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.
As of July 1st, CMHC is tightening its guidelines for high-ratio/insured mortgages, to reduce demand and stabilize housing markets. It’s also a direct response to the high number of mortgage deferrals after the COVID-19 pandemic. Read on to learn more.
Organizing a successful move into a new home can be quite a challenge. After all, moving can often create a list of never-ending chores, making the process stressful or laborious. Yet, with a little preparation, you can handle the task with ease and complete it quickly.
As coronavirus (COVID-19) continues to spread across countries and cities, economies across the world have taken a hit. Uncertainty in the markets, declining economy, and rise in unemployment have impacted thousands of lives. If you’re finding it challenging to pay your rent or meet your mortgage payments, and other expenses, you’re not alone.
Obtaining a mortgage can be a tedious process, especially with the tighter approval criteria presented by the Canadian lending authorities. But, once your mortgage is approved, you can relax for a bit until it’s time to renew your mortgage.
How much do you actually know about reverse mortgages? Most people know that they are available to help Canadians who are fifty-five years and older with access to equity in their homes tax-free. But many people mistakenly think that Canadian reverse mortgages are just like those offered in the U.S.
If you’re struggling to obtain your first mortgage, you’re in luck because the government’s First-Time Home Buyer Incentive (FTHBI), is now at your disposal. The FTHBI is a shared equity program introduced by the government of Canada and is available to first time home buyers. The program was officially launched on September 2, 2019, by the CMHC (Canadian Mortgage and Housing Corporation), and is meant to help younger buyers afford a new house with lower mortgage payments.
