Mortgage Intelligence

Oshawa's Mortgage News Desk!

Leave a comment

Five Reasons Why You Should Let Renters Help Pay Your Mortgage

DB15036_financialconcepts_66626071Are you a savvy homebuyer? Then let renters help pay your mortgage. Recently Canada Mortgage and House Corporation (CMHC) announced that when qualifying for a mortgage, homeowners could now count all of the income from their legal secondary unit(s) instead of the previous 50 per cent, making it easier to qualify and giving this home buying option a boost.

Whether you’re a first-time homebuyer feeling your way into the housing market or an existing one looking to lower your mortgage payment, here are five reasons why having renters help pay your mortgage is such an appealing option:

Image by courtesy of

Image by courtesy of

  1. Some first-time buyers want to move directly into a single-family home and get mortgage assistance using a rental suite instead of purchasing a condo at a lower cost.
  2. If you want to get your foot into the world of real estate without breaking the bank, a home with a rental suite can be a great start, especially if the area you happen to love is pricey.
  3. Homeowners looking ahead to the future may want to lower their mortgage cost so they can channel money into other investment areas like RRSPs, TFSAs, RESPs. Or simply as a way to become mortgage free sooner!
  4. Spending less on your mortgage can give you the freedom to change your lifestyle or follow your dreams, perhaps to travel, start a new business venture, or allow for the luxury of having a stay at home parent.
  5. Rental suites are also great if you have ageing parents. You can keep them close without infringing on personal space. Keep in mind that if tenants are family members, lenders and insurers will not use the rental income for qualifying purposes.


Ready to become a savvy homeowner and let renters help pay your mortgage? Talk to the team at today and find out how!

Leave a comment

Your Home’s Fall Checklist


It’s time to start thinking about preparing your home for the colder weather; a few little things can make a big difference for your home and save you time and money later.

Get your mind in the gutters so they are checked and cleaned, and don’t forget the downspouts.

Plug any gaps and cracks around windows and doors with weather-stripping and caulking. If there is a door between your house and garage make sure it closes completely.

Clean your patio furniture before you store it away, you’ll be happy you did in the spring.

Drain and store garden hoses.

Replace your furnace filters if you haven’t done so in the last 3 months.

A furnace physical is important; have a professional inspect your heating system.

Keep the fires burning by checking the chimneys for obstructions such as nests. Consider having the wood-burning fireplace and stove flues and chimneys professionally inspected and swept.

Think safety and test smoke and carbon monoxide monitors, and rid your home of any fire hazards.

See you next year. Cover outside of air-conditioning unit and shut off power. Winterize your landscaping.

And reduce stress! This is also a great time to review your finances and to even start thinking about a budget for your holiday spending.  If you have a lot of high interest debt, today’s rock bottom rates make this a great time to get in touch to see if you qualify to have that debt moved into a low-rate mortgage. That one simple step can boost your cash flow and save thousands in interest. And making fewer debt payments each month is a certain stress reliever!

Have a great fall season!

Leave a comment

Thinking of fall’ing into homeownership?


Don’t be tempted to rush into anything just because the holiday season is fast approaching.  It is best to make sure you find the right house and stick with your budget.

Let the team at help determine how much home you can afford and pre-approve you before you start shopping. We will also discuss downpayment options and all of the costs associated with buying a home.   If you are thinking of jumping into homeownership this fall, let us have a conversation!


Leave a comment

Do you have an emergency fund?

emergency fund 1

Image by courtesy of

We all have emergencies at the most unexpected or at an inconvenient times in our lives – a family member falling sick, car breakdown or a sudden home repair. Many do not anticipate these emergencies and therefore don’t save for a so called “rainy day.” Instead end up having to depend on a payday loan  or line of credit to cover these unexpected expenses.

A survey carried out for Bank of Montreal has revealed that only 24 per cent of Canadians have put a side cash for emergencies, while approximately 56 per cent have savings of less than $10,000 for emergencies.

Those surveyed have also pointed out that expenses relating to medical treatment, car repairs, home repairs and sudden job loss, were considered as their emergencies.

emergency fund

Image by courtesy of

Here’s how you can get started on your emergency fund:

  • Set yourself an achievable target and make sure you set aside a small amount from every paycheck.
  • Selling off things that you don’t have a need for anymore.
  • Get yourself a second job and use the extra cash towards the emergency fund.



An article published by Mortgage Broker highlights the importance of maintaining an emergency fund.

If you need assistance with financial planning, contact the team at now to speak to expert and get started on your emergency fund!



Leave a comment

Housing affordability and the plight of renters


Image by courtesy of

The housing crisis in Canada has been gaining lots of media coverage over the last few years.

The introduction of Canadian Rental Housing Index in Toronto last week, in conjunction with non-profit organizations and credit unions will be helpful to track rental housing across Canada. The index will gauge overall renter income, affordability and overcrowding across the country, and will take in to account all types of rental housing available, which includes, social housing, condos, houses, self contained units in homes and purpose built rentals.

The index currently highlights that:

  • Rental households constitutes for 30 per cent of households in Canada.
  • 40 percent of rental households pay up to 30 percent of before-tax income on rent and utilities.
  • One in five rental households pay more than half of their income on rent.
  • 11 per cent of rental households live in overcrowded conditions.

While rental properties in big cities such as Toronto, Vancouver and Calgary usually are known to be higher, the affordability crisis however is more prevalent in the suburbs, where rentals have been rising consistently due to almost non-existent rental or social housing.

A great article published by The Star highlights the housing issue in Canada and the plight of renters.

While renting in any situation is not ideal, your individual circumstances may restrict you from owning your own home and instead having to rent. Contact the team at to speak to an expert about how you can plan your finances, to enable you to buy your own home, in the future.

Leave a comment

Sears Great Canadian Run

A big THANK YOU to everyone who sponsored the Mortgage Intelligence – Oshawa Team. With your contributions and support the Mortgage Intelligence Team was able to raise a total of $2,898 and we are very happy to let you know that the team finished the 120 Km run in first place!

Here are a some photo highlights of the run:

Untitled design (2)

Leave a comment

BoC overnight rate remains at 0.5%

Image by courtesy of Bank of Canada

The Bank of Canada‘s announcement to keep the overnight rate at 0.5% may come as no surprise to some.

In an effort to give the economy a much needed boost, BoC made two interest rate cut announcements earlier this year, 25 basis point in January and the most recent rate cut announcement by a further 25 basis points in July to 0.5% due to the falling oil prices. The aim through this initiative was to make borrowing cheaper in order to encourage more businesses to borrow.

Although the economic outcome of the previous rate cuts maybe slower than anticipated, BoC’s announcement to keep its rate at 0.5% is an indication that the past interest cuts maybe improving the economy and needs more time for results to be more eminent.

A great article published by gives readers information on the economic outlook.

Are you looking to buy a home, and trying to make sense of how interest rates will impact your ability to buy a home? Contact the team at at 1 866 452-1100 to speak to an expert now.


Get every new post delivered to your Inbox.

Join 517 other followers