It PAYS to shop around...
Many Canadian homeowners pay too much for their homes because they are not getting the best mortgage financing available in the market. Shopping for a new mortgage can however be confusing, and some financial institutions don't make the process any easier.
That's where I come in!
As an independent Mortgage Advisor I work for my clients, NOT the lenders, providing
you with unbiased expertise and support throughout the process.
Each borrower is unique and the lending options will be tailored to reflect your individual circumstances and financial goals. It’s never been easier or more convenient. With access to 40+ lenders and Financial Institutions across Canada and the ability to work with you in person, online or by phone, I am committed to making the process simple and efficient!
I save you money by sourcing the best products at the best rates — not only on your first mortgage but through every subsequent renewal. So whether you're buying a home, renewing your mortgage, refinancing, renovating, investing, or consolidating your debts — I’ll help you get the right financing, from the right lender, at the right rate.
Contact me today for a free consultation!
5 Mortgage Tips
1. Take a Look at Variable Rate Mortgages.
These are a great option again as the Bank of Canada has held their key lending rate low and there is continued downward pressure on rates in general.
2. Mortgage Renewals - it pays to shop around.
An estimated (and shocking) 60% of people renew their mortgages without doing their homework and end up paying more than they should. Mortgage renewals offer an opportunity to save thousands of dollars over the life of your mortgage. A mortgage broker will help you navigate this process and were paid by the lender so our services are free. Contact me 3-6 months before your mortgage is due (if possible) and Ill do the research with our 50+ lenders to maximize your savings.
3. Know youre score!
When applying for a mortgage, one of the key indicators of credit-worthiness is a good credit score. Your score is determined by looking at your current financial picture as well as your history; number of credit cards/loans and their current balance, repayment history, even seemingly insignificant items like unpaid parking tickets and fines will have an impact. Equifax has recently also started including phone companies on credit reports. Call me if youre interested in knowing your credit score.
4. Consolidate High Interest Debt...
If you are carrying high-interest consumer and household debt you should consider rolling this debt into your mortgage; allowing you to benefit from much lower interest rates. This process is not as complicated as you might think and can offer you great savings.
5. Paying it down will Pay Dividends!
Take advantage of prepayment privileges or switch to weekly or bi-weekly payments; increased payment frequency and additional dollars paid directly toward principal can significantly reduce the interest you pay over the life of the mortgage.
OSFI tightens mortgage rules Edit
The Office of the Superintendent of Financial Institutions Canada (OSFI) published the final version of Guideline B-20 Residential Mortgage Underwriting Practices and Procedures. The revised Guideline, which comes into effect on January 1, 2018, applies to all federally regulated financial institutions.
The changes to Guideline B-20 reinforce OSFIs expectation that federally regulated mortgage lenders remain vigilant in their mortgage underwriting practices. The final Guideline focuses on the minimum qualifying rate for uninsured mortgages, expectations around loan-to-value (LTV) frameworks and limits, and restrictions to transactions designed to circumvent those LTV limits.
OSFI is setting a new minimum qualifying rate, or stress test, for uninsured mortgages.
Guideline B-20 now requires the minimum qualifying rate for uninsured mortgages to be the greater of the five-year benchmark rate published by the Bank of Canada or the contractual mortgage rate +2%.
OSFI is requiring lenders to enhance their loan-to-value (LTV) measurement and limits so they will be dynamic and responsive to risk.
Under the final Guideline, federally regulated financial institutions must establish and adhere to appropriate LTV ratio limits that are reflective of risk and are updated as housing markets and the economic environment evolve.
OSFI is placing restrictions on certain lending arrangements that are designed, or appear designed to circumvent LTV limits.
A federally regulated financial institution is prohibited from arranging with another lender a mortgage, or a combination of a mortgage and other lending products, in any form that circumvents the institutions maximum LTV ratio or other limits in its residential mortgage underwriting policy, or any requirements established by law.
To find out how this will affect you, please contact me at anytime.
Easy ways to keep more money in your pocket
It goes without saying that most of us would appreciate a little more money in our pockets. Believe it or not, its actually an achievable goal. In fact, a few simple tips can help you uncover meaningful savings each and every month. Need some ideas? Heres a little inspiration to get you started:
1. Pack food from home for lunches and snacks. Skip sandwich bags and opt for reusable containers, cutlery and drink bottle.
2. Switch light bulbs to CFLs. On average, it costs $250 a year in energy costs to light your home with incandescents. Save $150 by going with CFLs. Theyre more expensive initially, but will last 10 times longer.
3. Review and negotiate your service plansphone, internet, cable and television content.
4. Invest in topping up your insulation. Attic insulation can settle and compact over time, diminishing its original R-value and increasing heating/cooling costs. Topping it up with a quality batt insulation, like Roxul Comfortbatt, will immediately help improve the comfort of your home and reduce your monthly energy bills.
5. Pay off credit card debt and swap cards for lower interest rate options.
6. Install low-flow water fixtures to cut down on excess water consumption.
7. Lower your thermostat by two degrees in cold weather and increase it by two degrees in warmer weather.
8. Launder your clothes in cold water and at off-peak times.
9. Avoid impulse shopping. Stick to your list and avoid window shopping, which tends to draw buyers in.
10. Save money on entertainment by looking for free activities. For options in your area, try a simple internet search. You might be pleasantly surprised at the wide variety of activities and entertainment available for no or low cost.
Collectively employing the tips above could potentially add up to thousands in annual savings, proving that sometimes change can be a good thing.