A Resource Guide To Mortgages

Author: Andre Ouimet - Mortgage Agent | | Categories: Debt Consolidation , Mortgage Refinance , Second Mortgage


As a mortgage agent, it’s essential for me to keep updated on the latest trends in my industry to find fresh sources of creative inspiration and tools to assist my clients better. Similarly, staying up-to-date allows me to connect with other professionals and enhance the services I provide.

To stay current, I use a variety of online and offline sources to provide the latest information in the mortgage industry to our clients and strengthen my business and relationships. These resources and tools allow me to provide exceptional service to all our clients, ensuring they obtain what they require with little to no hassle.

If you’re looking for the latest mortgage and real estate trends, I’m going to share some of my most valuable resources for all things related to mortgages.

Realtor.ca is an excellent resource for people who are looking to buy a home. This site allows home buyers to access information, such as location, price, and property description, on homes anywhere in Canada.

Financial Consumer Agency of Canada - Mortgage Calculator
The  Financial Consumer Agency of Canada Mortgage Calculator provides a way for home buyers to calculate the monthly payments required for various mortgage amounts. The home buyer can enter the mortgage amount, amortization, and interest rate here to establish the monthly mortgage payments for their particular mortgage amount. Unlike other mortgage calculator sites, with this calculator, there are no advertisements or requirements for the home buyer to provide an email address or other personal information. Home buyers can easily establish the monthly carrying costs for a given mortgage amount.

Equifax and Transunion
Credit reporting agencies, such as Equifax and Transunion, are useful resources for home buyers. These sites can, for a fee, provide borrowers with their credit score,. For a few dollars more, these agencies will also generate a borrower's credit history going back seven years. This allows home buyers the opportunity to review their credit history and establish whether there are details that may need to be dealt with to improve their ability to qualify for a low-rate mortgage.

Registered Retirement Savings Plans
Registered Retirement Savings Plans (R.R.S.P.) can be a good source for down payment cash. The Government of Canada will allow R.R.S.P. holders to use a portion or all of their R.R.S.P. as a loan for down payment cash. The amount of R.R.S.P. money used can remain tax-sheltered if the rules are followed, and this can be used in combination with other down payment sources to top up the required amount.

Home equity 
Home buyers who already own real estate are allowed to use available equity in their property to contribute to the down payment for the purchase of a house. A borrower may cross-collateralize, or include as security, property that is already owned and has sufficient equity, or a borrower can secure a separate loan on the owned property to extract cash for down payment needs on the purchase property.

Co-signers are an excellent resource to help home buyers qualify for a new mortgage. The price of homes in Canada has risen substantially over the last ten years. Many home buyers can support the mortgage payments and additional carrying costs of a new home but do not meet the required ratios of bank or credit union lenders. In these cases, family or close friends can often contribute their provable income and good credit history to assist buyers in qualifying.

Mortgage insurance
Mortgage insurance can be purchased to insure a mortgage when a home buyer is unable to meet the down payment requirements of a bank or credit union lender. Lending rules have been tightened recently but many home buyers who are close, but unable to offer a 20% down payment for a residential property, can often bridge the gap with mortgage insurance that guarantees the mortgage for the lender. The most commonly established mortgage insurer is C.M.H.C. (Canada Mortgage and Housing Corporation).

Canada Mortgage and Housing Corporation
The Canada Mortgage and Housing Corporation is a company that provides mortgage insurance and data for the Canadian housing market. Home buyers can find a wealth of statistical information on the current mortgage and housing market across the country through their website.

Mortgage agents
Mortgage agents are often the best resource for home buyers to learn more about the market and secure a mortgage for the property that they intend to buy. There is usually no cost for the services provided by mortgage agents when home buyers can qualify with a bank or credit union for a residential mortgage. Mortgage specialists serve as a good resource for advice and strategies when planning to apply for a mortgage or overcome debt struggles and cash flow issues. Additionally, mortgage agents can guide home buyers through the entire mortgage process and remain available after the mortgage closes to answer questions and assist in dealing with the lender. Also, a mortgage agent can assist a borrower in securing a private mortgage when unable to qualify with a bank or credit union.

Statistics Canada
Statistics Canada is an additional resource for population and industry growth across the country. For home buyers seeking a new place to live, this resource can provide valuable information. It offers detailed insights on which areas of the country may have a better potential for employment, schools, and quality of life, thus making it a valuable resource when buying a property.

If you’re considering buying a house but are unaware of where to begin, these resources can be a wonderful starting point. When you’re ready to take the next step, reach out to mortgage agent Andre Ouimet, License number “M-13000820 for all your mortgage needs.

As an experienced mortgage agent In Toronto, ON, I assist you with a variety of mortgage requirements from first home purchases to debt consolidation, construction loans, refinancing, and more. Working with me will give you access to many lenders who can offer a variety of mortgage products and rates to best suit your needs. Additionally, as I am a detail-oriented mortgage agent, I will provide you with the information you need to understand every step of the mortgage process. If you have any concerns, I am available throughout the week to assist you. 

To learn more, please visit my website or contact me here.