Benefits of Working with a Mortgage Broker

The Benefits of Working with a Mortgage Broker for Your Home-Financing Needs

When it comes to buying a home, there is a big difference between working with a mortgage broker and a bank advisor. While both may offer similar services, the benefits of working with a mortgage broker are very important when it comes to getting the best rate and terms for your mortgage.

Mortgage Broker vs. Bank Advisor

A mortgage broker is a professional who is licensed to represent multiple lenders and provide access to a variety of mortgage products. The broker is able to compare rates, terms and programs offered by different lenders, and can serve as a liaison between the borrower and the lender. Because a broker is not tied to any one specific lender, they can often find better rates and better terms than what may be offered by a single bank. They also have access to many lenders and can help you find a loan that best fits your financial needs.

On the other hand, a bank advisor is an employee of a specific bank or lender and they are limited to offering the products and services of that particular lender. They typically have an incentive to push their own products, and may not be able to find the best rate or terms available on the market.

Benefits of Working with a Mortgage Broker

The benefit of working with a mortgage broker is that they are able to do the shopping around for you and save you time. They can help you compare rates and terms from different lenders, and provide you with advice and guidance that is tailored to your individual needs. They also have access to a wide range of lenders and can help you find the best loan for your unique situation.

 1. Access to a wider range of mortgage products

Mortgage brokers have access to a wide range of mortgage products from multiple lenders, including banks, credit unions, and other financial institutions. This means that you can compare a variety of options to find the one that best meets your needs.

 2. Expert advice

Mortgage brokers are experts in the field of home financing and can provide you with valuable advice on the best mortgage products and options for your situation.

 3. Time savings

Working with a mortgage broker can save you time because they can handle much of the legwork involved in obtaining a mortgage, such as submitting loan applications and gathering documentation.

 4. Potential cost savings

Because mortgage brokers have access to a wide range of products, they may be able to find you a mortgage with a lower interest rate or fees, which could save you money in the long run.

 5. Convenience:

Working with a mortgage broker can be convenient because they can often provide you with information and assistance remotely, such as over the phone or online.

 6. Personalized service

Mortgage brokers take the time to understand your unique financial situation and needs, and can provide personalized recommendations and guidance to help you find the right mortgage product.

In conclusion, working with a mortgage broker can offer a range of benefits when it comes to obtaining a mortgage. Mortgage brokers have access to a wide range of products from multiple lenders, which can give you a greater choice of options to find the one that best meets your needs. They are also experts in the field of home financing and can provide valuable advice and guidance to help you make informed decisions. Additionally, working with a mortgage broker can save you time and potentially money, and can be convenient and provide personalized service. Overall, going with a mortgage broker can be a helpful and efficient way to find the right mortgage for your situation.

Are you ready to take advantage of the benefits of working with a mortgage broker for your home financing needs? Contact Capital Mortgages today! Our team of experienced brokers will work with you to find the best mortgage solution to meet your needs. We have access to a wide range of products from multiple lenders, and can provide expert advice and personalized service to help you make informed decisions about your home financing. Don’t miss out on the opportunity to find the best mortgage for your unique situation. Contact Capital Mortgages today and let us help you make your dream of homeownership a reality.

 

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.

New to Canada mortgage

Making the Most of Your New to Canada Mortgage: 7 Tips for Success

Moving to a new country is an exciting experience, but it can also present a number of financial challenges. One of the most daunting tasks for newcomers to Canada is obtaining a mortgage. It can be difficult to navigate the system and understand the different mortgage options available to you. Fortunately, there are a few tips and tricks you can use to make the most of your new to Canada mortgage and ensure a successful transition into your new home. In this article, we will provide seven essential tips to help you get the most out of your new to Canada mortgage. From understanding the various mortgage options to choosing the best lender for your needs, these tips will help you secure a mortgage that works best for you and your family.

Understand the Different Mortgage Options Available to You

When comparing different mortgage options, you will quickly discover that there are a variety of different types available. Understanding what each type offers will help you to select the option that is the best fit for you and your financial situation. Some of the most common types of mortgages include:

Fixed-rate mortgage – With this type of mortgage, you will receive a fixed interest rate for the term of the loan. This means that you will know exactly what your mortgage payment will be and will not experience any surprising fluctuations in interest rates. However, if interest rates decrease and you are on a fixed-rate mortgage, you will not have the option of taking advantage of lower rates.

Variable-rate mortgage – With this type of mortgage, your interest rate will be determined by the market. This means that you will have the option of taking advantage of lower interest rates if they happen to decrease. However, if rates happen to rise and you are on a variable-rate mortgage, you may find that you are paying more each month.

Learn About the Important Mortgage Terms

Another important factor to consider is the difference between the terms “loan amount” and “loan amount to be paid”. The loan amount is the total amount of money that you are borrowing, including the interest. The loan amount to be paid is the total amount that you have to repay, including the principal and the interest. The difference between these numbers will be your down payment. A good rule of thumb is that your down payment should be at least 20% of the total value of the home.

Another important term to become familiar with is amortization. Amortization is the process that allows you to repay your mortgage over a set period of time. The most common types of amortization periods include 25 years, 30 years, and 40 years. The higher the amortization period, the lower your monthly payments will be. However, it will take you a significantly longer period of time to repay the full amount of your loan.

Gather the Necessary Documentation

When applying for a mortgage, you will likely be required to provide a large amount of documentation to prove your employment history, income level, and creditworthiness. It is important to gather this documentation as soon as possible so that you can have it ready to submit with your application. Some of the most important documents that you will need include proof of employment, income tax forms, and a credit report. In order to obtain a good credit report, you may need to open a credit card in your own name even if you do not intend to use it. This may seem counterintuitive, but it will help establish a credit history. You will then be able to close the credit card after a few months in order to have your credit report closed.

Compare Different Mortgage Lenders

When comparing different mortgage lenders, you will want to select the one that is best suited to your needs. You can do this by carefully considering each lender’s rates and terms. You will also want to consider the reputation of the lender and whether or not they are a good fit for your financial situation. This will help you to select the lender that gives you the best chance of securing a mortgage with favorable terms and a low interest rate. You can also utilize online mortgage calculators to help you to compare different mortgages and get a better idea of what your monthly payments will look like.

Some online lenders are better suited to newcomers to Canada than others. Make sure to carefully select a lender that is willing to work with newcomers and does not have an overly stringent credit and income requirements. This will help to ensure that you are able to qualify for the mortgage you want and need.

Take Advantage of Government Programs

Many government agencies offer mortgage assistance programs that are designed to help first-time home buyers and people with low incomes. There are a number of different programs available, but they are often extremely competitive and have strict requirements and deadlines. Take advantage of these government programs if they are right for you. This will help to lower the amount of money you need for your down payment and make home ownership more attainable.

Utilize Mortgage Pre-Approval

If you are in a rush to secure a mortgage, you may be tempted to accept the first offer that comes your way. This can be a costly mistake, as it can be difficult to find a new mortgage if the lender you accepted an offer from ends up retracting it. To avoid this, you can utilize mortgage pre-approval. Pre-approval essentially lets the lender know that you qualify for a certain amount of money and will allow you to more easily find a lender once you find a home that you want to purchase. Select a mortgage broker to help you with your pre-approval, as they will be able to do this quickly and effectively. They will also be able to help you to navigate the mortgage process and come up with a strategy to ensure that you are able to secure the most favorable terms.

Find a Mortgage Broker Who Understands Your Needs

Finally, make sure to find a mortgage broker who is well-versed in the needs of new Canadians. This will help you to find the mortgage that works best for you and your situation. Your mortgage broker will likely have access to mortgage options that are not available to the general public. This can help you to find the best mortgage for your unique situation. A good mortgage broker will also be able to help you to navigate the often-confusing process of securing a mortgage and ensure that you are able to secure the most favorable terms available to you. This can help you to avoid unnecessary stress and anxiety and ensure that you are able to achieve your dream of homeownership quickly and efficiently.

