Are you a homeowner in Ontario looking for ways to improve your financial situation? One option worth exploring is a mortgage refinance. By taking advantage of this financial tool, you can unlock numerous benefits to help you achieve your goals faster and more efficiently. In this blog, we will delve into the world of mortgage refinance and discover how it can positively impact your life.

Canadian mortgage borrowing has dropped 41% in January; this is the sharpest observed in the past 10 years. Mr. Steve Bryan, Principal Broker at Canadian Tailored Mortgage Solutions reminds us that "when originations are this low, a reversal is on the horizon relatively soon." He noted that there has also been a sharp decline in purchase. According to report from the Building Industry and Land Development (BILD), just 922 new homes were sold in the GTA in February. House sales decreased 76% and is 69% below the 10 year average.

The housing market is entering a new cycle due to changing interest rates. As a result, new evidence suggests that housing activity will continue to soften as the market adjusts to the rigorous rate hikes rolled out by the Central Bank of Canada (BoC). 

For many, buying a home is one of the biggest financial investments they will ever make in their lives. This process can be both exciting and filled with complexities! Without proper guidance one might be susceptible to making errors that will cost them thousands of dollars. 

Occasionally, it will make sense for a borrower to look outside of conventional mortgage options and utilize a private mortgage to buy a home or investment property. A private mortgage is a type of mortgage product where funds are given by an individual or business for a short period of time by leveraging the equity in the borrower’s home. This is a mortgage financing solution for when regular financing options with a mortgage institution aren’t available to an individual. To help you understand better, the experts at  Canadian Tailored Mortgage Solutions have put together more information about this mortgage. This will help you figure out if a private mortgage is right for your needs.

The real estate market is always evolving and changing especially in today’s climate. For that reason, we always suggest borrowers make sure they have a team of professionals (lawyers, real estate agents, mortgage agents, etc.), especially a mortgage professional to help them through the process.

A reverse mortgage is a mortgage product for borrowers that own a house and are fifty-five years of age or older. This is because the mortgage allows borrowers to tap into the equity they’ve accumulated in their homes. It is an excellent source of finance during retirement as it helps borrowers meet different kinds of expenses without exhausting their savings.

As a first-time homebuyer, there are hundreds of tiny details and decisions you will need to go over before buying a house. After all, buying a home is one of the largest purchases you’ll ever make. So it’s important to ask the right questions and do your homework to learn as much as possible about the options at your disposal. We at Canadian Tailored Mortgage Solutions have your best interest at heart. We want to arm you with the most accurate information available to help you understand the home buying process. To do this, we’ve answered some of the most frequently asked questions about buying a home.

When it comes to mortgage agents, you have to make sure you are working with someone you trust. One of the challenges that many people faced was that mortgage agents would provide them with information and schemes based on what they thought made sense without understanding their situation.

With an endeavor to ensure borrowers can afford to pay their mortgages if interest rates were to suddenly rise, the Office of the Superintendent of Financial Institutions (OSFI) has increased the stress test rate in Canada to 5.25%. The new rate came into effect on 1st June 2021. The change is estimated to cause an up to 4% reduction in the principal amount of the borrowers buying power. So depending on the borrower’s circumstances, it can significantly decrease the amount of mortgage they are potentially able to afford.

A home equity loan is a loan that is available to you against the equity in your property. It is a type of loan in which you use your home’s equity as collateral. A home equity loan is also known as a second mortgage or a home equity installment loan. It is available for any purpose like renovations or medical treatment, and it is available against both residential and non-residential property. The loan amount is calculated based on the current market value of the property.

When shopping for a house, the first thing you need to do is figure out if you are going to hire a mortgage broker. A mortgage broker acts as a bridge between borrowers and lenders. They save you time and money by doing all the legwork to scope out the best financing options for you. However, finding the right mortgage broker can be as hard as finding the right mortgage product. Fortunately, once you find the right broker, the latter then becomes very easy. To help you find the right person for the job, here’s a list of the top four things to look for in a mortgage broker. 

When you are drowning in debt, keeping track of multiple payments can be exhausting. At times like this, refinancing your mortgage in order to consolidate debt is very common and in most cases, a smart thing to do. For many, the ideal outcomes for refinancing and consolidation are the same, better interest rates, lower payments and more favorable terms for the debt overall. Its purpose is to help you be able to increase your monthly cash flow, pay off high-interest loans and debts, do home renovations, buy an investment property, etc. The experts at Canadian Tailored Mortgage Solutions want you to know that even if you have been turned away from your financial institution, you can contact us. As experienced mortgage brokers, we can consolidate your high-interest debt and get you in touch with lenders who will look at the equity in your house and offer competitive rates to get your business. We understand that sometimes for whatever reason, debt starts to accumulate, pile up, and get out of control. The important thing to realize is there are solutions to help you get back in control of your finances. 

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