Mortgages Made Easy Blog

Our brokers post interesting news, tips, and industry updates every week.
MAR
02

House Hunting in Ottawa: Looking for your first home in the capital city

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Buying a home for the first time can be overwhelming, especially in a dense capital city. It’s also very exciting, and we’re here to give you some tips to maneuvering the market with ease.

In an article by Nancy Benson from the Ottawa Business Journal, she highlighted the intense competition in Ottawa neighbourhoods such as Westboro or the Glebe. 

She explained, “If you want to compete with other buyers, you need to be sure you’re ready, particularly if you’re looking in a neighbourhood that’s in high demand.” She went on to share some tips for competing with other buyers:  

Educate yourself before you start shopping

“If you have time, even before you get a mortgage pre-approval from your lender and before you have contacted a Realtor to work with you, it helps to get to know our market and narrow down your search.”

Our Tip: No matter where you’re looking to buy a home, try not to be seduced by the new and the shiny. Buying a fixer-upper can save you money if you’re able to take on the renovations yourself. 

Arrange your mortgage pre-approval

“Some first-time buyers, knowing they are on solid financial ground, think they can start looking at houses and then arrange a mortgage once they find something that appeals to them. But if you’re looking in a hot neighbourhood, the time it takes you to arrange that mortgage could be the time it takes the seller to accept an offer from someone who was prepared and pre-approved. Getting pre-approved for a mortgage is one of the most important steps you can take. It means you are ready to put in a serious offer.”

Our tip: You can apply for your mortgage online, securely, here on our website

Be prepared to act quickly

“We Realtors see new listings a few days before they are officially listed on websites for the general public to see. This means I can alert you when new listings are about to be posted in an area you love, and we can arrange viewings immediately.” 

Our tip: Be sure you’re ready to buy. You don’t want to end up heartbroken over a home you’re not ready for. 

Trust your Realtor’s knowledge of the market

“I can let you know, for example, when an asking price has been deliberately set low to attract multiple offers, or when an asking price seems excessive, and I can show you why. I can show you actual sales transactions and recent selling prices to help you feel confident in your offer.” 

Our Tip: You shouldn’t skip out on the real estate agent, they will save you time and fight to find you the best deal. Skipping the home inspection is also not the best idea - trust us, it’s worth it. 

Any questions?

We’re here to help you every step of the way. Give us a call at 613-563-3447 or use our contact form.

Source: obj.ca/article/nancy-benson-tips-purchasing-home-ottawas-fast-market

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FEB
26

Mortgages 101: Where do I even start?

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Taking the leap from renting to buying can be intimidating. Questions can pile up and figuring out where to start can be daunting. 

We want to make the process as easy as possible, so we’ve laid out answers to some important questions to get you started. 

What is a mortgage? 

A mortgage refers to when a bank or creditor lends you money at interest in exchange for ownership of a property. There are different types of mortgages:

Open mortgage: You can repay an open mortgage as quickly as you see fit. Open mortgages have no prepayment restrictions and tend to be available for short terms (typically five years or less). So, if you’re planning on moving in the near future, this might be a good option for you. 

Closed mortgage: More structured than open mortgages. A closed mortgage cannot be paid in full without incurring a penalty.  However, most lenders will allow you to make significant prepayments each year during your term and allow you to refinance in most cases. If your lender is offering a closed mortgage without these options, just ensure you are planning on staying in the same place for your entire closed term.

Variable Mortgage: Your regular payments remain constant; however, your interest rate may change based on market conditions. If you feel comfortable with a little more uncertainty towards what your mortgage payments may be, for the chance to pay less when the economy fluctuates in your favour, you may find a variable-rate mortgage appealing.

Fixed Mortgage: Your interest rate remains unchanged for the duration of the term. Fixed-rate mortgages cannot be refinanced or re-negotiated without incurring penalty. If you prefer financial consistency, you may find yourself more comfortable with a fixed-rate mortgage. 

How do I apply for a mortgage? 

You will need to submit a mortgage application and meet with an expert. 

One of the first steps in the home-buying process is meeting with a mortgage broker/agent. During a consultation, your broker/agent will need to find out as much as possible about your circumstances and goals. They will be able to answer all your questions about home loans, home-buying, different types of mortgages, investment properties, pre-approval and more. They’ll compare rates from lenders to find a mortgage that’s right for you. 

