Is a Lowest Mortgage Rate always the Best Rate for you?

Are you thinking if a Lowest Mortgage Rate is always the Best Rate for you? At Oakville Mortgage Solutions, a great mortgage rate is just the beginning. Mortgage Rates are usually the first thing to cross your mind when looking for a mortgage. That's normal as mortgage rates have been a subject of rivalry among lenders in Canada. This war has continued this year with a leading Credit Union announcing a 1.69% fixed rate mortgage a couple of months ago. According to experts, this could be the lowest one-year fixed rate available. You can expect other players to follow suit in a bid to get a slice of the vibrant mortgage market. Are such low rates necessarily the best for you? We do not think so. You [...]

By |2016-05-09T16:58:19+00:00May 9th, 2016|Uncategorized|Comments Off on Is a Lowest Mortgage Rate always the Best Rate for you?

Your Mortgage Broker Could Play a Crucial Role in Your Home Purchase

With mortgage rates still on record lows in Canada, it might be the perfect time to get a good deal on your mortgage. Many Canadians believe that only banks can offer sound advice on mortgage matters. Although banks have different mortgage products, they may not suit everyone, and mortgage brokers always offer an ideal alternative. A recent survey by the Canadian Association of Accredited Mortgage Professionals (CAAMP) showed that most first time home buyers and young Canadians use brokers when getting a mortgage. Here are a few ways in which your broker could play a crucial role in your home purchase. Best Rates in the Market Brokers are your best bet if you are looking for a good rate in the market. Mortgage brokers deal with [...]

By |2016-04-05T16:46:13+00:00April 5th, 2016|Uncategorized|Comments Off on Your Mortgage Broker Could Play a Crucial Role in Your Home Purchase

Maximize Your Mortgage by Refinancing

Mortgage rates are dipping and homeowners in Ontario are seriously thinking about the relationship between a new mortgage and savings. For those who are working with adjustable rate mortgages, the allure for the certainty offered by the fixed rate option has never been stronger. If your fixed rate dates back to 2010 or earlier, I am almost certain the current mortgage rates in Ontario are much lower than your rate. This alone should motivate you to refinance. Definitely, there are other benefits too as we will see.   Reasons to Refinance and how much you can potentially save Interest Rates Do you have a five-year mortgage with a few years, say three, to go? Refinancing the mortgage can save you thousands of dollars and reduce [...]

By |2016-02-10T19:33:30+00:00February 10th, 2016|Uncategorized|Comments Off on Maximize Your Mortgage by Refinancing

Feeling the Pinch of Financial Debt; You’re Not Alone

If you are feeling the pinch of Financial Debt, take heart, you are not alone. In Canada, Consumer debt is on the rise and about 80 to 87 percent of that is mortgage debt. Homeowners that are most affected are in Ontario, British Columbia and Alberta where house prices have escalated. Are feeling overwhelmed by debt? Sometimes we don’t consciously recognize we have debt problems, but at times can feel a gnawing feeling of being afraid or a general angst.   Even if we are aware of an issue with debt, it can be a tough thing to admit, let alone get help. At times it’s due to knowing something needs to change, we are embarrassed, acknowledging it makes it real or at times just have [...]

By |2016-01-19T19:33:45+00:00January 19th, 2016|Uncategorized|Comments Off on Feeling the Pinch of Financial Debt; You’re Not Alone

Newcomer Mortgage in Canada

If you are a newcomer and immigrated/relocated to Canada within last 60 months, let a professional Mortgage Broker at Oakville Mortgage Team help you realize your dream of homeownership.  Qualified homebuyers who have immigrated or relocated to Canada within the last 5 years are eligible, under the New to Canada program, to purchase a property with as little as a 5-10% down payment.  The Oakville Mortgage Team knows how you can increase your chances of success and will help you realize your dream of homeownership in Canada.  Some important guidelines to qualify for a mortgage are: 3 months minimum full time employment in Canada (borrowers being transferred under a corporate relocation program are exempt).  Standard income and employment verification requirements apply. Note:  If you have [...]

