Refinancing Your Mortgage: A Golden Opportunity to Improve Your Finances
Rakhi Madan Blog
by Rakhi Madan
4d ago
With the Bank of Canada cutting its overnight rate four times this year—one jumbo 50 bps cut and three 25 basis points cuts—and more cuts expected in December and through 2025, homeowners in Brampton, Toronto, and the GTA are presented with a unique window of opportunity. For many, these rate cuts can be the key […] The post Refinancing Your Mortgage: A Golden Opportunity to Improve Your Finances appeared first on Rakhi Madan Mortgage Agent ..read more
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Coming Soon: Expanded 30-Year Amortizations & Higher Insured Mortgage Limit
Rakhi Madan Blog
by Rakhi Madan
1M ago
If you’ve been dreaming about buying your first home or purchasing a newly built property, there’s some fantastic news on the horizon. Starting December 15, two major changes are coming to the world of insured mortgages in Canada—changes that could make homeownership more attainable for young buyers. Let’s break down what’s coming and how it […] The post Coming Soon: Expanded 30-Year Amortizations & Higher Insured Mortgage Limit appeared first on Rakhi Madan Mortgage Agent ..read more
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Why It’s Important to Prepare for Downpayment Verification
Rakhi Madan Blog
by Rakhi Madan
2M ago
When you prepare to purchase a home in Brampton, Toronto, or the GTA, be aware that a key step in the mortgage process is your downpayment verification. This is where your lender will ask you to provide a 90-day history of all the funds you plan to use for your downpayment. Occasionally, they may even […] The post Why It’s Important to Prepare for Downpayment Verification appeared first on Rakhi Madan Mortgage Agent ..read more
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Thank you! Proud to be Brampton’s #1 Mortgage Broker
Rakhi Madan Blog
by Rakhi Madan
2M ago
Recognition as Brampton’s #1 Mortgage Broker is not just an honour—it’s a testament to the trust and support of my clients and partners. This achievement reflects the dedication and hard work that goes into helping each of you find the perfect mortgage solutions. I’m deeply grateful for this recognition and want to take a moment […] The post Thank you! Proud to be Brampton’s #1 Mortgage Broker appeared first on Rakhi Madan Mortgage Agent ..read more
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Top Tips for Surviving the Mortgage Stress Test
Rakhi Madan Blog
by Rakhi Madan
3M ago
The mortgage stress test can be a challenging hurdle for homebuyers, but it’s an unavoidable reality for anyone looking to purchase a home in Brampton, Toronto, or the Greater Toronto Area. Introduced by OSFI and the Department of Finance to ensure borrowers can handle their mortgage payments in the event of rising rates, the stress […] The post Top Tips for Surviving the Mortgage Stress Test appeared first on Rakhi Madan Mortgage Agent ..read more
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Buying Your First Home: How to Know When You’re Truly Ready
Rakhi Madan Blog
by Rakhi Madan
4M ago
The dream of owning a home is a significant milestone. Still, it’s a substantial commitment and investment, and it should be a decision made when you’re genuinely ready, both financially and emotionally. While history has shown that property ownership can lead to considerable appreciation over time, you want to ensure that homeownership is a joy and not a burden. Here are some key factors to consider before taking the plunge. 1 – Run the Numbers Determining how much you can afford to spend monthly on housing without jeopardizing your financial health requires a thorough review of your current ..read more
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Rate Drop! Variable and Adjustable-Rate Mortgages Poised for a Comeback
Rakhi Madan Blog
by Rakhi Madan
5M ago
Finally, the first rate cut in four years to the Bank of Canada’s overnight rate! With this cut and more on the horizon, homebuyers and homeowners in Brampton, Toronto, and the GTA are reconsidering their mortgage options. While the past few years have seen a preference for 3-year fixed mortgages, we’re now seeing the landscape shift. Variable and adjustable-rate mortgages are becoming more attractive. Understanding the differences between these mortgage types and their benefits can help homebuyers and those looking to refinance or renew make an informed decision that aligns with their financi ..read more
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Budget 2024: Will it alleviate our housing crisis and help first-time buyers?
Rakhi Madan Blog
by Rakhi Madan
7M ago
The budget prioritizes easing affordability hurdles for young Canadians, particularly in homeownership, while tax changes aim to target only wealthier individuals Read the full report – Solving the Housing Crisis: Canada’s Housing Plan. Will it meet these goals? Maybe, but we wait and wonder given the Liberal government’s history of lack of execution. This was primarily a big spending election budget, and unfortunately, an inflationary move and not the wisest one when we need to get CPI within the 2% target and ensure it doesn’t rebound. Support for First-Time Buyers The younger generations vo ..read more
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Important Yet Lesser-Known Aspects of Homebuying
Rakhi Madan Blog
by Rakhi Madan
7M ago
In the exciting journey of purchasing a home, there are key factors beyond the surface that often go unnoticed. Understanding these nuances can make all the difference in ensuring a smooth process and minimal surprises after your home closes. What lesser-known aspects should be on your radar screen for a successful home purchase and being financially comfortable in your new home now or in the future? 1 – The Power of a Mortgage Pre-Approval. This preliminary approval from a lender confirms the amount you can borrow, giving you confidence and a clear understanding of your budget when searching ..read more
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Spring into Homeownership: Mortgage Qualifying Success Strategies
Rakhi Madan Blog
by Rakhi Madan
8M ago
With expectations of lower mortgage rates on the horizon, homebuyers are gearing up for what promises to be a robust spring housing market. As anticipation builds, many prospective buyers are eager to seize the opportunity to secure a mortgage and purchase their dream home before the market rebounds. Qualifying for a mortgage can be challenging, but there are several strategies you can employ to improve your chances of success. From boosting your credit score to saving for a larger down payment, and understanding debt servicing ratios, you can enhance your eligibility for a mortgage and positi ..read more
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