Mortgage Intelligence

Oshawa's Mortgage News Desk!

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Your source for lowest-cost funds


Canadians are looking to their mortgage for low-cost funds. According to a 2015 survey by Mortgage Professionals Canada, for those who were qualified to do so (homeowners with at least 20% equity),  and did take equity out of their home, the average amount withdrawn was $70,000, up from $51,000 in the previous survey. The tops reasons for refinancing include:

  1. Paying down debt (35%)
  2. Renovations (23%)
  3. Investments (19%)
  4. Purchases or education (14%)

Your mortgage can be your best route to low-interest debt. Whatever your need might be, the experts at can crunch the numbers to see if your mortgage is your most cost-effective option.

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New mortgage regulations from today


New mortgage regulations announced in the first week of October 2016, will come in to effect from today.

We have been experiencing unprecendented low interest rates for a few years and as precaution the government has introduced a “stress test.” What does this mean:

  • Current interest rates are in the range of  2.34 – 3.99%. All applicants applying for mortgage financing from today will need to qualify at a higher rate, which is also referred to as the benchmark rate of 4.64%.
  • Qualifying at the benchmark rate will safeguard borrowers from financial struggles and deferred mortgage payments, in the event of a future rate increase.
  • This also means that the amount of house a borrower can afford will decrease.

Please contact the team at, if you have any questions or require any clarification.

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Your Home’s Fall Checklist


It’s that time of the year once again and 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! Fall season is also a great time to review your finances and to even start thinking about budgeting for your holiday spending.  If you have a lot of high interest debt, current rock bottom rates make this a great time to get in touch with the team at, 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!

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Is this the last nail in the coffin?


There has been a lot of chatter in the last few days, on regulations on qualifiying, that will be introduced on October 17, 2016. How does this affect our borrowers:

For example: a couple qualifying with combined family of income $75,000 and no debt.

At present – at a 5 year fixed rate of 2.5%, amortized over 25 years with a downpayment of 5% will qualify for a mortgage of $347,000.

After October 17 – at the benchmark rate of 4.64% will only qualify these borrowers for a mortgage of $280,000.

  • First time homebuyers will find it extremely difficult to qualify to purchase.
  • Rentals, investment properties & homes with value over $1 Million will become harder to qualify.
  • Ammortization over 25 years will be difficult to obtain.

More information on regulatory changes can be found on

More updates will follow as it all unfolds. Please contact the team at, if you have any questions or require clarification.

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Which renovations go right to your bottom line?


Whether you are looking to buy a fixer upper or renovate your existing home to improve the quality of life for you and your family, it’s worthwhile to understand which home renovations can help boost the value of your home and go straight to your bottom line. According to the Appraisal Institute of Canada (AIC), the top 4 renovations with the highest return on investment (ROI) include:

  • Updated kitchen – The kitchen is almost always the heart of the home, so it’s no surprise that kitchen renovations consistently provide the best return on your renovation investment. If payback is important to you, keep the project in line with the style and quality of the rest of the house and neighbourhood.
  • A sparkly bathroom – Bathroom renovations are also very reliable when it comes to boosting the overall value of your home.
  • Fresh painting – Whether it’s inside or outside, a fresh coat of paint can work wonders on the overall impression of your home. If you are looking to sell, choose neutrals that have wide-ranging market appeal.
  • Focus on decor – Updating lighting and plumbing fixtures, counter tops, and replacing worn flooring or refinishing hardwood floors are also definite ROI winners.

Of course it’s also important to budget for those renovations that are necessary just to maintain your home’s worth. According to the AIC, it’s essential to replace the roof, update heating/cooling systems and replace windows/doors as they near the end of their life expectancy.

The AIC also lists finishing the basement, garage improvements, sun rooms and other additions, decks and fences, and landscaping as the top renovations that generally offer the highest enjoyment value.

If you’re thinking renovation, let’s talk. The experts at can help you finance your reno so you can maximize you’re your bottom line and personal home enjoyment. If you’re buying and planning immediate renovations, we can bundle the cost of your planned renos right into your mortgage: so instead of sky-high credit card and line of credit bills, you’ll have your mortgage and renovations looked after in one easy monthly payment.

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Real Mortgage Story for September


Cameron and Chloe are both employed and residing in Durham region. Cameron’s two children from his previous relationship are living with the couple. Shortly after the couple got together, Chloe’s parents and brother, turned to the couple for support and ended up residing with them.

During this time, Chloe was injured at work and was unable to care for her parents. Further as a result of Chloe being off work, the couple were behind on their mortgage and utility payments. They filed for a consumer proposal but were unable to maintain payments. In addition, their home was going in to power of sale.

In an attempt to remedy their situation the couple contacted the team at with regard to refinancing their mortgage. Through the refinance the couple were able to pay off their consumer proposal, their outstanding collections and bring utilities upto date. The terms of their mortgage were:

  • Interest rate of 8.49% for one year
  • Monthly payments of $1,167.37 (interest only)

We were able to obtain financing through a private lender. In one year, we should be able to take them to an equity lender and obtain lower interest rates. Interest only payments will enable the couple to get financially back on track and re-establish their credit.

Whatever your financial circumstances maybe, it’s worth having a conversation with the experts at to find out the way forward for you. Contact us to speak to an expert today!