Mortgage Blog

man looking at paper

What You Must Know About Getting a Mortgage in Canada

Anyone buying a property will almost certainly require a mortgage. What is the process of getting a mortgage in Canada? It’s a basic financial instrument, but its many alternatives and interest rates might be perplexing. Because buying a home will most likely be the most significant investment of your life,

Read More
signing papers

Commercial Mortgages and Their Qualification Criteria

A commercial mortgage is basically a loan taken out to cover the cost of the property in case you default. The borrower is generally a business, though partnerships and incorporated companies may also take out commercial mortgages. The type of business operating on the property must also be identified in

Read More
Self-Employed

How to Get a Mortgage as a Self-Employed Individual

Millions of Canadians don’t work as an employee and instead are considered self-employed individuals. These people have the freedom of being their own boss. While that sounds amazing at first, it does come with some disadvantages. For many people, one significant setback of being self-employed is not being able to

Read More
mortgage

A Beginner’s Guide to Mortgage Pre-Approval

If you want to buy your own place, you’ll need to know how much you can afford. Your finances play a big role in this, and getting a mortgage pre-approval will help you understand your buying power. How Does Mortgage Pre-Approval Work? A mortgage pre-approval is a process that potential

Read More
Mortgage

Separation Anxieties: Managing a Mortgage After a Divorce

Divorce can be challenging enough without the financial complication because you have to deal with the emotions. Worst case scenario will be if there are kids involved. You need to help them through the trauma while handling your heartaches. You might face another post-divorce dilemma if you get through the

Read More
buyer receiving house key

5 Clever Ways of Paying Off Your Mortgage Faster

For the average Canadian, getting a mortgage on a single-family home is a big, big deal. It’s essentially the single largest debt you will ever have to pay off in your life. A typical mortgage will last up to 30 years, 60 years (if you stretch it out), or even

Read More
mortgage loan

Costly Mistakes: What You Avoid to Get a Pre-Approved Loan

Forbes encouraged the public to invest in Canada’s real estate early last year. In that article, the columnist enumerated five reasons to do so. Although the blog was targeting non-Canadians, it is safe to say that Canadians should not miss out on this investment opportunity. To enjoy this privilege, you should avail

Read More
mortgage refinance for home

What You Need to Know about Refinancing a Mortgage

CBC reported that mortgage rates have gone up. Some pundits are even encouraging people to try a fixed rate. In this case, why not try refinancing your mortgage. Before searching for the best refinance rates in Ottawa, you should know the refinancing basics. This financing option might answer your monetary problems,

Read More
signing papers

Myths about Mortgage That You Should Stop Believing

A mortgage is very crucial and beneficial when it comes to owning your own home. However, many people struggle to find the right mortgage for them because of the many misconceptions they believe. To learn the truth behind these common misconceptions, keep reading below. 1. Good Mortgages Are More than

Read More
debt consolidation

3 Common Mistakes to Avoid When Consolidating Debt in Ottawa

Juggling different debts can often feel like sinking into financial quicksand, one that draws you in deeper with few ways out. Debt consolidation can help you gain a grasp on your finances, but if you make certain mistakes, you could be sinking deeper. It’s crucial to research and understand debt

Read More
working on papers

Mistakes to Watch Out When Applying for a Mortgage

Purchasing your dream home is exciting. But you need to apply for a mortgage to turn your dream into reality. Perhaps you want to buy a small fixer-upper and make it your own. You build up some equity as you improve it. Or maybe you want to buy a larger,

Read More
house keys

Common Mistakes First-Time Homebuyers Should Avoid

First-time homebuyers should conduct their homework before making a final decision. Even if you seek advice from family, friends, and coworkers or read a few articles on the subject, you may still make some mistakes along the way. In fact, 80 percent of first-time homebuyers say they’d rather do it

Read More
Purchasing Homes

Is Debt Consolidation a Good Idea for Purchasing Homes?

