Blog

<figure id="figure-hdhv4h0a1m4mxn8z4"><img id="hdhv4h0a1m4mxn8z4" src="https://media.gettyimages.com/id/1483319549/photo/percentage-and-house-sign-symbol-icon-wooden-on-wood-table-concepts-of-home-interest-real.jpg?b=1&amp;s=2048x2048&amp;w=0&amp;k=20&amp;c=cIjte2FhO2PJ79kzQX3ng2UpMv6y7lWC2C9G0DeRlRo=" alt="Percentage and house sign symbol icon wooden on wood table. Concepts of home interest, real estate, investing in inflation." title="Percentage and house sign symbol icon wooden on wood table. Concepts of home interest, real estate, investing in inflation." class="object-cover bg-gray-100 rounded-lg md:rounded-xl lg:rounded-2xl" style="aspect-ratio: 16/9; object-position: center center;" data-corners="default" data-aspect="16:9" data-caption="" data-positionx="undefined" data-positiony="undefined" data-fullwidth="false" data-mce-src="https://media.gettyimages.com/id/1483319549/photo/percentage-and-house-sign-symbol-icon-wooden-on-wood-table-concepts-of-home-interest-real.jpg?b=1&amp;s=2048x2048&amp;w=0&amp;k=20&amp;c=cIjte2FhO2PJ79kzQX3ng2UpMv6y7lWC2C9G0DeRlRo=" data-mce-style="aspect-ratio: 16/9; object-position: center center;"></figure><h2>Understanding the New Mortgage Policies</h2><h3><strong>Insured Mortgage Price Cap Raised to $1.5 Million</strong></h3><p>The federal government has increased the price cap for insured mortgages from $1 million to $1.5 million. This means that buyers purchasing homes in this range can qualify for high loan-to-value mortgage insurance.&nbsp;</p><p>The down payment requirements for insured mortgages as of December 15th:</p><p>&nbsp; &nbsp; &nbsp;• &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; 5% for the first $500,000 of the purchase price.</p><p>&nbsp; &nbsp; &nbsp;• &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; 10% for the portion between $500,000 and $1.5 million.</p><p>For example, starting December 15, a buyer could purchase a $1.5-million home with a down payment of just $125,000, compared to the $300,000 required for uninsured mortgages. This is expected to provide much-needed relief to buyers in competitive and high-priced markets.</p><figure id="figure-zm69sa01gcm4mxbu2p"><img id="zm69sa01gcm4mxbu2p" src="https://images.unsplash.com/photo-1641932969408-64f8e4be598d?crop=entropy&amp;cs=tinysrgb&amp;fit=max&amp;fm=jpg&amp;ixid=M3wyNjI5NjF8MHwxfHNlYXJjaHw1fHxtb25leSUyMGNhbmFkYXxlbnwwfHx8fDE3MzQxMDUxMzB8MA&amp;ixlib=rb-4.0.3&amp;q=80&amp;w=1080" alt="a bunch of money sitting on top of a table" title="a bunch of money sitting on top of a table" class="object-cover bg-gray-100 rounded-lg md:rounded-xl lg:rounded-2xl" style="aspect-ratio: 16/9; object-position: center center;" data-corners="default" data-aspect="16:9" data-caption="" data-positionx="null" data-positiony="null" data-fullwidth="false" data-mce-src="https://images.unsplash.com/photo-1641932969408-64f8e4be598d?crop=entropy&amp;cs=tinysrgb&amp;fit=max&amp;fm=jpg&amp;ixid=M3wyNjI5NjF8MHwxfHNlYXJjaHw1fHxtb25leSUyMGNhbmFkYXxlbnwwfHx8fDE3MzQxMDUxMzB8MA&amp;ixlib=rb-4.0.3&amp;q=80&amp;w=1080" data-mce-style="aspect-ratio: 16/9; object-position: center center;"></figure><h2>30-Year Amortizations Expanded</h2><p>In another major shift, the government is extending 30-year amortizations to insured mortgages for certain buyers. This option will now be available to:</p><p>1.<strong> First-time homebuyers</strong>, provided they meet one of the following criteria:&nbsp;</p><ul><li>Never owned a home before.</li><li>Haven’t owned or occupied a principal residence in the past four years.</li><li>Recently experienced a breakdown in a marriage or common-law relationship.</li></ul><p>2. <strong>New-build buyers</strong>, including newly constructed condominiums with interim occupancy periods.</p><p>A 30-year amortization option can significantly reduce monthly mortgage payments, providing relief in the current high-interest rate environment.</p><figure id="figure-1nbxh9gpcwm4mxbxdu" class=""><img id="1nbxh9gpcwm4mxbxdu" src="https://cdn.durable.co/getty/26HGl7atUNFxsZN3MfN1cQe58hsLr7X4MlqfcO21ht7rZOTuaswdCmpt3wPMPo9Q.jpeg" alt="first-time homebuyers" class="object-cover bg-gray-100 rounded-lg md:rounded-xl lg:rounded-2xl" style="aspect-ratio: 16/9;" data-mce-src="https://cdn.durable.co/getty/26HGl7atUNFxsZN3MfN1cQe58hsLr7X4MlqfcO21ht7rZOTuaswdCmpt3wPMPo9Q.jpeg" data-mce-style="aspect-ratio: 16/9;"></figure><h3>Why These Changes Matter</h3><p>For buyers in Canada’s priciest markets, where homes frequently exceed the previous $1-million cap, these updates are a game-changer. They reduce the upfront financial barrier to homeownership and offer more flexibility with lower monthly payments, which could help many Canadians achieve their dream of owning a home.</p><p>According to BMO’s senior economist Robert Kavcic, extending 30-year amortizations could increase purchasing power by around 10%, making home buying more attainable for many. Combined with falling fixed mortgage rates, these measures may contribute to a stronger housing market in 2025.</p><h3>How to Take Advantage of the New Rules</h3><p>Starting December 15, 2024, brokers can begin submitting applications to lenders and insurers under the new guidelines. </p><p>Whether you’re a first-time buyer, a newcomer to Canada, or upgrading to a larger home, these changes could be the perfect opportunity to make your homeownership dreams a reality.</p><p>Need personalized mortgage advice? Contact me today! Let’s work together to make your homeownership goals a reality.</p><figure id="figure-g8wujhekqm4mxc0j9"><img id="g8wujhekqm4mxc0j9" src="https://images.unsplash.com/photo-1626178793926-22b28830aa30?crop=entropy&amp;cs=tinysrgb&amp;fit=max&amp;fm=jpg&amp;ixid=M3wyNjI5NjF8MHwxfHNlYXJjaHwxMHx8bW9ydGdhZ2V8ZW58MHx8fHwxNzM0MTA1NDYwfDA&amp;ixlib=rb-4.0.3&amp;q=80&amp;w=1080" alt="man in purple suit jacket using laptop computer" title="man in purple suit jacket using laptop computer" class="object-cover bg-gray-100 rounded-lg md:rounded-xl lg:rounded-2xl" style="aspect-ratio: 16/9; object-position: center center;" data-corners="default" data-aspect="16:9" data-caption="" data-positionx="null" data-positiony="null" data-fullwidth="false" data-mce-src="https://images.unsplash.com/photo-1626178793926-22b28830aa30?crop=entropy&amp;cs=tinysrgb&amp;fit=max&amp;fm=jpg&amp;ixid=M3wyNjI5NjF8MHwxfHNlYXJjaHwxMHx8bW9ydGdhZ2V8ZW58MHx8fHwxNzM0MTA1NDYwfDA&amp;ixlib=rb-4.0.3&amp;q=80&amp;w=1080" data-mce-style="aspect-ratio: 16/9; object-position: center center;"></figure><p><br></p>