What do I need to apply for a mortgage? 

Check out our guide to an easier mortgage approval here.

You can expect personal questions and should have answers on your debt, loans, and financials, employment and income, and family and children. It is crucial to be transparent and have proof of your statements. 

It is also important to get pre-approved for your mortgage, which confirms the amount you qualify to borrow and protects you from rate increases for up to 120 days. Not only will you know your borrowing capacity, you’ll be able to plan your monthly payments, and get more credibility as a buyer. You’ll save time by only looking at houses that are in your budget. 

How do I pay off my mortgage?

Every month you will make payments to your lender as you work to pay off the loan and own the entirety of your home. 

The Government of Canada has outlined a few ways to pay off your mortgage quicker, check it out here: www.canada.ca/en/financial-consumer-agency/services/mortgages/pay-mortgage-faster.html

Still have questions, or want to learn more?

Let’s chat! Call us at 613-563-3447 or use our quick and easy contact form

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FEB
04

Why (And When) Should You Refinance Your Mortgage?

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Paying off your mortgage can seem like a far off destination, but some things can help get you there faster. While not the answer in all situations, refinancing your mortgage could save you money and help in the long run. 

Why should you refinance? 

The reasons to refinance vary. For one, you could shorten the duration of the mortgage1, potentially even in half, allowing you to pay less in interest, therefore leaving you with more money!

You may also want to refinance your mortgage to convert from an adjustable to a fixed-rate mortgage, which could result in a lower interest rate and eliminate the concern of potential interest rate increases. Conversely, switching from a fixed to an adjustable rate may be a smart move if interest rates are falling as the adjustments result in decreasing rates and smaller payments. You may also want to switch to an adjustable-rate mortgage if you have no intention of staying in your home for more than a couple years, as you won’t have to worry about the potential of higher interest rates in the future.1 

Refinancing your mortgage could also tap into home equity to help finance a larger purchase, or to consolidate your debt so you are only paying off one loan.  When you roll your existing debt into a single low interest loan, your life greatly improves. 

When should you refinance? 

It goes without saying that the best time to refinance is when interest rates have dropped, so you can shorten the duration of your mortgage, allowing you to pay less in interest and increase the rate of equity building.1 If your home has increased in value, you may be able to refinance for more than the balance of your mortgage. 

Another good time to refinance is if your credit has improved, as credit score is a major factor in determining your mortgage rate.2 

Know if it’s right for you 

Sometimes refinancing your mortgage can cost you. Before you refinance you’ll need to be sure that the savings you’ll gain will trump any penalties that come from breaking an existing mortgage. A good mortgage broker can easily give you the answers you seek, finding you the best rate and lender for your situation. Give us a call at 613-563-3447 to get started, or use our contact form: https://www.mortgagesmadeeasy.com/contact/contact-us-form

_______________________________

1 Investopedia 

 Creditkarma 

Sources 

Bhatia, Mika. “When Is Refinancing a Mortgage Worth It?” Credit Karma. Retrieved from www.creditkarma.com/home-loans/i/when-is-refinancing-mortgage-worth-it/.

Investopedia Staff. “When (and When Not) to Refinance Your Mortgage.” Investopedia. Retrieved from https://www.investopedia.com/mortgage/refinance/when-and-when-not-to-refinance-mortgage/

 

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NOV
27

What Happens at a Mortgage Consultation?

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So you’re thinking about buying a home? That’s great! One of the first steps of the process is meeting with a mortgage expert.

Here’s what goes down during a consultation with a Mortgages Made Easy broker:

Let’s get to know each other

Welcome! Take a seat. Can we get you anything? Coffee, tea, water? Now that you’re settled in, let’s talk. Your broker will need to find out as much as possible about your circumstances and goals, to see how we can support you. 

A those Qs

You’ve got questions. We’ve got answers. Ask those burning questions that have been sitting in your Google search query all week. 

We can tell you anything you need to know about home loans, home-buying, different types of mortgages, investment properties, pre-approval and so much more. Our brokers are as knowledgeable as they come, so you’re in good hands.

Get down to business

Based on your wants, needs, and circumstances, we’ll compare rates from over 30 lenders, including the big banks, to find a mortgage that’s right for you. We’ll show you our wide range of mortgage products, and explain the fine print so you know exactly what you’re getting into.

