The Dos and Don'ts of a Mortgage Payment Strategy in Canada

The Dos and Don’ts of a Mortgage Payment Strategy in Canada

Securing a mortgage is a significant financial commitment that requires careful planning and consideration. As a homeowner in Canada, it’s essential to develop an effective mortgage payment strategy to manage your debt responsibly and achieve long-term financial stability. In this blog, we will explore the dos and don’ts of mortgage payment strategies in Canada, providing you with valuable insights and tips to optimize your mortgage journey. 

1.Do Establish a Realistic Budget for Your Mortgage Payment Strategy: 

  • Create a comprehensive budget that includes all your expenses, including mortgage payments, property taxes, insurance, and maintenance costs. 
  • Ensure your budget allows for unexpected expenses and savings to build an emergency fund. 

2.Don’t Overextend Your Finances: 

  • Avoid borrowing the maximum amount you’re eligible for if it puts a strain on your finances. 
  • Consider your monthly income, lifestyle, and future financial goals when determining the mortgage amount you can comfortably afford. 

3.Do Consider a Bi-weekly or Accelerated Payment Plan as a Mortgage Payment Strategy:

  • Opt for bi-weekly or accelerated payment plans to make more frequent mortgage payments. 
  • This strategy can help you pay off your mortgage faster and save on interest costs over the long term. 

4.Don’t Neglect the Importance of a Down Payment: 

  • Save for a substantial down payment to reduce your mortgage principal and decrease your monthly payments. 
  • Aim for a down payment of at least 20% to avoid mortgage loan insurance premiums. 

5.Do Take Advantage of Prepayment Mortgage Payment Strategy Options: 

  • Explore the prepayment options provided by your mortgage lender. 
  • Making lump-sum payments or increasing your regular payments can help you pay off your mortgage sooner and save on interest. 

6.Don’t Forget to Shop Around for the Best Mortgage Terms: 

  • Research multiple lenders to compare mortgage rates, terms, and conditions. 
  • Seek out professional advice from mortgage brokers to help you find the best mortgage options tailored to your financial situation. 

7.Do Plan for Potential Interest Rate Increases as a Mortgage Payment Strategy: 

  • Consider the possibility of interest rate hikes and factor them into your budget. 
  • Prepare for potential mortgage payment increases by ensuring you have sufficient funds to cover the additional costs. 

8.Don’t Neglect Mortgage Insurance Protection: 

  • Evaluate the benefits of mortgage life insurance and disability insurance to protect your investment and ensure your mortgage can be paid off in the event of unforeseen circumstances. 

9.Do Maintain a Good Credit Score: 

  • Pay your mortgage and other debts on time to maintain a positive credit history. 
  • A good credit score will not only help you secure better mortgage terms but also open doors to other financial opportunities. 

10.Don’t Hesitate to Seek Professional Advice forMortgage Payment Strategy: 

  • Consult with mortgage professionals, financial advisors, and real estate experts to gain personalized guidance tailored to your specific needs. 
  • They can provide valuable insights and help you make informed decisions regarding your mortgage payment strategies. 

Developing effective mortgage payment strategies is crucial for homeowners in Canada to manage their mortgage debt responsibly. By following the dos and avoiding the don’ts outlined in this blog, you can optimize your mortgage payments, reduce interest costs, and work towards long-term financial stability. Remember, careful planning, budgeting, and seeking professional advice are key to successfully navigating the mortgage landscape in Canada. 

Contact Capital Mortgages today to learn more about refinancing and how we can help you save money on your mortgage. Our team of experienced mortgage professionals is here to help you navigate the process and to find the mortgage solution that best meets your needs. Whether you are looking to lower your monthly payments, pay off your mortgage faster, or access equity in your home, we can help you explore your options and find the best mortgage solution for your unique situation. So, if you are thinking about refinancing your mortgage in Canada, don’t hesitate to contact us today! 

We here at Capital Mortgages in Ottawa look forward to assisting you with all your Ottawa mortgage needs. Contact us today by calling us at: 613-228-3888 or email us direct at: info@capitalmortgages.com

You can use these links to APPLY NOW or CONTACT US.

You can also click here.

How to Qualify for a Mortgage Loan in Ottawa

How to Qualify for a Mortgage Loan in Ottawa

Buying a house is one of the most significant financial decisions you’ll make in your life, and securing a mortgage loan is a crucial step in the process. In Ottawa, like other Canadian cities, qualifying for a mortgage loan requires meeting certain criteria and following specific steps. In this blog, we’ll guide you through the essential requirements and tips on how to qualify for a mortgage loan in Ottawa. 

1.Good credit score 

Your credit score is one of the primary factors that lenders consider when assessing your mortgage loan application. It reflects your credit history, including your payment history, credit utilization, and length of credit history. A good credit score is usually above 650, and the higher your score, the better your chances of getting approved for a mortgage loan. To improve your credit score, pay your bills on time, keep your credit utilization low, and avoid opening new credit accounts before applying for a mortgage loan. 

2.Stable income and employment 

Lenders want to ensure that you have a stable income to repay your mortgage loan, so they’ll require proof of your income and employment history. You’ll need to provide documents such as your pay stubs, tax returns, and employment letter. Lenders typically prefer borrowers who have been employed for at least two years and have a steady income source. If you’re self-employed, you’ll need to provide additional documents, such as business financial statements, to prove your income. 

3.Debt-to-income ratio 

Your debt-to-income (DTI) ratio is the amount of debt you owe compared to your income. Lenders use this ratio to determine your ability to manage your debts and afford your mortgage loan payments. A DTI ratio of 43% or less is usually required to qualify for a mortgage loan. To improve your DTI ratio, pay off your debts or increase your income. 

4.Down payment 

In Canada, a down payment of at least 5% of the property’s purchase price is required to qualify for a mortgage loan. However, a higher down payment can lower your mortgage loan amount and interest rate. You can save for a down payment by creating a budget, reducing your expenses, and taking advantage of savings programs such as the First-Time Home Buyer Incentive. 

5.Mortgage pre-approval 

Before house hunting, it’s recommended to get pre-approved for a mortgage loan. Mortgage pre-approval gives you an idea of how much you can borrow and what interest rate you’ll pay. It also shows sellers that you’re a serious buyer and can increase your negotiating power. To get pre-approved, you’ll need to provide your lender with your financial information, such as your income, debts, and credit score. 

In conclusion, qualifying for a mortgage loan in Ottawa requires meeting certain criteria and following specific steps. These include having a good credit score, stable income and employment, a low DTI ratio, a down payment, and mortgage pre-approval. By following these tips and working with a reputable lender, you can increase your chances of getting approved for a mortgage loan and achieve your dream of homeownership in Ottawa. 

 

Contact Capital Mortgages today to learn more about refinancing and how we can help you save money on your mortgage. Our team of experienced mortgage professionals is here to help you navigate the process and to find the mortgage solution that best meets your needs. Whether you are looking to lower your monthly payments, pay off your mortgage faster, or access equity in your home, we can help you explore your options and find the best mortgage solution for your unique situation. So, if you are thinking about refinancing your mortgage in Canada, don’t hesitate to contact us today! 

 

We here at Capital Mortgages in Ottawa look forward to assisting you with all your Ottawa mortgage needs. Contact us today by calling us at: 613-228-3888 or email us direct at: info@capitalmortgages.com

You can use these links to APPLY NOW or CONTACT US.

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The Role of Mortgage Default Insurance in Canada

The Role of Mortgage Default Insurance in Canada

When you’re purchasing a home in Canada, you may be required to obtain mortgage default insurance, also known as mortgage insurance. The insurance is designed to protect lenders in the event that a borrower defaults on their mortgage payments. In this blog post, we’ll explore the role of mortgage default insurance in Canada. 

What is Mortgage Default Insurance? 

It is an insurance policy that protects lenders in the event that a borrower defaults on their mortgage payments.  Homebuyers who make a down payment of less than 20% of the purchase price of the property, are required to have one. The insurance is paid for by the borrower and is typically added to the mortgage payments. 

How Does Mortgage Default Insurance Work? 

It is designed to protect lenders in the event that a borrower defaults on their mortgage payments. If a borrower is unable to make their mortgage payments, the lender can file a claim with the insurer to recover any losses. The insurer will then work with the borrower to try to find a solution to the problem, which may include modifying the mortgage terms or arranging a repayment plan. 

Who Provides Mortgage Default Insurance? 

In Canada, mortgage default insurance is provided by three insurers: the Canada Mortgage and Housing Corporation (CMHC), Genworth Financial, and Canada Guaranty. These insurers are approved by the Canadian government and are regulated by the Office of the Superintendent of Financial Institutions (OSFI). 

What are the Benefits of Mortgage Default Insurance? 

Homebuyers benefit from it by purchasing a home with a smaller down payment. Without mortgage default insurance, most lenders require a down payment of at least 20% of the purchase price of the property. For many Canadians, coming up with such a large sum of money can be challenging. Homebuyers can make a down payment of as little as 5% and still qualify for a mortgage with the mortgage default insurance. 

Additionally, it helps to promote a stable and secure housing market by ensuring that lenders are protected in the event of a borrower default. This reduces the risk of financial instability and ensures that lenders are able to continue to provide mortgages to Canadians. 

Conclusion 

The mortgage insurance plays a critical role in the Canadian housing market. It enables homebuyers to purchase a home with a smaller down payment and ensures that lenders are protected in the event of a borrower default. If you’re considering purchasing a home in Canada and have questions about mortgage default insurance, speak with a mortgage professional who can provide guidance and advice. 

Contact Us Today

Contact Capital Mortgages today to learn more about refinancing and how we can help you save money on your mortgage. Our team of experienced mortgage professionals is here to help you navigate the process and to find the mortgage solution that best meets your needs. Whether you are looking to lower your monthly payments, pay off your mortgage faster, or access equity in your home, we can help you explore your options and find the best mortgage solution for your unique situation. So, if you are thinking about refinancing your mortgage in Canada, don’t hesitate to contact us today! 

 

We here at Capital Mortgages in Ottawa look forward to assisting you with all your Ottawa mortgage needs. Contact us today by calling us at: 613-228-3888 or email us direct at: info@capitalmortgages.com

You can use these links to APPLY NOW or CONTACT US.