Big News for Canadian Homebuyers: Federal Government Increases Insured Mortgage Price Cap and Introduces 30-Year Amortization Option

Toronto, Ontario, Canada, Aerial View of Toronto Cityscape Showing Landmark Buildings in the Financial District

<h2>Understanding Your Financial Situation</h2><p>Before diving into the Toronto real estate market, it's crucial for first-time homebuyers to fully understand their financial situation. Start by assessing your income, monthly expenses, and existing debts. This will help you determine how much you can comfortably afford to spend on a home. It's advisable to create a detailed budget that includes potential housing costs, such as mortgage payments, property taxes, insurance, and maintenance.</p><p>Having a solid grasp of your finances will guide your home search and strengthen your position when seeking financing options. Remember, it's not just about how much a lender is willing to loan you; it's about what you can afford without sacrificing your lifestyle.</p><figure id="figure-6793yvg7fsm4ea0by9"><img id="6793yvg7fsm4ea0by9" src="https://cdn.durable.co/getty/24oa6BArv1ZwpFHofrP7HRZs2xOsLyQACXytvGBLdE5SNAfqhJK40G1VJNdUXTuv.jpeg" alt="financial planning" class="object-cover bg-gray-100 rounded-lg md:rounded-xl lg:rounded-2xl" style="aspect-ratio: 16/9;" data-mce-src="https://cdn.durable.co/getty/24oa6BArv1ZwpFHofrP7HRZs2xOsLyQACXytvGBLdE5SNAfqhJK40G1VJNdUXTuv.jpeg" data-mce-style="aspect-ratio: 16/9;"></figure><h2>Exploring Mortgage Options</h2><p>Toronto offers various mortgage options for first-time homebuyers. From fixed-rate mortgages to variable-rate options, it's essential to understand the differences and choose one that aligns with your financial goals. A fixed-rate mortgage provides stability with predictable monthly payments, while a variable-rate mortgage may offer lower initial rates but comes with potential fluctuations based on market conditions.</p><p><br></p><p><span style="font-family: var(--head-fontFamily); font-size: calc(32px * var(--head-fontSize, 1)); font-style: var(--head-fontStyle, normal); font-weight: var(--head-fontWeight, 500); background-color: rgba(249,250,251,var(--tw-bg-opacity));" data-mce-style="font-family: var(--head-fontFamily); font-size: calc(32px * var(--head-fontSize, 1)); font-style: var(--head-fontStyle, normal); font-weight: var(--head-fontWeight, 500); background-color: rgba(249,250,251,var(--tw-bg-opacity));">Getting Pre-Approved</span></p><p>Obtaining a mortgage pre-approval is a critical step in the home-buying process. This involves a lender assessing your financial situation and determining how much they are willing to lend you. A pre-approval not only gives you a realistic price range for home shopping but also shows sellers that you are a serious buyer.</p><figure id="figure-hy6j4fv42rm4ea0f9e"><img id="hy6j4fv42rm4ea0f9e" src="https://cdn.durable.co/getty/29gb8oKH83mDuIX3iRgmRUAu95UkQ4uj8a3A54RoT2qc8b0whcXCZ4IZVq3MZpHX.jpeg" alt="mortgage approval" class="object-cover bg-gray-100 rounded-lg md:rounded-xl lg:rounded-2xl" style="aspect-ratio: 16/9;" data-mce-src="https://cdn.durable.co/getty/29gb8oKH83mDuIX3iRgmRUAu95UkQ4uj8a3A54RoT2qc8b0whcXCZ4IZVq3MZpHX.jpeg" data-mce-style="aspect-ratio: 16/9;"></figure><h2>Saving for a Down Payment</h2><p>One of the biggest hurdles for first-time buyers is saving for a down payment. In Toronto, the amount required can vary significantly based on the property's price. To make this process more manageable, consider setting up a dedicated savings account and automating regular contributions. This helps you stay disciplined and gradually build the necessary funds.</p><p>Additionally, explore the possibility of using resources like the Home Buyers' Plan (HBP), which allows you to withdraw from your RRSPs to buy or build a qualifying home.</p><h3>Understanding Closing Costs</h3><p>Apart from the down payment, it's important to budget for closing costs, which can include legal fees, land transfer taxes, and other miscellaneous expenses. These typically range from 1.5% to 4% of the purchase price. Being aware of these costs upfront ensures that you're prepared financially when it's time to finalize your purchase.</p><figure id="figure-ptrp9adhvm4ea0jhh"><img id="ptrp9adhvm4ea0jhh" src="https://cdn.durable.co/getty/2dnU2MmgwAQ41sI2C4YEcRBnbrRtc8Ov59Ciw7weEDozqoJXtUzFCstblIk09wNs.jpeg" alt="real estate closing" class="object-cover bg-gray-100 rounded-lg md:rounded-xl lg:rounded-2xl" style="aspect-ratio: 16/9;" data-mce-src="https://cdn.durable.co/getty/2dnU2MmgwAQ41sI2C4YEcRBnbrRtc8Ov59Ciw7weEDozqoJXtUzFCstblIk09wNs.jpeg" data-mce-style="aspect-ratio: 16/9;"></figure><h2>Working with a Real Estate Agent</h2><p>Navigating the Toronto real estate market can be overwhelming, especially for first-time buyers. Hiring an experienced real estate agent can provide valuable insights, help you find properties that meet your criteria, and negotiate the best deals on your behalf. Choose an agent familiar with the neighbourhoods you're interested in and who has a proven track record with first-time buyers.</p><p>Your agent can also connect you with trusted professionals like mortgage brokers, lawyers, and home inspectors, ensuring a smooth transaction from start to finish.</p><h3>Preparing for Homeownership</h3><p>Once you've secured financing and found your dream home, it's time to prepare for homeownership. This includes understanding ongoing costs such as utilities, maintenance, and any homeowner's association fees if applicable. Create a maintenance schedule to keep your new home in excellent condition and protect your investment over time.</p><p>By taking these steps, first-time homebuyers in Toronto can navigate the financing process with confidence and lay the foundation for successful homeownership.&nbsp;</p><figure id="figure-vnqd1h2lv9m4ea0mvz" class=""><img id="vnqd1h2lv9m4ea0mvz" src="https://cdn.durable.co/getty/32wAYIr0xjVsEHZzqaX9Jalo7j9Zvrox66Lrk5jgS9fzTs2vtWo6AsIDr6KmOZe3.jpeg" alt="homeownership planning" class="object-cover bg-gray-100 rounded-lg md:rounded-xl lg:rounded-2xl" style="aspect-ratio: 16/9;" data-mce-src="https://cdn.durable.co/getty/32wAYIr0xjVsEHZzqaX9Jalo7j9Zvrox66Lrk5jgS9fzTs2vtWo6AsIDr6KmOZe3.jpeg" data-mce-style="aspect-ratio: 16/9;"></figure><h3 data-mce-style="padding-left: 240px;" style="padding-left: 240px;"><strong><a data-mce-href="https://jessehazen.mtg-app.com/signup" href="https://jessehazen.mtg-app.com/signup" target="_blank" rel="noopener" data-mce-selected="inline-boundary">Apply NOW!﻿</a></strong></h3>

Toronto Real Estate Financing: Tips for First-Time Homebuyers

A calculator and a model of a house. Budgets and estimates for home purchases and renovations