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.

Meet Brad Nemes

Walk in as a client, come out as a homeowner!

Keeping it real (estate) since 2003! Since then, I’ve funded over $275 million in mortgages and counting. While I always love connecting with new clients, most of my business comes from referral and repeat clients, and I’m always grateful for their support and trust. It shows me that my clients know I care, giving them everything in my power to make their homeownership dreams come true. I solve any problems that might come up and walk you through all of the steps so you can rest easy. Financing a home can be complicated and I love solving complex problems. They make my work interesting and fun!

When I’m not working on helping people with their financing needs, you can find me cycling the many Ottawa paths, hosting wine and food evenings with my friends and colleagues or visiting some amazing local restaurants and cafes. Fun fact – I’m a trained sommelier! After a realtor friend of mine had me host a wine-tasting at one of his open houses he started calling me the Mortgage Sommelier and it stuck. “Som·me·lier: a trained and knowledgeable wine professional, who specializes in all aspects of wine service as well as wine and food pairing.” As your “Mortgage Sommelier” I specialize in all aspects of lending, and will pair you with the right products at the right time!

Back to the business…As Your Independent Mortgage Agent, I’m working for you, not the banks. I do business with over 60 lenders. Traditional institutions are concerned with selling only their own mortgage products. Dealing with a multitude of lenders means that I always shop the market on your behalf to find the right mortgage to best meet your particular requirements. Whether it’s a residential or commercial loan, I have access to a wide range of services and products to ensure your mortgage needs are met precisely at the most competitive terms and confidentiality and privacy is always assured.

Not convinced yet? Check out my Google reviews! I want to be a part of your next mortgage experience, we’ll make it awesome, together! Clients and referrals WANTED. Thanks as always for choosing the Brads Mortgages team.

Why Should You Choose to Use a Mortgage Agent?

My role as a mortgage agent is to act on your behalf. I have your best interests in mind and will find the best mortgage for you. As an independent mortgage agent, I do not work for an individual institution nor am I mandated by any one lending institution. I have a long list of lenders to choose from. My goal is to get you the best possible mortgage that you qualify for through fast, professional, and personal service. From first-time home buyers to seasoned real estate investors, I will take the time to work with you through your individual situation.

I have been working as an agent since 2003 and I have funded over $275 million in mortgages and counting. I fund not only low interest rate mortgages for residential homes; I also fund many different types of properties in the marketplace. I also fund mortgages across the country should you choose to purchase out-of-province. Residential or commercial, there is a mortgage for you!

Why Choose Capital Mortgages?

I work as a mortgage agent with Capital Mortgages. Capital Mortgages is one of the largest and most notable Mortgage Brokerage Firms in Ottawa. Capital Mortgages was established in 1999 and is proud to have served thousands and thousands of clients representing over one billion dollars in total mortgage volume.

I save you money by sourcing the best products at the best rates – not only on your first mortgage but through every subsequent renewal.

So whether you’re buying a home, renewing your mortgage, refinancing, renovating, investing, or consolidating your debts — I’m the Mortgage Centre mortgage advisor who can help you get the right financing, from the right lender, at the right rate.

Cell: 613.818.1477
Tel: 613.627.1042

Meet Josh Woollam

Hey, I’m Josh ?

Relationships matter most, and through my 13+ years of mortgage brokering, I have been able to apply this core principle to help over 600 happy clients find the right mortgage solution for their unique situation.

Getting to know each of my clients, their story, their passions, and their personal goals is my business! I pride myself on developing a comprehensive plan and offering a sound strategy for every client I work with.

I am dedicated to supporting others to achieve their dream of home ownership.  Whether you are buying your first home or aspire to build a real estate empire, I am here to help every step of the way.

When not in the office, I enjoy spending time with my wife, my two children and our dog Murphy.  You will find us tasting exciting menu’s in the market, skiing the slopes, and hiking in Gatineau Park.

I look forward to working with you and I am always available should you have any questions.

Please feel free to give me a call at 613-276-1351 or visit me online at https://woollammortgageteam.com/

Josh Woollam

Mortgage Broker

Josh Woollam Mortgage Broker

A little more information on Josh:

Josh’s dedication to customer service, attention to detail, and extensive knowledge has earned him respect throughout the lending and real estate industry. With the experience gained from eight years as a top producing mortgage broker, Josh is guaranteed to find you the perfect mortgage.

Josh takes pride in knowing that 90% of his business originates from his satisfied past clients and from client referrals of their family, friends, and co-workers. The Woollam Mortgage Team retains this loyalty by promptly returning phone calls and emails, keeping clients informed at every step of the mortgage

A little more information on Sheena:

Sheena’s approach to mortgage planning and quality service has made her an integral member of the Woollam Mortgage Team. Clients love her attention to detail and she always comes equipped with the expertise and resources to present you with the most comprehensive mortgage solutions.

Sheena takes pride in providing our clients with mortgage products that best represent their individual needs. Her continued study of mortgage news and changing trends ensure that her clients are provided with the best representation possible. Sheena is a graduate of Mortgage Professionals Canada (formerly CAAMP) Ontario Mortgage Agent Course.

What is a Mortgage Broker?

When you’re in the process of buying a home, it can feel like there are a million different things to consider. While there’s plenty you need to know about mortgages and interest rates and repayment schedules, the reality is that buying a home is actually quite simple. In fact, it comes down to two things: find a house you can afford and find someone who will help you do that.
Fortunately, there are people out there who specialize in making the home buying process as simple as possible. They’re known as mortgage brokers or advisors, and they make things much simpler for their clients by handling all the little details (and paperwork) so you don’t have to. If this sounds like something that might be helpful for you, keep reading to learn more about what these professionals do and why they can be so beneficial when buying a home.

History 101: Ottawa

History 101: Ottawa – A Quick Guide to the History of Canada’s Capital City

From its humble beginnings as a frontier settlement to its role as the nation’s capital, Ottawa has come a long way. The city has grown from 10,000 residents in 1900 to well over one million today. Along the way, it has also acquired a rich history worth exploring. So if you find yourself visiting or living in Ottawa anytime soon, why not take some time to learn more about its past? From Victorian architecture to First Nations history and everything in between, this article will serve as your ultimate guide to everything you ever wanted to know about the city of Ottawa.

A Short History of Ottawa

Conveniently situated between the Great Lakes and the St. Lawrence River, Ottawa has been inhabited by humans for thousands of years. The Algonquin First Nation tribe lived in the area before Europeans arrived, making it one of the few Canadian cities with a significant amount of indigenous history. The Algonquins called the city “adawe,” meaning “to trade.” In the 19th century, much of the land was transferred to the British government, who built a new city there and named it after the nearby Ottawa River. The city became Canada’s capital in 1857, when it was still a frontier town. Since then, it has grown from a small collection of buildings to a bustling metropolis with a diverse and vibrant culture. Ottawa’s architecture, art, and festivals are some of the city’s most celebrated features.

The Origins of Ottawa

The Ottawa River has played an integral role in Ottawa’s history and development, and it’s no surprise that the city’s name is derived from this body of water. The Ottawa River is one of the largest in Canada, and it connects with the St. Lawrence River at the southern end of Lake Ontario. Today, this river is a tourist attraction in its own right, and thousands of people visit the famous Rideau Canal each year. In the past, the Ottawa River was also an important transportation route, used by loggers, fur traders, and other settlers. The area around the river was also strategically important, and Ottawa played a significant role in Canada’s early conflicts with other nations.

Types of Architecture in Ottawa

Visitors to Ottawa are likely to be struck by the city’s unique architectural style. Ottawa has more than 1,000 buildings that are listed as heritage buildings, and this gives the city a distinct charm unlike anywhere else in Canada. The most prominent architectural style in Ottawa is Victorian, and this can be seen in buildings such as the Parliament Buildings. However, there are many more architectural styles evident in the city, including Gothic Revival, Romanesque Revival, Neoclassical, and Modernist. All of these architectural styles are worth exploring, and you can also visit buildings under construction to see what the city will look like in the future.

