Resources

If you are debating on starting renovations on your property or have already begun the process, you should consider implementing energy efficient designs and products into your home improvements or upgrades in your home. When doing upgrades or improvements in your home, the first thought that typically comes to mind is aesthetics, how it looks. Because of this, we tend to steer our attention away from energy efficiency and focus on the beautiful and delicate looking aspects of our home.
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There are several sizes of mortgages lenders across GTA and Canada as a whole. You have your large major banks like TD Canada Trust, RBC, CIBC, and so on. You also have smaller lenders like credit unions, but unfortunately home buyers usually stick to something they are familiar with like one of these major banks. Statistics have estimated at least 75% of all mortgages in Canada are funded through these big channels. However, what the client fails to realize is, they are missing out on much better rates and privileges, not to mention over all service, they can get within a mortgage brokerage.
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Hope everyone is enjoying their summer so far! We all know too well it comes as quickly as it leaves here in Toronto. Here are some helpful tidbits for minimizing ‘payment shock’ for your mortgage:
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After fixed mortgage rates sat at a record low level for the past six months, it was inevitable that they would rise once again. The cause for this was the rise in Canadian Bond Yields, which was triggered two weeks ago. This was caused by a selloff in the Bond market due to The Federal Reserve indicating that they may slow down on the bond purchasing they have being doing to bring liquidity into the markets.  Nothing has actually happened yet and it may not even happen but the speech was enough to cause a selling frenzy.
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One of our mortgage lenders will now allow borrowers to use a credit facility to meet the 5% down payment mortgage rule.  So if a client meets the qualifying criteria to support the mortgage they can use a Line of credit, Visa card etc for down payment.  We include the payment on the credit facility used in the debt ratios.  Currently  clients have to take a 5% cash back mortgage at a higher interest rate to obtain the 5% down payment.  With this lender the client can use the credit facility and still benefit from the low discount rate.  Naturally good employment and strong credit is essential.

Young professionals who begin to join the workforce and move out of their parents home are actively on the search for places to live. This ultimately leaves two choices for them, rent or purchase their property. The mortgage rules have become more strict since last July, where the maximum allowable amortization and gross debt service ratio was tightened even further on insured mortgages. Roughly 80% of first time home buyers require mortgage insurance, as they have less than the 20% to put down on their property purchase. Because of this, many first time home buyers are forced to put their dream of home ownership on the back burner and continue to rent. Because of more individuals delaying buying homes, we see an increase in rent. This is very prominent in Canada, especially in Canada’s biggest rental market, Toronto (GTA).
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The penalties for breaking a 5 year fixed termed mortgage can be astronomical, that is why it is important to do your homework upfront before signing those mortgage papers. This can arise as an issue if you have to end up selling or refinancing your home before the end of your mortgage term.
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Home Equity Secured Lines of Credit.

A Home Equity Line of Credit is a secured loan against your home just like a mortgage but with the features of a line of credit.  It is completely open (paid down at any time without penalty) and is also revolving (can be paid down and then used again.  The loan is always available until closed out.  A Secured Line of Credit can be added alongside a mortgage as s separate product.  For example if a client has equity in their home a lender will allow the client to borrow up to 80% of that equity when adding on a secured line of Credit.

This can be applied on the purchase or refinance of a home.
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New To Canada Mortgage

If you are a new immigrant to Canada, obtaining a mortgage has never being easier.  You can qualify for a standard mortgage of up to 95% of borrowing.  That is right, up to 95%!  This program is open for all new immigrants with permanent residency, temporary residency, or a work VISA.
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This mortgage product allows the purchaser of a primary or investment property to add immediate renovation costs onto the new mortgage.  The renovations must improve the value of the property such as new flooring, roof, windows, kitchen or bathrooms.
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