Individuals dealing with a lot of outstanding debts can benefit a lot from debt consolidation. This method allows anyone with multiple debts to manage their liabilities better and get the chance to get more reasonable interest and terms. It is a recommended move to some, but whether it could benefit

Read More
looking at house

Review These Essential Questions to Ask Your Mortgage Agent

Taking out a mortgage is a significant decision in your life that shouldn’t be made lightly. To ensure that you are getting everything you need out of the process, you need to ask the right questions to your mortgage agent. The following questions will help you get the information you

Read More
house keys

Everything You Need to Know About a Mortgage Stress Test

We expect the best every day: We carry umbrellas when it’s cloudy, pop Gravols before a long flight, and buy travel insurance when going overseas. We don’t take on mortgages without doing a similar type of preparation! A mortgage stress test is a good way of preparing yourself for a

Read More
house

Home Equity Loan vs HELOC: Which Should You Choose?

Home is where your heart is, but according to a recent survey, it’s also the heart of your investment portfolio. It’s worth a lot of money and can be an asset that you strategically use to your advantage. To do so, you have to make sure that you take steps

Read More
houses

What to Do with a Rejected Mortgage Loan Application

When you apply for a mortgage loan, there’s no guarantee that it will be accepted. So, you need to prepare in case your mortgage loan application gets denied. And with this guide, you can hopefully figure out what your next steps would be if your application was rejected.  Identify the

Read More
neighborhood

How to Know if Your Credit Score is Enough to Buy a Home

Every time you apply for credit, whether it’s a home loan, a credit card or even an apartment lease, the lender checks your credit score. This score is based on your personal credit history and determines how risky you are as a borrower. Higher scores give you better chances of

Read More
Mortgage

Mortgage Prequalification vs Pre-Approval: What’s the Difference?

The home buying journey can seem quite simple, but it is important to understand the process and the terminology used along the way. By becoming more familiar with the mortgage home-buying process, you can purchase the home of your dreams, using the correct terminology and getting the best interest rates

Read More
debt

Options You Can Take to Consolidate Your Debt in Canada

When you are paying off a lot of debts, it can quickly get overwhelming. When you consolidate your debt, you can make things more manageable by getting rid of multiple debts and having just one loan to think about instead. This can be very helpful when you need fewer things

Read More
Refinancing Your Mortgage

5 Considerations to Make When Refinancing Your Mortgage

Mortgage refinancing can be such a great option in Canada, as there’s the possibility of saving a considerable amount every year on your mortgage payments via one big payment each month if you play your cards right. Many homeowners take advantage of this opportunity once their mortgage terms are over

Read More
Mortgage letters

Mortgage Pre-Approval Letters: Why Do You Need One

When we purchase a home, there is always a lot of paperwork involved. But let’s face it, most of us don’t enjoy that part. However, all the documents we fill out are immensely important. For example, one of the most important forms you’ll need is the pre-approval letter when applying

Read More
mortgage

Are Mortgage Rates Going Up Or Down? Here’s How You Can Tell

If you have a mortgage, you are pretty concerned about interest rates! Mortgages grow more costly when interest rates rise. It becomes considerably simpler to keep up with a mortgage when interest rates fall. The issue is that you’re not only buying a mortgage based on today’s rate; your mortgage

Read More
Refinance

6 Tips on How to Find the Lowest Refinance Rates in Ottawa

Refinancing is an option that can be advantageous to some homeowners, but it will only be beneficial if it takes off a lot of interest in their current mortgage. That means finding the best offer available.  While it is a loan program any homeowner can apply for, it will not

Read More
mortgage

Defining Mortgage Pre-Approval, Pre-Qualification and More

Finally making up your mind to get a home can be quite a loaded decision, especially since the home buying process can be rather complex. For a number of people exploring the housing market for the first time, it can be a completely foreign experience with a vocabulary that you

Read More
keys on hand

Why You Should Buy a Home in the Ottawa Glebe

Are you considering buying a home in the Ottawa Glebe area? If so, here are some of the main reasons you might want to do that:  For starters, the Glebe is ideal for families. This vibrant uptown neighbourhood offers everything from large, century-old houses with expansive front yards to modern,

Read More
shaking hands

Got a Mortgage and Student Loan? Here’s a Guide to Help You

The current COVID-19 economic crisis has reshaped how people deal with their finances. Case in point: Canadian graduates who once used college loans before financing a home are now forced to manage a student loan and home mortgage. While it may seem ideal, these may be burdens too great to