<h2>Understanding the Role of a Mortgage Broker</h2><p>Buying your first home can be a daunting process. A mortgage broker can help simplify this journey. They act as intermediaries between you and potential lenders. Their goal is to find the best mortgage rates and terms for you.</p><p>Mortgage brokers have access to a wide range of lenders. This means they can offer more options than a single bank. They work with you to understand your financial situation and needs.</p><figure id="figure-kz92uqc3ykm34p4ypa"><img id="kz92uqc3ykm34p4ypa" src="https://images.unsplash.com/photo-1559067096-d109b66fd5af?crop=entropy&amp;cs=tinysrgb&amp;fit=max&amp;fm=jpg&amp;ixid=M3wyNjI5NjF8MHwxfHNlYXJjaHwxNXx8bW9ydGdhZ2UlMjBicm9rZXJ8ZW58MHx8fHwxNzMwODI2MDQzfDA&amp;ixlib=rb-4.0.3&amp;q=80&amp;w=1080" alt="mortgage broker" class="object-cover bg-gray-100 rounded-lg md:rounded-xl lg:rounded-2xl" style="aspect-ratio: 16/9;" data-mce-src="https://images.unsplash.com/photo-1559067096-d109b66fd5af?crop=entropy&amp;cs=tinysrgb&amp;fit=max&amp;fm=jpg&amp;ixid=M3wyNjI5NjF8MHwxfHNlYXJjaHwxNXx8bW9ydGdhZ2UlMjBicm9rZXJ8ZW58MHx8fHwxNzMwODI2MDQzfDA&amp;ixlib=rb-4.0.3&amp;q=80&amp;w=1080" data-mce-style="aspect-ratio: 16/9;"></figure><h3>Preparing for Your First Home Purchase</h3><p>Preparation is key when buying your first home. Start by assessing your financial health. You need to know your credit score, debts, and savings. A mortgage broker can guide you through this process.</p><p>Next, set a realistic budget. Consider all costs involved, not just the price of the home. These include taxes, insurance, and maintenance. Your broker can help you estimate these costs.</p><h3>Getting Pre-Approved for a Mortgage</h3><p>Pre-approval is an important step. It shows sellers you are serious and capable of buying. It also gives you a clear idea of what you can afford. A mortgage broker can help you gather the necessary documents and submit your application.</p><figure id="figure-w7w45r1hagm34p52c5"><img id="w7w45r1hagm34p52c5" src="https://images.unsplash.com/photo-1501504905252-473c47e087f8?crop=entropy&amp;cs=tinysrgb&amp;fit=max&amp;fm=jpg&amp;ixid=M3wyNjI5NjF8MHwxfHNlYXJjaHwxNHx8aG9tZSUyMGJ1eWluZ3xlbnwwfHx8fDE3MzA4MjYwNDh8MA&amp;ixlib=rb-4.0.3&amp;q=80&amp;w=1080" alt="home buying" class="object-cover bg-gray-100 rounded-lg md:rounded-xl lg:rounded-2xl" style="aspect-ratio: 16/9;" data-mce-src="https://images.unsplash.com/photo-1501504905252-473c47e087f8?crop=entropy&amp;cs=tinysrgb&amp;fit=max&amp;fm=jpg&amp;ixid=M3wyNjI5NjF8MHwxfHNlYXJjaHwxNHx8aG9tZSUyMGJ1eWluZ3xlbnwwfHx8fDE3MzA4MjYwNDh8MA&amp;ixlib=rb-4.0.3&amp;q=80&amp;w=1080" data-mce-style="aspect-ratio: 16/9;"></figure><p>Pre-approval involves a thorough check of your finances. Lenders will look at your income, credit history, and debts. With a broker's help, you can prepare and present your finances in the best possible light.</p><h2>Finding the Right Home</h2><p>Once pre-approved, start your home search. Your mortgage broker can connect you with real estate agents. They can also provide insights into market trends and property values.</p><h3>Making an Offer</h3><p>When you find the right home, it's time to make an offer. Your broker can help you understand the offer process. They can advise on conditions to include in your offer when it pertains to your financing condition.&nbsp;</p><figure id="figure-i8jdfydiu8m34p55z3" class=""><img id="i8jdfydiu8m34p55z3" src="https://images.unsplash.com/photo-1555636222-cae831e670b3?crop=entropy&amp;cs=tinysrgb&amp;fit=max&amp;fm=jpg&amp;ixid=M3wyNjI5NjF8MHwxfHNlYXJjaHwyNXx8cmVhbCUyMGVzdGF0ZXxlbnwwfHx8fDE3MzA4MjYwNTJ8MA&amp;ixlib=rb-4.0.3&amp;q=80&amp;w=1080" alt="real estate" class="object-cover bg-gray-100 rounded-lg md:rounded-xl lg:rounded-2xl" style="aspect-ratio: 16/9;" data-mce-src="https://images.unsplash.com/photo-1555636222-cae831e670b3?crop=entropy&amp;cs=tinysrgb&amp;fit=max&amp;fm=jpg&amp;ixid=M3wyNjI5NjF8MHwxfHNlYXJjaHwyNXx8cmVhbCUyMGVzdGF0ZXxlbnwwfHx8fDE3MzA4MjYwNTJ8MA&amp;ixlib=rb-4.0.3&amp;q=80&amp;w=1080" data-mce-style="aspect-ratio: 16/9;"></figure><p>It's important to stay within your budget during this stage. A mortgage broker will remind you of your financial limits and help you stick to them.</p><h2>Closing the Deal</h2><p>Once your offer is accepted, the closing process begins. This involves finalizing your mortgage and completing legal paperwork. Your broker will work with you and your lawyer to ensure everything is in order.</p><p>Closing can take several weeks. During this time, your broker will keep you informed and help resolve any issues that arise. Their goal is to make the process as smooth as possible for you.</p><p>Buying your first home is a significant milestone. With a mortgage broker's help, you can navigate the process with confidence and ease.</p><p>Ready to get started? Click <a data-mce-href="https://jessehazen.mtg-app.com/signup" href="https://jessehazen.mtg-app.com/signup" target="_blank" rel="noopener" data-mce-selected="inline-boundary">HERE</a> to apply now!&nbsp;</p>

The Mortgage Broker's Guide to Buying Your First Home in Canada

Mortgage Loan approval on mobile phone in a house.