We’ll give you all the information you need to succeed:

Saving for a down payment? We’ve got a whole checklist dedicated to mortgage budgeting. You’ll know exactly how much money to save, and what you’re saving it for. 

Looking into getting pre-approved for a mortgage? Our brokers will inform you that getting pre-approved confirms the amount you qualify to borrow and protects you from rate increases for up to 120 days. Getting pre-approved also lets you know your borrowing capacity, plan your monthly payments, and give you more credibility as a buyer. 

The next step

Any questions? Want to learn more? Interested in scheduling a free mortgage consultation? Let’s chat! Call us at 613-563-3447 or use our quick and easy contact form

Our mortgage brokers are available 24/7; if you wake up in a cold sweat because you need to know something ASAP, we’ve got your back! 

 

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NOV
08

Mortgages Made Easy: A Guide To Understanding Mortgage Terms

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Mortgage terms can be confusing, but you don’t have to be an expert to understand! We’ve laid it out plain and simple in our guide:

Mortgage

When a bank or creditor lends you money at interest in exchange for ownership of a property. Having a mortgage allows the lender to take possession of the property if you don't repay the loan on time.

Lender

An organization or person that lends money. At Mortgages Made Easy, we compare rates from 30+ lenders, including the big banks, so you always get the best deal.

Escrow Account

A third-party account that receives and disburses money and/or property on behalf of the two principal parties involved in the transaction. Having a neutral third party ensures that neither the buyer nor the seller gets the short end of the stick!

Down Payment

The initial payment when something is bought on credit. You then finish paying for it later, usually by paying a certain amount every month.

Insured Mortgage

You can get mortgage life insurance to protect your family and estate. You can also get mortgage insurance, which protects the lender should you default on your mortgage.

Open Mortgage

You can repay an open mortgage as quickly as you see fit. Open mortgages have no prepayment restrictions and tend to be available for short terms (typically five years or less).

Closed Mortgage

Closed mortgages are more structured than open mortgages. A closed mortgage cannot be paid in full, refinanced or re-negotiated before the end of the term without incurring a penalty. 

Variable Mortgage

With a variable mortgage, your regular payments  remain constant; however, your interest rate may change based on market conditions. This means the amount of principal you pay off each month could increase or decrease depending on the interest rate. 

When rates on variable interest rate mortgages decrease, more of your regular payment is applied to your principal. If rates increase, more of your payment will go toward the interest.

Fixed Mortgage

A fixed-rate mortgage means your interest rate remains unchanged for the duration of the term. Fixed rate mortgages cannot be refinanced or re-negotiated without incurring penalty.

Interest Rate Differential (IRD)

The IRD is a penalty. For example, if you refinance or re-negotiate a fixed mortgage, you’ll be charged an amount equal to 3 months’ interest on what you still owe, or the IRD. You may also be charged if you pay off your mortgage before the end of your mortgage term, or pay the mortgage principal down beyond the amount of your prepayment privileges.

Mortgage Pre-approval

Confirmation of the amount you qualify to borrow and protection from rate increases for up to 120 days. As a mortgage pre-approval also allows you to know your borrowing capacity, you’ll be able to plan your monthly payments and get more credibility as a buyer. 

There’s a lot more where that comes from

Not sure what kind of mortgage for you? Ready to get pre-approved for your mortgage? Still have questions for us? Book a free consultation, and we’ll help you figure it all out.

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OCT
29

Buying a Home in the Fall: What You Should Know

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The leaves are falling, the temperature is dropping and the scent of pumpkin spice is filling the air: it’s fall. This time of year makes for an ideal time to buy! Here’s what you should know about buying a home in autumn:

There’s Less Competition

In the warmer season, throngs of buyers are ready to flood open-houses. Peak season brings a lot of new inventory to the market, and buyers respond quickly to get their dream home at the right price. Many homebuyers are looking at the same property all at once, which can provoke bidding wars and raise prices above what sellers were originally asking.

With less pressure to buy and sell quickly, buying a home in the fall market can save you thousands of dollars.  

There are Fewer Options

This might sound like a “con” rather than a “pro”, but having fewer options can sometimes be a good thing. The fewer homes in your target neighbourhood and price range, the less time you’ll spend viewing each one. This will give you an opportunity to thoroughly investigate the homes you visit. 

This will make your decision-making process a whole lot easier. It also takes away the pressure of making a rushed, uninformed decision before you buy a home.