The ByWard Market: A Brief History

One of the oldest and best-known districts in Ottawa is the ByWard Market, and it’s also one of the city’s top tourist attractions. The ByWard Market is a public market that has been operating since the early 19th century, when it was called the Upper Town Market. In the early 20th century, the market was renamed the ByWard Market and was officially designated as a public market. The ByWard Market has seen many changes over the years, but it is now one of Ottawa’s most popular destinations. The market has a wide variety of shops, restaurants, and other attractions, and it draws thousands of visitors each year.

Other Important Dates and Events in Ottawa’s Past

– 1867: The capital of Canada is officially moved to Ottawa.

– 1898: Ottawa hosts its first large exhibition, which has become a significant event in the city’s calendar.

– 1900: The Canadian government begins to construct the Parliament Buildings.

– 1905: The Chateau Laurier Hotel is built and becomes a popular attraction in the city.

– 1962: The National Arts Centre is completed after many years of construction.

– 2015: The Rideau Canal is declared a UNESCO World Heritage Site.

Where to Find Victorian Buildings in Ottawa

Ottawa is known for its wide variety of Victorian buildings, and many of these can be found in the ByWard Market area. However, Victorian architecture is also evident in other areas of the city, and you can find a wide range of buildings from this period all over Ottawa. You might also find buildings from other periods in Ottawa, as the city has many architectural styles that are represented. The Parliament Buildings, for example, are one of the best-known examples of neo-Gothic architecture.

More about the architecture and design in Ottawa

Ottawa is known for its wide variety of beautiful architecture, and this has given the city a distinct charm. The National Arts Centre and the Parliament Buildings are among the most famous examples of Ottawa’s architectural style, and these buildings have become iconic symbols of the city. There are several other famous buildings in Ottawa, such as the Chateau Laurier Hotel. The Parliament Buildings are Ottawa’s most famous buildings, and they were designed by architect Thomas Fuller. The buildings are made of limestone, sandstone, and marble, and they represent a wide variety of architectural styles. Even though Ottawa is a modern city, it still has links to its past. You can see these links in the architecture and design of the city’s buildings, many of which are beautiful examples of Victorian architecture.

Conclusion

If you love history, you will love Ottawa. This city has an incredibly rich history that dates all the way back to the very beginnings of Canada. Whether you want to learn about indigenous culture or about how the city became the capital of Canada, you can find out all about it in Ottawa. This city is a treasure trove of fascinating history, and it’s well worth exploring if you find yourself in Canada’s capital city.

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

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

You can also click here.

Refinance Your Ottawa Mortgage with Capital Mortgages

How to Refinance Your Ottawa Mortgage

How to Refinance Your Ottawa Mortgage: The Complete Guide

Refinancing your mortgage is a great way to reduce your monthly payments and save money. In fact, it’s the most effective way of reducing the cost of your mortgage. Refinancing also offers a great opportunity to lower your interest rate and lock in for the long term. If you have another source of equity, refinancing can be an excellent way to pay off other debt and improve your financial situation in the process. Refinancing is not easy, but with the right preparation, it’s a lot simpler than you may think. This guide covers everything you need to know about refinancing your mortgage in Ottawa – including potential pitfalls to avoid along the way.

What is refinancing?

Refinancing is the process of getting a new mortgage for the same property you currently own. It allows you to pay off your current mortgage and use the equity in your home to finance a new, lower-cost mortgage. You can refinance for a number of reasons, including:

Lower interest rate – Whether interest rates are rising or falling, they always have the potential to go up. You can lock in a lower rate with a new mortgage and avoid future rate increases.

Pay off other debt – If you have high-interest debt like credit card or student loans, refinancing can help you pay it off quicker. You can also use the lower-cost of your new mortgage to make extra payments and pay off your debt even faster.

Use the equity in your home to fund other projects – Whether you want to start a business or add on to your house, you can tap into your home equity to finance these projects and more.

Why would you refinance your mortgage in Ottawa?

If you have a low-interest rate, you should refinance your mortgage as soon as possible because you’ll save a lot of money. This is particularly true if you have a variable-rate mortgage, as interest rates have been rising in recent months. If you have a high-interest rate, refinancing can save you a lot of money, especially if you’re paying a high interest rate. If you have equity in your home, you can use it to get a lower-cost mortgage.

How to refinance your mortgage in Ottawa

First, you’ll want to talk to your current lender to make sure you’re eligible for a refinance. If you are, the next step is to shop around for quotes and find the best deal for you. You’ll likely need to get pre-approved for a new mortgage before you start shopping for quotes. This is a simple process that usually only takes a few hours. There are lots of different factors that go into getting a mortgage pre-approval. You can also try an online pre-approval tool to speed up the process. Next, you’ll start shopping around for lenders. Many Ottawa mortgage brokers will help you with this process, and it’s a good idea to talk to a few so you can compare quotes. You can also use a mortgage comparison tool, like the one provided by Mortgage Centre, to get an estimate of your current mortgage rate and payment. Capital Mortgages in Ottawa is here to help with all the decision making process.

Who can benefit from refinancing?

Anyone who is currently paying off a mortgage can benefit from refinancing. If you have a low-interest rate and you’re confident it will remain low, refinancing is a good idea. And if you have a high-interest rate, refinancing can save you a lot of money. If you have equity in your home, refinancing can help you reduce your monthly payments and pay off your mortgage even sooner. If you have high-interest debt, you can use the equity in your home to help pay it off.

What are the benefits of refinancing?

Refinancing has a lot of benefits, including lower interest rates and reduced monthly payments. It’s important to remember that the terms of your new mortgage could be different from your current loan. If you have a fixed-rate mortgage, refinancing could lock you in at the same rate. If the rates are currently low and you have a variable-rate mortgage, refinancing can lock you in at a low rate so you won’t risk rising rates. However, if the rates are currently high, refinancing could lower your monthly payments. Do you have significant equity in your home? refinancing could allow you to take out a larger mortgage. And if you have high-interest debt, refinancing can help you pay it off quicker.

How much does refinancing cost?

The cost of refinancing will depend on your new mortgage terms. If you’re simply locking in a new, lower rate on your current mortgage, you shouldn’t have to pay any extra. If you’re extending the length of your mortgage, you may have to pay closing costs.

When should you refinance your mortgage?

Whenever you have the opportunity to refinance your mortgage, you should always at least consider the option. Factors like current interest rates and home equity will help you decide if now is the right time to refinance.

How to decide what type of refinance is right for you?

You’ll want to compare the costs of different types of refinancing to decide what’s best for you. If you want to lower your monthly payments, you can extend the length of your mortgage, but this will add to your total cost. If you’re looking to save on interest, you can refinance with a shorter length and a larger down payment. This will increase your monthly payments but save you money in the long run. If you have significant equity in your home, you can refinance with a larger mortgage, but you’ll likely have to pay closing costs.

Conclusion

In summary, refinancing your mortgage is a great way to lower your monthly payments and save money. It’s also a great opportunity to lock in at a lower rate and pay off other debt. To get the best deal on refinancing, start shopping around for quotes and pre-qualifying as soon as possible.

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

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

You can also click here.

Rent To Own

Rent To Own Mortgages

Everything You Need to Know About Rent-To-Own Mortgages

Rent-to-own homes offer advantages over other mortgage options. They may help you get the home of your dreams on less than a traditional mortgage, and they may also be the right option for you if you can’t qualify for a mortgage at all. Rent-to-own homes are contracts that you sign, in which you agree to rent the home for an agreed-upon period of time. At the end of the rental period, you can either buy the home for a fixed price or buy it for a fixed price and pay an additional fee for making the purchase. This option appeals to some people because it allows you to get the home of your dreams but with a less-risky investment. However, you should also be aware of some potential pitfalls.

What is a rent-to-own mortgage?