<p>Submitting a mortgage application can seem daunting. However, with the right steps, you can ensure a smooth process. At our mortgage brokerage, we have helped many clients achieve their homeownership dreams. Here, we share key steps for efficient deal submission.</p><h2>Prepare Your Documents</h2><p>Gathering the necessary documents is crucial. Start by collecting your income statements, tax returns, and bank statements. Having these ready will save time and prevent delays. Remember, lenders need to verify your financial status.</p><figure id="figure-l6z7xisd3em2fbe5o5"><img id="l6z7xisd3em2fbe5o5" src="https://media.gettyimages.com/id/1480777768/photo/businesswoman-hands-working-in-stacks-of-paper-files-for-searching-and-checking-unfinished.jpg?b=1&amp;s=2048x2048&amp;w=0&amp;k=20&amp;c=9rGIX0ltXlhwhgcDD9xnHZ-q8g_J9tWrQfVymJZ5F7A=" alt="Businesswoman hands working in Stacks of paper files for searching and checking unfinished document achieves on folders papers" title="Businesswoman hands working in Stacks of paper files for searching and checking unfinished document achieves on folders papers" class="object-cover bg-gray-100 rounded-lg md:rounded-xl lg:rounded-2xl" style="aspect-ratio: 16/9; object-position: center center;" data-corners="default" data-aspect="16:9" data-caption="" data-positionx="null" data-positiony="null" data-fullwidth="false" data-mce-src="https://media.gettyimages.com/id/1480777768/photo/businesswoman-hands-working-in-stacks-of-paper-files-for-searching-and-checking-unfinished.jpg?b=1&amp;s=2048x2048&amp;w=0&amp;k=20&amp;c=9rGIX0ltXlhwhgcDD9xnHZ-q8g_J9tWrQfVymJZ5F7A=" data-mce-style="aspect-ratio: 16/9; object-position: center center;"></figure><h3>Understand Your Credit Score</h3><p>Your credit score plays a significant role in the mortgage process. Check your score before applying. If needed, take steps to improve it. Pay off outstanding debts and avoid new credit inquiries. A good score can improve your loan terms.</p><h2>Choose the Right Mortgage Product</h2><p>There are various mortgage products available. Understanding your options is important. Consider factors like interest rates, loan terms, and payment flexibility. Discuss these with your mortgage broker to find the best fit for your needs.</p><figure id="figure-xsqrz1xl7pm2fbe6oj"><img id="xsqrz1xl7pm2fbe6oj" src="https://images.unsplash.com/photo-1563986768609-322da13575f3?crop=entropy&amp;cs=tinysrgb&amp;fit=max&amp;fm=jpg&amp;ixid=M3wyNjI5NjF8MHwxfHNlYXJjaHwyfHxjb21tdW5pY2F0aW9ufGVufDB8fHx8MTcyOTI5MTYwOHww&amp;ixlib=rb-4.0.3&amp;q=80&amp;w=1080" alt="person using phone and laptop" title="person using phone and laptop" class="object-cover bg-gray-100 rounded-lg md:rounded-xl lg:rounded-2xl" style="aspect-ratio: 16/9; object-position: center center;" data-corners="default" data-aspect="16:9" data-caption="" data-positionx="null" data-positiony="null" data-fullwidth="false" data-mce-src="https://images.unsplash.com/photo-1563986768609-322da13575f3?crop=entropy&amp;cs=tinysrgb&amp;fit=max&amp;fm=jpg&amp;ixid=M3wyNjI5NjF8MHwxfHNlYXJjaHwyfHxjb21tdW5pY2F0aW9ufGVufDB8fHx8MTcyOTI5MTYwOHww&amp;ixlib=rb-4.0.3&amp;q=80&amp;w=1080" data-mce-style="aspect-ratio: 16/9; object-position: center center;"></figure><h3>Communicate Clearly with Your Broker</h3><p>Communication is key in the mortgage process. Keep your broker informed about any changes in your financial situation. This helps in making timely adjustments and ensures the process stays on track. A proactive approach can prevent potential issues.