The Prices Are Lower

Home prices are usually lowest in late fall and winter (about 8.45% less on average). Spring tends to have the highest number of sales, particularly in May and June. Sales typically slow down from September onward. December typically has the lowest number of sales.

We’re Here Any Time of Year

Buying a home can be stressful, but affordable pricing and appropriate timing can help make it easier. 

Already convinced to buy a home in the fall? Consider hiring a MortgagesMadeEasy.com broker before you start house-hunting so you get the best mortgage on the market. 

Schedule a free consultation with one of our mortgage experts to see what we can do for you!

 

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SEP
24

First-time Homebuyer? This New Incentive Could Help!

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Buying a home can be expensive but fret not! That’s where Canada’s First-Time Home Buyer Incentive comes in. 

This incentive helps qualified first-time homebuyers purchase their first home without increasing the amount they must save for a down payment. 

Starting September 2nd, eligible first-time buyers who have the minimum down payment for an insured mortgage with CMHC, Genworth or Canada Guaranty, can apply to finance a portion of their home purchase through a form of shared equity mortgage with the Government of Canada. 

This means that, for the purchase of an existing home, an incentive amount of 5 percent may be available. For the purchase of a newly constructed home, an incentive amount of 5 percent or 10 percent may be available!

With no required on-going repayments, the incentive isn’t interest bearing, and the borrower can repay the incentive at any time without a prepayment penalty. That being said, the buyer must repay the incentive after 25 years. If the property is sold, the government shares in the upside and downside of the change in the property value.

The incentive will be available to first-time homebuyers with qualified annual household incomes up to $120,000. At the same time, a participant’s insured mortgage and the incentive amount cannot be greater than four times the participant’s qualified annual household income.

Sound interesting? Visit www.placetocallhome.ca or book a free consultation with us for more details. We’d be more than happy to guide you through your whole home-buying process.

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JUL
31

Why should home buyers work with a mortgage broker?

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Entering the world of real estate and homeownership can be a long, winding road. Securing a mortgage is one of the first and most important steps of your journey. This often means working with a mortgage broker, but why? What can a mortgage broker do for you and why should you hire one? We’re glad you asked.

We do the work for you.

Mortgage brokers are essentially the deal hunters of the real estate world. As certified professionals, we scour the market to find the perfect mortgage for your situation. We’ll search far and wide, scrutinizing deals from over 30 lenders, to find your perfect fit. No more sleepless nights of research or stressful negotiations. Your Mortgages Made Easy mortgage broker will take the load off your back so you can focus on everything else. 

We save you money.

We bridge the gap between you and your lender. Unlike at your bank, mortgage brokers have relationships with multiple lenders and have access to countless mortgages. With all these options to choose from, we’re able to find you the best rate on the market. The cherry on top? In most cases, you don’t pay for a broker’s service. Mortgage brokers receive commission from the lending institution, which means you can put your money towards more important things.

We answer your questions.

There are several benefits to hiring a mortgage broker. From contacting individual lenders, to negotiating the best deals, we save you time and money. See for yourself and book a free consultation with a Mortgages Made Easy broker today! We’re happy to answer all your questions and guide you every step of the way.

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JUN
27

5 Mistakes First-time Homebuyers Make (And How to Avoid Them)

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Buying a home comes with a lot of decisions. It can be a pretty intimidating process for first-timers but we believe that buying your first home should be exciting, not stressful. That’s why we want to help. 

These are the top five mistakes first-timers make when buying a home for the first time (and how to avoid making them):

Mistake #1: Getting emotionally attached

You found a place that’s perfect for you? Great! Unfortunately, loving a house doesn’t guarantee that you’ll get it. Buying a home is a negotiation. There’s always a risk that someone could make an offer before you, or your offer could get rejected. You might also pay more than you should or make bad decisions just because you’re attached to the house. Stay strong, stay focused.

Mistake #2: Newer means better

There’s no denying that new homes are nicer. The updated appliances, granite countertops, kitchen island, in-ground pool, and hardwood floors sure are nifty but they come with a hefty price tag. Consider compromising. You end up spending less money if you buy a fixer-upper and do the renovations yourself. Look past the cheetah print wallpaper and shag carpet. Try to recognize the potential in the house.

