With the CHIP Reverse Mortgage, you’ll be able to live in the home you love and enjoy a comfortable lifestyle. We understand that Canadians over the age of 55 have unique financial needs that are only growing in complexity. Compared to traditional methods, CHIP allows you the ability to access the equity in your home to use however you wish, making it a viable option in many financial plans. Relieve financial pressure Increase cash flow Travel Buy a vacation property Home renovations / improvements Early inheritance Assist a family member or friend Healthcare expenses Alleviate debt Preserve investments Call/text or email me today to discuss your options. We would be happy…

For many modest-income Canadians, saving up the 5 percent minimum down payment can take years.   While some are able to rely on gifts from parents/family or loans from family, RRSP withdrawals or borrowing on credit, unfortunately these options aren’t available to everyone. That’s where government down payment programs come in. Scattered across Canada, these little-publicized municipal and provincial programs are helping first-time home buyers fund their down payments and make the transition from renter to owner. Barrie (Simcoe County) Program: Homeownership Program Details: This program offers 10 percent down payment assistance in the form of a forgivable loan. http://www.simcoe.ca/dpt/sh/apply-for-the-homeownership-program Conditions apply: Must provide proof of gross household…

Your bank very rarely gives you the best rates and products. Most homeowners renew their mortgage every four or five years automatically, so they rarely receive the best rates and programs.  Since Dominion Lending Centres send lenders millions of dollars of new business each month, they always offer us the deepest discounts which I pass that on to you – whether you are purchasing, refinancing or renewing.

With a cash back mortgage, your lender advances you a cash lump sum when your mortgage closes. The most common sum you receive is 5% of your mortgage amount but it’s possible to get between 1% and 7% depending on the lender you choose. Whether you want to renovate, purchase furniture, pay back your borrowed deposit or simply have a cash buffer during the first few months of homeownership. For Example: Purchasing a home for $450,000 would pay back $22,500 (5% cashback ) on closing. This immediate flexibility will allow first time home buyers the ability to easily transition to home ownership. It’s important to…

Be Cautious! What NOT to do when applying for a mortgage or waiting to close your home 1. Racking up Debt Your debt-to-income ratio – or how much debt you’re paying off each month in comparison to how much money you’re making – is just one factor that lenders look at when reviewing your mortgage application. 2. Falling Behind on Bills If history shows that you can’t pay your bills on time, your lender will likely assume that you’ll make late mortgage payments too. 3. Maxing out Credit Cards One thing that affects your score is your debt-to-credit ratio. That’s the amount of credit you’ve used…

Why haven’t I heard of any of these lenders?
Instead of spending all their money on huge marketing campaigns (like the Canadian big banks) which drives up the cost of their product, broker channel lenders rely on competitive products and independent mortgage professionals to secure new clients.

Cash Back Mortgage Option

With a cash back mortgage, your lender advances you a cash lump sum when your mortgage closes. The most common sum you receive is 5% of your mortgage amount, but it’s possible to get between 1% and 5% depending on the lender you choose.

If your mortgage is coming up for renewal, be sure to consider what the next 5 years of life will bring and ensure your mortgage will suit your family’s needs. If this situation applies to you, consider obtaining a HELOC at the time of your mortgage renewal so you’ll be ready when your child enters post secondary studies You’re probably already aware how much it costs to go to college or university. A four year degree can easily cost between $40,000 – $60,000 depending on living expenses. To utilize your home’s equity, your mortgage broker can obtain a home equity line of…

Typically you will receive your mortgage renewal notice from your current lender 3-4 months in advance of the renewal date. Sometimes you may receive an offer for early renewal. Either way, always reach out to a mortgage broker to find out your options and what you need to know before your renew your mortgage.
With the new mortgage rules in effect in October/November 2016 and subsequent changes January 1st 2018 it is more important than ever to know your options before you sign a renewal.
Did you know…?

What is the difference between a guarantor and a co-signor?

Co-signors assume an equal portion of the mortgage liability as the primary borrower, their name appears on all of the mortgage documents and they are registered on the title. Most importantly, they have an equal responsibility in ensuring that the payments are made.