Read More
keys

Effective Ways Self-Employed Individuals Can Get a Mortgage

When you’re self-employed, securing a mortgage can seem daunting at first. It won’t be a typical path you’ll take, but with the help of a skilled mortgage agent and the correct plan, it can be as simple as it gets. If you’re self-employed, it simply indicates you’re not on a

Read More
houses

Updates on Canada’s First Time Home Buyer Incentive (2021)

Canada’s First Time Home Buyer Incentive (FTHBI) provides funding assistance and a down-payment assistance loan to middle-class homebuyers who have no experience availing their own property before. The program reduces monthly payments by decreasing the interest rate and extending the length of the mortgage. This allows first-time buyers to own

Read More
houses

How a Mortgage Preapproval Insures You against Higher Rates

Fixed mortgage rates are continuously witnessing hikes from banks and lenders in the past months. Experts predict this to go on for the next years, but alarms are being raised for its potential to occur sooner than what has been expected.  A mortgage preapproval may help you with this situation.

Read More
man looking at laptop

5 Tips to Ensure Debt Consolidation Success

Whenever it seems like your personal finances are in the red, and you’ve accumulated a mountain of debt, one alternative you can turn to is consolidating your debt. By using debt consolidation to gain greater control of your debt, you can save yourself from complete bankruptcy. However, to pull this

Read More
house

4 Things Every First-Time Home Buyer Needs to Know

If you are a first-time homebuyer in Ottawa, there are some things need to know before you find your new home. The real estate market in Ottawa is very active, and can be intimidating for any homebuyer.  There are many misconceptions about the real estate market that need to be

Read More
house

What Should You Buy: A Starter or a Permanent House?

There is no better way to define success and stability than having a house of your own. Besides the shelter it provides, it is also a hard-earned investment that owners can be truly proud of. The tricky part of buying a home, apart from all the processes and requirements, is

Read More
people discussing debt

The Beginner’s Guide to Debt Consolidation—How It Works

It’s a universally-accepted fact that money plays a crucial role in our daily lives. Most people work to receive their pay in hopes of fulfilling their wants while accommodating their basic needs. However, there comes a point in some people’s lives where their salary can’t cover their expenses, resulting in

Read More
Mortgage

Things to Consider Before Applying for a 35-Year Mortgage

Buying property in Canada often entails applying for a mortgage as well. With millions of mortgages available, it can be difficult to find one that suits you. Depending on how much you are willing to shell out, and for how long a period of time, your mortgage may vary. On

Read More
women looking at laptop

Getting a Home Equity Line of Credit: What You Should Know

There are many advantages of getting a home equity line of credit. However, before even considering it, it pays to know exactly what you are getting into first. There are two main types of home equity lines of credit. One is combined with a mortgage, and another one is a

Read More
Mortgage

Getting Mortgage Approvals for Self-Employed Professionals

Freelancers and self-employed individuals experience challenges not only in finding steady income sources but also in acquiring home loans. Unfortunately, even those with steady businesses and clients failed to secure their own homes for the same reason: they do not have the W-2 tax form that shows the amount of

Read More
Mortgage Loans

Mortgage Loans for the Self-Employed: All You Need to Know

Do you dream of building your own business? Does the idea of being your own boss and working on your own time appeal to you? Imagine yourself finally breaking free from the confines of a traditional 9-to-5 job. The best part is if your business succeeds, you will be able

Read More
house

Millennial Home Buying Guide: Why Ottawa Is Perfect for You

Adulthood can be a very exciting yet overwhelming phase in your life, especially if you are still building your career as a millennial. Earning enough to cover your basic needs while paying off student loans is a difficult step to reach, and it may involve tightening the belt in some

Read More
Debt Consolidation loan declined

Got Declined for a Debt Consolidation Loan? Here’s Why

Debt consolidation loans are there for when you’re experiencing financial difficulty. It’s an easy fix for a debt problem that has piled up, and it’s also ideal for when you want to lower your interest rates and combine all debt into one monthly repayment.  While it seems like a good

Read More
Buying a new home

Does It Make Sense to Pay All Cash for Your Next Home?

