Mortgage Intelligence

Oshawa's Mortgage News Desk!

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How early should you renew your mortgage?

Is your mortgage coming up for renewal in the next few months? If so, you may want to get a head start on the renewal process. In addition, you may have already heard from your current lender on your renewal, as lenders are known to contact homeowners 4-6 months ahead of renewal due dates.

This will be the time for you to:

  • Review the renewal notice from your current lender to make sure that you are getting the best possible rate and terms for renewal, before you sign.
  • Negotiate better terms and the best possible rate with your current lender.
  • Find out the possibility of breaking your mortgage with no penalties or by paying the minimum amount in penalties, if you are looking to move to a new lender.
  • Find out if renewing or refinancing your mortgage, works best for you.
  • Shop around with help of your mortgage broker, for alternate options that are available with new lenders.

Although you cannot renew your mortgage ahead of time if you plan on changing your lender, you can however negotiate better terms and less aggressive penalties with a new lender, and also have the lender hold a rate (up to 120 days) ahead of your renewal.

Homeowners in the past few years have had success in securing comparable or even lower rates, for their renewals. As this trend is not expected to last forever, it is crucial that you start your renewal process ahead of time. An early start to the renewal process will protect you from having to make additional payments, in the event of future increases in interest rates.

An article published by The Globe and Mail highlights the benefits of early renewals and the results of a survey carried out by CMHC on mortgage renewals.

Thinking about renewing or refinancing your mortgage? This will depend on what you are looking to get out of your mortgage. Contact the MiMortgage team today at 1 866 452-1100 to discuss options that are most suitable for you.

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People don’t fit in boxes

If you need a mortgage, you can try and fit into of the neat little boxes at the bank, or you can come to us first. We do not have boxes, but we certainly can provide out of the box solutions to suit your needs!

Image by courtesy of

Image by courtesy of

  • Self-employed? We have access to lenders that specialize in self-employed mortgages and understand what they are looking for.
  • Recently separated? We’ve got options that can give both partners a fresh start.
  • Thinking reno? Your mortgage can be your most cost-effective financing option.
  • Retired? Access tax-free cash from your home so you can retire your way.
  • Shaky credit and need a mortgage now? Solutions are available. We can also help you rebuild your credit for later.
  • Thinking like a landlord? Rental properties can be great wealth-builders for ordinary Canadians.

Wherever you are in your homeownership journey, call us at 1 866 452-1100 for some out-of-the-box thinking! Or to get pre-approved, apply now through our secure website.


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Understanding The Mortgage Process

Dreaming of being in your very own home this summer? Maybe that dream is not as far away as you think. In fact, you might be just ten steps away!

Here’s a summary of those 10 steps:

  1. Start off on the right foot and get professional mortgage advice! We can help you determine if you are ready to buy, or give you some tips on how to get ready!
  2. We will let you know how much home you can comfortably afford.
  3. Work with an experienced realtor to find your home.
  4. Find your perfect home and make an Offer to Purchase that is subject to financing.
  5. Gather up the documents to support your mortgage request.
  6. Get your mortgage approval, waive your financing condition, and sign your mortgage commitment.
  7. Don’t make any significant changes to your income or debts before getting possession of your home.
  8. Meet with your lawyer approximately a week before the house becomes yours to finalize everything.
  9. Arrange for home insurance.
  10. Walk in your very own front door.


Image by courtesy of

Image by courtesy of

Now that you’re home, we will help you make the most of your home ownership with tips to help you manage your mortgage, and power down your debt as quickly as possible.  If you have any questions about the process or your situation, get in touch with the team at now.  Or if you’re ready to get into your home, Apply Now!


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Tiny homes, a big ambition?

Tiny homes also referred to as micro homes or cabins on wheels are becoming a growing movement all over the world… In Canada, tiny homes have fast caught on to ease the housing crisis faced in British Columbia. 

Image by courtesy of Huffington Post

Image by courtesy of Huffington Post

These tiny homes are around 200 to 600 sq. ft. and equipped with a kitchen, bathroom and sleeping areas that can accommodate from one to four persons. Tiny homes are cheaper to build and do not require building permits. These homes can be powered through electricity or solar panels and result in lower energy consumption and lower maintenance costs.

The down payment for a home is essentially the cost of a tiny home, and appeals to people who like the idea of being “mortgage free,” and for many who cannot afford to buy a home at this time, this is an affordable option to get in to the housing market. For now, there are no legal restrictions on towing these homes and where you park, and also not subject to property taxes.

An article published by the Huffington Post features videos of experiences of tiny homeowners.

It is simple living for anyone who is able to adapt.

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6 reasons to get unlimited private lessons with a pro!

If this was a poster at the golf course with the word FREE, you would be signing up with no questions asked, right? Well, this is better. When you work with us, you get unlimited private lessons and invaluable advice that can make a significant difference in your financial life. 

Here are 6 reasons why –

  1. As a large national brokerage, we have clout with our lenders to negotiate great rates and limited-time specials, and those savings are
    Image by courtesy of

    Image by courtesy of

    passed along to you.

  2. We can save you thousands of dollars by helping you make the right decisions about fixed vs. variable, term length, pre-payment options, payment flexibility, and other mortgage privileges.
  3. The faster you pay off your mortgage, the more you save. We stick with you for the life of your mortgage with advice, offer suitable options, and opportunities.
  4. Your credit rating influences what mortgage rate you get. We have both simple quick tricks and sound long-term strategies for boosting your credit rating.
  5. If there is a chance you may need to break your mortgage, not all lenders calculate penalties the same way and the differences can be jaw-dropping. We know which lenders have the fairest penalties.
  6. We can provide referrals to other important professionals in the homebuying process.


Now isn’t your financial life at least as important as your golf swing? If you have got a mortgage – or want one – then you could use the help of a pro, at no cost to you. Give us a call today, at 866 452-1100 to speak to an agent or to get pre-approved, apply now through our secure website.