A rent-to-own (RTTO) mortgage is a type of residential mortgage where you make monthly payments to the lender in exchange for the right to buy the home at the end of the contract. The most common form of a rent-to-own contract is the lease option contract, in which you rent a home from a landlord and, at the end of the lease term, buy the home for a predetermined price. Other forms of RTTOs exist, though. For example, you can also rent an apartment that you own freehold, or you can rent a houseboat or a mobile home.

Pros of a rent-to-own mortgage

It’s important to remember that any type of mortgage comes with risks. However, depending on your circumstances, a rent-to-own mortgage may offer some advantages that can outweigh those risks. For example, some qualifying individuals may find that a rent-to-own mortgage is a good option for them because they don’t qualify for a mortgage or because they’re financing a home purchase with cash they don’t want to tie up in a rental property. Or, a rent-to-own mortgage may be a good option for you if you want to make a large, immediate down payment. (A 20% down payment can get you a much more attractive interest rate than a mortgage with 10% down.)

Cons of a rent-to-own mortgage

Just as there are advantages to choosing a rent-to-own mortgage, there are disadvantages, too. For one, since you’re financing a portion of the home purchase via monthly payments, you’ll likely have higher monthly expenses than if you were to make a larger down payment and finance the entire purchase. Similarly, when you own a home in rent-to-own, you’ll likely have a higher mortgage payment than you would with a conventional mortgage. (A larger down payment means a lower mortgage payment.) You’ll also need to factor in potential additional costs, such as maintenance, vacancy, and property insurance. These costs may be higher in some cases because you’re renting a home.

How do you qualify for a rent-to-own mortgage?

If you have a steady income and are able to make monthly payments, there are a few factors that may make you qualify to take out this  mortgage. Perhaps the most important factor is your credit score. To get a good credit score, you need to be able to show the credit bureaus that you’re financially responsible. These mortgages often require good credit, but you may qualify if you have poor credit or no credit at all. (In some cases, lenders will even allow you to purchase a home with no credit score.)

Risks of a rent-to-own mortgage

Just as there are advantages to choosing this mortgage, there are disadvantages, too. For one, since you’re financing a portion of the home purchase via monthly payments, you’ll likely have higher monthly expenses than if you were to make a larger down payment and finance the entire purchase. Similarly, when you own a home in rent-to-own, you’ll likely have a higher mortgage payment than you would with a conventional mortgage. (A larger down payment means a lower mortgage payment.) You’ll also need to factor in potential additional costs, such as maintenance, vacancy, and property insurance. These costs may be higher in some cases because you’re renting a home.

What to consider before choosing a rent-to-own mortgage

There are a number of factors to consider before choosing this mortgage. The first is your expected monthly payment. Since you’ll be making both the mortgage payment and the rent payment, you need to know what your budget allows for each monthly expense. Similarly, you need to be aware of any extra costs that may apply to a rent-to-own contract, such as maintenance, property insurance, and taxes.

Key takeaways

Rent-to-own homes offer advantages over other mortgage options. They may help you get the home of your dreams on less than a traditional mortgage, and they may also be the right option for you if you can’t qualify for a mortgage at all.

There are a number of factors to consider before choosing a this mortgage. The first is your expected monthly payment. Since you’ll be making both the mortgage payment and the rent payment, you need to know what your budget allows for each monthly expense. Similarly, you need to be aware of any extra costs that may apply to a rent-to-own contract, such as maintenance, property insurance, and taxes.

We here at Capital Mortgages look forward to assisting you with Ottawa mortgage needs and approvals. 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.

Ways to Qualify for a Home Line of Credit Capital Mortgages Ottawa

Qualify for a Home Line of Credit

3 Ways to Qualify for a Home Line of Credit

Mortgage loans and home equity lines of credit are two ways to borrow against your home. But, which is better?

Loans have a higher interest rate than lines of credit, but the money you get is usually in one lump sum. Lines of credit are often lower-interest and you can use the money every month. There are several factors to consider when it comes to deciding between a home loan or a residential line of credit. Here’s how to qualify for either type of line of credit.

Decide if you need a lump sum or monthly payments

Do you need a lump sum or monthly payments? This is one of the biggest factors in deciding between a home loan and line of credit. Home loans are for when you want to borrow money all at once, like for a down payment on another home or car. Lines of credit are meant for borrowing throughout the year.

A mortgage loan is also appropriate if you have good credit but not enough savings to cover your needs, whereas a home equity line of credit is appropriate if you have good or excellent credit and sufficient reserves.

Home equity lines of credit are often lower-interest than mortgages and it’s easier to qualify because they base qualifications on your general credit score, not your mortgage history. You can qualify for a line of credit with bad or little to no history just as easily as someone with a perfect mortgage history. Conversely, people who have bad or little to no history may not qualify for a home loan at all because they lack the required income needed by lenders.

Consider your debt-to-income ratio

When thinking about qualifying for a home line of credit, your debt-to-income ratio is one of the first things to think about. Debt-to-income ratio is the debt you owe divided by the gross income that you make from your job.

For instance, if you are making $40,000 per year and have $1,000 in monthly debt payments (including rent), your debt-to-income ratio would be 20 percent. It would be 15 percent if you had $500 in monthly debt payments and $25,000 in annual income.

If your debt-to-income ratio is too high, you might not qualify for a line of credit on your home. The best way to figure out if you will qualify when applying for a mortgage or a line of credit is to use an online calculator like this one: https://capitalmortgages.com/mortgage-calculators/

Choose the right lender for you

First, find a lender that is right for you and your needs. Explore local lenders as well as national lenders. Even if you’re not planning on moving soon, it pays to shop around. Your credit score is an important factor when qualifying for a line of credit. Some lines of credit require a high credit score while others will allow you to qualify with a lower score.

Capital Mortgage broker in Ottawa can assist you.

Home equity lines of credit are often preferable for many people because they can be used every month. But, there is no lump sum payout at the end like when you get a home mortgage loan. If you need money now, then choose a home equity line of credit. If you don’t need the money all at once but want it in one lump sum, get a home loan instead.

Know the differences between a home loan and a line of credit

A home loan is usually a lump sum of money you receive in one payment. A line of credit is when you pay interest on the money you borrow and can use it in increments over time.

The main difference between a home loan and a line of credit is the way that they are paid back. With a home loan, you’ll only need to pay one lump sum at the end of your repayment period. With a line of credit, you will need to pay both interest and your principal balance monthly until the term ends.

Another difference between these two types of borrowing is the interest rate. Home loans will typically have a higher interest rate than lines of credit because there are more risks associated with them. Lines of credit are less risky for lenders so they charge less for those loans. It’s important to know that there may be hidden costs with both types of borrowing, so make sure to read all the fine print before deciding which type to take out.

Qualify for a home line of credit
  • A home line of credit is an excellent alternative to a mortgage loan if you want to borrow money over the course of a year.
  • Home equity lines of credit work much like a credit card, but they are secured by your home. This means you won’t be able to borrow more than the current value of your house.
  • You qualify for a residential line of credit by meeting one of two conditions: (1) You need a home equity line on your primary residence or (2) You have at least 20 percent equity in another property that can serve as collateral.
Qualify for a mortgage loan

If you plan on borrowing a large sum of money, it’s best to qualify for a mortgage loan. This type of loan is also better if you have an event like marriage or the birth of a child that requires you to finance an expensive purchase.

When qualifying for a mortgage, your credit score is the most important factor. You might also need collateral in the form of stocks, bonds or other investment instruments. If you have enough equity in your home, then you can qualify for a home equity line of credit (HELOC).

Conclusion

There are a number of options for financing your home purchase, but a line of credit can be a great way to take advantage of lower interest rates and a more flexible repayment schedule. Make sure you know what you’re getting into before you apply.

This isn’t a loan — it’s a line of credit. When you apply for a home line of credit, you’re asking for permission to withdraw money from your account as you need it. You’ll have to provide your bank with details like your income, debt-to-income ratio, and cash on hand. It’s important to think carefully about whether you really need the money upfront or if monthly payments would work better for you.