</p><h2>Submit a Complete Application</h2><p>Submitting a complete application is crucial. Double-check all forms and documents for accuracy. Incomplete or incorrect submissions can lead to delays. Your broker can guide you through the requirements to ensure everything is in order.</p><figure id="figure-vbt7qvuc8m2fbe7lj"><img id="vbt7qvuc8m2fbe7lj" src="https://images.unsplash.com/photo-1623915695133-d624f7759fd0?crop=entropy&amp;cs=tinysrgb&amp;fit=max&amp;fm=jpg&amp;ixid=M3wyNjI5NjF8MHwxfHNlYXJjaHw4fHxhcHBsaWNhdGlvbi1zdWJtaXNzaW9ufGVufDB8fHx8MTcyOTI5MTMwNnww&amp;ixlib=rb-4.0.3&amp;q=80&amp;w=1080" alt="application-submission" class="object-cover bg-gray-100 rounded-lg md:rounded-xl lg:rounded-2xl" style="aspect-ratio: 16/9;" data-mce-src="https://images.unsplash.com/photo-1623915695133-d624f7759fd0?crop=entropy&amp;cs=tinysrgb&amp;fit=max&amp;fm=jpg&amp;ixid=M3wyNjI5NjF8MHwxfHNlYXJjaHw4fHxhcHBsaWNhdGlvbi1zdWJtaXNzaW9ufGVufDB8fHx8MTcyOTI5MTMwNnww&amp;ixlib=rb-4.0.3&amp;q=80&amp;w=1080" data-mce-style="aspect-ratio: 16/9;"></figure><h3>Be Prepared for Appraisals and Inspections</h3><p>Appraisals and inspections are part of the mortgage process. Be ready to schedule these promptly. They help determine the property's value and condition. Timely completion of these steps keeps the process moving smoothly.</p><h2>Stay Responsive to Requests</h2><p>Throughout the process, you may receive requests for additional information. Respond quickly to these inquiries. Prompt responses help maintain momentum and prevent unnecessary delays. Your cooperation is vital for a smooth transaction.</p><figure id="figure-9876uc667m2fbe8mo"><img id="9876uc667m2fbe8mo" src="https://images.unsplash.com/photo-1600880292203-757bb62b4baf?crop=entropy&amp;cs=tinysrgb&amp;fit=max&amp;fm=jpg&amp;ixid=M3wyNjI5NjF8MHwxfHNlYXJjaHwzfHxyZXNwb25zaXZlLWNvbW11bmljYXRpb258ZW58MHx8fHwxNzI5MjkxMzA3fDA&amp;ixlib=rb-4.0.3&amp;q=80&amp;w=1080" alt="responsive-communication" class="object-cover bg-gray-100 rounded-lg md:rounded-xl lg:rounded-2xl" style="aspect-ratio: 16/9;" data-mce-src="https://images.unsplash.com/photo-1600880292203-757bb62b4baf?crop=entropy&amp;cs=tinysrgb&amp;fit=max&amp;fm=jpg&amp;ixid=M3wyNjI5NjF8MHwxfHNlYXJjaHwzfHxyZXNwb25zaXZlLWNvbW11bmljYXRpb258ZW58MHx8fHwxNzI5MjkxMzA3fDA&amp;ixlib=rb-4.0.3&amp;q=80&amp;w=1080" data-mce-style="aspect-ratio: 16/9;"></figure><p>Following these steps can lead to a successful mortgage application. By preparing thoroughly and working closely with your broker, you can navigate the process with confidence. Our team is here to support you every step of the way.</p><p style="padding-left: 240px;" data-mce-style="padding-left: 240px;"><strong><a data-mce-href="https://jessehazen.mtg-app.com/signup" href="https://jessehazen.mtg-app.com/signup" target="_blank" rel="noopener">Apply Now</a></strong></p>

