To compete for business, banks will often incentivize homeowners by offering either cash-back or cash bonuses to earn their mortgage business.

This isn’t just a way of earning business, but by dangling a carrot and getting you focused on the cash it steers the conversation away from the fine print and important features of the mortgage that could easily cost you more money in the long run.

With today’s interest rate market being less than friendly, current and future homeowners are wondering if there is a way to find a lower interest rate like what we saw between 2020-2021.

For future home buyers, one option is they can consider finding a seller who has an ‘assumable’ mortgage that they can take-over.

Assuming a Special Assessment is a Bad Thing

A special assessment also known as a special levy, is when the members of a strata vote to make major repairs or upgrades on the building. This leads to the strata imposing a levy on the unit owners for part of the costs of the repairs. 

1. Not Making the Mortgage Re-Advanceable

This tip stems from tip #3 from the first part of this series where we discuss putting your attention towards the type of financing that leaves room for cash flow and avoiding the common pitfall of thinking the lowest possible interest rate should be the primary focus of your financing.

With the real estate market on its way to a correction in market values for many parts of Canada, savvy investors who are prepared will have some great opportunities to purchase new assets to add to their portfolios. 

If you’re planning to purchase a vacation property, pay for children’s education, or require cash to cover a sudden expense, then pulling equity from your home through refinancing can be a good option.

When it’s mortgage renewal time, many people just simply sign that renewal letter they will get in the mail from their lender. While there’s nothing wrong with that approach, mortgage renewal is a fantastic time to find a better deal, save money and take advantage of mortgage features and products that may be better suited for you. 

Taking your first steps towards a mortgage and getting a foot on the property ladder can be a really exciting time. But it’s also important you’re armed with the right information before you start your journey to homeownership. However, splitting the fact from fiction isn’t all that easy, particularly when some of the mortgage myths out there have been doing the rounds for many years. To make sure you know fact from fiction, we have written down a few myths commonly heard amongst friends, family and co-workers.

‘How low can you go?’ has been the mantra for interest rates for years since the start of the pandemic. However, when there is a chance of a possible interest rate increase to the prime lending rate, it is common to wonder whether now is the time to convert your variable interest rate and lock into a fixed rate. However, before deciding to lock in, there are three options you should consider that may better address your concerns and allow you to keep the savings you’re receiving from the variable. As an expert in the field, I, Cody Rowe, want you to be able to make a sound decision by equipping yourself with expert information and knowledge. Read on to find out your options.

A reverse mortgage is one of the most common retirement tools, and it allows you to use tax-free cash if you have to cover-up any unexpected expenses. Known as the safest egg nest for a retiree, you can also put it out for home repairs, bills, and travels. However, several reverse mortgage myths have been floating around, creating a sea of confusion about home equity among most retired homeowners. Believing these misconceptions could dissuade you from accessing this product as financial support. To help you understand and steer clear of some misconceptions surrounding this mortgage solution, Cody Rowe - Mortgage Specialist, has debunked some of the most widely believed myths about reverse mortgages.

Original Article Source Credits:   Dominion Lending Centres  , https://dominionlending.ca/

Article Written By:   Sherry Cooper

Original Article Posted on:  November 6, 2020

Link to Original Article:  https://dominionlending.ca/economic-insights/canadian-job-growth-slowed-in-october

After the whirlwind year of 2020, making your finances work for you is already top of mind for Canadians. Why not roll that into a brand-new resolution moving forward into 2021? Here are some ideas to make your finances work for YOU in the New Year:

Whether you’re buying your very first home, purchasing a vacation or investment property, or renewing or refinancing an existing mortgage, there are many considerations to make along the way.

And with the many changes we’ve experienced in mortgage qualification rules, it has never been more important to rely on the expertise of a licensed mortgage broker to guide you through the homebuying and financing processes.

If you are new to the world of mortgages, you probably have a lot of questions

There are many avoidable mistakes made by Canadians when buying their first piece of real estate. To help you steer clear of making some costly mistakes, Cody Rowe - Mortgage Broker has put together a list of the most common mistakes people make when buying their first house and how to avoid them.

I’m Cody Rowe, a mortgage broker from Victoria, British Columbia. I specialize in working with first-time buyer purchases, those with bruised or poor credit, and alternative financing. I began operating as a broker four years ago but previously worked for Scotiabank as a Financial Advisor, and as a Supervising Agent in the insurance industry. My knowledge and expertise is based on experience in various roles within the financial industry and has allowed us to provide creative solutions for clients.

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