By |2015-12-11T14:35:43+00:00December 10th, 2015|Uncategorized|Comments Off on Newcomer Mortgage in Canada

Make an Informed Decision on your Mortgage

Decisions you make on your mortgage should not just be about getting best mortgage rates.  Make an Informed Decision on your Mortgage and find out more about a Conventional Mortgage versus a Standard Mortgage.  There are advantages and disadvantages to both mortgages, depending on your mortgage needs. Standard Mortgage –  Standard charge mortgages are offered by the majority of lenders, although some offer both – standard charge mortgages and HELOCs, which are a collateral charge. The mortgage is registered for the amount borrowed giving you the option to access your equity at a later date either through a second mortgage, a secured line of credit or by renegotiating with your existing lender to adjust your mortgage amount.  With a standard charge mortgage you are not as [...]

By |2016-01-19T19:31:37+00:00March 17th, 2015|Uncategorized|Comments Off on Make an Informed Decision on your Mortgage

CMHC’s Homebuying Step by Step

CMHC's Homebuying Step by Step guide walks you through five key steps to buying a home. Step 1: Is Homeownership Right for You? Take a moment to think through the advantages and disadvantages of both owning and renting. Spend the time to educate yourself about the process of home buying and the responsibilities of homeownership. Step 2: Are You Financially Ready? Before you begin shopping for a home, know how much you can afford to spend. Start by evaluating your financial readiness with the help of CMHC’s Household Budget, Mortgage Payment, Debt Service and Mortgage Affordability Calculators. These tools will help you establish your financial situation, determine how much you can afford and the maximum price that you should be considering. It is a good [...]

By |2015-02-26T17:39:36+00:00February 26th, 2015|Uncategorized|Comments Off on CMHC’s Homebuying Step by Step

Bank of Canada lowers overnight rate target to 3/4 per cent

FOR IMMEDIATE RELEASE Media Relations 613 782-8782 Ottawa, Ontario 21 January 2015 The Bank of Canada today announced that it is lowering its target for the overnight rate by one-quarter of one percentage point to 3/4 per cent. The Bank Rate is correspondingly 1 per cent and the deposit rate is 1/2 per cent. This decision is in response to the recent sharp drop in oil prices, which will be negative for growth and underlying inflation in Canada. http://www.bankofcanada.ca/2015/01/fad-press-release-2015-01-21/  

By |2015-01-21T15:48:43+00:00January 21st, 2015|Uncategorized|Comments Off on Bank of Canada lowers overnight rate target to 3/4 per cent

Thinking of Purchasing a Home? Take the Quiz

If you are thinking of purchasing a home, you most likely have a lot of questions.  We've come up with a quick quiz to test your knowledge and see if you're mortgage ready. Question: Can I afford a mortgage? Answer: You will need to budget and have a down payment of at least 5%. To find out if you can afford a mortgage, check out our free mortgage affordability calculator. Question: What percentage of my income should I calculate for monthly housing costs? Answer: On average, the total cost of your monthly mortgage, property taxes and the monthly portion of your annual home insurance should not be more than 25 to 30 per cent of your monthly net pay. You should also look at any [...]

By |2014-12-19T17:00:33+00:00December 19th, 2014|Uncategorized|Comments Off on Thinking of Purchasing a Home? Take the Quiz

Using RRSP’s as a Downpayment

If you are looking to purchase a home and you and/or your spouse are First Time Home Buyer, you may be eligible to use your Registered Retirement Savings Plan (RRSP) for your down payment with the Home Buyers' Plan (HBP).  The government's Home Buyers' Plan allows you to withdraw money from your RRSP of up to $25,000 per person or $50,000 per couple, in order to purchase your home.  You will first need to qualify and here are conditions to determine your eligibility from the CRA website: you must be considered a first-time home buyer; you must enter into a written agreement to buy or build a qualifying home for yourself, for a related person with a disability, or to help a related person with [...]

By |2014-11-21T18:51:40+00:00November 21st, 2014|Uncategorized|Comments Off on Using RRSP’s as a Downpayment