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

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Pre-Qualified & Pre-Approved Mortgages Capital Mortgages Ottawa

Pre-Qualified & Pre-Approved Mortgages

What’s The Difference Between Pre-Qualified and Pre-Approved Mortgages?

With all of the home buying trends and changes in the mortgage industry, it can be hard to understand if you’re pre-approved for a mortgage or if you’re pre-qualified. To make things easier, we’ve broken down the differences between these two terms and what they mean for your home buying process.

Pre-Qualified: When you apply for a loan with a lender, they will likely offer to pre-qualify you. This means that the lender has run some basic information through their system to see if they can give you an approximate interest rate. You may not know this exact number, but it will at least give you an idea of what range your budget would fall in.

Pre-Approved: If you are pre-approved for a loan, this means that the lender has looked at your entire loan application and determined that there is no reason why they can’t approve your application. They have done everything necessary to give you the best.

Pre-Qualified vs. Pre-Approved

At first glance, you might think that pre-qualified and pre-approved are one in the same. But there is a major difference between these two terms.

Pre-Qualified: When someone offers to pre-qualify you for a loan, they are giving you an approximate interest rate based on some basic information. You will not know this exact number, but it will give you an idea of what range your budget would fall in.

Pre-Approved: If you are pre-approved for a loan, this means that the lender has looked at your entire loan application and determined that there is no reason why they can’t approve your application. They have done everything necessary to give you the best.

What Are the Differences Between Pre-Qualified and Pre-Approved?

Essentially, pre-qualification is just a preliminary assessment of whether or not you would be eligible for a mortgage. It doesn’t actually mean that you are 100% approved for the loan you are requesting.

Pre-approval is when the lender has looked at your entire loan application and determined that there is no reason why they can’t approve your application. This means they have done everything necessary to give you the best rates and terms available on the market.

If you want to know what you’re really getting into before signing on with a lender, it’s best to get pre-approved first!

What are the Advantages of Being Pre-Approved?

There are a few advantages to being pre-approved for a loan.

First, once you’re pre-approved, the lender will take care of most of the paperwork. This can be a huge time saver for you.

Second, once your application is approved, the lender will issue you an offer letter that includes all of the information about your loan application and interest rate. It’s important to have this information handy when you are ready to start looking at homes so that you know what you are able to afford.

Third, if your credit score has gone down or if there are any other changes in your financial situation, it may affect whether or not you are still eligible for a mortgage. If this happens, lenders can decide to “re-evaluate” your pre-approval status and see how it would affect the terms of your loan before issuing an approval or denial decision.

Ultimately, being pre-approved is beneficial because it allows for less paperwork on both sides and gives buyers time to find their dream home without worrying about how much they can afford upfront.

What are the Disadvantages of Being Pre-Approved?

It’s common to be pre-qualified for a mortgage before you can get pre-approved. This is because of the extra time, effort, and paperwork that goes into getting pre-approved.

The disadvantages of being just pre-qualified are that this isn’t always accurate. For example, if your credit score changes or you have new information on your income, this means your loan application may not be accepted when it is reviewed again by the lender.

On the other hand, there are advantages to being pre-approved over being just pre-qualified. When you are approved for a loan, the lender has already done everything they need to give you the best rate possible on your mortgage. You also know that the lender will definitely approve your application if all your information checks out.

With all of these home buying trends happening, don’t forget to contact Sligo Mortgage about whether you’re qualified for a mortgage!

Conclusion

Home ownership is everyone’s dream. But buying a home is not for everyone, and it’s important to understand what you’re getting yourself into before you sign on the dotted line.

Are you considering buying a house? Do you want to know more about pre-qualified vs. pre-approved mortgages?

Being pre-approved is a lot like being pre-qualified. It means a lender has looked at your credit history and income, and thinks you’re eligible for a loan. But there’s one major difference between pre-approved mortgages and pre-qualified mortgages: being pre-approved means you’ve been approved for a specific mortgage, while being pre-qualified means the lender is just interested in seeing your application.

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

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What's The Difference Between Good Credit and Bad Credit? Capital Mortgages Ottawa

Good Credit and Bad Credit

What’s The Difference Between Good Credit and Bad Credit?

Credit is essential for almost every aspect of life these days. It’s a way to borrow money from lenders in order to buy a home, get a loan to start your own business, or even try and fix your credit. In order for you to have the best possible chance at getting loans, it’s important that you have good credit. Here are some of the differences between good credit and bad credit.

What is good credit?

Good credit is defined as having an excellent history of paying back debts on time. You may have good credit if you never had any late payments or missed payments.

With this type of credit, you are able to secure loans for larger amounts of money and can be approved for a mortgage loan. You’ll also be able to get lower interest rates and sometimes even a better interest rate than someone with bad credit.

The best way to get good credit is by keeping track of your monthly statements and following the rules in them. Your bank will typically send you a statement every month that shows your balance, payment history, and when your next statement will be sent out. To ensure that you have zero late payments in the future, it’s best to keep up with these statements as often as possible.

If you’re worried about not being able to pay off all the debt in your name, don’t worry! There are other ways that you can improve your credit so that lenders will trust you more. If you’re struggling with debt issues, consider speaking to a financial advisor. They offer free counseling services for those who need help managing their finances.

What is bad credit?

Bad credit is a term used by banks to indicate that you have a history of missed payments which would make lenders hesitant to lend you money. Bad credit can happen for a variety of reasons, some of which are outside your control. If you’re having trouble repairing your bad credit, there are certain steps you can take to help improve the situation.

Ways to Improve Your Credit

In order to improve your credit, it’s important that you do what you can within your control. Some things include paying off debt, making on-time payments, and using your credit wisely.

First things first: Get rid of any bad debts that are hanging over your head. If there’s something like a medical bill or an old car payment that you’re still trying to pay off, work on getting it resolved before starting anything else. Paying off debt will increase your chances of getting loans in the future because it shows lenders that you’re responsible with money and have the ability to handle them responsibly.

The difference between good and bad credit

So what is good credit? Good credit means that you have positive “hard” and “soft” information in your credit report.

Here are some of the different types of information in your credit report:

  • Credit score
  • Payment history
  • Credit inquiries
  • Debt-to-income ratio
  • Total revolving debt
  • Length of credit history

Soft information, like payment history, is a little more subjective than hard information, but it’s still an important part of your report. If you pay all your bills on time, then you’re likely to get better rates on loans. But if you’ve been late with a payment or had multiple late payments in the past six months, this will show up on your report as well. This information can also show up as negative soft info and could affect your credit score.

The differences between fair, excellent, and perfect credit

Credit is defined by the company that provides it, but generally speaking there are three different types: fair, excellent, and perfect.

Fair credit means you have a FICO score of less than 660. Excellent credit means you have a FICO score of more than 760. Perfect credit means you have a FICO score of 850 or higher.

There are some factors that will affect whether your credit is considered fair, excellent or perfect. The main difference between fair and excellent is how long you’ve been using credit–the longer the better. For example, using credit for six years would be considered excellent while using it for three years would be considered fair.

Some other factors that affect how good your credit is include:

  • Your payment history
  • Your SIN has been verified
  • Your income has been verified
  • Your employment history has been verified
  • Any liens on your property (mortgages) are clear and current
  • Any judgments on your behalf are clear and current

If you want to improve your chances at getting loans in the future, make sure that all of these factors have been completed properly before applying for any loans!

How to improve your credit.

While some people will be able to improve their credit by spending less and saving more, others may find that there are no feasible solutions. That said, there are still ways to improve your credit without going into debt.