Efficient Deal Submission: Key Steps for a Smooth Mortgage Process

Parliament of Canada, Peace Tower, Canadian Flags

<figure id="figure-41bha9vz7tm159mt1a"><img id="41bha9vz7tm159mt1a" src="https://media.gettyimages.com/id/147039579/photo/parliament-of-canada-peace-tower-canadian-flags.jpg?b=1&s=2048x2048&w=0&k=20&c=Ngid4UqGeS_05e_B9LTYjD8FOuO8zug5ykZ0CJJ29-k=" alt="Parliament of Canada, Peace Tower, Canadian Flags" title="Parliament of Canada, Peace Tower, Canadian Flags" class="object-cover bg-gray-100 rounded-lg md:rounded-xl lg:rounded-2xl" style="aspect-ratio: 16/9; object-position: undefined undefined;" data-corners="default" data-aspect="16:9" data-caption="" data-positionX="undefined" data-positionY="undefined" data-fullWidth="false"/></figure><p>The Canadian housing market is once again facing significant changes, with the Liberal government announcing new measures to help make homeownership more accessible. As a mortgage broker, I see these changes as game-changing for first-time buyers and those struggling to afford homes in Canada’s pricier markets. Let’s break down what these new rules mean and how they could impact homebuyers.</p><h2>30-Year Amortizations Now Available for More Buyers</h2><p>One of the biggest announcements is the expansion of 30-year amortization periods for insured mortgages. Starting December 15, first-time buyers and those purchasing newly built homes will be able to take advantage of this longer payment period. This is a shift from the current maximum of 25 years for insured mortgages.</p><p>What does this mean for buyers? A longer amortization period lowers your monthly mortgage payments, making homeownership more manageable month-to-month. However, it’s important to remember that while this may reduce monthly costs, it will also mean paying more in interest over the life of the loan. As always, you’ll want to weigh the pros and cons carefully when considering this option.</p><figure id="figure-v10ylouy1bm159oyu1"><img id="v10ylouy1bm159oyu1" src="https://media.gettyimages.com/id/1483319549/photo/percentage-and-house-sign-symbol-icon-wooden-on-wood-table-concepts-of-home-interest-real.jpg?b=1&amp;s=2048x2048&amp;w=0&amp;k=20&amp;c=cIjte2FhO2PJ79kzQX3ng2UpMv6y7lWC2C9G0DeRlRo=" alt="Percentage and house sign symbol icon wooden on wood table. Concepts of home interest, real estate, investing in inflation." title="Percentage and house sign symbol icon wooden on wood table. Concepts of home interest, real estate, investing in inflation." class="object-cover bg-gray-100 rounded-lg md:rounded-xl lg:rounded-2xl" style="aspect-ratio: 16/9; object-position: center center;" data-corners="default" data-aspect="16:9" data-caption="" data-positionx="undefined" data-positiony="undefined" data-fullwidth="false" data-mce-src="https://media.gettyimages.com/id/1483319549/photo/percentage-and-house-sign-symbol-icon-wooden-on-wood-table-concepts-of-home-interest-real.jpg?b=1&amp;s=2048x2048&amp;w=0&amp;k=20&amp;c=cIjte2FhO2PJ79kzQX3ng2UpMv6y7lWC2C9G0DeRlRo=" data-mce-style="aspect-ratio: 16/9; object-position: center center;"></figure><h2>Higher Insured Mortgage Cap: Now Up to $1.5 Million</h2><p>Another significant change is the increase in the insured mortgage cap, which will be raised from $1 million to $1.5 million. For those buying in Canada’s most expensive markets, this could make all the difference. The current cap has long been a barrier for buyers in cities like Toronto and Vancouver, where home prices have soared above the $1 million mark.</p><p>With this increase, buyers will be able to purchase homes up to $1.5 million with as little as 5% down (or up to 20%), a change that could put more homes within reach for many Canadians. For my clients in Ontario and New Brunswick, this expansion could mean the ability to explore a broader range of properties without being held back by the previous cap.