You have heard of the adage “cash is king,” and you may agree on this, but how do you think it applies when it comes to buying a house? This may be something that you haven’t thought about before, but it’s certainly worth considering. And in this post, Ottawa Mortgage

Read More
Couple Looking at Documents

3 Useful Tips for a Smooth Mortgage Renewal Process

If you were to ask experienced mortgage brokers in Ottawa, such as Ottawa Mortgage Services, you will learn that you must renew your mortgage at least once before paying it off. As the term mortgage renewal implies, it is the process of re-evaluating your mortgage’s outstanding balance. And most importantly,

Read More
woman with documents

Things to Consider When Shopping for a Fixed Mortgage

Are you researching mortgage options for your dream home? You’ve most likely come across many different choices, including four- or five-year fixed mortgages. Five-year rates are currently more competitive than ever, but shorter-term rates are making a comeback, with some really attractive bargains. To attract attention, some lenders may offer

Read More
Debt concept. Wooden blocks with text and coins on wooden table.

Exploring Debt Consolidation and How it Works for Canadians

Consider debt consolidation to be the monetary equivalent of getting your life in order. Debt consolidation is a popular financial approach for one fact among many: it helps decrease your interest rate and makes your monthly payments more manageable. So what is debt consolidation? And how can Canadians choose the

Read More
Word mortgage made with wood letters on yellow background and modern calculator with pen and notebook. Copy space. Economy, money planning. Business, finance concept. Tax burden. Taxes and taxation.

What to Know About Obtaining Preapproved Mortgage Letters

When looking to buy a home quickly, the smart thing to do is to get a preapproved letter from a mortgage lender. To the seller, this means that you are serious about the purchase, causing them to take you a lot more seriously. This is a great advantage to have,

Read More
Home buyers are checking into the contract.

3 Mortgage Tips for the Self-Employed Canadian Home Buyer

Getting a mortgage for your home may be as simple as providing a pay stub and a job letter as two forms of requirements. Sure, there are other prerequisites right after that, but the laundry list of requirements for the typical employee is usually accessible and easy to accomplish. However,

Read More
Customer signing contract for a new house.

What You Should Know About Buying a House in Ottawa

If you’re reading this article, you’re probably looking into buying a home in Ottawa. You’re not alone: more and more people have been looking into it and actually making a purchase. It’s never been more crucial to search Ottawa for mortgage services that are reliable than nowadays since things are

Read More
woman with laptop

How Can Your Mortgage Get Denied After Pre-Approval?

The pre-approval stage is a necessary step before you can secure a mortgage. This is why homeowners shopping for different lenders get pre-approved for numerous loans before settling down on the right one for them. While the pre-approval period can last from 90 to 120 days, it’s important to remember

Read More
woman with documents

3 Tips for Getting Pre-approved for a Higher Mortgage

Buying a house is an important milestone in life since it offers peace of mind and brings you and your family closer to your desired lifestyle. Plus, nothing beats the feeling of being secured and coming home to a house knowing it is all yours.  Affording a house often means

Read More
Key

Our Guide to Mortgage Pre-Approval: What You Need to Know

If you’re a first-time home buyer in Ottawa, then you’ll have to start exploring your financing options to help you purchase your dream home. The prospect of getting your first mortgage can be intimidating, especially if you aren’t sure of what you need. But working with a mortgage agent in

Read More
home properties

The First-Time Homebuyer’s Ultimate Guide to Buying a Home

Buying a new home is a big financial commitment, but it’s an even bigger deal if you’re buying your first home. Settling down is definitely a milestone that’s worth celebrating, and there are a bunch of things you need to know before you close the deal and pop the champagne. 

Read More
man holding documents

6 Signs Now Is the Best Time to Refinance a Mortgage

Refinancing a mortgage means paying off your current mortgage and replacing it with a new home loan. Doing it can seem tempting, especially when refinance home loan rates are low. But before going through the process, keep in mind that it is a major financial transaction. It can save or

Read More
house

The First-Time Homebuyer’s Ultimate Guide to Buying a Home

Buying a new home is a big financial commitment, but it’s an even bigger deal if you’re buying your first home. Settling down is definitely a milestone that’s worth celebrating, and there are a bunch of things you need to know before you close the deal and pop the champagne. 