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The Benefits of Working with a Mortgage Broker

The Benefits of Working with a Mortgage Broker

Buying a home is one of the biggest financial investments you’ll ever make, and it can be an overwhelming process to navigate on your own. Whether you’re a first-time homebuyer or a seasoned homeowner, working with a mortgage broker can make the process easier and more streamlined. In this blog post, we’ll explore the top benefits of working with a mortgage broker and why it may be the right choice for you. 

 

Benefits of Working with a Mortgage Broker 

 

1.Access to a Wide Range of Lenders and Products 

When you work with a mortgage broker, you have access to a wide range of lenders and products. Mortgage brokers work with multiple lenders and can compare rates and terms to help you find the best possible mortgage solution for your needs. This means that you’ll have more options and a better chance of finding a mortgage that fits your specific financial situation. 

2.Expert Advice and Guidance 

Mortgage brokers are experts in their field and can provide you with valuable advice and guidance throughout the mortgage process. They can help you understand the different types of mortgages, explain the terms and conditions, and answer any questions you may have. This level of expertise can be invaluable, especially if you’re a first-time homebuyer. 

3.Time and Money Savings 

Working with a mortgage broker can save you both time and money. Mortgage brokers can help you find the best mortgage rates and terms, which can save you thousands of dollars over the life of your loan. Additionally, mortgage brokers handle all the paperwork and negotiations with the lender, which can save you time and reduce the stress of the process. 

4.Personalized Service 

Mortgage brokers provide personalized service and work with you to find a mortgage that fits your specific needs. They take the time to understand your financial situation and goals and can help you navigate any challenges that may arise during the mortgage process. 

5.Ongoing Support 

Finally, mortgage brokers provide ongoing support throughout the life of your mortgage. They can help you navigate any changes to your financial situation and ensure that you’re always getting the best possible mortgage solution for your needs. This level of support can give you peace of mind and help you stay on track with your financial goals. 

Conclusion 

Working with a mortgage broker can provide a number of benefits for homebuyers. From access to a wide range of lenders and products to expert advice and guidance, a mortgage broker can help you save time and money, and provide ongoing support throughout the life of your mortgage. If you’re in the market for a new mortgage, consider working with a mortgage broker to help you find the best possible solution for your needs.

 

We here at Capital Mortgages in Ottawa look forward to assisting you with all your Ottawa mortgage needs. Contact us today by calling us at: 613-228-3888 or email us direct at: info@capitalmortgages.com

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How to Choose the Right Mortgage Term for Your Needs

How to Choose the Right Mortgage Term for Your Needs

Choosing the right mortgage term is an important decision that can have a significant impact on your finances. The term of your mortgage is the length of time you have to repay your loan, and it can range from as little as one year to as long as 30 years. In this blog post, we’ll explore how to choose the right mortgage term for your needs. 

Steps to Consider when Choosing the Right Mortgage 

1.Consider Your Financial Goals to Choose the Right Mortgage

When choosing a mortgage term, it’s important to consider your financial goals. If you’re looking for the lowest monthly payment, a longer mortgage term may be the best option. However, if you’re looking to pay off your mortgage faster and save money on interest, a shorter mortgage term may be the better choice. 

2.Assess Your Budget 

It’s also important to assess your budget and determine how much you can afford to pay each month. A longer mortgage term will result in lower monthly payments, but you’ll end up paying more in interest over the life of the loan. On the other hand, a shorter mortgage term will result in higher monthly payments, but you’ll pay less in interest over time. 

3.Consider Your Future Plans to Choose the Right Mortgage

Your future plans can also play a role in determining the right mortgage term for your needs. If you plan to move in the next few years, a shorter mortgage term may be the better option. However, if you plan to stay in your home for a long period of time, a longer mortgage term may be more suitable. 

4.Factor in Interest Rates 

Interest rates can have a significant impact on your mortgage term decision. When interest rates are low, a longer mortgage term may be more attractive as you can lock in a lower rate for a longer period of time. However, when interest rates are high, a shorter mortgage term may be more favorable as you can pay off your loan faster and save on interest. 

5.Seek Professional Advice to Choose the Right Mortgage

Finally, it’s always a good idea to seek professional advice when choosing a mortgage term. A mortgage professional can help you assess your financial situation, budget, future plans, and other factors to determine the right mortgage term for your needs. 

Conclusion 

Choosing the right mortgage term requires careful consideration of your financial goals, budget, future plans, interest rates, and other factors. By taking the time to assess these factors and seeking professional advice, you can make an informed decision that aligns with your financial needs and goals.

Contact Us Today

Contact Capital Mortgages today to learn more about choosing the right mortgage and how we can help you through the each step of the way. Our team of experienced mortgage professionals is here to help you navigate the process and to find the mortgage solution that best meets your needs. Whether you are looking to lower your monthly payments, pay off your mortgage faster, or access equity in your home, we can help you explore your options and find the best mortgage solution for your unique situation. So, if you are thinking about refinancing your mortgage in Canada, don’t hesitate to contact us today! 

 

We here at Capital Mortgages in Ottawa look forward to assisting you with all your Ottawa mortgage needs. Contact us today by calling us at: 613-228-3888 or email us direct at: info@capitalmortgages.com

You can use these links to APPLY NOW or CONTACT US.

You can also click here.

shopping for a mortgage

The Importance of Shopping Around for a Mortgage

Shopping around for a mortgage is an important step in the process of buying a home in Canada. With so many different lenders offering a wide range of mortgage products and terms, it’s important to take the time to compare your options in order to find the best mortgage for your needs. By shopping around for a mortgage, you can potentially save thousands of dollars in interest charges and fees, and find a mortgage that best meets your financial goals and needs. 

Here are ten reasons why shopping around for a mortgage is important: 

1.Save money

One of the main benefits of shopping around for a mortgage is the potential to save money. By comparing rates and terms from different lenders, you can potentially find a mortgage with a lower interest rate or fewer fees, which can save you thousands of dollars in the long run. Keep in mind that even a small difference in interest rates can make a big impact on your monthly payments and the overall cost of your mortgage. 

2.Get a better rate

In addition to saving money, shopping around for a mortgage can also help you get a better rate. By comparing rates and terms from different lenders, you can find a mortgage with a lower interest rate, which can save you money over the life of your mortgage. It’s important to keep in mind that your credit score and financial situation can impact the interest rate you are offered, so it’s a good idea to check your credit score and get pre-approved before shopping for a mortgage. 

3.Find the right mortgage product

Another benefit of shopping around for a mortgage is the ability to find the right mortgage product for your needs. With so many different mortgage products available, it’s important to take the time to compare your options and find the one that best meets your financial goals and needs. For example, if you are planning on staying in your home for a long time, a fixed-rate mortgage may be a good option. On the other hand, if you are planning on staying in your home for a shorter period of time or have a variable income, a variable-rate mortgage may be a better fit. 

4.Understand the terms and conditions of shopping for a mortgage

Shopping around for a mortgage can also help you understand the terms and conditions of different mortgage products. By comparing rates and terms from different lenders, you can get a better understanding of the fees and charges associated with different mortgages, as well as the terms and conditions of different mortgage products. This can help you make an informed decision and choose a mortgage that best meets your needs. 

5.Get personalized advice

Finally, shopping around for a mortgage can also provide you with personalized advice and guidance. By working with a mortgage broker or financial advisor, you can get personalized recommendations and advice on the best mortgage products and options for your situation. A mortgage broker or financial advisor can help you compare rates and terms from different lenders and find the mortgage solution that best meets your needs. 

6.Check your credit score before shopping for a mortgage

Before shopping for a mortgage, it’s important to check your credit score and get a sense of the types of rates and terms you may be offered. Your credit score is a numerical representation of your creditworthiness, and it is used by lenders to determine your risk as a borrower. A higher credit score can lead to a lower interest rate on your mortgage, while a lower credit score can result in a higher interest rate or even a denial of your mortgage application. 

7.Determine your budget and financial goals

Next, it’s important to determine your budget and financial goals when shopping for a mortgage. This will help you narrow down your options and find a mortgage that fits your financial situation. Consider factors such as your down payment, monthly budget, and long-term financial goals when shopping for a mortgage. 

8.Research mortgage options while shopping for a mortgage

Once you have a sense of your credit score and financial situation, it’s time to start researching mortgage options. Consider factors such as the interest rate, term, fees, and other terms and conditions when comparing mortgage products. You can research mortgage options online, or you can work with a mortgage broker or financial advisor to compare your options. 

9.Get pre-approved

Getting pre-approved for a mortgage can be a helpful step in the process of shopping around. By getting pre-approved, you can get a sense of the types of rates and terms you may be offered and how much you may be able to borrow. Pre-approval can also help you move faster when you find a home you want to buy. 

10.Compare rates and terms when shopping for a mortgage

Finally, it’s important to compare rates and terms from different lenders when shopping for a mortgage. This will help you find the mortgage that best meets your needs and budget. You can compare rates and terms online, or you can work with a mortgage broker or financial advisor to compare your options. When comparing rates and terms, be sure to consider factors such as the interest rate, term, fees, and other terms and conditions. 

 

In conclusion, shopping around for a mortgage is an important step in the process of buying a home in Canada. By comparing rates and terms from different lenders, you can potentially save money, get a better rate, find the right mortgage product, understand the terms and conditions, and get personalized advice. If you are considering a mortgage and are looking for guidance and support, contact Capital Mortgages today!  

Our team of experienced mortgage brokers can help you compare rates and terms from different lenders and find the mortgage solution that best meets your needs. Don’t miss out on the opportunity to save money and find the right mortgage for your situation. Contact Capital Mortgages today and let us help you get started on the path to home ownership. 

 

We here at Capital Mortgages in Ottawa look forward to assisting you with all your Ottawa mortgage needs. Contact us today by calling us at: 613-228-3888 or email us direct at: info@capitalmortgages.com

You can use these links to APPLY NOW or CONTACT US.

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First-Time Home Buyer in Canada: 5 Tips You Need to Know!

