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Before beginning the process of looking for your dream home, it is a good idea to get pre-approved for a mortgage.  One of the first things buyers should do is talk to a qualified mortgage broker (or mortgage agent) and get pre-approved for a mortgage.  Too many owners neglect to seek pre-approval, despite the fact they are under no obligation and it gives them more negotiating power with a seller when placing an offer on a home.  Being pre-approved is an important financial plan and allows you to discuss with your mortgage broker the mortgage amount, down payment  required and  find out  how much house you can afford.  You can also talk about the many available mortgage products and get information on fixed vs. variable [...]

Whether you are a first time home buyer and renovating your new home or are a home owner looking to renovate, you will want to first know how to hire the right contractor for renovations.  Finding a qualified contractor is the key to a successful renovation project.  You need to remember that, depending on the project, you will have a contractor in your home for days, weeks or months and you want to ensure you have workers who will know how to work in your home by maintaining a respectful and professional demeanor and who you can trust.   At the same time, you want a professional and cost efficient renovation.  Having your home renovated can be upsetting to your lifestyle and you have to make [...]

Whether you are a first time home buyer or you currently have a mortgage, you are required to provide documentation to apply for your mortgage.  Below is a general list of documents that may required when you apply for a mortgage for your mortgage professional:   First Time Home Buyer purchasing a home? Information that describes the property you are buying: Purchase and sale agreement MLS listing with photo Name, address, telephone number of your solicitor/notary Confirmation of your down payment: Savings or investments statement from within the last 90 days Gift letter Withdrawal from RRSP through Home Buyer’s Plan Employment and income proof: Salaried: T4 (T4A for commission earning) Notice of Assessment Recent Pay Stub Income Tax Return (T1) Letter of Employment Self-Employed: Personal [...]

Getting a mortgage is getting into a huge financial commitment. For this reason, you can’t afford to go wrong. Whether you are taking a mortgage for the first time, moving home or remortgaging, the wide range of mortgage products available in Ontario, Canada can be overwhelming.  When first getting a mortgage, you want to ensure you can afford a mortgage (check out our Mortgage Affordability Calculator) and find the best mortgage broker who has the knowledge and experience to assist you.  Before you go to see your Broker, you should be prepared with some questions.  Here are some typical questions you may want to prepare for your broker. How do I know which mortgage is right for me? What is a fixed rate mortgage, what [...]

Taking out a mortgage loan is the easiest way to own a house in Ontario, Canada. With a mortgage, you are able to acquire a house you wouldn’t have otherwise been in a position to afford. Unfortunately, not many people know the different types of mortgages available in Canada. They only take what is offered by the lender. In Canada, there are many types of mortgages available and the following are some examples. You can find out about mortgages you qualify for by contacting Ontario mortgage brokers. -      Fixed rate mortgage With a fixed rate mortgage, the interest rate remains the same throughout the term of the loan. When you take out a fixed rate mortgage, you know exactly how much the loan will cost [...]

If you are a first time home buyer, renewing or refinancing your mortgage, it makes sense to start budgeting and find out approximately how much you will be paying upfront and per mortgage payment. Mortgage Rates and Terms After you have determined if you can afford a mortgage  (Mortgage Affordability Calculator), you can then determine approximately how much you will pay per mortgage payment with various terms, best mortgage rates, amortization period and downpayment (Mortgage Payment Calculator) using various scenarios. Closing Costs Here is an approximation of potential closing costs to include in your budget outside of the mortgage cost and the best mortgage rates. Property valuation fee ($150 - $200) - Property lending value Home inspection fees ($500) Property survey ($750 - $1,000) Land [...]

Mortgage refinancing is the replacement of an existing mortgage loan with another under different terms. A borrower in Ontario may consider refinancing his or her loan for diverse reasons. If you’re not sure whether you should go for a mortgage refinance or not, consider using the services of Ontario mortgage brokers. The following are some of the different reasons you should consider refinancing. To build equity faster If you are in a position to increase your monthly payments -- because of an increase in salary or a fortune -- you may want to switch from a 20-year mortgage to a 15-year mortgage. This switch allows you to build equity on the house quickly. If you consider a bi-weekly refinance option, you’ll quickly build up equity [...]

In some cases, a regulatory body may require you to take out mortgage insurance – so as to protect the lender in the event you are unable to make payments on your home. In simple terms, mortgage insurance or private mortgage insurance (PMI) safeguards the lender/investor in the event you can no longer make payments towards your mortgage loan. The cost of insurance (insurance premiums) translates to additional costs on your side. Although the policy protects the lender from default, the borrower bears all the associated costs. Questions is – how should you deal with mortgage insurance? With proper planning and patience, you can get rid of mortgage insurance and associated costs – thus reducing the monthly installment you pay towards the mortgage. (The premium [...]

Due to its size and duration, a mortgage is one of the most significant loans you will ever take. Because of this significance, it is important that you consider some factors before taking out a mortgage. The following are some of the key factors you need to consider before taking out that mortgage… The Interest Rate on the Mortgage The rate of interest on a mortgage varies from one lender to another. This makes a big difference in how much you pay each month (the rate of interest affects the monthly payment due). Before taking out a mortgage, shop around to compare the best mortgage rates charged by different lenders. If you don’t have the time and budget to shop around, consider hiring the services [...]

Once you have decided to get a new house and figured out how much you are willing to spend on it, the next thing you will need to do is get a mortgage. The following are some of the basic steps you need to go through when getting a mortgage from Ontario mortgage brokers: Clean Up Your Credit To get the best possible mortgage deal and best mortgage rates, you need to work towards improving your credit. With a higher credit score, you can borrow more at lower interest rates. Order a copy of your credit report well in advance as this will allow you ample time to take the necessary steps towards improving your credit score. Pre-Qualification To get a clear idea of how [...]