Mistake #3: Not hiring a real estate agent

Real estate agents make the biggest difference when it comes to house-hunting. Rather than going to dozens of open houses alone, hire a real estate agent. These pros will help you avoid wasting time by showing you places that work for your budget and lifestyle. They’ll also act as your representative and make sure you pay a fair price for your home during negotiations. What’s not to love?

Mistake #4: Skipping the home inspection

Just because your new home looks fine, doesn’t mean it is. Looks can be deceiving, which is why a home inspection is a necessity. A home inspection will let you know whether the property is truly worth the price tag. You’ll also get a heads up about repairs that may need to be done in the future.

Mistake #5: Not getting pre-approved

Getting pre-approved before you even start your house-hunting journey will make your life a whole lot easier. Not only will you know your borrowing capacity, you’ll be able to plan your monthly payments, and get more credibility as a buyer. You’ll save time by only looking at houses that are in your budget. Mortgage brokers make it their mission to find you the best rate on the market. Banks typically only offer their in-house mortgage products.

If you do these five things, buying your first home could go off without a hitch. Especially if we do #5 together. At MortgagesMadeEasy.com, that’s all we do. You can use our secure online form to apply for your mortgage pre-approval. We’ll get back to you on the same day with a mortgage tailored to your specific situation. 

Questions? Book a free consultation. We’ll gladly walk you through the process and explain everything you need to know to buy your dream home.

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MAY
21

3 Buyer’s Tips to Ensure a Smooth House Closing

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Buying a home can be overwhelming. With so many things to know, your to-do list seems never ending. Closing the deal is like the light at the end of the tunnel however, it comes with its own set of challenges. Here’s what to consider in the final stages of purchasing your home:

Understand the documents

Buying a home comes with a lot of paperwork. It’s important to make sure you know what you’re getting in to. Consider hiring a lawyer to help you with this step. Getting legal aid is especially important during the final stages of the transaction. Contracts, deeds, surveys and policies can get a little confusing for the average Joe. Take note of the things you don’t understand and ask questions. Lawyers speak the language and can make sure that you understand it too.

Complete a home inspection

This is a physical inspection of your potential home. The inspection allows you to know if there are any issues with the property. It also gives you the opportunity to back out of the deal, renegotiate your offer, or ask the seller to fix any problems you may find. As long as your purchase offer included a home-inspection contingency, you’re golden.

Get pre-approved for a mortgage

A mortgage pre-approval confirms the amount you qualify to borrow and protects you from rate increases for up to 120 days. While it’s not necessary, this step will help you get to the closing stages of the deal faster. This gives you some leverage when negotiating and saves time by helping you search only for homes in your budget.

Ready to get pre-approved for your mortgage? We can help. At MorgagesMadeEasy.com, that’s all we do. We compare rates from over 30 lenders, including the big banks, so you always get the best deal.

You can use our secure online form to apply for your mortgage pre-approval. We’ll get back to you on the same day with a mortgage tailored to your specific situation.

Questions? Book a free consultation. We’ll gladly walk you through the process and explain everything you need to know to buy your dream home.

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APR
26

Nous servons maintenant le Québec

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Le printemps est finalement arrivé et les oiseaux gazouillent. Cependant, l’été, autrement appelé la saison du déménagement, approche à grand pas! Le temps est venu pour profiter de nos services hypothécaires peut importe où vous êtes au Canada. 

Aurez-vous besoin de services hypothécaires? Nos services hypothécaires sont maintenant disponibles au Québec! Nous nous engageons à fournir une expérience agréable à tous nos clients. 

Résidents du Québec : bénéficiez de nos services locaux. Profitez d’une consultation gratuite aujourd’hui et découvrez comment nos courtiers hypothécaires peuvent vous aider à obtenir les meilleurs taux disponibles.

Avez-vous considéré MortagesMadeEasy.com?  

Consultez notre site Web pour plus d’information : https://www.mortgagesmadeeasy.com/

 

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APR
18

House Hunting Tips and Tricks

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It’s that time of year again! It’s home-buying season, and that could mean you’ll be busy house hunting, which isn’t as easy as it sounds. Here are a few helpful tips to make the search a little easier:

It’s better together

Don’t pick up the phone and call the first Open House you see. Not only could it be unsafe, but the house you’re viewing might not be what you’re looking for. Instead of trial and error, hire a realtor. Tell them exactly what’s on your wishlist. They’ll set up all your viewing appointments, so you don’t have to worry about a thing. This way, you’ll be looking only at houses that match your criteria, and you won’t be wasting your time. The realtor also gets paid by the seller when you take the home, which means you don’t have to pay them directly.