Buying a home for the first time can be an exciting and overwhelming experience. There are many factors to consider, from finding the right location and type of property to securing a mortgage and navigating the legal process. As a first-time home buyer in Canada, it’s important to be well-informed and prepared in order to make the best decisions for your financial future. Here are five tips to help you get started:

1. Determine your budget and get pre-approved for a mortgage

It’s important to have a clear idea of how much you can afford to spend before you start looking for a home. Take into account your income, debts, and any other financial obligations you may have. You may also want to consider seeking the advice of a financial planner to help you create a budget and plan for your home purchase. Once you have a good understanding of your budget, it’s a good idea to get pre-approved for a mortgage. This will give you a clear idea of the price range you can afford and will make you a more competitive buyer in the market. It will also help you avoid the disappointment of falling in love with a home that you can’t afford.

2. Research your mortgage options

There are many different mortgage products available in Canada, and it’s important to understand the pros and cons of each in order to find the one that best meets your needs as a first-time home buyer. Some options to consider include fixed-rate mortgages, variable-rate mortgages, and high-ratio mortgages. You may also want to consider working with a mortgage broker, who can help you compare rates and terms from different lenders and find the best mortgage solution for your situation.

3. Save for a downpayment

The size of the downpayment you need to make on a home in Canada will depend on the type of mortgage you choose. For a conventional mortgage (one where the downpayment is 20% or more of the purchase price), you will typically need to save at least 5-20% of the purchase price for a downpayment. For a high-ratio mortgage (one where the downpayment is less than 20% of the purchase price), you may need to save as little as 5% of the purchase price, although you will be required to purchase mortgage default insurance in this case. It’s a good idea to start saving for a downpayment as early as possible, as this will not only help you secure a mortgage, but it can also save you money in the long run by reducing the amount of interest you pay on your loan.

4. Find a good real estate agent

A good real estate agent can be a valuable resource for a first-time home buyer. They can help you navigate the complex process of buying a home, from finding properties that meet your criteria to negotiating the purchase price and closing the deal. Look for an agent who has experience working with first-time home buyers and who understands your needs and budget.

5. Understand the legal process

Buying a home in Canada involves a complex legal process, and it’s important to understand what is involved in order to protect your interests. This includes reviewing the purchase and sale agreement, hiring a lawyer to handle the closing process, and obtaining mortgage insurance if required. It’s a good idea to seek the advice of a lawyer or other legal professional to help you understand your rights and responsibilities as a home buyer.

In conclusion, buying a home for the first time can be a daunting task, but it’s also a exciting and rewarding experience. By following these five tips, you can increase your chances of success and find the home of your dreams. If you are a first-time home buyer in Canada, be sure to determine your budget, research your mortgage options, save for a downpayment

If you are a first-time home buyer in Canada and are looking for guidance and support throughout the process, contact Capital Mortgages today! Our team of experienced mortgage brokers can help you navigate the complex world of home financing and find the best mortgage solution to meet your needs. We can help you compare rates and terms from different lenders, understand your budget, and find the right mortgage product for your situation. Don’t miss out on the opportunity to make your dream of homeownership a reality. Contact Capital Mortgages today and let us help you get started on the path to home ownership.

We here at Capital Mortgages in Ottawa look forward to assisting you with all your Ottawa mortgage needs. Contact us today by calling us at: 613-228-3888 or email us direct at: info@capitalmortgages.com

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You can also click here.

Should You Renovate or Relocate Your Home

Should You Renovate or Relocate Your Home? What To Consider Before Making a Decision!

Do you feel like your house has lost its charm and looks old and outdated? If so, it’s time to consider either renovating your home or finding a new place to live. Both of these options can be overwhelming and require significant time, effort and money. However, with the right planning and advice, you can make the right choice for you and your family. Here are some things to think about when deciding whether to renovate or relocate your home:

Decide what you want to change about your home

If you’re planning on renovating your home, start by deciding what you want to change. Are you looking to add more space to your home? Do you want to change the layout? Do you want to add a new bathroom or kitchen? How much you’re able to change your home will depend on the type of renovation you’re doing. For example, if you’re looking to build a new addition to your home, you’ll be able to do whatever you want with the design and layout. However, if you’re looking to remodel your kitchen, you’ll have a lot less freedom. You’ll need to work within the existing layout of your home and the types of materials used in the construction.

Consider how much you’re willing to spend

As with any major project, you’ll need to consider how much it’ll cost. You’ll need to factor in costs like the price of materials and contractors’ rates. You’ll also need to consider the cost of moving if you’re looking to relocate. Where you live will also have an impact on how much it’ll cost to renovate or relocate your home. For example, it will cost significantly more to renovate or relocate in a major city than it will in a small town. Whatever you decide to do, it’s important to have a realistic budget in mind so you don’t end up spending more than you can afford.

Think about where you’d like to live instead

Before you consider renovating or relocating your home, you should think about where you’d like to live instead. You need to consider factors like the quality of the neighborhood, your commute to work and the local school system. It’s important to find a place that is right for your family. If you’re planning on relocating, you’ll need to do some research to find places that might be right for you.

Find out how much renovating will cost

There are many factors that will impact the cost of renovating your home. Some of these include the type of renovation you’re doing, the materials you’re using and whether you need to hire contractors. If you’re doing a small renovation like adding a new bathroom or updating the kitchen, you could do it yourself or hire a contractor for a fairly reasonable price. However, if you’re doing a major renovation like adding a new floor or building an addition, it’s going to cost a lot more.

Discover the pros and cons of relocating

If you’re considering relocating, you should first explore the pros and cons of this decision. Some of the pros of relocating include:

– You’ll have more choice as to where you live: If you’re looking to relocate, you’ll have a lot more choice as to where you’d like to live.

– You may be able to find a larger home at a lower cost: If you’re looking to relocate, you’ll likely be able to find a larger home at a lower cost than if you’re renovating.

– You can avoid the hassle of a major renovation: If you’re planning to move, you won’t have to deal with the hassle of a major renovation.

The Bottom Line

When deciding whether to renovate or relocate your home, it’s important to consider all of your options. This will help you make the best decision for you and your family. Remember, it’s important to consider factors like the cost of renovations and the cost of moving as well.

We here at Capital Mortgages in Ottawa look forward to assisting you with all your Ottawa mortgage refinancing needs. Contact us today by calling us at: 613-228-3888 or email us direct at: info@capitalmortgages.com

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The Debate: Suburbs Vs. City

The Debate: Live in the Suburbs or Live in the City?

When it comes to the suburbs vs. city debate, the two are like night and day. The suburbs are typically quiet with wide streets and plenty of green space, while the city is busy with lots of restaurants, shops, and action. Which one is better? Depending on your lifestyle and personal preferences, you might prefer one over another. Each individual has their own reasons for wanting to live in a specific area, but it’s important to consider which will suit your needs and wants long term before making a final decision on where you’ll be calling home. Read on to learn more about both options so you can determine which will suit you best as a resident.

What is the Suburbs?

The suburbs are residential areas outside the city, typically with homes on large lots of land. Typically, the price of living in the suburbs is less than living in the city, with larger homes and lots of green space. The population in the suburbs is typically more diverse than in the city, with a mixture of different cultures and lifestyles all meshing together. The city and suburbs have a lot in common, but there are also a lot of subtle differences. For example, while both areas might have a mix of residential and commercial buildings, the city tends to have much taller buildings than the suburbs. The city also tends to have far more people living in it than the suburbs do. Although suburban dwellers can certainly walk to a nearby store or coffee shop, it’s not the same as being able to walk to a subway station or bus stop.

What is the City?

The city is typically where you’ll find skyscrapers and a bustling lifestyle. If you live in the city, you’ll find yourself surrounded by a wide range of cultures, making for a unique and entertaining lifestyle. It also typically costs more to live in a city, as rent and other properties are often more expensive than in the suburbs. Living in the city offers plenty of hustle and bustle, as well as a variety of cultural and entertainment choices. If you work in the city, you’ll likely love the convenience of the quick commute, even if the city suffers from traffic. If you have kids, you may consider the city’s smaller living spaces an advantage, as they will likely have more room to play and grow. Or if you’re an introvert or like to spend time alone, though, the noise and busyness of the city might get to you.

Pros of Living in the Suburbs

– Low cost of living: The suburbs typically have cheaper rent and a lower cost of living than the city. If you’re looking to save money, you may want to consider the suburbs for their lower cost of living.

– Lots of green space: If you enjoy the outdoors and like having a garden, the suburbs may be your ideal place to live. There’s plenty of space for a backyard or patio, with plenty of parks and green spaces to enjoy in the suburbs as well.

– Quieter lifestyle: The suburbs typically have a quieter lifestyle than the city, making them a great place to rest and relax. You may not always find this type of quiet in the city, depending on where you live.

– Family-friendly lifestyle: If you have kids, you may want to consider the suburbs for their family-friendly lifestyle. There are typically larger lots in the suburbs, making room for kids to play and explore. Many suburbs also have good schools nearby for growing kids.

Pros of Living in the City

– Quick commute: If you work in the city, you’ll likely love the ease of a quick commute. You’ll also likely find public transportation more convenient in the city than the suburbs.

– More cultural and entertainment options: You’ll have plenty of options when it comes to culture and entertainment in the city. You’ll find plenty of museums and shows, as well as lots of restaurants with a variety of cuisine.

– Walkability: If you like to get outside and walk, you’ll likely love the walkability of the city. You’ll be able to walk to nearby shops, restaurants, and even work – making your daily routine much easier and less stressful.

– Smaller living spaces: If you have kids, you may consider the city’s smaller living spaces an advantage. You’ll be able to get more done and have more room for your growing family.

Cons of Living in the Suburbs

– Longer commute: If you work in the city, you may not be able to walk to work from the suburbs. Depending on your job, you may need to drive or even take public transportation. Longer commutes can be stressful and tiring. They can also be more expensive, especially if you have to drive.

– Larger lots: If you enjoy having room for outdoor activities, a larger lot in the suburbs may be ideal for you. However, if you prefer to live in an area with smaller lots, you may want to consider another area.

– Less cultural diversity: If you like to learn about other cultures and meet people from around the world, the suburbs may have less cultural diversity than the city. You may feel like you fit in less and have fewer people to engage with.

Cons of Living in the City

– Higher cost of living: The city typically has a higher cost of living than the suburbs. If you’re looking to save money, you may want to consider the suburbs for their lower cost of living.

– Busier lifestyle: If you enjoy a quieter lifestyle, the city may not be for you. You’ll likely experience more noise and busyness in the city than in the suburbs.

