to sell. It’s good to know that all those years of mortgage payments have earned you some rewards. Interested? Let’s talk!
If you are rate shopping, you’ll notice that the lowest available rate will be for a variable mortgage, which is why I’m often asked “what does variable mean and how is it different from a fixed-rate mortgage?”
With a variable mortgage, your rate will move in conjunction with your lender’s Prime lending rate, which in turn tracks the Bank of Canada’s rate, and will typically be quoted as Prime minus a specified percentage. It can be difficult to predict our economic future so you won’t know for sure what kind of rate ups and downs might be ahead of you.
With a fixed-rate mortgage, your payments are fixed for the term of the mortgage, which offers stability. Fixed-rates are usually better suited to first-time buyers or those who haven’t owned a home for a very long period. Ask yourself these questions: Do you like or need to know exactly what your payment is going to be over a longer period of time? Do you want to avoid the need to consistently watch rates? Do you have less than 20% down? If you answered “yes” to all or most, a fixed-rate mortgage could be the better choice for you.
A variable-rate mortgage is best suited to people who have a flexible budget and can tolerate slightly more risk. Ask yourself these questions: Do you watch market conditions? Can you handle any rate increases that could increase your payment? Do you have more than 20% equity in your home? If you answered “yes” to all or most, a variable-rate mortgage might best suit your needs. Most variables allow you to exercise an option to “lock in” a fixed rate at any time for the remaining portion of your mortgage term or longer. You can also set up your payments at what they would be if you took the higher rate, which helps you pay down your mortgage faster, and creates a financial buffer for you if rates rise later.
If the uncertainty of a variable rate is going to give you sleepless nights, you’re in good company. Many Canadians prefer the certainty of a fixed-rate mortgage. They know exactly how much they will pay over the term of their mortgage, and they can plan accordingly… with no financial surprises. However, lower-rate variable mortgages with a strong Prime minus offer give you the potential to save a lot on interest. And, if your circumstances change and you need to get of out of your mortgage, you will appreciate the lower penalty to get out of a variable versus a fixed-rate mortgage.
Your best option is to get professional and personalized advice. I would be happy to help you determine which option is best suited to your needs.
For many Canadians, their home is a terrific repository of wealth. Home equity can build nicely by chipping away at payments and through increasing home values. Accessing home equity through a refinance (min 20% home equity) has for years been an easy, low-cost way to get needed funds. Various new mortgage rules and “stress-testing” has made refinancing more complicated, but it’s a strategy that continues to make good financial sense for certain homeowners that qualify.
Here are five reasons why:
- Fresh start. If you have too much high-interest debt, you may be able to roll everything into one manageable monthly payment on a low-interest mortgage. Then you get a financial re-set, and can potentially save thousands of dollars in interest.
- Dream home. If you’ve found the perfect cottage, chalet, or the retirement home of your dreams, refinancing may be the way to make that purchase happen now if you’re not quite ready to sell your primary residence.
- Renovate. Renovating your home is often a less expensive option than moving. And the right renovations can improve the quality of your life and increase the value of your home.
- Wealth building. A rental property can give you a great wealth building opportunity and a source of retirement income. Or you may want to invest in a new business venture.
- Large expenditures. You may be able to get the funds you need for major expenses (tuition, wedding etc.): a much better strategy than loading it all onto high-interest credit cards.
I have access to dozens of lenders, including alternative lenders that are not subject to the new rules and have less stringent qualification guidelines. If you are interested, I can provide you with a personalized analysis so you can determine whether a refinance makes sense. My job is to help you pay down debt, build wealth, create financial security, and enjoy life to the fullest!
Staying home throughout retirement with a mortgage that pays
Some retirees still believe that sometime during retirement, they must leave the home they love. But it is possible to stay home and have the mortgage they’ve paid all their lives start paying them. That’s the concept of a reverse mortgage, a potential route to financial freedom. There are no payments required, and ownership of the home is always maintained. The tax-free cash received from a reverse mortgage can be taken over time or in one lump sum, which can create a financial cushion and help manage ongoing bills, or can provide the funds needed to pay off debts, purchase a second home, start a new business, fix up the home, travel, or help a loved one buy a home. If you – or someone you know – is age 55 or over and is exploring their retirement options, get in touch for more details and a personal analysis.
