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Maximizing Grants and Incentives for First-Time Home Buyers

The Home Buyers' Plan (HBP) is a helpful option for eligible individuals who want to purchase or construct a home. This plan is ideal for first-time buyers who can make a tax-free withdrawal of up to $35,000 ($70,000 for couples) from their registered retirement savings account (RRSP). After withdrawing, you have 15 years to repay the borrowed amount without any interest. The repayment period starts two years after the withdrawal has been made....

Mortgage Refinancing: Guide To Lower Payments & Accessing Equity

Homeowners choose to refinance for various reasons:Lower Monthly Payments: Restructuring your mortgage to enjoy lower monthly payments.Accessing Home Equity: Cashing out on home equity for renovations, investments, or paying off high-interest debts.Switching Rate Types: Moving from a variable-rate mortgage to a fixed-rate mortgage for predictable monthly payments....

Understanding the Impact of Loan-To-Income (LTI) Limit on Borrowers

The landscape of mortgage borrowing in Canada is poised for a significant shift with the introduction of the Loan-to-Income (LTI) limit by the Office of the Superintendent of Financial Institutions (OSFI). This strategic adjustment aims to curtail the accumulation of high-leverage loans during periods of low-interest rates, marking a pivotal moment for prospective homebuyers. Here, we delve into the implications of this regulatory change, offering insights into how it could reshape borrowers' ap...

Unlocking Your Home's Potential: How to Use Home Equity for Renovations

Understanding Home Equity and Its BenefitsHome equity refers to the portion of your home that you truly own, calculated by subtracting the outstanding mortgage balance from the current market value of your property. It's essentially the value of your home that you can leverage for various financial needs, including renovations and upgrades.Accessing Home Equity Without Breaking Your MortgageMany homeowners might not be aware that they can tap into their home equity without disrupting their mortg...

Understanding Mortgage Calculators

Embarking on the journey to homeownership can feel like navigating through a maze, especially when understanding the financial intricacies involved. Mortgage calculators are essential tools that provide clarity, but coupling these tools with the expertise of a seasoned mortgage advisor elevates your mortgage experience. Mortgage Fernando Inc. blends cutting-edge digital tools with personalized consultancy to demystify the mortgage process.How Much Mortgage Can You Afford?One of the first steps i...

Unlocking Savings: The Ultimate Guide to Mortgage Refinancing in Ontario

Understanding Mortgage RefinancingMortgage refinancing involves replacing your current mortgage with a new mortgage, often with better terms, to meet financial goals like lowering monthly payments, shortening the loan term, or consolidating debt. It's a strategic financial decision that can lead to substantial savings over time.Can You Refinance Your Mortgage at Any Time in Ontario?Yes, you can refinance your mortgage anytime in Ontario, but it's crucial to consider the costs and benefits. Early...

Navigating Mortgages for Self-Employed Individuals in Ontario: Your Guide to Success

Introduction:For self-employed individuals, securing a mortgage can often seem daunting. The freedom of self-employment comes with its unique set of challenges, especially when it comes to providing income to mortgage lenders. However, obtaining a mortgage while self-employed is possible and can be a smooth and straightforward process with the proper guidance and understanding. Mortgage Fernando Inc. specializes in helping self-employed professionals in Ontario navigate the mortgage landscape wi...

Navigating the Canadian Mortgage Process: A Step-by-Step Guide for Homebuyers

Starting the process of buying a home in Canada can be an exciting experience, but it can also present several obstacles and demands. This guide is created to assist Canadian homebuyers in navigating the complex process of obtaining a mortgage, making the transition from potential buyer to homeowner seamless.Understanding the Basics of a Mortgage in CanadaA mortgage is more than just a loan; it's a key that unlocks the door to homeownership. In Canada, understanding the different types of mortga...