– Smaller living spaces: If you have kids, you may consider the city’s smaller living spaces an advantage, but you may also want to consider how to give them more room to grow and play.

– Less green space: If you like the outdoors, you may find less green space in the city. You’ll likely have smaller yards and less space for growing flowers and vegetables.

Conclusion

When it comes to the suburbs vs. city debate, the two are like night and day. The suburbs are typically quiet with wide streets and plenty of green space, while the city is busy with lots of restaurants, shops, and action. Which one is better? Depending on your lifestyle and personal preferences, you might prefer one over another. Each individual has their own reasons for wanting to live in a specific area, but it’s important to consider which will suit your needs and wants long term before making a final decision on where you’ll be calling home.

We here at Capital Mortgages in Ottawa look forward to assisting you with all your Ottawa mortgage refinancing needs. Contact us today by calling us at: 613-228-3888 or email us direct at: info@capitalmortgages.com

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Capital Mortgages opened in January 1999 and has since serviced thousands of clients and arranged several billion dollars in mortgages in Ottawa area.

Renting Vs. Owning – What To Know Before Buying Your First Home

Chances are, you’ve heard from countless people that owning a home is the best financial decision you can make. By investing in property, you’re accumulating net worth over time. By renting, you’re “throwing money out the window”. 

Although people will always need a place to live, which costs money regardless,  there are definitely a few major upsides to owning property.

Renting offers tenants flexibility, predictable monthly expenses, and the peace of mind of knowing that somebody else will cover the cost and time needed to make any necessary repairs to the property you’re living in. You don’t have to worry about the sudden cost of replacing a new roof, and your biggest concern is whether your landlord will sell the property or increase your rent at the end of each lease term. 

On the other hand, home ownership provides you with the coveted opportunity to build long term equity, a sense of stability, and a feeling of belonging to your community. It provides you with the freedom to renovate to your heart’s content, the ability to grow your net worth within a secure investment and the future potential to earn rental income and pay off your mortgage faster by renting out your basement, or a spare room within your home.

There is also the added possibility of your home increasing exponentially in value over several years. We’ve seen this at an increasing pace in Ottawa, with the value of local homes skyrocketing within even the past year. This means that you could easily have bought something at $400,000 just a year or two ago, and now be able to sell it for $550,000 in the current bidding war climate.

Do note that your new home will come with several expenses in addition to your mortgage before making the decision to buy. Some of these expenses include: transactional costs, property taxes, garbage removal, water and sewer service, repairs and maintenance around the house, pest control, landscaping, homeowners insurance and mortgage interest. However, pretty soon you’ll be chipping away at your principal payments and eventually, will own your home outright – putting several hundreds of thousands of dollars in your pocket!

Choosing whether to rent or buy is a unique decision that will be different for everyone depending on their lifestyle and personal preferences. Our team has the knowledge and experience to help you make the best decision based on your needs. Give us a call today at 613-228-3888.

Capital Mortgages specializes as a service-oriented brokerage that prides itself on integrity and maintaining a service level second to none in the industry.

Five Tips For Your First Mortgage

Applying for your first mortgage can be a stressful time. You have got your sights set on your ideal first home, and the only thing that stands in the way of making it yours is the bank’s decision to approve your mortgage request. This can be especially nerve-wracking for those who feel like they might not meet a lender’s criteria or who don’t have a picture-perfect past on paper. To ease your worries, our team here at Capital Mortgages has put together a list of five tried and true tips for successfully securing your first mortgage approval.

Maintain A Positive Credit History

A bank wants to make sure that when they lend you money, you will pay it back. This is not to say that one financial mistake will ruin your chances of approval, but your overall credit history needs to be strong to convince a lender to trust you. Make sure that you’ve paid back or are up to date on all of your payments with your creditors before applying for your first mortgage.

Aim For a Home You Can Afford

A lender will look at your overall financial situation when deciding whether or not to approve your mortgage. Typically, the rule of thumb is that your housing cost shouldn’t exceed 39% of your gross income, and your total debts shouldn’t exceed 44% of your income. Take the time to make sure your financial picture is in line with these numbers before applying for your mortgage.

Work With A Mortgage Broker

Brokers specialize entirely in mortgages – they spend their days negotiating financials with lenders and are well versed in rate options and where to find the best lending source. Working with a broker as opposed to with a bank directly will be one of the best investments you make, both financially and time-wise.

Avoid Sudden Job Changes

Lenders might be wary of applicants who suddenly change jobs eight months or less before applying for a mortgage. If your career move involves a natural progression or promotion, that’s a different story.

Reconsider Borrowing The Maximum Amount

Sometimes you’ll be surprised at how much lenders will be willing to extend to you. Many people get excited by the number they are offered and use this as a gateway to buying a home that’s out of their financial reach. However, what these lenders have not considered when looking at your financials is whether you plan to have children, save for retirement, invest infrequent travel, or take on other investments shortly. Avoid putting a financial strain on yourself and determine exactly how much you can afford to spend on a house before seeing how much you’ve been approved for.

At Capital Mortgages, we’re passionate about helping first-time homeowners through the process of securing their first mortgage. Contact us to learn more about how we can help!

Capital Mortgages specializes as a service-oriented brokerage that prides itself on integrity and maintaining a service level second to none in the industry.

Are You Using Your Home As An ATM?

It’s a trend that’s becoming concerningly popular: Many homeowners are now opting to re-borrow all or part of what they have already paid off on their home mortgages in order to finance lifestyle purchases. While some people are extremely vigilant in managing the implications involved in refinancing their homes, there are still a number of risks to consider when using your most valuable asset as an ATM.

Firstly, pulling cash out of your account to pay for other purchases will only serve to push up your monthly repayments to a higher amount than they previously were. This is a slippery slope, as you never know what kinds of challenges you will face in life that might prevent you from affording these installments. If the payments become too much to handle, you’ll risk losing your most valuable asset: your home.

To paint a clearer picture, your monthly repayments would increase because of the extra costs involved in extending your mortgage. These include a valuation fee and legal fees. If you don’t have the extra finances to cover these costs and choose to add them to your overall debt, you will risk paying interest on them over the lifetime of your loan.

Of course, some of us will be extra responsible and will manage to pay back all the equity taken out on our homes within a short period to avoid interest charges. However, too many people end up viewing their home’s equity as a savings account and dip into it to pay for lavish purchases like vacations, aesthetic upgrades, or new cars. In this sense, they begin to treat their homes as an ATM and are unprepared for the onslaught of additional charges that comes along with doing so.

Always keep in mind that home equity is not a tangible concept until you sell your house. Until you do, equity is only a perception of your home’s current value. The only way to eventually monetize it is to either sell your property or take on additional debt and interest.

Interested in learning more about the risks behind refinancing your home? Hop on a call with one of our Capital Mortgages brokers today. 613-223-3888

Capital Mortgages specializes as a service-oriented brokerage that prides itself on integrity and maintaining a service level second to none in the industry.

Meet the Founders of Capital

We believe that buying a home is one of life’s most memorable experiences. Everyone who works on the team at Capital Mortgages is here because we are passionate about helping people own their dream home! This week, we want to introduce you to the Partners at Capital Mortgages.

Stefan Krepski, Owner, Capital Mortgages

 

Stefan Krepski co-founded Capital Mortgages over 20 years ago! In January 1999, he and his partners united to provide strategic advice in arranging suitable mortgage financing for purchases, refinances, construction and switch mortgages. Today, they continue to help Ottawa residents with residential and commercial financing. Stefan’s stands by his motto: “We get you the right financing, from the right lender, at the right rate!” Stefan has a degree in History from Carleton University and lives with his family here in Ottawa.

 

Learn more about Stefan here: https://www.mortgageweb.ca/stefankrepski

 

 

Po Krepski, Owner, Capital Mortgages

 

Po co-founded Capital Mortgages after graduating from Carleton University with a Bachelors in Commerce and Finance. She works hard to make sure her clients get what they have come in for and is renowned in Ottawa for her incredibly strong work ethic, reliability, and honesty with clients. Po lives by her motto: “I save you money by sourcing the best products at the best rates – not only on your first mortgage but on every subsequent renewal”.

Learn more about Po here: https://www.mortgageweb.ca/pokrepski

 

 

Richard Morgan, Owner, Capital Mortgages

 

Richard Morgan has devoted 28 years to helping people from all walks of life with their mortgages. He co-founded Capital Mortgages with his partners over twenty years ago and has since represented thousands of clients surpassing billions of dollars in mortgages with a team of over fifty incredible mortgage agents in Ottawa. His motto is “to get our clients the Best Possible Mortgages that they qualify for through fast, professional and personal service”. Richard is a member of the IMBA, CIMBL, BBC and is a nationally recognized Accredited Mortgage Professional, the experts on call guest at CFRA and the recipient of the Chairman’s award in 2016 and 2017. He lives at home with his wife and two children, to whom he credits his success.

Learn more about Richard here: http://www.mortgageweb.ca/richardmorgan

 

Get to know our mortgage brokers more personally by scheduling an appointment with them to discuss your mortgage goals and learn how we can make them come true. Contact us now.

Capital Mortgages Inc is an independent brokerage in the Mortgage Centre Canada Network and one of Ontario’s leading real estate mortgage brokerages with offices in Ottawa and the valley.

How to Choose a Mortgage Broker

Mortgage brokers are independent, trained professionals licensed to represent you and provide you with honest unbiased mortgage advice. Due to their experience and connections within the mortgage industry, mortgage brokers have the knowledge required to present a proposal for financing to lenders in the best way possible to successfully obtain mortgage financing. Your mortgage broker represents you, not the mortgage lender, and will shop the market to help you secure the most favourable financing suited to your individual needs. This will save you both time and money! Here are some tips on how to choose a mortgage broker:

 

Start your search

Before meeting with a mortgage broker, do some research. Go online and search different websites for brokers in your area, ask friends and family for referrals, and check social media accounts to see which brokers are most active. You can also check the directory of licensed mortgage professionals on the Financial Services Commission of Ontario’s website to see which brokers are listed.