Simply put, it’s become a lot more complicated to renew a mortgage in Canada. Some clients are surprised to discover they don’t qualify for the best rates with their current lender, or that they can’t switch their mortgage to a new lender for a better rate. My advice? Start preparing early. Here’s why:
New accounting rules called IFRS 9 (IFRS stands for International Financial Reporting Standard) will cause lenders to pay closer attention to any warning signals that clients may have trouble paying their mortgage. As a result, if your lender feels your risk has increased i.e. perhaps your credit score has slipped, they may then offer you a higher rate at renewal, even if you have never missed a payment. Good news – download my MOPOLO app to monitor your credit score monthly!
Do you have an “uninsured mortgage”? If you want to switch to a new lender for a better rate, that new lender will need to qualify you using the new .”stress test”, which may affect your ability to move your mortgage, and giving your lender no incentive to offer you the best rates at renewal. I can help you understand your options. One of the things we’ll look at is whether we can switch your mortgage to a lower-rate insurable mortgage: a move that could offer huge savings over the long term. Not sure if your mortgage is insured or not? I can find that out for you.
Mortgage rate trends. While fixed rates are higher today than they were a year ago, many lenders are offering exceptionally low rates on their variable rate mortgages. In addition to offering the ability to save on interest, a variable mortgage can be significantly less expensive to get out of should you need to. It’s critical that you work with a mortgage expert who has access to more than 50 different lending options, including credit unions that aren’t subject many of the same rules. So as soon as you hear from your lender about your mortgage renewal, get in touch! Or let’s have a conversation about credit improvement tips or discuss the potential impact of changes in your personal situation like reduced household income.
Canadians know that a smart home renovation can both increase their property value, and improve the way they live in their home. Putting a renovation on your high-interest credit card can wipe out the value you’re adding, and create months – or years - of financial stress. Good news, there is a better way. You may be able to get that new kitchen (or bathroom, backyard etc.) through your mortgage, typically your most cost-effective way to finance. Here’s how I can help:
PURCHASE Plus Improvements: Perfect for those looking at buying a fixer-upper, a Purchase Plus Improvements Mortgage covers the sale price of the home, plus the cost of any renovations that will increase the value of the property, up to $40,000. Then you can look at financing up to 95% of this future post-reno value. If you’ve found a house with “great bones” that can be renovated into the home of your dreams, then this is the mortgage that can make those dreams come true.
REFINANCE Plus Improvements: Tailor-made for those that don’t have enough equity to refinance, the Refinance Plus Improvements Mortgage allows you to finance up to 80% of the improved value of your home once the up to $40,000 in home improvement renovations are completed. Your lender will advance the total mortgage, pay off your existing mortgage, and instruct the solicitor to hold back the amount for the improvements. Once the lender is satisfied the renos are complete, the solicitor is instructed to release the funds for the renos. There are options we can discuss for carrying your expenditures until the funds are released. Should you have more than 20% equity in your current home, you may be able to simply do a conventional refinance and take out the equity you need. It’s almost always better to protect your savings, keep large expenses off your credit card, and simply access funds through your mortgage. I can even help structure a mortgage with features to help you pay your project off faster – for more savings. There are several steps required to complete these types of mortgages and I would be happy to review the process with you. Let’s make your dream a reality!
Need a Bigger Downpayment?
New mortgage rules might mean that you need a bigger downpayment than you expected. Here are some of the sources that can be used:
- A financial gift (or loan) from a parent/blood relative
- RRSPs (up to $25,000 per applicant)
- TFSA / Investments
- Sale of an asset
If you still need help qualifying, we can discuss having a parent cosign the mortgage with you, which is very common with millennial homebuyers. I’m here to help, so get in touch for answers to all your questions!
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