Here are six tips for improving your credit score:

  • Pay your bills on time and in full
  • Keep the amount of debt you carry low
  • Never miss a payment
  • Don’t carry too many cards or open too many accounts
  • Close old accounts that you no longer need or use regularly
  • Pay down any high interest debt

We here at Capital Mortgages look forward to assisting you with 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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Ottawa Mortgage Brokers

Picking a Mortgage Broker

What Is A Mortgage Broker? How To Pick The Right One For You

Buying a house is one of the biggest financial investments you will ever make in your lifetime. Knowing that, it’s important to do your research before you start looking for a mortgage broker. What are the requirements to be a mortgage broker? What are their responsibilities? How can they help me when I purchase my home? These are just some of the many questions you may have.

A mortgage broker works with lenders, banks, and other financial institutions to find the best loan terms for both you and the lender. Generally, this includes reviewing loan qualifications and processing paperwork. They also help educate consumers about mortgages so they know what questions to ask. You can hire them by yourself or with an agent or realtor who then works on your behalf to

What is a mortgage broker

A mortgage broker acts as an intermediary between you and the lender. They work on your behalf to find the best loan terms for you and the lender. Mortgage brokers do not make loans nor do they provide advice on how to pay for a mortgage.

A mortgage broker will help you determine what kind of loan is best for your needs and answer any questions you may have about mortgages. They work on behalf of the consumer and do not make loans. Mortgage brokers can also help you with refinancing and new purchases.

A mortgage broker will work to find you a mortgage that fits your needs and can help you along the way. Finding a mortgage broker is one of the most important steps when buying a home. A mortgage broker will help you find the best rates and most affordable options available to fit your budget. They will guide you through the entire process from paperwork to closing, so it’s important to find a good one.

The qualifications to be a mortgage broker

Mortgage brokers can come from a variety of backgrounds, and they do not need to be licensed to work in the field. However, they must meet certain standards and qualifications.

A mortgage broker is an individual who has the authority to negotiate contracts between a borrower and a lender, or to refer a borrower to a lender. A mortgage broker does not lend money, but they’re an important part of the mortgage process.

Mortgage brokers can work with lenders, such as banks and credit unions, as well as realtors and agents. Mortgage brokers cannot charge fees for their services or earn any money other than what they are paid by the lender or realtor.

A mortgage broker must be registered with the Financial Services Commission of Ontario (FSCO) in order to work in Ontario. To register with FSCO, an applicant must have either an approved degree in financial services or three years of experience in the mortgage industry. They must also pass a certification exam.

The responsibilities of a mortgage broker

Mortgage brokers have the responsibility of helping you find the right loan for you.

Mortgage brokers are an integral part of the home buying process. They work closely with buyers, agents, and lenders to review qualifications, process paperwork, and educate consumers on mortgages. They can be hired by themselves or with an agent or realtor who then works on your behalf to find the best loan for you.

The mortgage broker can be an adviser to you as well as your agent. They can help you understand the requirements and options for the type of mortgage you need. If you don’t know how much you can afford, they can help you find out and find a mortgage for you and your family.

How do they help me when I purchase my home?

Mortgage brokers are responsible for the entire process of getting you a mortgage. This means they will work with you to find the perfect mortgage for your financial situation, help draft your mortgage contract, and submit all the required paperwork at the appropriate time. They will also work with you to find the best interest rates and terms.

The benefits of working with a mortgage broker are clear. They can help you find the best interest rate, work out the details of your mortgage contract, and help you understand the mortgage process in detail. You can hire them by yourself or with an agent or realtor who then works on your behalf to find the right broker for you.

If you are in need of a mortgage broker, make sure you do your research before hiring one. There are many brokers out there, but not all are equally qualified to help you make this important financial decision.

What do I need to know before hiring a mortgage broker?

Rates – Mortgage brokers offer a variety of rates and terms, so you should make a point to compare offers.

– Beware of hidden fees – Mortgage brokers should disclose all fees upfront, including those for processing or origination.

– Get a pre-approval letter from the broker – This will show the property seller you’re serious and demonstrate your financial stability.

– Research your broker ahead of time – Check out their reputation and ask for references from previous clients.

– Read the contract before signing – Carefully review the loan terms and ask questions about anything you don’t understand.

– Ask for a written agreement – This will outline your responsibilities and the responsibilities of the broker and lender.

How do I find the right one for me?

Finding the right mortgage broker can be a daunting task. There are many mortgage brokers to choose from and the process is not always easy.

What should you take into consideration when choosing a mortgage broker? One of the best ways to find a mortgage broker is by word of mouth. When talking to friends and family about their mortgage broker, you may learn that they have a positive experience and that it is worth looking into.

The next step is to research online for reviews for different mortgage brokers. All brokers should have reviews on their website, Yelp, Google, and other sites where they are present. You should also check to see if the brokerage company has any reviews.

Finally, consider your budget and what your needs are. Do you need to purchase a home or refinance an existing mortgage? Is your home worth more or less than $500,000? These are just some of the questions you may want to ask yourself as you go through this process.

What should I look for in a lender?

When selecting a mortgage broker, you need to know what qualities are important to you. These include transparency, trustworthiness, knowledge, and understanding.

Transparency refers to how transparent the mortgage broker is about their fees and the loan. You should never work with a mortgage broker who is not upfront about their fees.

Trustworthiness is how confident you are in the mortgage broker handling your finances. You should feel comfortable handing over all of your information to them.

Knowledge refers to how much experience the mortgage broker has in the field. You want someone who has the knowledge to work with you to get your loan approved.

Understanding refers to your comfort level with the language they use. You don’t want anyone talking over your head or using confusing language.

How much does it cost to hire them?

There are numerous factors that can affect how much it costs to hire a mortgage broker. Generally, the cost of hiring a mortgage broker depends on the type of mortgage you are looking for. If you’re looking for a Premium Mortgage, the cost to you will be higher than if you’re looking for a no-frills mortgage.

The financial institution that you are dealing with will also have an impact on the cost. For example, if you are working with a smaller lender, then they may charge less than larger lenders.

Additionally, the more services you require from your mortgage broker can also affect your total cost. For example, if you are looking for help with all aspects of purchasing your home including shopping for a mortgage, then you might have to pay more.

Lastly, the more trustworthy your mortgage broker is in the industry will also affect your total cost. If they belong to a trade association and have been in business for a while, then they might charge more to offset the risk that they may not be able to find you a loan.

Conclusion

In conclusion, a mortgage broker can help you find the best financing options when it comes to buying your home. They will also help you understand the mortgage process and help educate you on what to ask. They can help you save a lot of time and money in the process. It’s important to do your research before you start looking for a mortgage broker. The last thing you want to do is end up in a situation where you didn’t know what to ask or what to expect.

We here at Capital Mortgages look forward to assisting you with commercial 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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Ottawa mortgage broker: Capital Mortgages

What a Mortgage Broker Can Do For You

What a Mortgage Broker Can Do For You: A Basic Guide

Mortgage qualifying rules keep changing, interest rates are fluctuating, and you don’t know if you should put less down payment or more down payment or whether you should apply for a fixed or variable mortgage… Are you thoroughly confused? We can help. Capital Mortgages is your Ottawa Mortgage Broker

Who is a mortgage broker?

Most people associate a mortgage broker with a particular type of lender. This is incorrect.  Lenders offer mortgage brokerage services, and so do mortgage brokers. The difference is that a broker works for a certain company, while the lender does not.

This brings us to Section 2.

Section 2: What is a mortgage broker’s role?  The ultimate goal of a mortgage broker is to assist you through the mortgage process and to help you avoid problems. In addition, a mortgage broker typically has the skills needed to provide his client with accurate information and a smooth mortgage experience.  A mortgage broker uses tools and techniques that save you time, money, and effort. It’s a comprehensive service that would normally require years of experience to perfect.

Why do you need a Ottawa mortgage broker?

Mortgage broker can help you with the following:

Know what to expect when applying for a mortgage

Understand your financial circumstances

What you should know when looking for a mortgage broker

How you can get a better mortgage rate

What is a good mortgage broker?  The difference between a mortgage broker and a mortgage agent is the latter can only provide services relating to mortgages, you may ask why would I need one. Simply put, mortgage brokers do not work for banks. Instead, they work directly with home owners, and this gives them the advantage of learning their clients’ personal financial circumstances.