 

Set up a meeting

The best way for you to get a feel for a mortgage broker, and to see whether they’d be a good fit for you, is to meet them in person. This way, you have the opportunity to ask questions that pertain to your specific circumstances and to see if the broker is attentive to your needs and wants. At Capital Mortgages we place a strong focus on great solutions, compassionate service, and honest ethics, to form a reliable genuine working relationship with you.

 

Ask questions

When you meet with a mortgage broker for the first time, you should feel confident asking them questions about how they do business and how they can best help you. Asking questions will enable you to make the most informed decision about your financial future. You could start by asking how the application process works, and inquire about the different lenders they work with and why they have chosen to work with them.

 

Check references

Finally, you will want to check references to make sure that previous clients were satisfied with the service they received. You can look at social media pages, Google reviews, and the company website to read client testimonials and reviews. We have a number of testimonials on our website and Facebook page that you may read to give you a good idea of the high-level of service we provide to every client.

 

At Capital Mortgages, our mandate is to offer the best financing products available for all your mortgage needs. Ready to set up an appointment with one of our experienced mortgage brokers or agents? Contact us today!

Capital Mortgages specializes as a service-oriented brokerage that prides itself on integrity and maintaining a service level second to none in the industry.

How to Become Mortgage-Free Faster

If you have recently bought your first home — congratulations! It is a milestone worth celebrating and one that may have been a number of years in the making while you saved up your down payment and searched for the perfect place. Now that you are settled in your home, your mind may have wandered back to your finances and the monthly mortgage payments that you have committed to. Looking to become mortgage-free faster? There are benefits to paying off your mortgage off quicker, with the main one being that you will pay less interest in the long run. Take a look at our expert tips below:

 

Accelerate your payments

You are currently likely making monthly mortgage payments. However, if you switch to a bi-weekly schedule, you could pay down your mortgage faster while incurring less interest and also shortening your amortization period. With monthly payments, you are making 12 payments per year. On an accelerated bi-weekly payment schedule you would be making the equivalent of 13 full-size payments per year. This may not seem like a lot but it will certainly help you to pay off your loan earlier.

 

Increase your payments

Once you have been living in your home for a while and have a good handle on your monthly finances, you may find that you have some additional cash per month that you would like to contribute to your mortgage. Increasing your regular payments, even by $50 a month, will help you pay down your mortgage that much quicker. Make sure to discuss this option with your mortgage broker. Your mortgage may have restrictions on when you can make changes and how much you can raise your payments by.

 

Make additional payments

Though your mortgage payments are often fixed, you may be able to make additional payments towards your principal. For instance, when you come into larger sums of money, such as a work bonus or inheritance. This would depend on the nature of your mortgage and the prepayment privileges. By making additional lump-sum payments to your mortgage, you will be able to pay it down quicker and shorten the amortization period.

 

Shorten your amortization schedule

The amortization schedule of your mortgage is the time frame in which you have to pay the entire amount of the financing based on a set of fixed payments. Often the amortization period is set at 25 years, but shorter schedules are available depending on qualifications and your desire to do so. A shorter period means that your payments would be higher over that term, but your interest will be less.

 

The most important thing to remember is not to overstretch yourself financially, and to only commit to payments that you are able to make. Talk to your Capital Mortgages broker or agent to discuss your current financial situation and your future financial plans, to determine what is best for you long term and how you might be able to become mortgage free-faster.

 

Capital Mortgages specializes as a service-oriented brokerage that prides itself on integrity and maintaining a service level second to none in the industry.

5 First-Time Homebuyer Mistakes and How to Avoid Them

Congratulations! You’ve decided to take the plunge into homeownership and purchase your first home. Now, you have all the excitement of house-hunting and finding your perfect home to look forward to! However, there are some bumps you may encounter along the way if you aren’t properly prepared for them. To help you, here are 5 first-time homebuyer mistakes and how to avoid them:

 

Not doing your homework

Purchasing your first home is a huge step and not one to be made in a hurry. Make sure that you do your homework by researching different neighbourhoods and considering which are most suited to your needs now, as well as 5 or 10 years in the future. Things to consider include walkability, green space, nearby schools, and whether or not the city has any upcoming plans for development.

 

Maxing out your budget

It can be easy to get swept up into the excitement of house-hunting and to start looking at homes that are in the top-end, or even above, your budget. One of the best things you can do before you begin to look at homes is to obtain mortgage pre-approval. With mortgage pre-approval, not only will you demonstrate to sellers that you are a committed buyer, but you will know exactly how much you can afford and what your monthly mortgage payments will be.

 

Not taking other costs into account

There are more costs to take into consideration than simply your monthly mortgage payments. By purchasing a home you are also committing to pay utilities, insurance, maintenance, possible condo fees and property tax. A good way to gain an accurate idea of what costs you can expect is to ask your realtor. You should also factor closing costs, such as legal fees, property tax adjustments and the land transfer tax, into your final numbers.

 

Skipping the home inspection

A home inspection is vital in ensuring you know exactly what you’re getting in terms of the current state of your home. A professional home inspector will look carefully at your home’s foundations, windows and roof, and will tell you if there is any water damage, mould, or structural issues that you need to address. If possible, include a home inspection as part of your conditional offer.

 

Making assumptions

You think the previous owners are leaving behind their appliances, only to arrive on move in day to find they have taken them with them and you are now left to replace a costly washing machine and dryer. If you think the previous owners may leave items behind, or if you have even discussed this with them — make sure to get it in writing. Items such as window treatments, lighting fixtures, and appliances are most often left behind but just make sure you clarify first exactly what you’re getting without making an assumptions.

 

Feeling overwhelmed? Let our team guide you through the homebuying process with ease. Capital Mortgages offers step-by-step personal assistance from knowledgeable mortgage brokers and an easy online application process. We’ll be by your side each step of the way, from helping you understand your options and what to expect, to mortgage pre-approval, and all the way through finalizing your mortgage and the purchase of your home.

 

Ready to talk? We’d love to help!

Reach out to us by phone at 613-228-3888 or by email at info@capitalmortgages.com

 

If you found this information useful, make sure to like and follow us on Facebook, LinkedIn, Twitter and Instagram! We are constantly posting valuable home tips, pertinent news articles, and reliable mortgage advice to better educate and inform our clients.

 

Capital Mortgages Inc is an independent brokerage in the Mortgage Centre Canada Network and one of Ontario’s leading real estate mortgage brokerages with offices in Ottawa and the valley.

Making the Most of Your Mortgage Broker

Your relationship with your mortgage broker does not just cover the purchasing of your first home. If you have a good relationship with your mortgage broker, it should exist for the entirety of your adult home-buying life. Purchasing a home can be an overwhelming and confusing experience, and your mortgage broker can be one of your greatest allies in this process. Most mortgages will be up for renewal two or three times during their total term, so there will be plenty of opportunities for you to touch base with your mortgage broker, look at the best current interest rates, and reassess your current financial situation. Here are some ways in which you can make the most of your mortgage broker by forming a strong trustworthy business relationship with them:

 

Be honest

Your mortgage broker can only help you secure the best mortgage for your specific needs if you are completely honest with them about your financial situation. Make sure that you provide your mortgage broker with all of the facts at the very first meeting, otherwise it will just be time wasted further down the road when it all comes out during your application.

 

Keep them updated

Over time, your life goals and plans can change. It is worth keeping your mortgage broker updated of any change in your long-term plans, such as your plans to move to a different city, buy an investment property, or downsize. By knowing this information, your mortgage broker will be able to make the best and most accurate suggestions to achieve your short- and long-term financial goals.

 

Referrals

If you’re happy with your mortgage broker, the best way to show them your appreciation is to refer them to a friend or family member! You can feel confident that your friend or family member is getting the best mortgage advice and be happy in the fact that you helped your mortgage broker gain a new longtime client.

 

Having a good relationship with your mortgage broker will only benefit you in the long-term. At Capital Mortgages, our goal is to be your personal mortgage broker for life. We offer as many in-person meetings, phone communications or emails as required so that all your needs are met. Mortgage solutions are not one-size-fits-all scenarios. We get it right, for you! Contact us today to get started.

 

Capital Mortgages specializes as a service-oriented brokerage that prides itself on integrity and maintaining a service level second to none in the industry.

What is Mortgage Default Insurance and Do I Need it?

The mortgage world can be a tricky one to enter. As interest rates keep fluctuating and qualifying rules keep changing, you can be left feeling thoroughly confused and overwhelmed. Don’t worry! Our expert team of Capital Mortgages agents and brokers are here to help. Have you heard the term ‘mortgage default insurance’ and are not sure if it applies to you? To clear things up, here is some information to better explain the point of mortgage default insurance and when you may need to pay it:

 

What is mortgage default insurance?

Mortgage default insurance is coverage provided to a lender that protects them in the case that a borrower stops making payments and defaults on their mortgage. Like any other insurance, mortgage default insurance requires additional premium payments. The premium amount will vary depending how much of the purchase price is being financed by the mortgage. Your mortgage insurance premium is usually added to your mortgage amount and paid off over the life of your loan. However, you do also have the option of paying the premium upfront from your own resources.

 

Do I have to pay mortgage default insurance?

In Canada, the minimum down payment you can put towards a home is 5 per cent. Any down payments between 5 and 19.99 per cent require mortgage default insurance. By protecting lenders against borrower default, mortgage default insurance offers homebuyers in Canada the ability to purchase property that would otherwise be financially out of reach. Mortgage default insurance is not available on all property types and amounts. A member of our Capital Mortgages team would be happy to help you navigate this issue.

 

How can I minimize my mortgage default insurance amount?

As the borrower, it benefits you to pay more money upfront: the greater the down payment, the smaller your mortgage and, in turn, the lesser your premium. Your down payment must come from your own cash resources. Financial gifts from an immediate family member are also allowable. If you are a first-time homebuyer, you may be eligible under the Home Buyers’ Plan to draw from your RRSP. Your mortgage broker will be able to discuss these options with you to help you determine which is best suited to your needs.

 

Are you still confused about mortgage default insurance and whether or not you need to pay it? We can help! Connect with one of our Capital Mortgages agents today and we will provide you with clear and concise advice, helping you to find the perfect mortgage solution to fit your needs.

 

Capital Mortgages specializes as a service-oriented brokerage that prides itself on integrity and maintaining a service level second to none in the industry.