Speak your mind

Save the trash talk for after the viewing but be sure to voice your opinion. Don’t be afraid to tell your realtor how you feel. You won’t offend them if you don’t like a certain house. It’s their job to find you the perfect dwelling. If you don’t like something, let them know so you don’t end up seeing more of the same.

Take your time

House hunting is a long, tedious process. It’s not something you want to breeze through. If you can, avoid scheduling any activities for two hours after a showing. You don’t want to feel rushed into anything. Take your time and be thorough. Don’t be afraid to get in there and open cupboards, cabinets, drawers, and closets. Get familiar with the place. You’re not snooping, don’t worry. You’re there to gather information, but you can’t do that without taking a look.

Viewings can take several hours; take advantage of the time you’re given. If you end up liking a place, you’ll spend more time there. If you end up really liking a place, you might

want to place an offer immediately. This will add even more time to your stay. Make a day of it and take your time.

Apply for your mortgage pre-approval

A mortgage pre-approval confirms the amount you qualify to borrow and protects you from rate increases for up to 120 days. Mortgage pre-approvals from your bank aren’t a guarantee. Talk to an experienced broker instead. At MortgagesMadeEasy.com, mortgages are all we do. It’s what we’re good at. Take a look at our Guide to Easy Mortgage Approval to get an idea of the paperwork you need for your mortgage pre-approval.

When you’re ready to apply for your mortgage pre-approval, use our secure online form. We’ll get back to you on the same day with the best mortgage in the market for your situation.

Questions? Let’s talk. We can walk you through the process and explain everything you need to know to buy your dream home. Call us at 613-563-3447 or use our contact form.

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APR
02

4 Benefits of Using a Mortgage Broker

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We often associate mortgages with banks. Many of our parents got their mortgage from a bank and their parents also got their mortgage from a bank. But are banks the only place to shop for a mortgage? Nope. Enter the mortgage broker.

Mortgage brokers are licensed specialists who work for you. They help home buyers choose the best mortgage option from a variety of lenders. This is one of the key differences between a big bank and a mortgage broker: variety.

More options, more savings

While banks can only offer you their in-house mortgage products, a mortgage broker has access to multiple lenders. With more options to choose from, a mortgage broker is able to find you the best rate on the market. What might look like a small difference­–a few tenths of a percent­­– can mean thousands of extra dollars in your pocket for things like renovations, furniture, and travel. With a mortgage broker, you can be confident that you’re getting the best market rate, without having to go from bank to bank.

We do the negotiating for you

When shopping for a mortgage at a bank, the onus is on you to do the negotiating. For many of us, this can be challenging. A mortgage broker, however, does the negotiating for you. Unless you know how to negotiate and you’re familiar with market rates, a mortgage broker will be able to get you a better rate.

We’re on your side

Banks look out for themselves. We look out for you. You don’t pay for a broker’s service; we receive commission from the lending institution, which means our focus is finding you the best mortgage option.

The Mortgage Experts

Financial advisors deal with many products: credit cards, lines of credit, investments, insurance, the list goes on and on. Mortgage brokers, however, only deal with one thing: mortgages. Because we only deal with one product, we understand that product very well. We can provide you with expert advice, guidance, and suggestions. With a mortgage broker, you have the comfort of having a mortgage expert on your side, helping you find you the best rates and options.

Find out how you can get the best mortgage. Book a free consultation and we’ll help you get one step closer to your dream home.

 

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MAR
07

Renting vs. Buying: What’s best for you?

Renting vs. Buying: What’s best for you?

You’re standing at a crossroads in your life. Should you rent, or should you buy? It’s a big decision, with a lot of factors to consider. You ask around and quickly find different opinions. A relative suggests buying, a friend at work suggests renting, and Google is suggesting 16 million search results.

“What’s the answer?!”

The short answer is: it depends.

When it comes to buying vs. renting, there are many factors you need to consider before making a decision. Ultimately it comes down to your situation, goals, and budgeting considerations.

While there are great reasons to buy a home, there are also great reasons to rent. Because your personal situation is, personal, we’ve outlined three questions you should ask yourself to help you make the decision.

