When it comes to buying a home, the process can be overwhelming and fraught with complexities. Whether you’re a first-time homebuyer or looking to refinance, navigating the maze of mortgage options can be daunting. This is where a mortgage broker becomes invaluable. At Mortgages By Erin, we specialize in making your mortgage journey smooth and successful. Here are five compelling reasons why enlisting the services of a mortgage broker can be one of the best decisions you make.

Embarking on a home renovation project can be both exhilarating and daunting. Whether you're looking to update your kitchen, add a bathroom, or completely overhaul your living space, the financial aspect can often seem like a major barrier. However, house renovation loans offer a practical solution, enabling you to enhance your living environment now and pay over time. In this blog, we'll explore the compelling reasons why opting for a renovation loan is a wise decision for homeowners.

Becoming a first-time homebuyer is an exciting and significant milestone in anyone's life. It's a journey filled with dreams, emotions, and new beginnings. However, navigating the complex world of real estate can be overwhelming, and without proper guidance, it's easy to make costly mistakes.

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.

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.

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. 

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.

Buying a house for the first time is a new and emotional experience, so it’s normal to have a few hiccups along the way. Since a home is the single most expensive purchase for some people, the entire process can also be tricky to navigate if you’ve never done it before. It’s necessary to find a mortgage agent you trust to assist lead you down the twists and turns on the exciting journey to homeownership. It is also beneficial to know some of the common mistakes first-time homebuyers make, so you can avoid them on your road to buying your first home and have a smooth experience with minimum stress.

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.

How much do you really know about reverse mortgages? Maybe you know that reverse mortgages can help Canadians over fifty-five years with access to the equity in their home, tax-free. Or perhaps you know that tens of thousands of Canadians use a reverse mortgage as part of their financial plan. But did you know that there are seven common misconceptions when it comes to understanding reverse mortgages in Canada? As Canada’s leading provider of reverse mortgages, HomeEquity Bank can help set the record straight. So, without much further ado, Mortgages By Erin has listed some of the most widely believed myths about reverse mortgages. Keep reading to learn more about it

Original Article Source Credits:    Canada Mortgage and Housing Corporation  , https://www.cmhc-schl.gc.ca/

Article Written By:  NA

Original Article Posted on:  July 5, 2021

Link to Original Article:  https://www.cmhc-schl.gc.ca/en/media-newsroom/notices/2021/cmhc-reviews-underwriting-criteria

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

Article Written By:  Steve Huebl

Original Article Posted on:  May 12, 2021

Link to Original Article:  https://www.canadianmortgagetrends.com/2021/05/latest-in-mortgage-news-house-prices-to-moderate-this-year-says-cmhc/

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

Article Written By:  NA

Original Article Posted on:  May 18, 2021

Link to Original Article:  https://financialpost.com/personal-finance/business-essentials/low-interest-rates-demand-for-more-space-during-pandemic-has-pushed-canadian-housing-market-to-extraordinary-heights