4 Mortgage Pitfalls to Avoid as a First-Time Homebuyer

There are a lots of different factors to consider when purchasing your first home, such as which neighbourhood to buy in, what type of home you can afford, and securing the right type of financing. It is easy to get swept up in the excitement of making your first home purchase however, there are many mistakes to be made if you aren’t careful. Here are 4 mortgage pitfalls Capital Mortgages can help you avoid as a first-time homebuyer:

 

1) Not Getting Pre-Approved

Mortgage pre-approval should be your first point of call as a first-time homebuyer. Not only will a mortgage pre-approval help you understand your upper loan limit and the amount and type of loan you can afford, but it is the perfect time to discuss with your Capital Mortgages broker the whole process of purchasing your first home and arranging the mortgage best suited for you.

 

2) Taking On More Than You Can Afford

It’s normal to want to buy the biggest home you can afford, however, this may not be the wisest move. A larger home means larger mortgage payments, but it also means more expensive home ownership costs, such as property taxes, maintenance fees, and utility bills. Before purchasing a home, you should take all these costs into consideration and avoid taking on more than you need, even if it is affordable.

 

3) Longer Amortization Period

Your mortgage amortization period is the number of years you will need to pay off your mortgage. It is an important decision that can affect how much interest you pay over the life of your mortgage. The most common amortization period is 25 years, but you can choose a shorter or, if uninsured, a longer period of 30 years. A longer period means that your monthly mortgage payments will be lower, but it will take you that much longer to be mortgage-free. More interest will be paid over the life of the mortgage and you will build the equity in your home at a slower pace. It is also worth noting that if you choose an amortization over 25 years, you must have a down payment of at least 20%.

 

4) Not Reading the Fine Print

When applying for a mortgage, it is in your best interest to understand all the terms and conditions that apply to you and be clear in what you are committing to. Your Capital Mortgages broker will be able to go through all documentation with you, step-by-step, and clearly explain anything that you do not understand.

 

We understand that purchasing your first home can be an overwhelming and intimidating experience. With over 20 years experience in the mortgage industry, the team at Capital Mortgages has the necessary knowledge to help guide you effortlessly through finding your first mortgage and beyond. Contact us today to get started!

 

Capital Mortgages Inc is an independent brokerage in the Mortgage Centre Canada Network and one of Ontario’s leading real estate mortgage brokerages with offices in Ottawa and the valley.

The Most Romantic Things to Do in Ottawa this Valentine’s Day

It’s almost February, and you know what that means — Valentine’s Day is just around the corner. Whether you like to shower your loved one with gifts or prefer a more low-key celebration, there are lots of romantic places in Ottawa to visit on this special day. Here are a few of our top suggestions of what to do in Ottawa this Valentine’s Day:

 

Go for a skate on the canal

Choose a mild winter evening to go for a romantic skate on the ice with your loved one. Hold hands and cuddle together for warmth as you travel along the longest ice skating rink in the world, right through the heart of the city. End your evening with a hot chocolate and a Beavertail, surrounded by the twinkling lights of downtown Ottawa.

 

Enjoy a spa day

Treat your partner to some well-deserved pampering at one of the wonderful spas in the Ottawa-Gatineau region. Our favourites are Le Nordik in Chelsea and the Amerispa in Cantley! Take the time to relax, reconnect and enjoy one another’s company.

 

See a show at the NAC

Does your loved one adore the theatre? Take them to enjoy a show at the newly-renovated National Arts Centre. The NAC hosts the best music, dance, and theatre shows in the country, with plenty to choose from! With the NAC’s prime downtown location, you can enjoy a stunning pre- or post-show meal at one of Ottawa’s top restaurants, such as Riviera on Sparks Street or e18hteen in the Byward Market.

 

Take a cooking class together

Do you and your partner enjoy eating out? Learn how to treat yourselves to restaurant-quality meals in the comfort of your own home by taking a cooking class. The Urban Element has a variety of impressive cooking classes to choose from hosted by some of Ottawa’s top chefs. Whether you’d like to try Moroccan or Mediterranean cuisine, or simply learn some cooking fundamentals, The Urban Element has something for everyone.

 

Dinner and drinks with a view

One of Ottawa’s hottest new drinks spots is the rooftop bar at the Andaz Ottawa in the Byward Market. Head up to Copper Spirits & Sights on the 16th floor to enjoy unparalleled sights of the beautiful city of Ottawa, while enjoying a classic cocktail. The hotel’s restaurant, Feast + Revel, boasts innovative and sophisticated Canadian cuisine guaranteed to tantalize your taste buds.

 

However you are celebrating this Valentine’s Day, we hope you enjoy yourselves! Are you and your loved one looking to secure a mortgage? At Capital Mortgages, we work to deliver unbiased mortgage advice from a vast choice of mortgage options with dozens of different lenders, saving you both time and money. Contact us today to get started!

 

Capital Mortgages Inc is an independent brokerage in the Mortgage Centre Canada Network and one of Ontario’s leading real estate mortgage brokerages with offices in Ottawa and the valley.

10 Mortgage Terms Every First-Time Homebuyer Should Know

Buying your first home can be an overwhelming venture. If you are not financially-savvy, then terms such as ‘amortization period’ and ‘variable-rate mortgage’ may have you scratching your head in confusion. To help ease some of your worries, our expert team of brokers at Capital Mortgages have gathered together the top ten mortgage terms that every first-time homebuyer should know:

 

Amortization Period

The mortgage amortization period is the number of years it takes to repay the entire amount of the financing based on a set of fixed payments. Historically, the standard amortization period has been 25 years. However, shorter and, in some cases, longer time frames may be available depending on the amount of down payment you have available.

 

Mortgage Term

Not to be confused with the mortgage amortization period, the mortgage term describes the period of time your mortgage financing agreement covers. After the mortgage term has ended, you will have the choice to repay the remainder of the loan in full or renegotiate a new mortgage at current interest rates. The terms available are six months, or one, two, three, four, five, six, seven, and ten year terms, with the interest rates fixed for whichever length of term you choose.

 

Down Payment

When buying a home in Canada, a minimum down payment of 5 per cent of the purchase property value is required. In addition to the down payment, you must also be able to show that you have the capacity to cover other closing costs such as the legal fees and disbursements, appraisal fees and a survey certificate. At least 5 per cent of the down payment must be from your own cash resources and not a borrowed amount from a financial institution.

 

Principal

The principal describes the original amount borrowed in your mortgage loan, before interest. As you make regular mortgage payments, this number will decrease.

 

Gross Debt Service Ratio (GDS)

This is one of the mathematical calculations used by lenders to determine a borrower’s capacity to repay a mortgage. It takes into account the mortgage payments, property taxes, approximate heating costs, and a percentage of any condo maintenance fees, and this sum is then divided by the gross income of the applicants.  Maximum ratios based on your credit history range between 32 per cent and can go as high as 39 per cent.

 

Total Debt Service (TDS) Ratio

This is the other mathematical calculation used by lenders to determine a borrower’s capacity to repay a mortgage. It takes into account the mortgage payments, property taxes, approximate heating costs, and a percentage of any condo maintenance fees, and any other monthly obligations (i.e. personal loans, car payments, lines of credit, credit card debts, other mortgages, etc.) This sum is then divided by the gross income of the applicants. Ratios up to 40 per cent are acceptable.

 

Fixed Rate Mortgage

The interest rate for a fixed rate mortgage is locked in for the term of the mortgage. Payments are set in advance for the term, providing you with the security of knowing precisely how much your payments will be throughout the entire term. Fixed rate mortgages can be open (may be paid off at any time without breakage costs) or closed (breakage costs apply if paid off prior to maturity).

 

Variable Rate Mortgage

With a variable rate mortgage, mortgage payments and interest rates may fluctuate up and down during the term. Regarding variable rate mortgages with a fixed payment: if interest rates go down, more of the payment is applied to reduce the principal. If rates go up, more of the payment is applied to payment of interest. For variable rate mortgages with a variable payment: if interest rates go down, the payment goes down. If rates go up, the payment goes up. Variable rate mortgages may be open or closed. A variable rate mortgage provides you with the flexibility to take advantage of falling interest rates and to convert to a fixed rate mortgage at any time.

 

Conventional Mortgage

A mortgage up to 80 per cent of the purchase price or the value of the property. A mortgage exceeding 80 per cent is referred to as a “High-Ratio” mortgage and the lender will require insurance for that mortgage.

 

High-Ratio Mortgage

A mortgage that exceeds 80 per cent of the purchase price or appraised value of the property. This type of mortgage requires mortgage default insurance.

 

If you are still a little confused, or would prefer to talk to someone in person about securing your first mortgage, then do not hesitate to reach out to our team! With 20 years of experience in the mortgage business, we have the expert knowledge required to guide you effortlessly through getting your first mortgage and beyond.

 

Capital Mortgages Inc is an independent brokerage in the Mortgage Centre Canada Network and one of Ontario’s leading real estate mortgage brokerages with offices in Ottawa and the valley.

7 Financial New Year’s Resolutions for 2019

The beginning of every new year presents a blank page — a fresh start which offers you the chance to begin the year on the best foot. If you hope to become more financially savvy in 2019, then take a look at these top financial resolutions to help you save better and spend smarter in the new year:

 

Do an audit of last year’s spending

The best way to formulate an effective financial plan and to stick to it, is to know your spending habits. Do an audit of your spending and financial habits over the previous year. What were you spending the most amount of money on? Were all the purchases necessary? Identify any financial mistakes and make sure not to make them again.

 

Identify your financial goals and set a budget

Armed with the knowledge from your personal audit, decide on your financial goals for the years and set yourself a realistic monthly budget. Are you saving up for a down payment or a vacation? Perhaps you want to help your child pay for their education. Whatever your goals, be specific. Know how much money you need to save and budget accordingly. Whether you use a personal finance app, a spreadsheet, or a trusty notebook, track all your monthly outgoings and make sure you’re staying within your arranged budget.

 

Automate better financial habits

To get yourself started on a more secure financial path, start by automating some better money habits. For instance, set up a direct debit to send money directly into your savings account after you get paid every month. If you have debts to pay off, calculate those in your budget and automate those monthly payments too.

