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. 

There is no disguising that after 2 years of historically low interest rates due to the pandemic, rates are now on the rise in an attempt to reduce inflationary pressure.

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.

When someone chooses a five year fixed mortgage term for their home financing, more often than not it is for one simple reason – security. A fixed interest rate provides the comfortability of knowing that your interest rate, and therefore your regular payment, will not change for the life of the mortgage term typically 5 years. For this simple reason, this is the default choice for many homeowners when shopping for a mortgage rate. But what if I told you that if you broke that fixed rate early you would be looking at a drastic penalty that will equate to around 4.5% of your mortgage balance? This would maybe make you wonder if there was another option that provided a stronger protection against the changes of life.

Unless you have a couple hundred thousand dollars or more to spend, you can’t just plunk down cash and buy a home. Instead, you need to go through a process that takes you from getting loan approval to sitting down at the closing table. This can be overwhelming, but if you break the procedure down into steps and take your time, you can be a homeowner one day, living in your dream home! To help first-time buyers like you understand the many steps involved in purchasing your first home, Cody Rowe - Mortgage Broker has written down a Beginner’s Guide to buying a home.

Once you’ve decided to buy your first home, there’s a good chance that you’re planning to obtain a mortgage to finance the purchase. Acquiring a mortgage can seem intimidating and complicated to most first-time homebuyers, but it doesn’t have to be. When you prepare appropriately and have the right professionals to assist you, applying for a mortgage is pretty easy.

Applying for a mortgage is never simple, but it’s even trickier when you don’t know what to expect. There are different aspects that you need to consider before settling on a mortgage product. You need to consider the mortgage term, conditions, down payment, etc. But most importantly, you need to consider what kind of interest rate to choose for the term of your mortgage.

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

Article Written By:  Sherry Cooper

Original Article Posted on:  June 15, 2021

Link to Original Article:  https://dominionlending.ca/economic-insights/canadian-housing-continues-to-moderate-in-may

Original Article Source Credits:   Better Dwelling , https://betterdwelling.com/

Article Written By:  Daniel Wong

Original Article Posted on:  JULY 2, 2021

Link to Original Article:  https://betterdwelling.com/canadian-real-estate-brokers-see-a-big-cut-in-revenue-pushing-the-gdp-sector-lower/

Original Article Source Credits:   Financial Post , https://financialpost.com/

Article Written By:  Clayton Jarvis

Original Article Posted on:  Jul 02, 2021

Link to Original Article:  https://financialpost.com/moneywise/mortgage-debt-in-canada-is-soaring-thats-no-reason-to-panic

Does consumer debt have you down about your hopes of buying your first home? When applying for a mortgage, your current expenses and debt will be considered before actually approving you for a mortgage. This is used to determine what you can afford and the level of risk that comes with lending to you. Having too much consumer debt during your pre-approval process can reduce the amount you qualify for, or in the worst case you may be declined for a mortgage entirely.

Original Article Source Credits:   Better Dwelling , https://betterdwelling.com/

Article Written By:  Stephen Punwasi

Original Article Posted on:  JUNE 30, 2021

Link to Original Article:  https://betterdwelling.com/bank-of-canada-is-quietly-updating-forecast-models-to-include-debt-and-real-estate

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

Article Written By:  DLC Marketing Team

Original Article Posted on:  May 18, 2021

Link to Original Article:  https://dominionlending.ca/mortgage-tips/getting-the-down-payment-down

Original Article Source Credits:   Financial Post , https://financialpost.com/

Article Written By:  Clayton Jarvis

Original Article Posted on:  May 25, 2021

Link to Original Article:  https://financialpost.com/moneywise/canadas-high-unemployment-may-help-low-mortgage-rates-stick-around

I wanted to take a moment and share some information with you about a product that is becoming increasing popular with the aging demographic in Canada: the CHIP Reverse Mortgage.

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

Article Written By:  Sherry Cooper

Original Article Posted on:  May 17, 2021

Link to Original Article:  https://dominionlending.ca/economic-insights/housing-market-slowed-in-april-as-renewed-lockdown-took-its-toll

Original Article Source Credits:   CANADIAN MORTGAGE TRENDS , https://www.canadianmortgagetrends.com/

Article Written By:  Steve Huebl

Original Article Posted on:  May 21, 2021

Link to Original Article:  https://www.canadianmortgagetrends.com/2021/05/insured-and-uninsured-mortgage-stress-test-changes-confirmed-for-june-1/

Original Article Source Credits:   Better Dwelling , https://betterdwelling.com/

Article Written By:  Daniel Wong

Original Article Posted on:  APRIL 20, 2021

Link to Original Article:  https://betterdwelling.com/canadian-real-estate-is-moving-from-pent-up-demand-to-pent-up-supply/