Read More
man smiling with buildings in background

Weighing Options: An Overview on Commercial Mortgages

When people are asked about mortgages, they’ll usually think of the various loaning options for purchasing a home. While most conventional mortgages serve this purpose, there are other financing products in the market for other purposes. For example, commercial mortgages are necessary for business owners to set up their on-site

Read More
mortgage

How to Use Your Mortgage to Consolidate High-Interest Debt

There are many financial products that are available to help you reach financial freedom and stability. During difficult financial times, you may have used these loan products to ease your financial burden. However, when the time comes to pay off these debts, it may seem like forever when you try

Read More
signing documents

Mortgage Mistakes Self-Employed People Should Avoid

Securing mortgage approval has been a common problem among self-employed individuals. It is common knowledge that lenders prefer long-term employment records to ensure consistent payments, over variable self-employed income. But it is not always impossible.  In Canada, the growing number of self-employed individuals is forcing lenders to adapt. They are

Read More
meeting

First Things to Ask Your Mortgage Agent: How to Find the Right One

Buying a house is never simple. It involves many steps before you can call a property your own. More importantly, it involves a considerable amount of money. Fortunately, mortgage agents can help aspiring homeowners afford their dream homes.  These agents can assist their clients in finding the best financing for

Read More
housing estate

How to Know If A Multifamily Home is Right For You – Part 1

The urban landscape is taking over, and as cosmopolitan spaces dominate your quaint, single-family neighbourhoods, multi-family real estate is now the hottest commodity in today’s housing market.  Living in a duplex may seem like a far cry from the white, picket-fenced house people imagine when thinking of the traditional home,

Read More
dining area in a house

The Solace Behind Getting Mortgage Refinancing In Ottawa

There can be a lot of reasons as to why you need to undergo mortgage refinancing. For many, it can be a breath of fresh air to have a second opportunity to manage the loan you take out. There are some homeowners who need to finance their current mortgage loan,

Read More
house keys

What You Need to Know About Mortgages When You’re Self-Employed

The rate of self-employed Canadians is growing at a rapid pace, and as a result, the challenge of getting a mortgage for self-employed individuals is rising too.This is because income can be less predictable, unlike working with a steady employer.  Additionally, some banks won’t recognize those who are self-employed or

Read More
keys to house

Our Guide to Mortgage Pre-Approval – The Dos and Don’ts

For many, owning their first home is a lifelong dream and a significant milestone. However, like any new experience, being a first-time homebuyer can come with waves of uncertainty and you may catch yourself second-guessing your decisions at some point.  That’s why it helps to follow a proper guide and

Read More
house

What You Need to Know About CHIP Reverse Mortgage in Canada

Whether you’re faced with debts and expenses that you want to pay off, or you’re just looking to have some extra money to improve your day-to-day life, consider all your options. A Canadian Home Income Plan reverse mortgage, or shortly known as CHIP, may be able to help you reach

Read More
refinance mortgage calculator

Debunking Popular Mortgage Refinancing Misconceptions

Interest rates have never been as low as they are nowadays. It’s no surprise that most, if not all, mortgage holders out there have started looking to get refinancing done. Typically, the best way is to go about reaching out to a mortgage specialist in Ottawa.  There are several plans

Read More
signing papers

The Advantages of Applying for Home Equity Line of Credit

When it comes to buying and maintaining a home, there are many ways you can achieve these goals without breaking the bank and getting broke in the process. One of these types of credit is HELOC or home equity line of credit, however, not many may be aware of what

Read More
tiny houses

What You Need to Know About Fixed and Variable Rate Mortgages

Mortgages can be a challenging topic to first-time homebuyers, especially when they aren’t well-versed in financial terms and home-buying concepts. This is why it comes with no surprise that first-time homebuyers will carry a trunkload of questions that will help them understand the mortgage process. One of the most common

Read More
working with a mortgage agent

3 Ways a Mortgage Agent Can Help You Get Your Dream Home

Buying a home for the first time can be an incredibly exciting process. You’re finally moving into a place you can call your own, which means you can decorate it to your heart’s content. However, the process of purchasing a home is quite long and complex, especially when looking for

Read More
Shopping Basket