 

Commit to ‘no-spend’ days

One day a month, or even one day a week if you’re feeling ambitious, commit to having a ‘no-spend’ day where you don’t get your wallet out for any reason. Cook at home, watch a movie with your family, and don’t make any purchases. Think outside the box and find free activities to enjoy. You’ll feel all the better for it!

 

Cut back on bad money habits

What did you notice after looking back over last year’s finances? Perhaps you spent too much money on fancy coffee, or went shopping for new clothes too often. By recognizing your bad money habits, you can make more of an effort in the future to curb them.

 

Connect your resolutions

Bad habits can be hard to break and good ones difficult to form. To make things go a little smoother, try connecting your new year’s resolutions until the become second nature. Planning to get fit and exercise in the new year? For every successful workout you do, put $5 into your savings account. Seeing the money stack up will incentivize you to keep heading to the gym. Miss a workout? You have to pay $5 to a family member or friend instead.

 

Listen to a personal finance podcast or read a book

Knowledge is power and the more knowledge you have about your personal finances, the more power you will have to make smarter financial decisions. There are a huge number of personal finance podcasts available, whether your interest is in investing, frugality, or paying off debt. IF you’re not a podcast listener, pick up a book instead.

 

Looking to secure a mortgage in the new year? Capital Mortgages has been serving the community since 1999 with over 4 billion dollars in mortgages placed. We work to deliver unbiased mortgage advice from a vast choice of mortgage options with dozens of different lenders. For you, this means saving both time and money. Do not hesitate to contact us today!

Capital Mortgages Inc is an independent brokerage in the Mortgage Centre Canada Network and one of Ontario’s leading real estate mortgage brokerages with offices in Ottawa and the valley.

The Best Holiday Gifts for New Homeowners

It’s that time of year again! The holiday season is upon us. No doubt you have a long list of gifts to buy for all the important people in your life. If some of those people are new homeowners, they will likely be looking forward to spending their first Christmas in their new home. To commemorate this important milestone, here are some extra special gift ideas for new homeowners:

 

Key Holder

What’s one of the most frustrating things about being a homeowner? Losing your keys! Ensure this never happens by gifting the new homeowner with a stylish key holder that will take pride of place in their entryway.

 

New Home Christmas Ornament

Give the gift of a happy reminder that will be brought out year after year to adorn the Christmas tree! A personalized ‘new home’ ornament is the perfect way for the new homeowner in your life to always look back fondly on the first Christmas in their new home.

 

Personalised Painting

Commission a local artist to paint or draw a picture of the new home, so that it can hang on the wall for many years to come. Even if the homeowners eventually move, the picture will serve as a joyful reminder of the home in which they shared many happy memories.

 

Engraved Cutting Board

If the new homeowner is a whiz in the kitchen, consider getting them a personalized cutting board that is not only practical, but looks great too. If they would prefer not to use it, they can display it in the kitchen instead.

 

Personalized Doormat

A doormat may seem like an uninteresting gift, but it is likely something the homeowner will not purchase for themselves! There are many options these days, from decorative to comedic, giving you the opportunity to pick the best doormat that fits the homeowner’s personality. For an extra special touch, get a personalized doormat with the homeowner’s name.

 

Champagne Flutes

Christmas means holiday parties, hosting friends, and celebrating the year that has just passed. Help the new homeowner see the holiday season through in style with some attractive champagne flutes that they can use to toast other important milestones in the years to come.

 

Scented Holiday Candle

Scents can evoke powerful memories, especially at certain times of the year. Do you have a favourite Christmas scent? Bring the wonder of the holiday season indoors by giving a beautiful scented candle this Christmas.

 

Are you excited for the holidays? At Capital Mortgages, we love this time of year as it gives us the chance to reflect back on all the wonderful times we have shared with our valued clients. If you are looking to buy a home in the new year and would like to learn more about the financing options available to you, do not hesitate to reach out to the experienced team at Capital Mortgages. Whatever your situation, we can help you find a solution that best fits your needs.

 

Capital Mortgages Inc is an independent brokerage in the Mortgage Centre Canada Network and one of Ontario’s leading real estate mortgage brokerages with offices in Ottawa and the valley.

Ottawa’s Coolest Outdoor Activities this Winter

Every year, winter seems to last longer and longer in Ottawa, so the best thing you can do is make the most of it! There is lots of outdoor fun to be had in Ottawa during the winter months, whether you want to get active, try something new, or spend time with family. If you’re looking to enjoy the splendour of winter this year, here are a few outdoor activities in Ottawa and the surrounding area that you should really try!

 

Winterlude

Winterlude is Ottawa’s annual wintertime festival and is always a huge hit with the entire family! Discover the joys of winter by skating on the Rideau Canal Skateway, viewing the stunning snow sculptures, and watching the ice carving competition. Winterlude events are held at various locations in Ottawa including Confederation Park and Jacques-Cartier Park in Gatineau.

 

Ice Dragon Boat Festival

Take the family out to Dow’s Lake this winter for an enjoyable and thrilling experience on the ice! The Ice Dragon Boat Festival will see 100 teams race down the Rideau Canal Skateway in boats equipped with skate-like blades, using spiked ice-picks to propel themselves along the ice. In addition to the racing, there will be free concerts, fun activities, and traditional Aboriginal and Chinese lion dancers. An event surely not to be missed!

 

Patinage en Foret

Take a road trip north of Ottawa to skate the stunning winter woodland trail at Patinage en Foret. The immaculately maintained outdoor skating trail is three kilometres long and offers a thrilling natural skating experience among the trees. After your skate, enjoy a rest with warm drink in the chalet!

 

Escapade Eskimo

Just an hour outside of Ottawa, enjoy the winter experience of a lifetime with Escapade Eskimo’s dogsledding adventures! How better to explore the beauty of winter than by sitting in a sled pulled by a number of excitable husky dogs? In addition to their dogsledding packages, Escapade Eskimo also offer opportunities for snowshoeing, sledding, and relaxing at the spa.

 

Alight at Night in Upper Canada Village

The beautiful Alight at Night experience is Eastern Ontario’s biggest outdoor light festival! See the splendour of Upper Canada Village’s heritage buildings and trees draped in thousands of twinkling lights. Enjoy a scenic wagon ride with a hot beverage, or take a ride on the vintage merry-go-round.

 

Are you looking to secure a mortgage? At Capital Mortgages, we work to deliver unbiased mortgage advice from a vast choice of mortgage options with dozens of different lenders, saving you both time and money. Contact us today to get started!

 

Capital Mortgages Inc is an independent brokerage in the Mortgage Centre Canada Network and one of Ontario’s leading real estate mortgage brokerages with offices in Ottawa and the valley.

Why Getting Mortgage Pre-Approval is so Important

Searching for a home can be an exciting but overwhelming task. To make things go as smoothly as possible when hunting for your dream home, consider getting pre-approved for a mortgage first. Mortgage pre-approval can save you time and hassle when you finally find the perfect home! Here are a few things you should know about obtaining a pre-approved mortgage:

 

What is mortgage pre-approval?

A mortgage pre-approval will help you to determine certain financial factors before you start looking for a home, such as the maximum amount you can afford to spend on a home and the expected monthly mortgage payments associated with that price. Applying for mortgage pre-approval is free of charge and doesn’t commit you to one specific lender.

 

Why should I get mortgage pre-approval?

  • The information you receive in obtaining a pre-approved mortgage will aid you in your home search. You will be able to budget accordingly and only look at homes within your financial range of affordability.

 

  • Mortgage pre-approval also allows you to ‘lock in’ a mortgage rate for a 120 day period. This means that even if interest rates go up while you are searching for a home, you are protected and guaranteed a mortgage at the agreed upon rate provided you purchase and close on a home within the 120 day period. If your mortgage lender’s rate falls during this time, the lender will honour the lower rate.

 

  • Being approved for a mortgage also signals to real estate agents that you are a serious buyer. When it comes to placing an offer on a home, your mortgage pre-approval shows the seller that you are stable in regards to financing. It could also help bolster your chances in a multiple offer scenario.

 

How can I get pre-approved for a mortgage?

The first step in getting mortgage pre-approval is to meet with an experienced mortgage agent who will be able to help you determine the best mortgage for your individual needs. They will ask you a series of questions and request specific documentation to get a thorough overview of your financial situation.

 

Capital Mortgages offers step-by-step personal assistance from knowledgeable mortgage brokers and an easy online application process. We’ll be by your side each step of the way, from mortgage pre-approval to finalizing your mortgage and the purchase of your home. Don’t hesitate — contact us today!

 

Capital Mortgages Inc is an independent brokerage in the Mortgage Centre Canada Network and one of Ontario’s leading real estate mortgage brokerages with offices in Ottawa and the valley.

Your Mortgage Down Payment: What You Need to Know

For many first-time homebuyers, purchasing a house can come with a range of complex emotions. It is not a decision to be taken lightly, least of all because it is one of the biggest financial decisions you will ever make. One of the best things you can do to ease the stress and worry is to arm yourself with knowledge. The first step in the homebuying process is often saving for your down payment. Are you unsure about the purpose of a down payment? Not to worry — we’ve outlined everything you need to know in the following blog:

 

Sit down with a mortgage specialist

Talking to a mortgage expert, even before you start looking at homes, will help to give you a better idea of your current financial situation and what you can afford. Generally, approximately 32% of your monthly income is required to make the mortgage payment, property taxes and heating costs, though this percentage can be higher depending on your credit score. Not only can a mortgage specialist assist you in formulating a saving strategy, but they can also give you more information about Government of Canada programs for homebuyers, and whether or not they apply to your situation.

 

More or less

When buying a home in Canada, a minimum down payment of 5 per cent is required — but that also means paying out for mortgage default insurance. Down payments over 20 per cent of the home’s purchase price do not require additional mortgage default insurance. Mortgage default insurance is a one time premium paid when your purchase closes. You can pay the premium as part of your closing costs or add it to the principal amount of your mortgage. So which is the way to go? Remember that the size of your down payment should be within your current limits of affordability and take into consideration your future financial stability.

 

Using your RRSP

Under the federal government’s Home Buyer’s Plan, first-time home buyers are eligible to use up to $25,000 in RRSP savings per person ($50,000 for couples) for a down payment on a home. The withdrawal is not taxable as long as you repay it within a 15-year period. To qualify, the RRSP funds you plan to use must have been in your RRSP for at least 90 days.