Mortgage Brokers Help You Stay In the Lead.  Mortgage brokers help you stay in the lead when it comes to your mortgage.

How can a Ottawa mortgage broker help you?

If you are a home owner and would like to get a new mortgage but are not sure how to go about doing it, first of all you need to know why it is important for you to get a new mortgage. A mortgage is different from other loans; it has a bigger impact on your financial life.  A mortgage is a type of loan that you can apply for to buy a house and pay it back over the period of time.

Types of mortgages  There are three types of mortgages in the market;

1. Fixed rate mortgage

2. Variable rate mortgage

3. Length adjustable rate mortgage

If you get a fixed rate mortgage, the rates keep staying the same from one month to another. For example, if you will apply for a 30 year fixed rate mortgage, it means that you will pay a lower amount every month in terms of principal and interest.

Conclusion

In general, the more complicated your mortgage, the more confusing it is. A mortgage broker, on the other hand, can prepare you for mortgage stress tests, along with helping you find a good mortgage lender and handle any pre-approval issues.

We here at Capital Mortgages look forward to assisting you with 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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Best Solution: We have access to over 35 different lenders to ensure that you get to where you want to be.

The Perfect City for Culture and Adventure

The Perfect City: Ottawa, Ontario

Firstly, Ottawa has an abundance of charm, with museums, galleries, restaurants and just about anything a tourist could want within walking distance. It is easy to see why this city has been called the “perfect city” by many. Eco-Friendly City Ottawa is a city that is home to Canada’s largest Greenbelt and one of the highest concentrations of farmers’ markets in North America.

Secondly, it is a very eco-friendly city, even more so than cities such as San Francisco, and it is one of the most dog friendly cities in North America. We did not just say that to look good – it’s the truth. To live in Ottawa is to see the benefits of a low carbon economy, but without actually living in a concrete jungle.

History

Thirdly, the Parliament buildings are located near the banks of the Rideau River. A few blocks to the south of the Parliament Buildings is the National Art Gallery of Canada. In fact, the National Gallery is a block from Parliament Hill, and this is where every Canadian Prime Minister has been sworn into office since 1867. Culture Ottawa is known as the city of National Museums and galleries.

Finally, with over seventy-five museums, galleries and museums, it’s no wonder this city is referred to as the City of Museums. As well,  don’t miss any of the nearly two-hundred live theater performances in Ottawa.

Parks and Beauty

Getting lost is one of the best parts of an adventure.

Things to do

Ottawa is a vibrant, culturally diverse city with a vibrant cultural scene. You will be spoilt for choice with this combination. The city is known for its abundant cultural festivals like:

  • GeezeFest
  • Nuit Blanche
  • Amaloup Classics
  • Carleton Arts Festival
  • Fringe Ottawa
  • Passe Muraille Festival
  • La Machine
  • and dozens of others.

The city is best explored by foot as you can appreciate some of the more prominent landmarks in a span of a few hours.

The galleries and museums of the city are open until midnight and house the best of art and history of the city. The National Art Gallery of Canada is the nation’s largest art museum. Make sure you also visit the Byward Market, one of Ottawa’s premier tourist destinations.

In conclusion, Ottawa Ontario is a great place to visit or live.

Capital Mortgages is the best mortgage lender you can trust.

When you work with us, you will know exactly what you’re getting and why. You will also know exactly what to expect with the mortgage and the time frame in which it is likely to be paid off. You can be confident that we will give you all of the information needed to know what’s going on. Are you ready to experience an exceptional Mortgage experience? Call us today and ask for a free no obligation consultation.

We here at Capital Mortgages look forward to assisting you with 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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Best Ottawa Mortgage Company: Capital Mortgages

Ottawa: A City Of Many Faces

At Capital Mortgages we strive to be your personal mortgage broker for life. By focusing on great solutions, compassionate relationships, and honest ethics, we are proud to experience an ever-increasing number of satisfied clientele.

Ottawa Facts

Population: 618,250 (2016) Population Percent of Canadian Population: 26.3% Population Percent of Provincial Population: 13.4% Average Residential Sales Price in Ottawa: $380,720 (2018) Average Remaining Life on Home: 15.4 years (2018) Ottawa is considered one of Canada’s most beautiful cities, with outstanding health care, growing cultural scenes, an exceptional array of museums, and the popular Rideau Canal. In the United States, Ottawa is known for the Heart of Ottawa, where hordes of tourists flock to spend their leisure time and money, and not one but two metro stations are located within the heart of the city.

Ottawa Geography

Ottawa is located in the central part of Canada, in the southern region of the country, about 640 km (400 mi) southeast of Toronto and 375 km (220 mi) southeast of Montreal. With a population of 2,631,824, the area covers 880 km (520 mi) of coast along the St. Lawrence River, with a majority of the province’s population being found in the eastern section of the province. The city is surrounded by the Ottawa River and the Rideau Canal, which was constructed by Governor Cornwallis in 1790. It connects the Ottawa River with the Ottawa River (also known as the Ottawa River) at the British side of the river and the Rideau Canal (part of the National Capital Commission) in Ontario. The combined area is about 25 km (15 mi) long.

Ottawa Neighbourhoods

If you’re looking for a new home in the city, we have great connections in these neighbourhoods. The Glebe By beginning your mortgage journey with us, you’ll have easy access to all the services you need, including: Home Inspector Lease Agreement Property Tax Payment Policies And Conditions Renters & Lease Signatures Windows: Voted Best in Ottawa Our agents have the knowledge to give you peace of mind when renting your home. Call today to learn more about how we can assist you with an Ottawa home listing.

Why is Ottawa a great place to live?

Our first Ottawa Facts below are all about the weather. During the colder months, Ottawa provides some of the most consistent weather in the country. As you may have heard by now, it’s the capital city of Canada, so you may have a short commute. Keep in mind, we may have rain showers here and there, but it usually won’t be during the daytime. We have the nation’s first woman-owned cannabis producer in the city. Ottawa has the largest public art museum in the nation, and is home to the oldest national park in North America. We may have Ottawa as the nation’s capital, but we have the largest population. Of course we have some of the country’s most diverse restaurant options.

In summation, Ottawa offers everything you and your family need.

We here at Capital Mortgages look forward to assisting you with 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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Downtown Ottawa Cafe, Restaurants and more

Ottawa Restaurants and Cafes

The Best Places to Eat in Ottawa, Ontario, Canada

Mortgage qualifying rules keep changing, interest rates are fluctuating, and you don’t know if you should put less down payment or more down payment or whether you should apply for a fixed or variable mortgage… Are you thoroughly confused? We can help.

The Best Places to Stop by and Get a Cuppa, Ottawa

There are a lot of coffee shops in Ottawa. Is there a coffee shop you go to every day? If so, we’ll let you in on some secret: the best place to get a cup of coffee in Ottawa is not always the place where you go every day.

According to July 2021 TripAdvisor ratings: Bridgehead, The Wild Oat and The Happy Goat Coffee Co.
These 3 café’s offer a little something for all you coffee lovers out there.

Ottawa Bars

To the victor go the spoils. In the annual battle to see who will be crowned Ottawa’s best dive bar, a squad of long-time competitors moved up to the next round. But the top dog is still King Clancy’s. It’s been serving drinks to Ottawa for over 35 years and is beloved by locals and visitors alike. Clancy’s, which serves up cheap beers and a completely unremarkable menu, is the pub of choice for many Ottawa newcomers because it’s where they met their future partners. Other finalists: Odd Fellows Lounge, Queen Street East The Coin, Bank Street and Lisgar All-American Bar, Slater Street Punch Bowl Social Ottawa, Lebreton Flats Brass Monkey, Rideau Street Plays Last month, Canadian Theatre Centre presented the world premiere of Sami Kingham’s Stop Kiss at the Bank Street Theatre.

