Are you contemplating the idea of refinancing your mortgage? Whether you're looking to lower your monthly payments, shorten your mortgage term, or tap into your home's equity for large expenses, understanding when and why to refinance is crucial. In this detailed guide, we'll explore the ins and outs of mortgage refinancing and help you determine if it's the right choice for your financial situation.

Are you a self-employed Canadian dreaming of owning your own home? You're not alone. The prospect of homeownership is an exciting one, but it comes with its own set of challenges, especially when you're self-employed. Your credit score is one of the most critical factors that can significantly impact your ability to secure a mortgage and buy the house of your dreams.

Buying a home is a major milestone for many people, and it’s one of the most significant financial investments you'll ever make. Whether you're a first-time homebuyer or a seasoned real estate investor, finding the right mortgage is key to ensuring that you get the best possible deal. 

When it comes to securing a mortgage, you have two options. Working with a mortgage broker or going directly to a bank. In this blog post, we’ll explore the benefits of working with a mortgage broker versus a bank, and why Mortgages By Erin, the best mortgage broker in Toronto, Ontario, is a great choice for you.

As one of the most significant financial investments you'll make in your life, buying a home requires careful planning, research, and financing. For many Canadians, obtaining a mortgage is the only way to afford a home purchase, but the process can be confusing, especially if you're new to it. Before you start looking for a home or a mortgage lender, it's important to know the difference between pre-approval and pre-qualification.

Pre-qualification and pre-approval are often used interchangeably, but they are two different things. Pre-qualification is a preliminary assessment of your creditworthiness, income, and debt. It gives you an idea of how much you can afford to borrow but doesn't guarantee that you'll be approved for a mortgage. On the other hand, pre-approval is a more in-depth process that involves a lender reviewing your financial documents, credit history, and employment status to determine whether you're eligible for a mortgage and how much you can borrow.

When it comes to home buying, pre-approval is more beneficial than pre-qualification. Here's why:
 

If you're thinking of buying a new home or refinancing your existing mortgage in Toronto or anywhere in Ontario, you may be wondering whether to work with a local mortgage broker or a big bank. As a licensed Ontario and GTA broker, Mortgages By Erin can help you navigate the market with confidence. While both options have their advantages, there are many reasons why working with a local mortgage broker can be a smart choice, especially if you're looking for the best mortgage lender in Toronto.

In this blog, we will explore the advantages of working with a licensed Ontario and GTA mortgage broker and why Mortgages By Erin is the best choice for your mortgage needs in Toronto and beyond.

Real estate investments can boost your monthly income and offer great returns, tax advantages, and long-term security. However, there are risks associated with this practice. These include unpredictability, a lack of liquidity, problems with tenants, etc.

Mortgages By Erin wishes you and your family a happy and safe holiday season and all the best for the New Year 2023! If you need any assistance from us during this time, feel free to get in touch with us by clicking here.

The Governing Council of the Bank of Canada raised its target for the overnight policy rate by 75 basis points today to 3.25% and signaled that the policy rate would rise further. The Bank is also continuing its policy of quantitative tightening (QT), reducing its holdings of Government of Canada bonds, which puts additional upward pressure on longer-term interest rates.

Creating a budget is the first step toward organizing your finances and keeping track of where you spend your money. With a budget, you can quickly achieve your savings goals over time, prepare for emergencies, and encourage smart spending.

Is everyone around you giving you financial advice, and you are fed up with reading endless books that suggest unique strategies from the author’s personal life? If yes, you need to start trusting professionals who share their experiences to help others grow. 

Applying for a mortgage can be both exciting and intimidating if you don’t know where to start. This is because borrowing money involves more than walking into a bank and signing essential documents. There is considerable work to be done behind the scenes before your mortgage is closed and money is in your bank.

Every industry has its own language and terms. These words and phrases can be confusing to anyone who is not part of the daily operations of a specific sector, and the mortgage business is no exception.

Housing is a significant theme in the 2022 Federal Budget Announcement that the government of Canada recently released. The budget announcement included a $10 billion package of proposals intended to reduce housing costs in Canada. However, there is insufficient supply to meet the demands of a rapidly growing population base. Therefore, the measures announced to increase housing construction are good, but a little underwhelming. 

On March 2nd and April 13th, the Bank of Canada raised its key interest rate by 0.25% and 0.50% respectively. With the next increase expected to occur on June 1st, the biggest question that is coming up is whether or not borrowers with variable-rate mortgages should convert to fixed. Even though fixed rates are still relatively low and are a fantastic solution for many, the answer for most people is still variable. For those who want to see the compelling reasons why the variable rate makes more sense than fixed, keep on reading.

Moving to a larger house is not the only time that things can change with your mortgage and home. Sometimes there comes the point when owning a home becomes a bit too much to handle, or maybe you’re an empty-nester and no longer need all that space to yourself. 

Finding a home shouldn’t be too hard as there are hundreds of thousands of homes for sale nationwide annually. From single-family dwellings to duplexes to townhomes, the choices seem endless. However, these options make finding the right property that fits your needs and budget challenging.

Growing up, most people dream about living a fairytale with a wonderful partner and a life of bliss. Unfortunately, real life is not always a fairytale, and not every relationship lasts forever. In fact, the latest statistics show that thirty-eight percent of all marriages in Canada end in divorce.

Do you plan on buying your first home or contemplate adding to your property portfolio? Availing of a mortgage has the advantages of being cost-effective as the interest rates on a mortgage are generally lower in this case than for other types of borrowing. 

Getting a mortgage can be challenging when dealing and coordinating through the Coronavirus pandemic, with constant changes across the board. With a large number of people losing their jobs and another massive group of them working remotely, mortgage companies were not open to supporting their clients as easily as they were in the past. We learned that many of our clients were not planning on making large investments which was another challenge that we had to get through. Unfortunately, the people who needed the mortgages the most were the ones who were ideally going through a tough time during the pandemic.

In times of uncertainty, we can always count on our first responders. From coast to coast, they put Canadians first and ensure the health and safety of this great country. At Mortgages By Erin, my team and I have successfully helped hundreds of people realize their dream of homeownership. Now, we want to help our first responders on the front lines, who have been providing support to the community during the pandemic crisis. I am grateful for their services and express my gratitude for their ongoing work and sacrifice. As part of Dominion Lending Centres, I am proud to announce the First Responder Mortgage Program™.