In the dynamic landscape of real estate, homeowners often find themselves needing to relocate before their mortgage term concludes. In such scenarios, porting your mortgage can be a financially savvy strategy. This process allows you to transfer your existing mortgage—along with its current interest rate and terms—to a new property, potentially saving you from prepayment […]
Understanding Minimum Credit Scores for Mortgages If you’re looking to buy a home, your credit score is more important than ever. Banks have tightened their lending policies, and the minimum credit score for insured mortgages has increased from 600 to 680. This means buyers need to be financially prepared before starting their home search. Why […]
Let’s face it—owning a home in Canada has been a stretch for many, especially Millennials and Gen Z. The dream of a cozy space to call your own has often felt like a distant goal. But here’s the good news: the Canadian government is shaking things up with some game-changing mortgage reforms. If you’re wondering […]
Timing is everything in the world of mortgages, especially when it comes to renewals. If your clients’ mortgage renewal is coming up, securing their rate 4-5 months in advance can make a significant difference. It’s not just about locking in a number; it’s about saving money, reducing stress, and staying ahead of market fluctuations. Here’s […]
When you’re preparing to apply for a mortgage, it’s essential to understand what types of income lenders will consider. Many clients are surprised to learn just how varied and complex these sources can be. While traditional employment is the most common income type, there are other streams that may be eligible, though they aren’t all […]
Raising a family while trying to buy a home? It’s no secret that juggling parenting expenses and homeownership can be tricky, but here’s the good news: there are ways to make it work. Canada offers some built-in “boosters” to help parents qualify for a mortgage. From maternity leave income to child support payments and government […]