 

Sources of down payment

When sitting down with your mortgage agent, it is important to discuss potential sources of your down payment. Besides personal savings or your RRSP, you could use money in the form of a gift from a direct family matter, or possible funds from a secured line of credit. An experienced mortgage professional will be able to explain these options to you.

 

Identify all costs early on

Buying a home can include more than just the purchase price of the house. There are certain other fees that can be incurred upon a purchase. Make sure you are including any closing or moving costs in your final figures, such as the Land Transfer Tax, as well as budgeting for any potential renovation projects or emergency savings.

 

Set up automatic savings

Setting up automatic savings can take a lot of the stress and guesswork out of saving money every month. Calculate the amount of money you can reasonably afford to part with each month and, as soon as you get paid, have that money automatically transferred from your chequing account to a tax-free savings account.

 

If you are looking to buy a home this year and would like to learn more about the financing options available to you, do not hesitate to reach out to the experienced team at Capital Mortgages. Whatever your situation, we can help you find a solution that best fits your needs.

 

Capital Mortgages Inc is an independent brokerage in the Mortgage Centre Canada Network and one of Ontario’s leading real estate mortgage brokerages with offices in Ottawa and the valley. thank you

Talking Mortgages with Your Partner

Your relationship with your partner will experience many exciting milestones: your first kiss, moving in together, getting engaged, having children… But one of the most important steps in your relationship will be buying a home together and getting your first mortgage. A home will likely be the largest joint purchase you ever make, and you need to be sure you are making the best financial decision to fit your specific needs as a couple. Here are a few pointers on how to talk mortgages and finances with your partner:

 

Share your financial goals

The most important thing to remember when discussing your finances with your partner is to be open and honest. Share your financial situations and goals with one another and make sure that you are both on the same page. Are you looking for a home to start a family or are you looking for more of a centrally located condo or even an investment property? This may not be one specific discussion, but an ongoing series of conversations between you and your partner to best ensure a financially secure future together.

 

How to get the conversation started

Financial matters can be sensitive and personal topics to some people so make sure you approach this conversation seriously. Some items to consider and discuss:

  • Your credit ratings
  • Any outstanding debts (e.g. car or student loans that still need to be paid off)
  • Your salaries (if one of you is a significantly higher earner, will you still split the mortgage payments 50/50?)
  • Your savings (what are you both contributing to the down payment?)
  • Other unique obligations, such as supporting family members

 

Visit your mortgage broker together

After discussing your financial goals and plans, visit your mortgage broker. Having a goal in mind will help your mortgage broker ascertain what financing best suits your needs. Capital Mortgages offers step-by-step personal assistance from knowledgeable mortgage brokers and an easy online application process. We’ll be by your side each step of the way, from helping you understand your options and what to expect, to mortgage pre-approval, and all the way through finalizing your mortgage and the purchase of your home. We may even be able to help you discover other options to realize your goals sooner.  

 

Have a follow-up discussion and make a unified decision

Once you have confirmed your joint goals, met with your Capital Mortgages broker, and have all the information you need, have a follow-up discussion. You and your partner should reassess your joint situation before you make a final decision.

 

As you enter your house-hunt well-informed and prepared, remember it can take months to find your dream home, and financial situations can change in that time. For this reason it’s important to stay in touch with your Capital Mortgages broker to ensure you are always best positioned financially. Remember your pre-approval will only lock in that interest rate for 120 days!

 

Capital Mortgages Inc is an independent brokerage in the Mortgage Centre Canada Network and one of Ontario’s leading real estate mortgage brokerages with offices in Ottawa and the valley.

The Best Things To Do in Ottawa for Newcomers

Are you a newcomer to Ottawa? Welcome! We love this city, and are pretty certain you will love it too. Whether you enjoy adventuring outdoors or prefer to stay within city limits, Ottawa has something fun to offer everyone. If you haven’t visited our fair city before, there are a number of things that should be on your Ottawa to-do list. Here are a few of our favourites:

 

Parliament Hill

What’s a trip to the nation’s capital without a trip to Parliament Hill? Parliament is one of Ottawa’s top attractions and a must-see for any first time visitor to the city. There is always an interesting event happening on the Hill! In the summer months, make sure to catch Northern Lights, the stunning Sound and Light Show. This incredible show projects colourful visual displays onto the Parliament Buildings to the sound of music and spoken words.

 

Rideau Canal

Whether you visit in the summer or winter months, the Rideau Canal should definitely be on your list! In the winter, the Canal is turned into the longest ice skating rink in the world! Nothing beats a hot chocolate and a Beavertail on the frozen Canal after a refreshing icy skate. During summer, take a boat cruise along the Canal, which travels directly through Ottawa’s downtown core.

 

Museums

Ottawa has a number of world-class museums, whatever your interests may be! Learn all about Canadian military history at the Canadian War Museum, be amazed by the beautiful works of art at the National Gallery of Canada, and have fun learning something new at the Canada Science and Technology Museum!

 

Adventures on the Ottawa River

More of the outdoorsy type? Head for a whitewater adventure on the Ottawa River! There are options to raft or kayak, in both the city and further down the river about an hour’s drive from downtown Ottawa. Whether you’re a seasoned thrillseeker or are just looking to dip your toe (pun intended!) into something new, you’ll find the perfect whitewater experience for you.

 

Cycling

One of the most scenic ways to enjoy Ottawa’s sights is by bike! Ottawa has a number of bike paths running all over the city, making it a breeze to travel across the city. On Sunday mornings in the summer, the National Capital Commission (NCC) closes a number of roads to keep them free for cyclists, runners and pedestrians.

 

If you are looking to move to the Ottawa area and need help securing a mortgage, we would love to hear from you! Please do not hesitate to reach out a member of our experienced team today. Alternatively, you can apply directly on our website with our simple online application form.

 

Capital Mortgages Inc is an independent brokerage in the Mortgage Centre Canada Network and one of Ontario’s leading real estate mortgage brokerages with offices in Ottawa and the valley.

9 Packing Tips to Make Moving Home Easier

Congratulations on your beautiful new home! Now, you face the less-than-fun part: Packing all of your many belongings so they can safely arrive at your new place. This is easier said than done, but here are a few tips to ensure your move is streamlined and stress-free:

 

 

1) Purge as much as possible

 

Take this opportunity to de-clutter, donate and get rid of anything you don’t really use or need. That way, you’ll have a LOT less to move on moving day (and you won’t have the same unnecessary items attracting dust in your closet).

 

 

2) Hire movers at least a month out

 

Make sure to research and hire movers at least a month ahead of time so you can plan and take time off work, etc., as needed. Many movers get busy on weekends, especially in warmer months and peak moving seasons, so consider saving money by moving on a weekday.

 

 

3) Pack in shifts

 

Pace yourself when it comes to packing! Packing slowly over time will be much less stressful than packing it all last-minute.

 

 

4) Protect your delicate items

 

Pack delicate items and expensive electronics (like TVs) in their original packaging (if possible). Or, wrap these items in packing paper, bubble wrap or quilts to ensure they aren’t broken when jostled or moved.

 

 

5) Disconnect your services

 

Utilities are often one of the last things you think about when you move, but you’ll save money and confusion later if you contact your utility companies ahead of time to disconnect your services. Also file a change of address with the postal service and any other important companies a few days before you move.

 

 

6) Accurately label moving boxes

 

Being careful about labeling your moving boxes will help you to find and organize your household items once you start to unpack. Include details about where the items were found or which room the items should be placed in.

 

 

7) Use smaller boxes for heavier items

 

For heavier items—such as books—you’ll want to use smaller boxes. Heavier items in larger boxes will be harder to lift and to balance when moving.

 

 

8) Stack dishes vertically

 

Dishes will be safer and easier to move when stacked vertically versus horizontally. Place packing paper or bubble wrap between each plate for extra protection.

 

 

9) Set aside cleaning supplies

 

Rather than packing up all your cleaning supplies to use at your new place, leave some behind at your old place. That way, you can do a deeper clean of all the spots you couldn’t reach when your furniture was in the way.

 

For all your mortgage needs, including information on renewing your mortgage or refinancing your property, the experienced team at Capital Mortgages can help! Do not hesitate to reach out with any questions or concerns you may have — we look forward to hearing from you.

 

 

Capital Mortgages Inc is an independent brokerage in the Mortgage Centre Canada Network and one of Ontario’s leading real estate mortgage brokerages with offices in Ottawa and the valley.

5 Ways to Update Your Deck this Summer

After a long cold winter, we are finally slowly emerging into the sunshine like butterflies from a chrysalis. The past few days of warm weather and sunshine may have you looking out into your backyard with a critical eye. How did your deck manage through the harsh winter? If your yard is looking less than satisfactory, don’t fret — you may only need to make a few small updates to get your deck looking and feeling summer ready. Here are a few top expert tips:

 

1) Stain the wood

Is your deck looking a little tired and worn after the winter? Treat the wood to a fresh new stain and have it looking back to its old self in no time! A penetrating weatherproofing stain will also protect the wood from future bad weather.

 

2) Get an outdoor rug

Perhaps the snow and ice has your deck looking a little weathered. If you don’t have the time to treat or paint the wood, pick up a bright and colourful outdoor rug instead! It’s a quick and affordable update that really makes a difference.

 

3) Add some planter boxes

Want to add some lush colour to your deck? Get a couple of planter boxes to hang on the railing for an instant splash of colour. If you’re a keen chef, planter boxes are also great for growing herbs!

 

4) Create a shady spot

It’s fantastic if your deck gets a lot of sun, but sometimes the heat can be a bit much. Create a shaded spot for eating, reading, or relaxing by adding a gazebo, pergola or patio umbrella.

 

5) Update your outdoor furniture

Are you still using the same outdoor furniture that you’ve had for years? It may be time for a change! Update your deck with some relaxed seating, perhaps a couple of benches or some comfy chairs, complete with colourful outdoor cushions to make your deck a stylish and cosy place to hang out.

 

Are you looking to build the backyard deck of your dreams? A refinance of your current mortgage could be the way to make that happen. Refinancing is a strategic financial decision that is applicable in a variety of situations and may require an advisor to ensure the best solution is found to fit your specific needs. Don’t hesitate to contact the team at Capital Mortgages today!