Today we're going to talk about reverse mortgages. Reverse mortgages are something that has such a misconception today. I hear it all the time and they are such a wonderful product for the right person, so I wanted to go over a couple of reasons why a reverse mortgage might benefit you.

Are you going through a marital separation? Do you own a home? Did you know that you are able to buy your spouse out of the property so that you can remain in the home with your family, even though it can be challenging to qualify. There are solutions and it is very important that you talk to a mortgage professional who's able to help guide you through this very difficult time.

Buying a home is an exciting milestone, but being prepared ahead of time can save you a lot of stress during the mortgage process.

Before applying for a mortgage, it’s important to have your tax documents ready, ensure your credit is in good shape, and avoid taking on new large expenses. Getting organized early puts you in a stronger position and helps your mortgage approval process go smoothly. If you’re planning to buy, our team is happy to walk you through what to prepare and what to expect.

Today we are going to talk about another mortgage myth. Mortgage myth number two is that you need a 20% down payment to buy a second property. That is not always the case. If you're buying a second property for your family to live in, you can actually buy that home with as little as 5% down.

Don't get fooled by these common mortgage myths. Only first time home buyers can buy a property with as little as 5% down. That is incorrect. Anybody can buy a property with as little as 5% down. Whether it's your first home or your 10th home, as long as it's your primary residence and you plan to occupy the property, or if it's a second home that you're purchasing for your family to occupy.

So you're planning on retiring? Congratulations. This is so exciting for you. If you have a mortgage, you need to talk to a mortgage broker so that we can help to make sure that you set yourself up for success before this happens. There are some important things to keep in mind, that most people don't really think about.

Today we're going to talk about co-ownership or how somebody can help you to qualify for a mortgage that you perhaps don't qualify for on your own. There are two terms that are used to describe when somebody helps you qualify for a mortgage who does not occupy the property with you, and that is cosigner and guarantor. They're often used interchangeably, but they mean very different things.

Today we're going to talk about what not to do when you've bought a new home, and you are waiting for the completion date. Once they are approved, clients often think that they can then make changes, or that they don't have to worry about anything else until completion, and that is not the case. It is incredibly important that everything remains exactly the same up until the completion date of your new property.

Are you self-employed? Do you owe money to the government that you don't have the funds to pay? Did you know that you can pay that using the equity in your property? This is really important.

Today we're going to talk about the new rules surrounding tenanted properties. If you are looking to purchase a new property that currently has tenants residing in it, it's really important that you understand this and always important that you are working with a mortgage professional and a real estate agent who are able to guide you through this.

Today we're going to talk about credit. Credit is very important when you're buying a new property and looking for a mortgage loan. Lenders want to see how you've repaid your credit in the past and to ensure that you're going to pay them back when you get a mortgage in the future. What lenders look for and the most important thing is generally a rule of two two trade lines for two years, with a minimum balance or limit of $2,000 - so what does that mean?

Today we're going to talk about home insurance. This is really important, and I think it's something that is often overlooked. A lot of our clients tend to wait until the very last minute to get their home insurance set up and secured, and this is a mistake. Things can come up that can cause the insurance to be really expensive, or a possibility of a home not even being insurable, in which case your mortgage won't fund.

It happened a while ago and you might have missed it. The government has increased the threshold for the maximum purchase price for the first time home buyer exemption of property transfer tax, making it hard for first time homebuyers to qualify for this exemption. And the cost can be substantial.

Today we're going to talk about what you need to know in terms of your money needed when buying a new property. So you're buying a new home. When do you need to have the money available to you to make everything come together? The first step of buying a new property is just writing an offer, but then what?

When you buy an investment property, the biggest thing you need to know is that the down payment requirement is 20% at a minimum. So you must have a 20% down payment to buy a rental property, but the really cool thing about buying an investment property that most people don't fully understand is that we get to use rental income to help you offset the cost of that property. What that means is it is actually much more, much easier for you to qualify for a rental property than most people believe.

Today we're going to talk about the costs that you need to be aware of if you are buying a new home. The biggest costs that you need to be aware of when purchasing a property are the down payment, property transfer tax and appraisal cost, a home inspection and legal fees to buy a property. The biggest cost is going to be your down payment that everybody pretty much knows about. The other cost may be a surprise.

Today we're going to talk about some exciting new rule changes that have just been announced. Effective December 15th, 2024, the government has now authorized a 30 year amortization for people who have less than 20% as a down payment. The current maximum amortization is 25 years, so it's changing to 30 years. There are some stipulations to who qualifies for this new rule.

Today we're going to talk about how to pay your mortgage off faster. The number one trick to paying your mortgage off faster is paying by accelerated biweekly payments. This simple trick will pay your mortgage off three years faster over your total amortization. Lenders also allow you to use other prepayment privileges with your mortgage loan. Let's see how else we can pay your mortgage off faster.

Most people assume that only first time homebuyers can buy a property with as little as 5% down, and that is not the case. Anyone can buy a property with a down payment as little as 5%. Today we're going to talk about the minimum down payment required to purchase a property.

Today we're going to talk about some really exciting new rule changes. Effective December 15th, 2024, the government has increased the maximum purchase price that you can buy. If you're using less than a 20% down payment. This is huge!