As a mortgage broker, I’ve come across my fair share of difficult cases. One of the most pressing issues my clients face today is shrinking mortgage affordability with increasing interest rates. In this case, study, I will walk you through how I tackled this issue and helped my clients navigate the changing market.

Whether you’ve already started saving for a house or you’re starting to save for the first time, there are many ways you can save money for a down payment. Here are a few tips to get you started:

Whether you’re considering buying or building a home, obtaining a mortgage can sometimes be challenging, depending on your credit history, employment status, and other factors. This can often lead to unnecessary stress and roadblocks.

There are three primary types of lenders that are used in the mortgage industry - “A” lenders, “B” lenders, and private lenders. It is important for homebuyers to familiarize themselves with the different types so that they know which ones are best suited for them. Some knowledge about these lenders will also help homebuyers understand the criteria they need to meet to use a certain type of lender.

If you’re planning to buy a second home, you might consider turning your primary residence into a rental property, also known as an investment property. This will give you the ability to purchase a new owner-occupied home with as little as a 5% down payment. Often this can be done with lenders allowing for a hypothetical rent amount to offset qualifying numbers. That way, you can move into your new home while converting your primary one into a rental before even having a tenant. To help you understand the benefits of doing this, mortgage broker Jordan St. Pierre has explained the process below. 

There are many prerequisites when applying for a mortgage and meeting all of them is often essential if you want to qualify for financing. One primary prerequisite is low debt levels. Lenders need to know that you are capable of paying off the money you borrow from them, and they verify this by checking the amount of debt you currently hold. Elevated debt levels generally mean that your monthly expenses or payments are already high, which could limit your ability to repay them. This, in turn, may hinder your ability to qualify for a mortgage as most lenders are often concerned with limiting their own risk when lending money.

Original Article Source Credits: HGTV, https://www.hgtv.ca

Article Written By: Sharon Miki Chan

Original Article Posted on: Feb. 15, 2021

Link to Original Article: https://www.hgtv.ca/real-estate/blog/remodeling-trends-2021-rental-1945927

Original Article Source Credits:   CANADIAN MORTGAGE TRENDS , https://www.canadianmortgagetrends.com/

Article Written By:  Ross Taylor

Original Article Posted on:  April 27, 2021

Link to Original Article:  https://www.canadianmortgagetrends.com/2021/04/a-pre-approval-does-not-guarantee-a-mortgage-approval/

Original Article Source Credits:   Better Dwelling , https://betterdwelling.com/

Article Written By:  Stephen Punwasi

Original Article Posted on:  APRIL 12, 2021

Link to Original Article:  https://betterdwelling.com/canada-says-property-bubble-not-great-for-locals-good-for-foreign-investors/

Original Article Source Credits:   Better Dwelling , https://betterdwelling.com/

Article Written By:  Daniel Wong

Original Article Posted on:  MARCH 9, 2021

Link to Original Article:  https://betterdwelling.com/rbc-sees-bank-of-canada-raising-rates-earlier-than-current-guidance/

Buying a home is incredibly hard, especially if you’re a first-time homebuyer. It is such a big investment that you have to spend a lot of time bothering about the paperwork, fees, and other technical things involved in it. 

Are you considering buying a property that needs renovations but are unsure about it due to the added expenses? If you’ve done your research and feel like you can fix the place up to suit your needs, then there is no reason to not purchase a home that will require some added work. As for the renovation costs, you can cover them with a Purchase Plus Improvements Mortgage, which will be added to your primary mortgage.

Original Article Source Credits:    Better Dwelling , https://betterdwelling.com/

Article Written By:  NA

Original Article Posted on:  NOVEMBER 13, 2020

Link to Original Article:  https://betterdwelling.com/bank-of-canada-ended-the-mortgage-program-that-inflated-prices-kind-of/

When it comes to purchasing a house, most home buyers assume that paying the price of a property will be their only major expense. However, after buying a house, you may want to renovate it to suit your needs, add new furniture, or retain some buffer cash to aid with your maintenance expenses. To achieve these requirements, you need liquid funds, either in the form of savings or borrowings.

Many homeowners are quick to renew their mortgage product with the same lender when their renewal date approaches. Though it isn’t wrong to renew a mortgage with the same lender at the end of its term, it can limit a person’s financial flexibility and deprive them of several opportunities. In some cases, the current lender may not have the borrower’s best interests in mind, may not offer them the best terms, or even a decent market rate. The existing lender may also not be looking at the borrower’s bigger financial picture and what their future plans may be.

Qualifying for a mortgage is a crucial step towards achieving your homeownership goals. It opens up the possibilities of getting your mortgage approved and eventually buying your dream home. However, as mortgages are lined with intricate rules and regulations, it can be quite challenging to understand the process. To simplify the guidelines and increase your chances of approval, you need to enlist the service of a licensed mortgage agent. They will help you sail through the mortgage system and find the right product to suit your needs.

Buying your first home is an exhilarating experience as it marks the beginning of a new chapter in your life. At the same time, it can be scary as it entails a significant financial commitment, but with the right preparation and sufficient research, you can make the homeownership process very manageable.

According to the law, it is the duty of a Condominium or Condo Board to make the necessary arrangements when it comes to the maintenance of common areas in a Condominium. The Board must repair common property as and when needed and cannot dismiss the completion of essential requirements on the property, especially structural corrections and deficiencies. However, to meet these commitments, the Board needs to have sufficient financial backup.

I’m Jordan St. Pierre, a mortgage broker serving Edmonton, Spruce Grove, Stony Plain, St. Albert, and Devon, with The Mortgage Centre. I am excited to share my story about the things which matter to me and how they influence the way I do business.

Are you debating whether or not you should refinance your mortgage? If you are, you’ve come to the right place for help. There are various reasons to refinance, so don’t let low rates be your only motive. Instead, consider other prospects like shortening or lengthening your mortgage term or amortization, converting to an adjustable-rate or fixed-rate mortgage, or utilizing your home equity to meet a financial emergency, large purchase, or consolidate debt.