How long do you plan to live in the same place?

Do you see yourself living here for at least 5–7 years? If not, it makes sense to rent. For young professionals who need mobility to pursue professional opportunities, you will benefit from the flexibility of renting and the added savings of avoiding closing costs.

Typical closing costs include legal fees, commissions, inspections, and appraisals. If you’re selling after a couple of years, it is unlikely that you will recoup your closing costs.

If you’re settled and value stability, then owning a home will be a better option for you.

How do you want to build equity?

There are many different ways to build equity. You can invest into the real estate market or you can invest into the equities market. For many people, homeownership acts as an enforced savings plan.

 With every monthly mortgage payment, a homeowner builds wealth through equity appreciation. It’s a long-term strategy. And it’s certainly better than no strategy.

While renting can be more affordable and more money could be made investing into other equities, the question you have to ask yourself is: do you have the discipline to create and implement an alternative investment strategy? If you have the discipline and initiative­– great! If not, home ownership­ is a sound long-term investment.

Can you afford to buy?

If you have very little savings or a lot of debt, then home ownership might be out of the picture for now. But if you have some savings, access to a modest sum for a down payment or both, and you’re confident you’ll be staying in your new home for more than five years, then we think homeownership is for you.

The next steps

 Let’s say you want to buy a home. You value stability and you see yourself living in the same place for more than five years. You’ve even started to save money for a down payment­– awesome! So, what’s the next step? Shopping for a mortgage.

At MortgagesMadeEasy.com, we help you get ready to buy your first home. Our brokers are here to show you the best mortgage options. While a typical bank only gives you their rates, we have access to several mortgage options from multiple lenders­­. Many of our clients are first-time home buyers, so we understand that you have lots of questions and we’re excited to help!

Let us walk you through the process and explain what kind of documentation you will need to get approved for your mortgage. Call us at 613-563-3447 or use our contact form.

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2486 Hits
MAR
01

Your guide to an easier mortgage appraisal

Refinancing your mortgage? Prepare for your home appraisal to get the best value for your home. Right click our appraisal checklist to save and print it.

 

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1533 Hits
MAR
01

Your guide to an easier mortgage approval

Save yourself time and hassles when you go to close a home by having your paperwork ready! Right click our document checklist below to save and print it.

Documents you need depend on your personal circumstances. For a complete list of what you need to be approved for your mortgage, fill out our contact form or call 613-563-3447.

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1509 Hits
MAR
01

Your guide to easier mortgage budgeting

Be prepared for the associated costs of closing a home. Right click our budgeting checklist below to save and print it.

Exact costs will depend on your personal circumstances. For a complete list of costs and what you need to qualify for a mortgage, fill out our contact form or call 613-563-3447.

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1331 Hits
NOV
22

Get your mortgage rate checked before closing on your new-build home

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When you’re in the final stages of closing on your new house, you have a million things on your mind. You might be thinking about what paint colours to buy, what furniture you need, or even what you plan to do with the backyard. The last thing you might be thinking about is checking your mortgage rate. That was finalized awhile ago anyway. Right? 

As a homebuyer of a new-build home, you likely had to apply for mortgage pre-approal to confirm to your builder that you have the funds to pay for the home. But remember: A pre-approval is just a rate-hold—not a binding approval.

We recommend you get your rate checked at least 90 days before closing on your new build home. You may be able to get a better deal! Rates may have gone down, or new borrowing options (with lower rates or better terms and conditions) may be available. 

At MortgagesMadeEasy.com, we compare mortgage deals from 30+ lenders and negotiate the best deals for your situation. If you want your deal compared, or have mortgage questions, apply online or contact us today.

 

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1135 Hits
MAY
10

Can’t qualify for a bank mortgage? Apply with us!

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It may seem like it’s becoming more difficult to buy your dream house. Changes to mortgage rules and regulations, high real estate prices, and low inventory have made Ottawa’s real estate market extremely competitive. We’ve seen properties go on and off the market in four days. 

Don’t be discouraged, though: At MortgagesMadeEasy.com, we can help you be ready to make an offer on a great home within your price range!

Already talked to your bank? Here’s what they might not have told you:

If you go to your bank to start the mortgage process, your banker will tell you the first step is to get “pre-approved.” But what they may not tell you is that a pre-approval is just a rate-hold—not a binding approval. Your pre-approval protects you from rate increases for up to 120 days and confirms the amount you qualify to borrow based on your proven income (line 150 on your tax return) but does not guarantee the lender will loan you that amount! 

