Mortgage Agent with BRX Mortgage #13463
Getting pre-approved is a crucial first step when buying a home. It tells you how much you can spend on a home between your down payment and the approved loan amount. Sometimes, though, the pre-approval amount is lower than what you expect, throwing a wrench in your plans.
Here are five ways to increase your pre-approval amount if this happens to you.
Continue reading “5 Tips to Get Pre-Approved for a Higher Loan Amount”
Very rarely do people have the cash to buy a house in full. Most borrowers must put money down on a home to purchase it, known as a down payment. Lenders make up the difference with a mortgage loan, using your new home as security until your mortgage is paid off. Many borrowers qualify to put down less than 20% on a home but must pay mortgage insurance.
When you put more than 20% down, this insurance is not mandatory. Understanding how mortgage insurance works and whether you should make a 20% down payment is very important when buying a home.
Continue reading “How Much Do I Need For A Down Payment To Buy A House?”
Are you thinking about buying your first home soon? With the housing market starting to stabilize and prices on the rise, now might be the perfect time to make your move. The good news is that the Canadian government has introduced a new program to help first-time homebuyers save for their dream home – the First Home Savings Account (FHSA).
Continue reading “The First Home Savings Account: A New Program to Help First-Time Homebuyers Save”
During the pandemic, millions of people moved. Everyone moved for different reasons, and while 84% of Canadians didn’t need a change due to the pandemic, there were many more first-time buyers during that time, with 53% of buyers in 2021 first-time buyers. So how many moved in or out of Canada?
The results might be surprising.
Continue reading “Why are Canadians Moving and Where?”Renegotiating your mortgage at renewal time is an excellent way to save money and ensure that you have the best mortgage product for your financial situation. “51% of Canadian homeowners don’t plan on changing lenders when their mortgage comes up for renewal — and 9% weren’t even aware that they could switch lenders to get a better rate.” says Shaistha Khan by Rates.ca. Here are five reasons why you should explore your options for mortgage renewal instead of staying with the same lender’s offer:
Continue reading “Why Exploring Your Options for Mortgage Renewal Can Save You Thousands”
When looking for a mortgage, you have many decisions, including choosing the mortgage terms and amortization. These are two big decisions when choosing your mortgage. Here’s what you should consider when deciding.
Your mortgage terms refer to how long you have to repay your mortgage and the interest rate you’ll pay. You must renew your mortgage or repay the full balance when your term ends.
Continue reading “What is a Mortgage Term? What Does Amortization Mean?”
The holidays are coming up! As much as these celebrations bring us joy and harmony, they can also bring us stress. This is particularly true when it comes to your finances! However, don’t lose hope that this will be another draining year on your pocketbook. In fact, with a little planning, there are a few ways you can make sure your holidays are stress and credit-free.
Continue reading “Enjoy a Debt-Free Holiday”
With the changing of the seasons, it can be a good time to take stock of your home and ensure you are ready for the colder weather. To help you feel more comfortable, save on bills and prevent future repair costs, there are some simple things you can do to prepare for the coming season. Tending to minor problems yourself, or booking a professional now, will save you time and aggravation later when poor weather makes it harder to tackle home maintenance jobs.
Continue reading “Winterizing Your Home”
Having the biggest and best home on the block sounds great – but not if it is at the expense of your life and monthly finances! Be smart about your budget and avoid buying a home at the very top of your pre-approval value, which might lead to cash flow issues and being “house poor” down the line.
Continue reading “Don’t Be House Poor”
Whether you’re currently in the process of looking for your first home, or have just started to think about it, I have some first-time homebuyer tips to help make your journey as easy as possible!
Get Pre-Approved
Having your mortgage pre-approved is an important step in the process and benefits you in three ways:
Continue reading “Don’t Get Spooked! First-Time Homebuyer Tips”