oakvillemortgageteam

We’re in full RRSP season and many Canadians wonder what the best option is between lump-sum payments every winter and monthly withdrawals. Contributing to you RRSP has several advantages: aside from the obvious retirement savings, RRSP contributions are deductible and can be used to reduce your tax. An RRSP also gives you a certain degree of flexibility in your financial future, and you can tap into your RRSP for the Home Buyers' Plan that gives first-time home buyers the opportunity to withdraw up to $25,000 for their down payment. Both options (lump-sum or recurrent) work to contribute to your RRSP, but regular deposits are definitely preferred. Contributing regularly forces you to save every month, and you can also set up a pre-authorized withdrawal from your [...]

Mortgage rates are dipping and homeowners in Ontario are seriously thinking about the relationship between a new mortgage and savings. For those who are working with adjustable rate mortgages, the allure for the certainty offered by the fixed rate option has never been stronger. If your fixed rate dates back to 2010 or earlier, I am almost certain the current mortgage rates in Ontario are much lower than your rate. This alone should motivate you to refinance. Definitely, there are other benefits too as we will see.   Reasons to Refinance and how much you can potentially save Interest Rates Do you have a five-year mortgage with a few years, say three, to go? Refinancing the mortgage can save you thousands of dollars and reduce [...]

If you are feeling the pinch of Financial Debt, take heart, you are not alone. In Canada, Consumer debt is on the rise and about 80 to 87 percent of that is mortgage debt. Homeowners that are most affected are in Ontario, British Columbia and Alberta where house prices have escalated. Are feeling overwhelmed by debt? Sometimes we don’t consciously recognize we have debt problems, but at times can feel a gnawing feeling of being afraid or a general angst.   Even if we are aware of an issue with debt, it can be a tough thing to admit, let alone get help. At times it’s due to knowing something needs to change, we are embarrassed, acknowledging it makes it real or at times just have [...]

If you are a newcomer and immigrated/relocated to Canada within last 60 months, let a professional Mortgage Broker at Oakville Mortgage Team help you realize your dream of homeownership.  Qualified homebuyers who have immigrated or relocated to Canada within the last 5 years are eligible, under the New to Canada program, to purchase a property with as little as a 5-10% down payment.  The Oakville Mortgage Team knows how you can increase your chances of success and will help you realize your dream of homeownership in Canada.  Some important guidelines to qualify for a mortgage are: 3 months minimum full time employment in Canada (borrowers being transferred under a corporate relocation program are exempt).  Standard income and employment verification requirements apply. Note:  If you have [...]

Decisions you make on your mortgage should not just be about getting best mortgage rates.  Make an Informed Decision on your Mortgage and find out more about a Conventional Mortgage versus a Standard Mortgage.  There are advantages and disadvantages to both mortgages, depending on your mortgage needs. Standard Mortgage –  Standard charge mortgages are offered by the majority of lenders, although some offer both – standard charge mortgages and HELOCs, which are a collateral charge. The mortgage is registered for the amount borrowed giving you the option to access your equity at a later date either through a second mortgage, a secured line of credit or by renegotiating with your existing lender to adjust your mortgage amount.  With a standard charge mortgage you are not as [...]

CMHC's Homebuying Step by Step guide walks you through five key steps to buying a home. Step 1: Is Homeownership Right for You? Take a moment to think through the advantages and disadvantages of both owning and renting. Spend the time to educate yourself about the process of home buying and the responsibilities of homeownership. Step 2: Are You Financially Ready? Before you begin shopping for a home, know how much you can afford to spend. Start by evaluating your financial readiness with the help of CMHC’s Household Budget, Mortgage Payment, Debt Service and Mortgage Affordability Calculators. These tools will help you establish your financial situation, determine how much you can afford and the maximum price that you should be considering. It is a good [...]

If you are thinking of purchasing a home, you most likely have a lot of questions.  We've come up with a quick quiz to test your knowledge and see if you're mortgage ready. Question: Can I afford a mortgage? Answer: You will need to budget and have a down payment of at least 5%. To find out if you can afford a mortgage, check out our free mortgage affordability calculator. Question: What percentage of my income should I calculate for monthly housing costs? Answer: On average, the total cost of your monthly mortgage, property taxes and the monthly portion of your annual home insurance should not be more than 25 to 30 per cent of your monthly net pay. You should also look at any [...]

If you are looking to purchase a home and you and/or your spouse are First Time Home Buyer, you may be eligible to use your Registered Retirement Savings Plan (RRSP) for your down payment with the Home Buyers' Plan (HBP).  The government's Home Buyers' Plan allows you to withdraw money from your RRSP of up to $25,000 per person or $50,000 per couple, in order to purchase your home.  You will first need to qualify and here are conditions to determine your eligibility from the CRA website: you must be considered a first-time home buyer; you must enter into a written agreement to buy or build a qualifying home for yourself, for a related person with a disability, or to help a related person with [...]

Turn the equity in your home into peace of mind.  There may come a time when you need access to money but due to lack of funds, it seems unattainable.  Financial emergency situations can be overwhelming and just paying your mortgage payments can be daunting.  There may be various reasons you require extra funds such as; high interest debt on many credit cards, sudden and unforeseen expenses, required renovations, life changes in your family dynamics and the list can go on. As a homeowner you have additional options to assist you in, managing your debt, getting some needed renovations, having emergency funds or just relieve the financial pressure.   Also, another reason to consider a Home Equity loan is by consolidating your debts into a home [...]