Owning a home is a dream for many Canadians. Still, the high cost of mortgage payments often stands in the way, especially for Millennials and Gen Z. To address this challenge, significant new mortgage rules came into effect on August 1, 2024, paving the way for 30-year insured mortgage amortizations for first-time homebuyers purchasing new…
What Canadian Homebuyers Need to Know When embarking on the journey to homeownership in Canada, understanding key financial concepts is crucial to making informed decisions. One such concept is amortization—a term frequently mentioned in mortgage discussions but often misunderstood. In this blog post, we will demystify amortization and explain its significance in the Canadian mortgage…
Exciting new mortgage rules in Canada! 1. Increase in Insured Mortgage Price Cap: The government is raising the price cap from $1 million to $1.5 million, which will come into effect on December 15, 2024. This change aims to help more Canadians qualify for insured mortgages, making homeownership more attainable, especially for younger Canadians. 2.…
In Canada, the majority of people who buy property do so by taking out a mortgage, which is typically repaid over a specific period of time through a process called amortization. However, most mortgage contracts only last for a period of one to five years. Once the contract comes to an end, the homeowner is…
The variable vs. fixed mortgage rate decision is one of the biggest a borrower will make when selecting their mortgage. Many of my clients are choosing a 3 – 5 year fixed rate right now, as we suspect the rates will trend downwards after the 3-year period. It’s a decision that will affect a homeowner for…
Porting your mortgage entails taking your existing mortgage – along with its current rate and terms – from one property and transferring it to another. You’re only allowed to port your mortgage if you’re purchasing a new property at the same time you’re selling your old one. Unlike mortgage refinancing, porting a mortgage doesn’t require…
Did you know that 60% of Canadians simply sign their renewal documents without giving them any thought or review? We find that many Canadians spend time shopping for their initial mortgage, but the same is not true for their renewal! Did you know that often your renewal offer isn’t the best offer available? We can…
If you’re planning on purchasing a new home this fall, you’ll certainly want to continue reading! Here are my best tips for getting pre-approved for a mortgage. 1) Check your credit score- Mortgage lenders will use your score to gauge your financial stability and your ability to pay off your mortgage. The higher your score,…
This blog post is for all the newlyweds! So many weddings this summer, therefore so many individuals starting their new life together! Here are a few things I want you to think of as you navigate this new journey together: 1) TO RENT OR OWN? If you’re currently renting, make a plan for how and…