</p><figure id="figure-dtt2l3waodm159rgzw"><img id="dtt2l3waodm159rgzw" src="https://media.gettyimages.com/id/1250984687/photo/us-dollar-hessian-bags-with-house-paper-model-on-a-wood-balance-scale-home-loan-reverse.jpg?b=1&amp;s=2048x2048&amp;w=0&amp;k=20&amp;c=TRoVUtbUTezxt-jfBlsG-KiOG5fHU5uMw6aBzYpNvj0=" alt="US dollar hessian bags with house paper model on a wood balance scale. Home loan, reverse mortgage concept, Depicts a homeowner or a borrower turns properties into cash" title="US dollar hessian bags with house paper model on a wood balance scale. Home loan, reverse mortgage concept, Depicts a homeowner or a borrower turns properties into cash" class="object-cover bg-gray-100 rounded-lg md:rounded-xl lg:rounded-2xl" style="aspect-ratio: 16/9; object-position: center center;" data-corners="default" data-aspect="16:9" data-caption="" data-positionx="undefined" data-positiony="undefined" data-fullwidth="false" data-mce-src="https://media.gettyimages.com/id/1250984687/photo/us-dollar-hessian-bags-with-house-paper-model-on-a-wood-balance-scale-home-loan-reverse.jpg?b=1&amp;s=2048x2048&amp;w=0&amp;k=20&amp;c=TRoVUtbUTezxt-jfBlsG-KiOG5fHU5uMw6aBzYpNvj0=" data-mce-style="aspect-ratio: 16/9; object-position: center center;"></figure><h2>Will These Changes Impact Housing Prices?</h2><p>A question on everyone’s mind is whether these changes will drive up housing prices. It’s a valid concern—when more buyers enter the market, demand can outpace supply, leading to price increases. But Deputy Prime Minister and Finance Minister Chrystia Freeland emphasized that these measures are targeted toward first-time homebuyers and new builds. The hope is to incentivize builders to get more homes on the market, which could help to ease Canada’s housing supply gap.</p><p>From my perspective, these changes could offer significant relief to many of my clients. However, it’s essential to remain mindful of market conditions, especially in areas where housing prices are already high.</p><figure id="figure-6r9z42ai8mm159qilp"><img id="6r9z42ai8mm159qilp" src="https://media.gettyimages.com/id/1344021631/photo/loving-african-american-spouses-relocating-to-their-home-dreaming-about-renovation-sitting.jpg?b=1&amp;s=2048x2048&amp;w=0&amp;k=20&amp;c=NgZE_DyHs9oSkpXjou7vtqWxdHDWkqHmLkmvTcFqV4Q=" alt="Loving african american spouses relocating to their home, dreaming about renovation, sitting near wall with drawn house" title="Loving african american spouses relocating to their home, dreaming about renovation, sitting near wall with drawn house" class="object-cover bg-gray-100 rounded-lg md:rounded-xl lg:rounded-2xl" style="aspect-ratio: 16/9; object-position: center center;" data-corners="default" data-aspect="16:9" data-caption="" data-positionx="undefined" data-positiony="undefined" data-fullwidth="false" data-mce-src="https://media.gettyimages.com/id/1344021631/photo/loving-african-american-spouses-relocating-to-their-home-dreaming-about-renovation-sitting.jpg?b=1&amp;s=2048x2048&amp;w=0&amp;k=20&amp;c=NgZE_DyHs9oSkpXjou7vtqWxdHDWkqHmLkmvTcFqV4Q=" data-mce-style="aspect-ratio: 16/9; object-position: center center;"></figure><h2>What’s Next for Homebuyers?</h2><p>If you’re a first-time buyer, or if you’re looking at purchasing a new build, now could be the time to explore your options. With these changes set to take effect by mid-December, you have a window to plan ahead and take advantage of more flexible mortgage terms and increased purchasing power.</p><p>As always, I’m here to help navigate the changing mortgage landscape. Whether you have questions about how the 30-year amortization might impact your monthly payments or need guidance on how the higher insured mortgage cap could help you, I’m ready to assist.</p><p>Feel free to reach out, and let’s work together to make your homeownership dreams a reality.</p><h3><a data-mce-href="https://jessehazen.mtg-app.com/signup" href="https://jessehazen.mtg-app.com/signup" target="_blank" rel="noopener"><strong>APPLY NOW</strong></a></h3>

