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.

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.

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.

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

Article Written By:  NA

Original Article Posted on:  DECEMBER 18, 2020

Link to Original Article:  https://betterdwelling.com/canadian-markets-are-seeing-a-real-estate-boom-with-population-declines/

Original Article Source Credits:   Toronto Storeys , https://torontostoreys.com/

Article Written By:  Ainsley Smith

Original Article Posted on:  December 21, 2020

Link to Original Article:  https://torontostoreys.com/cmhc-toronto-real-estate-overvaluation/

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

Article Written By:  Steve Huebl

Original Article Posted on:  November 11, 2020

Link to Original Article:  https://www.canadianmortgagetrends.com/2020/11/optimism-returns-to-the-markets-could-fixed-rates-start-to-rise/

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

Article Written By:  Steve Huebl

Original Article Posted on:  September 29, 2020

Link to Original Article:  https://www.canadianmortgagetrends.com/2020/09/pandemic-has-increased-homebuying-intentions-among-young-canadians/

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

Article Written By:  Steve Huebl

Original Article Posted on:  September 10, 2020

Link to Original Article:  https://www.canadianmortgagetrends.com/2020/09/bank-of-canada-reaffirms-its-low-rate-outlook/

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

Article Written By:  Steve Huebl

Original Article Posted on:  September 14, 2020

Link to Original Article:  https://www.canadianmortgagetrends.com/2020/09/big-banks-still-dominate-mortgage-market-share-says-cmhc/

Original Article Source Credits:   Toronto Storeys , https://torontostoreys.com/

Article Written By:  Christina Varga

Original Article Posted on:  September 10, 2020

Link to Original Article:  https://torontostoreys.com/toronto-moving-to-suburbs-covid/

Did you plan to opt for a better mortgage term for your upcoming mortgage renewal, but failed to negotiate a favorable offer from your current lender? In such a situation, you can switch to another lender by consulting with a mortgage broker. These are mortgage experts who are versatile in their profession and have the knowledge and expertise to help you find the right lender and product to suit your financial needs.

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.