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When your mortgage term is up, you have three options: you can renew with your existing lender at the rates they are offering for a new term and the remaining amortization; transfer your mortgage to a new lender usually available at no costs to take advantage of a better interest rate; or refinance it to … Continued
Losing your job, being laid off, or having to take a pay cut during COVID-19 can be extremely stressful and overwhelming. Money is a stressful topic for many individuals, and experiencing these types of interferences with your income can be challenging. If you’re feeling uncertain and are looking for guidance on how to navigate through … Continued
“At the risk of oversimplifying, on the night of September 16th, the annualized rate for borrowing was 2% but suddenly there were no lenders. So the rate went up to 4% then 5% – still no institution was willing to lend even at those rates. Ultimately, the rate went all the way to 10%. … Continued
The spring months are typically when the real estate market flourishes most. Most people look to purchase or sell, and real estate agents work to prepare for this season. However this year, with the impact that COVID-19 has had on the real estate market, this is simply not the case. Tightened Restrictions on Viewings and … Continued
You don’t have to be married to buy your first home. There may be advantages of purchasing a home with another, but those who are single can still qualify to buy their first home all on their own. Lenders look primarily at factors like your income, employment, and credit score to make their decision, not … Continued
Not sure whether you should buy a property or rent one? There are benefits to both options based on your current financial situation and lifestyle. If you need help weighing your options, here are some factors to consider. When Renting Is Better For most people, renting is their only option if they don’t have enough … Continued
The Bank of Canada recently announced two interest rate cuts in March, which has led the big 6 banks to lower their prime rates that drive mortgage rates. Lower rates make it easier for Canadians to apply for a mortgage, but with a pandemic on our doorstep, these are no ordinary times. How will these … Continued
The current COVID-19 situation in Ontario and Canada is quickly evolving and changing daily. We understand so many are impacted in different ways. Here are a list Service Canada links you may find helpful. For specific mortgage questions please feel free to reach out to one of our Mortgage Agents to discuss your mortgage, options … Continued
As we have seen, the coronavirus (COVID-19) has continued to evolve and things are changing at a rapid pace. We understand that you may be facing financial difficulties or have concerns about your mortgage payments as we move through this pandemic. When unforeseen financial circumstances impact your ability to make regular mortgage payments, it’s important … Continued
Debt can hold you back from a number of things, including purchasing your first home and refinancing. If you’re drowning in credit card debt or simply want to get more control over your finances, use our guide to stress-free debt consolidation below to help clear your slate. Consolidating with A Line of Credit If you … Continued