Ottawa’s Latest Mortgage Changes: What They Mean for Homebuyers

white and brown house near green grass field under white clouds and blue sky during daytime

<h2>Understanding Mortgage Myths</h2><p>Many people believe in myths about mortgages. These myths can make the process seem more confusing than it is. Let's look at some common mortgage myths in Canada and set the record straight.</p><figure id="figure-ipr8jt32qm0iachz6"><img id="ipr8jt32qm0iachz6" src="https://images.unsplash.com/photo-1524508762098-fd966ffb6ef9?crop=entropy&amp;cs=tinysrgb&amp;fit=max&amp;fm=jpg&amp;ixid=M3wyNjI5NjF8MHwxfHNlYXJjaHwyMXx8aG9tZSUyMGxvYW58ZW58MHx8fHwxNzI1MTE3MzgwfDA&amp;ixlib=rb-4.0.3&amp;q=80&amp;w=1080" alt="home loan" class="object-cover bg-gray-100 rounded-lg md:rounded-xl lg:rounded-2xl" style="aspect-ratio: 16/9;" data-mce-src="https://images.unsplash.com/photo-1524508762098-fd966ffb6ef9?crop=entropy&amp;cs=tinysrgb&amp;fit=max&amp;fm=jpg&amp;ixid=M3wyNjI5NjF8MHwxfHNlYXJjaHwyMXx8aG9tZSUyMGxvYW58ZW58MHx8fHwxNzI1MTE3MzgwfDA&amp;ixlib=rb-4.0.3&amp;q=80&amp;w=1080" data-mce-style="aspect-ratio: 16/9;"></figure><h3>Myth 1: You Need a Perfect Credit Score</h3><p>Many think they need a perfect credit score to get a mortgage. This is not true. While a good credit score helps, it is not the only factor lenders consider. They also look at your income, debt levels, and employment history.</p><p>Even if your credit score is not perfect, you can still qualify for a mortgage. Speak with a mortgage broker to understand your options.</p><h3>Myth 2: You Must Have a 20% Down Payment</h3><p>Another common myth is that you require a 20% down payment. While a larger down payment can reduce your mortgage payments, it is not a requirement. In Canada, you can buy a home with as little as 5% down.</p><p>However, if your down payment is less than 20%, you will need mortgage insurance. This added cost is something to consider when planning your budget.</p><h3>Myth 3: Pre-Approval Guarantees Your Mortgage</h3><p>Getting pre-approved for a mortgage is a good step. But it does not guarantee you will get the mortgage. Pre-approval is based on a preliminary review of your finances. Final approval will depend on a more detailed review and the property you want to buy.</p><p>Make sure to keep your finances stable between pre-approval and final approval. Avoid making large purchases or taking on new debt during this time.</p><h3>Myth 4: Fixed-Rate Mortgages Are Always Better</h3><p>Many people believe that fixed-rate mortgages are always the best choice. While they offer stability, they are not always the best option for everyone.&nbsp;</p><p>Consider your financial situation and future plans when choosing between fixed and variable rates. A mortgage broker can help you understand the pros and cons of each option.</p><figure id="figure-uyy57bcgaem0iacmi8"><img id="uyy57bcgaem0iacmi8" src="https://images.unsplash.com/photo-1641932973980-3dce5f65c5b8?crop=entropy&amp;cs=tinysrgb&amp;fit=max&amp;fm=jpg&amp;ixid=M3wyNjI5NjF8MHwxfHNlYXJjaHwxN3x8bW9ydGdhZ2UlMjByYXRlc3xlbnwwfHx8fDE3MjUxMTczODZ8MA&amp;ixlib=rb-4.0.3&amp;q=80&amp;w=1080" alt="mortgage rates" class="object-cover bg-gray-100 rounded-lg md:rounded-xl lg:rounded-2xl" style="aspect-ratio: 16/9;" data-mce-src="https://images.unsplash.com/photo-1641932973980-3dce5f65c5b8?crop=entropy&amp;cs=tinysrgb&amp;fit=max&amp;fm=jpg&amp;ixid=M3wyNjI5NjF8MHwxfHNlYXJjaHwxN3x8bW9ydGdhZ2UlMjByYXRlc3xlbnwwfHx8fDE3MjUxMTczODZ8MA&amp;ixlib=rb-4.0.3&amp;q=80&amp;w=1080" data-mce-style="aspect-ratio: 16/9;"></figure><h3>Myth 5: You Can’t Pay Off Your Mortgage Early</h3><p>Some people think they are locked into their mortgage for the full term. This is not true. Many mortgages allow for extra payments or lump sum payments. These options can help you pay off your mortgage faster and save on interest.</p><p>Check the terms of your mortgage for prepayment options. Paying off your mortgage early can offer financial freedom and peace of mind.</p><h2>Conclusion</h2><p>Understanding these common mortgage myths can help you make better decisions. Always seek advice from a mortgage broker to get accurate information. They can guide you through the process and help you find the best mortgage for your needs.</p>

Blog

Big News for Canadian Homebuyers: Federal Government Incr...

Toronto Real Estate Financing: Tips for First-Time Homebu...

The Mortgage Broker's Guide to Buying Your First Home in ...

Efficient Deal Submission: Key Steps for a Smooth Mortgag...

Ottawa’s Latest Mortgage Changes: What They Mean for Home...

Debunking Common Mortgage Myths in Canada