Helping your child buy a home has become a viable option for many Canadians whose millennial children find the dream of home ownership slipping out of reach. According to a 2022 report from the Ontario Securities Commission (OSC) on Millennials and the Markets, only 33% of millennials currently own homes, despite 56% considering home ownership a top financial priority. Parents are increasingly stepping in to offer financial support, striving to turn this dream into a reality for their children. If you’re one of these parents, I’ve outlined some different ways for you to help out. Helping Fund ..read more

Have you been trying to figure out how you can manage that large expense or high interest debt and are considering financing alternatives? Refinancing your mortgage might be the answer. But before you start browsing for different mortgage options and comparing rates, it’s important to understand what’s involved when you refinance your mortgage. Firstly, you need to know if you qualify to refinance your mortgage at all. If you have at least 20% equity in your home, you may qualify to refinance your mortgage. Breaking your existing mortgage and potentially facing prepayment fees might seem over ..read more

Are thoughts of higher mortgage rates keeping you awake at night? As your fixed-rate mortgage approaches its renewal date amid persistently high interest rates, the prospect of an increased monthly payment being withdrawn from your bank account can be scary. The uncertainty of how you will maintain your current lifestyle while managing a larger mortgage payment and staying ahead of debt, looms large. With higher prime interest rates holding, many homeowners are grappling with the challenge of staying financially afloat. Those with variable rate mortgages are already feeling the pinch, while o ..read more

Your mortgage renewal is coming up and you knew that you would be paying a higher interest rate. But, what you weren’t expecting was that your bank would turn you down for your mortgage renewal. Unfortunately, this is more common than you might think, with higher interest rates and debt-to-income ratios making many homeowners ineligible for a new mortgage term. According to an article by the CMHC, in 2024 and 2025, an estimated 2.2 million mortgages will be facing interest rate shock. If you don’t receive a renewal notice or your existing lender is asking for a much higher interest rate, it’s ..read more

A home equity mortgage can be a lifeline if you suddenly face unexpected expenses, leaving you in need of quick cash. While many Canadians rely on their savings accounts, sometimes the funds may fall short. In these situations, turning to loans becomes a common choice. However, as a homeowner, there are additional avenues to explore that might better fit your needs. For most homeowners, a significant portion of their net worth lies in their property. Over the years, as property values appreciate and mortgage payments chip away at the principal, equity accumulates. When financial needs arise ..read more

Choosing the right amortization period is crucial when selecting the ideal mortgage. While many focus on the mortgage term due to its impact on interest rates, the amortization period plays a significant role too. Despite its longer duration, it’s a vital aspect to ponder whether you’re purchasing your first home, second home, or are renewing your mortgage. With today’s higher interest rates, a longer amortization will decrease your payments so it may seem like a good idea. But, there are pros and cons to different amortization lengths. Let’s look at the options and see if long or short is th ..read more

Why is your credit score important? If you want to get a mortgage, buy a car, take that vacation of a lifetime, or even rent an apartment, you will need a good credit score. This is the first thing that lenders and landlords will check to decide if they will take a risk on you. It can also play a part in determining what interest rate you pay for a loan whether it be a mortgage loan or a loan to put yourself through college or university. Learning how to make your credit score the best it can be is time well spent, especially if you want to buy your first home. But, you need to implement what ..read more

So, you’ve decided to take that first big step into adulting and buy your first home. It’s a very exciting time but a little bit scary as well. Luckily, there are expert advisors and government programs that can make your first steps successful in the tough Ontario real estate market. As always, it’s best to be prepared so in this article I’ve compiled the most important information and advice that will help you make smart decisions as you navigate through the process. Let’s Be Real – It’s A Tough Market For First Home Buyers One of the toughest hurdles for first-time homebuyers is jumping in ..read more

Ever wondered about the ins and outs of mortgage refinancing? Simply put, it’s like hitting the reset button on your home loan. You break free from your current mortgage, settle the bill, and jump into a new loan with its own terms and a fresh interest rate. Timing and careful consideration are key to making this financial move work in your favour. Before deciding if a mortgage refinance is the right path for you, it’s essential to understand the basics. I’ll break down the process, helping you understand why, when, and how it pays off—literally. Together we’ll unravel the mystery of mortgage ..read more

Are you noticing a dip in interest rates across Ontario and wondering whether it’s the right time to refinance your mortgage? If you’ve been hesitating on the sidelines, now might be the perfect time to make a move. Mortgage refinancing opens the door to renegotiating your mortgage terms before your current term ends. Why consider this option? Well, it could be a chance to capitalize on lower interest rates, tap into your home equity to tackle high-interest debts, or even modify your mortgage terms to reduce your monthly payments. Before you make a call to your mortgage lender though, let’s r ..read more