Anyone can put 5% down when they purchase a home, not just first time home buyers. You just have to qualify for mortgage default insurance. This is where CMHC (Canada Mortgage and Housing Corporation) comes in. If you tell a mortgage broker you only want to put 5% down, they’ll know to find you an “insured” mortgage. There are costs and restrictions on insured mortgages. But they give you access to the best rates and terms. So what kind of mortgage default insurance companies are out there? How does mortgage insurance work? And what are costs and restrictions for insured mortgages? Let’s dive in… What is mortgage default insurance? Mortgage default…

Let’s look at “The ABC’s of Mortgage Qualification.” There’s a lot here, bookmark this page and come back to it as you need. Awareness – How does a mortgage work? What are you even applying for? You’re going to sign a lot of paperwork when you get a mortgage. What are you agreeing to? Here’s an overview of how most mortgages work. These are all general introductions to much deeper topics and definitions. Use these definitions as a starting point for your investigation.  Budget – What can you realistically afford to pay each month? What’s your household, “take-home” income? It could be income from jobs, a business, contract work, commissions,…

A construction mortgage lets you build a home without using up all of your personal cash. It’s not a simple process, but you’re probably someone who thrives on tackling complex projects and carving out your own space in the world. You’ve always dreamed of building a home. You get lost for hours on Pintrest or Tik Tok, scrolling through insanely gorgeous custom homes. But you’re not just a dreamer. You save and budget and invest. You’ve probably already completed multiple renovations on your own home. Friends and family who have built a home patiently withstand your questions and curiosity. You know that building a home is not for the faint…

Short Answer: A pre-approval in Ontario is when you qualify for a specific mortgage amount and interest rate from a lender. With a mortgage pre-approval in hand, you can confidently put offers in on homes. Your realtor will know what price range to show you and you’ll be able to make quick decisions about how much to offer on a house you like. But pre-approvals (sometimes referred to as pre-qualification) aren’t a commitment. The lender will lock in the interest rate, but the actual mortgage amount you’re qualified for may change for various reasons. So why get a pre-approval at all? Let’s dive in… Why do I need to get…

The hard truth is that anyone renewing their 5 year old mortgage right now is getting a higher interest rate, meaning their mortgage payment is going to go up. If you’re in that situation, it can be a painful truth to face. Technically you qualified for your current mortgage at 5.25%, the stress test rate. But that doesn’t mean you can afford  to pay an interest rate of 5.25% or higher now. So what are your options? It will be hard to keep your budge intact with that higher payment, especially given current inflation levels. There are, however, a few ways to lower your mortgage payment and give your budget…