Articles

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July 20, 2019
Is It Worth It To Refinance My Mortgage?

I have been working with clients for years and have seen all sorts of different situations that clients are in. Sometimes a mortgage refinance is a good option. Sometimes a mortgage refinance isn't a good option. Have you been thinking... "Is it worth it to refinance my mortgage?" Let's explore that question. It may be […]

July 17, 2019
How Do Mortgage Penalties Work In Canada?

Most clients choose a closed mortgage when they purchase or refinance a home because open mortgages have a higher interest rate. With a closed mortgage, you are in a contract. If you want to break the contract, then there will be a penalty. I'm often asked by clients, "how do mortgage penalties work in Canada?" […]

July 17, 2019
Do Mortgage Lenders Use Gross or Net Income for Self Employed?

There seems to be so much confusion about how self employed applicants qualify for a mortgage. The truth is, there are several different programs and options for self-employed clients to qualify for a mortgage. One question I get is, "do mortgage lenders use gross or net income for self-employed clients?" It depends. If a self-employed […]

July 12, 2019
How Does A Reverse Mortgage Work?

I've heard from more and more clients who are starting to ask questions about reverse mortgages. There was a time that I was very skeptical about them, however, they do provide a solution for the right clients. One question I hear all the time is, how does a reverse mortgage work? A reverse mortgage is […]

July 12, 2019
Can A Retired Person Get A Mortgage?

I work with clients of all ages. Typically first time home buyers are in their late twenties and thirties. Retirees that I have worked with are aged 50 and older. With my older clients, they will question whether they can qualify for a mortgage once they retire. I always tell them the same thing! Yes, […]

July 10, 2019
How Many Years Must You Be Self-Employed To Get A Mortgage?

When I speak with self-employed clients, they seem to have heard so many horror stories about getting qualified to purchase a home. One of the questions that I often get asked is, "How many years do I have to be self-employed to get a mortgage?" If you're self-employed, to qualify for a mortgage with a […]

July 6, 2019
Should I Refinance My Mortgage To Pay Off Credit Card Debt

I have been working with clients as a mortgage broker for many years. I've also worked with 2 of Canada's largest banks and I hear this question from clients all the time.. "Should I refinance my mortgage to pay off credit card debt?" There is no clear cut answer to this question, it depends on […]

July 5, 2019
How Much Down Payment Do I Need To Buy A Home?

I hear this question a lot! It's probably because down payment rules have changed quite a bit over the last few years. All these changes create uncertainty, confusion and plenty of myths. My clients typically ask, "How much money do I need to purchase a home?" The minimum down payment to purchase your principle residence […]

July 3, 2019
Can I Qualify For A Mortgage While On Maternity Leave?

Having a baby can be an exciting time and many parents want to purchase a home for their new family. I get many questions from expecting moms about how to qualify for a mortgage while on maternity leave. I always hear, "Can I qualify for a mortgage while I'm on maternity leave?" Yes, you can […]

July 2, 2019
How Much Mortgage Can I Borrow Against My Home?

I work with many clients who already own a home and want to access some of the equity in their home. There are many different reasons clients may have to get equity out. Here are a couple of reasons... get equity to purchase another home get equity to purchase a vacation home pay off debt […]

June 30, 2019
Purchase Plus Improvements Mortgage, A Great Way To Buy Your Dream Home

The Purchase Plus Improvements Mortgage is, in my opinion, completely under-utilized by home buyers in Canada! I explain this program to every home buyer I meet and I have had so many success stories from clients who have used it. The Purchase Plus Improvements Mortgage allows a qualified purchaser to include the cost of the […]

June 27, 2019
How Much Mortgage Do I Qualify For?

One of the first questions that I get from a client when we sit down is... How much mortgage do I qualify for? Two income based ratios, the Gross Debt Service (GDS) and the Total Debt Service (TDS), are used to calculate how much mortgage you qualify for. The GDS Ratio can not exceed 39% […]

June 26, 2019
I'm Self Employed, How Do I Qualify For A Mortgage?

I work with many clients who are self employed and I always get this question from them: I'm self employed, how do I qualify for a mortgage? When self employed, the qualifying criteria is the same as the qualifying criteria for an employee. That is, lenders use up to 39% of your taxable income for […]

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