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Understanding Mortgage Payments: Timing, Renewal, and Interest Rates

Mortgage payments are an essential part of your financial responsibilities after purchasing a property. However, understanding when and how these payments are due can be confusing, even for seasoned homeowners. To avoid financial pitfalls, it's crucial to grasp the intricacies of mortgage payments and their timing.Let's explore why mortgage payments are typically made in arrears and not in advance, using real-life case studies to understand further....

How the Bank of Canada’s Rate Cuts Impact Us.

The Bank of Canada has started its rate-cut cycle, which can run up to 2%—2.5% overall when it is done.  This easing cycle reverses the painful situation for homeowners, Bankers, Business Owners, Home Builders, and the entire real estate industry. How transformative will it be? Here's a preview of what to expect....

Are Hefty CMHC Premiums for a 30-Year Insured Mortgage Worth It?

Starting August 1st, 2024, first-time homebuyers looking at new constructions have a new option to lower their payments: 30-year amortizations for CMHC-insured mortgages. But is this option really beneficial, or does it come with hidden costs?...

Is a Credit Score Drop Really Something to Fear When Applying for a Mortgage?

In the complex world of home financing, one common concern among borrowers is the impact of credit inquiries on their credit scores. It's not unusual for borrowers to hesitate about a mortgage credit check, fearing it might lower their overall credit scores. However, it's essential to understand that these checks are a routine part of the mortgage application process and should not cause undue worry.We’ve heard things like:“Can’t you just use my free Borrowell report?”“I don’t want a...

Financing Options for Self-Employed Real Estate Investors

Navigating the real estate investment landscape as a self-employed individual comes with its unique set of challenges, primarily when securing traditional financing. This blog delves into creative financing options that cater specifically to the non-traditional income patterns of self-employed investors, offering flexibility and accessibility....

Investing in Multi-Family vs. Single-Family Rentals: What's Best for Your Portfolio?

Investing in real estate remains a proven approach to wealth building, but deciding between multi-family and single-family rentals can be complex. This blog examines both options to assist investors in choosing the right type of property for their portfolio....

Securing a Mortgage as a Self-Employed Homebuyer: What You Need to Know

Being self-employed should not stand in the way of buying a home, although it may present some unique challenges during the mortgage application process. Lenders often require more comprehensive documentation from self-employed individuals to fully understand their financial situation and to offer the most suitable financing options. Here’s what you need to prepare when you’re ready to pursue homeownership....

Unlocking Your Home’s Value: A Comprehensive Guide to Accessing and Leveraging Home Equity

Homeownership is more than just a roof over your head; it's a significant investment and a potential source of financial leverage. For many homeowners, the biggest chunk of their wealth is tied up in their home. But how can you tap into this value? This guide explores how to access and use your home equity effectively in Canada....

The Impact of Credit on Your Mortgage

Understanding the role of your credit score in securing a mortgage is crucial for any potential homebuyer in Canada. Your credit score not only affects your ability to get a mortgage but also the terms and the rate you'll pay. Here's what you need to know about how credit impacts your mortgage prospects....

Understanding Mortgage Penalties: A Guide for Homeowners

Sometimes life throws unexpected changes your way, which might lead you to consider breaking your mortgage term early. However, doing so can incur penalties that impact your finances significantly. This guide aims to demystify mortgage penalties, helping you make informed decisions and possibly save on costs....

The Benefits of Real Estate Investment In Wealth Building

Real estate investment remains one of the most robust ways to build wealth over time. In Canada, where the market has shown resilience and consistent growth, real estate can be a particularly enticing option. This article explores why Canadians are turning to real estate as a key component of their long-term financial strategy and addresses some common inquiries prospective investors have....

Refinancing Your Mortgage as a Self-Employed Borrower: Unlocking Financial Benefits

One of the primary advantages of refinancing your mortgage is the potential to secure a lower interest rate, which can significantly decrease your monthly payments. For self-employed individuals whose income may fluctuate, reducing monthly expenses is crucial. For instance, if you currently have a 5-year variable rate mortgage at 6.2% on an $800,000 loan, refinancing to a rate of 4.9% could save you approximately $847 monthly and over $50,000 in interest over the mortgage’s life....

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

What is Home Equity?Home 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 mortgage. Options such as h...

Navigating the Maze of Homeownership: Essential 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 When You Are Self-Employed: 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...