If you’re in any of the following situations, your bank may pre-approve you for your mortgage based on stated income, but then later reject you due to lack of income proof or other reasons:

  • You have bruised credit history
  • You are a business owner or self-employed
  • You are paid by commission/tips
  • You rely on pension/support money
  • You are working two jobs
  • You are looking to take out a second mortgage
  • You are a newcomer to Canada
  • You are on probation
  • You are looking to buy an unconventional/commercial property

If you take steps to buy a home based on a pre-approval from your bank, but then are later rejected for your mortgage, you could be put in a situation where you are owing a large sum of money on a tight deadline. When that happens, your banker won’t be able to do much to help you. But MortgagesMadeEasy.com can.

At MortgagesMadeEasy.com, we won’t waste your time with pre-approvals that don’t pan out. We have close connections with more than 30 lenders, including the big banks. We know what information and documents they look for. We’ll ask you the tough questions about your income upfront because it is our goal to make sure the amount you are pre-approved for is the same amount you are loaned. This will help you close the deal on your home fast, without any hassles or surprises.

No matter your situation, we have options for you

Since 1989 we’ve been helping all types of clients get a mortgage. If you don’t qualify for a traditional mortgage with your bank, we have options for you, including our own in-house fund for private lending. Even if you do qualify for a bank mortgage, give us a call, because we’ll beat your bank’s offer. Let us see what we can do for you. Call us at 613-563-3447 or use our contact form.

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2017 Hits
APR
06

Buyer beware: A mortgage pre-approval from your bank is not a guarantee

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Anyone who is considering purchasing a home should get pre-approved for their mortgage. A mortgage pre-approval confirms the amount you qualify to borrow and protects you from rate increases for up to 120 days. If you’re considering going to your bank to get pre-approved, rather than using a broker, you should know that there are important details your banker may not tell you up front.

A pre-approval at your bank is not an approval 

A few weeks ago, a couple came to us because the mortgage amount they were pre-approved for by their bank was not the same amount they were actually loaned. They went to buy a home under the impression they would be loaned the amount they were pre-approved for, and when they weren’t, they were stuck owing a large sum of money on a tight deadline. In this case, we had to secure the client a private mortgage, which is an interest-only loan, to pay for the remainder of their home. 

It’s important for homebuyers to remember that a mortgage pre-approval confirms your rate and the amount you qualify for but does not guarantee the lender will loan you that amount. Mortgage approval will depend on your documentation and proof of income.

Your stated income vs. your proven income

When you file for a pre-approval with your bank, your banker will ask you to state your income, and then they take that information at face-value. What they may not tell you is that lenders have to look at your proven income (line 150 on your tax return) to approve your mortgage.

If you’re in any of the following situations, your bank may pre-approve you for your mortgage based on your “stated income”, but then later reject you due to lack of proof or other reasons:

  • You are a business owner or self-employed
  • You are paid by commission/tips
  • You rely on pension/support money
  • You are working two jobs
  • You are looking to take out a second mortgage
  • You are a newcomer to Canada
  • You are on probation

At MortgagesMadeEasy.com, your mortgage pre-approval is treated the same way as if you were purchasing a home. We ask the tough questions up front about your income and documentation so the amount you are pre-approved for is the same amount you are loaned. This will save you from embarrassment, stress, and legal issues when you go to pay for your home.

Mortgages are all we do—let us get you ready to buy your first home

Unlike your banker, mortgages are all we do. We are not trying to sell you a specific mortgage product. Our brokers are here to show you all the best mortgage options you qualify for, and explain the fine print, so you can make smart decisions.

We want your mortgage to go as smoothly as possible. Let us walk you through the process and explain what kind of documentation you will need to get approved for your mortgage. Call us at 613-563-3447 or use our contact form.

And when you are ready to apply for your mortgage pre-approval, use our secure online form. We’ll get back to you within hours with the best mortgage in the market for your unique situation.

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Contact Us

  • Ottawa-Carleton Mortgage Inc
    381 Richmond Road Ottawa,
    Ontario K2A 0E7
  • Phone: 613-563-3447
    (24 hours)
  • Fax: 613-563-3195

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