Ottawa Nightlife

Ottawa pubs and restaurants can be found on the Rideau Canal, on the banks of the Ottawa River. It’s a great place to watch the sunset while you drink a craft beer. A large part of Ottawa’s downtown has been made into a pedestrian-only zone, in addition to having great restaurants and bars, the city has a very active nightlife scene. One of the Ottawa’s better known nightlife venues is Barrymore’s. It’s been called “one of Canada’s most beautiful restaurants, with a wonderful bar.” The main menu there is prepared by Chef Grant Lawrence. It’s a great place to get an Irish pub meal in the heart of downtown Ottawa. Best Restaurants in Ottawa You’ll find restaurants of all kinds in the city of Ottawa. Here are the restaurants on this list you should visit when you are in town.

Conclusion

It is pretty hard to know whether you should rent or buy a house, especially in an environment where there are all sorts of new economic factors that affect the markets. Have you been offered a condo or townhouse in Ottawa? If so, where do you live? What are your thoughts on the market? What about your story? Are you still waiting for your first place? Do you think we may see some more bargains in Ottawa real estate?

We here at Capital Mortgages look forward to assisting you with 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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Capital Mortgages opened in January 1999 and has since serviced thousands of clients and arranged several billion dollars in mortgages in Ottawa area.

Which Factors Should I Consider Before Buying a Cottage?

With the warm weather in full swing and many pandemic restrictions still in place, an increasing number of Canadians are considering buying a cottage to spend their weekends relaxing in nature and away from the hustle and bustle of city life.

Before you take the plunge and decide to purchase one, there are a few factors to consider that differ from the process of buying your primary residence. 

Insurance

Because your summer (or all seasons) cottage is likely to sit empty for longer periods of time than your normal home and nobody will be there to do upkeep, expect to pay higher insurance costs. Cottages are also at a risk factor for weather-related damage, which is a factor in what you’ll pay.

Maintenance

At your primary residence, you’re home to mow the lawn, water the grass, and pay for snow removal. If anything goes wrong, you notice right away as you’re constantly there. However, your cottage will require seasonal maintenance which may be tricky if you live far away – you can either pay someone to do it, or factor in that you’ll have to make visits to do it yourself. And keep in mind that on those stormy winter days, you might have to shovel your way to your cottage’s front door!

Drinking water

We take our home’s drinking water for granted, but many cottages’ water supply isn’t safe to drink. The potential for water problems and contamination is higher in rural areas, so consider looking into what the cottage’s water quality is like before buying.

Weather-proofing

Being in Ottawa, we all know that winters can get frigid. Winterizing your cottage will come at a cost, given that you’ll have to think of plumbing, electrical, insulation and windows to withstand the cold.

Electricity charges

You’d be surprised at how expensive your cottage’s hydro bill can be! Depending on where it’s located, delivery fees can be very high in the countryside. Ask to see a previous bill from the cottage’s owner to get an idea of what to expect.

The septic system

This isn’t exactly the most fun element to think about, but we recommend always asking for proof of inspection of your cottage’s septic system, or paying for an inspection yourself before buying the property.

Do you have additional questions about what to look out for when deciding to purchase a cottage? Give us a call today at 613-228-3888.

 

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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 Do Capital Gains Work On Property Sales?

When entering today’s red hot real estate market, it’s easy to feel excited by the prospect of how much your home will grow in value in ten, five or even just two years. We’ve all heard stories of people who have bought a home for $400,000, only to sell it just a few years later for 50% more than what they paid.

While the prospect is exciting, it’s important to keep in mind that in Canada, 50% of capital gains are taxed. This is good news for those who own a single primary residence, but understandably an unfortunate factor for those who are looking to invest in more than one property at a time.

To put it simply, capital gains are the increase in the value of an investment – this term can be used when it comes to stocks, shares, exchange traded funds and in this case – real estate. A capital gain can be realized or unrealized, meaning that you either received this gain as a result of selling your investment, or your investment increased in value, but you did not sell it.

In the context of real estate, you do not have to pay capital gains on the sale of your primary residence. That means that if you bought your primary residence for $400,000 and sold it for $600,000, that $200,000 capital gain is yours to keep.

However, if you currently have a primary residence and purchased an additional home as an investment property, 50% of the value of any capital gains on the additional home will be taxable. This 50% in capital gains will be added to your annual income, meaning that the additional tax you pay that year will vary depending on how much you earned in a year.

Let’s say that the same $400,000 home that sold for $600,000 was your investment property and not your primary residence. 50% of the $200,000 you earned on it is $100,000 – which will be added to your annual taxable earnings. So if you earned $120,000 that year as a salary (with no other income sources), your taxable income for the year would now be $220,000.

While this can be disheartening for many, note that you can offset your capital gains for the year with any capital losses you had that year (realized or unrealized), until you reach zero. If you only have capital losses in a given year, the Canada Revenue Agency will allow you to offset a capital gain that you declared in the previous 3 years. You can also carry a capital loss forward into the future.

More questions about how capital gains work on property sales? Give us a call today at 613-228-3888.  

 

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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.

Best Ottawa Neighbourhoods To Buy In As A First-Time Homeowner

Property prices in Ottawa neighbourhoods have been on the rise for years, with the average price of home sitting at $677,197 at the time of writing. That is no small number, and one that can easily feel discouraging for a single person looking to buy their first home, or a young family just getting started in real estate. 

You can easily move further out from the city, but not everybody is open to that. There are also neighbourhoods where prices are still affordable, but that doesn’t necessarily mean that they’re areas you’d want to live in.

It’s a tricky market for sure, and one that requires lots of research when it comes to deciding what you’re willing to be flexible about, and what your non-negotiables are.

Here are ten Ottawa neighbourhoods you could consider as a first-time buyer, based on a mixture of affordability and a high standard of living.

1. Carleton Place

Located just 20 minutes past Kanata, this charming town offers a mix of natural beauty and most of the amenities you could need.

2. Kars

Right next to Manotick, this rural town is quickly developing and is right along highway 416.

3. Findlay Creek

This newer neighbourhood in Ottawa’s South end is incredibly popular with families. 

4. Kanata

If you don’t mind suburban life, this is an excellent choice. Prices are still relatively affordable, and Kanata is its own mini-city within Ottawa.

5. Stittsville

Similar to Kanata, and just slightly further out.

6. Carlington

Reasonable price points, with the convenience of being just a few minutes’ drive from the city center. 

7. Hintonburg

While prices are climbing due to its location, you can still find a great fixer-upper in this trendy neighbourhood.

8. Vanier

Yes, historically Vanier has been a rough neighbourhood. However, it’s gentrifying at an incredible pace and parts of it are surprisingly scenic due to its close proximity to New Edinburgh and Rockcliffe.

9. Hunt Club-Windsor Park

This will be quite a commute if you work downtown, but you can find beautiful, new single family homes here at an affordable price.

10. Gatineau

Ok, this isn’t necessarily an Ottawa neighbourhood – but hear us out! You can stumble upon some absolutely gorgeous properties right across the bridge at a fraction of the cost of what you’d pay on the other side of the border. It’s worth checking out.

Looking to buy a home in Ottawa? At Capital Mortgages, we will provide you with the right advice and make the application process lucid, simple, and tailored to your needs.

Connect with one of our experienced mortgage agents today!

 

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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.

Besides My Mortgage, What Other Costs Are Involved In Buying A House?

Congratulations! You’ve found your dream home, have been pre-approved for your mortgage and have all the funds ready for your down payment. Buying a house is a moment many people dream of, and it is one of the most important milestones in many of our lives. 

Not to be the bearer of sobering news, but there are quite a few other costs to consider before you collect your mortgage funds and get the keys to your new abode. Arming yourself with the facts and being prepared for the entire process are what will make it go smoothly, so here are some other costs you should anticipate:

A home inspection (optional)

Before purchasing your new home, you’ll want to make sure it’s in good condition. This cost is optional, but one that we recommend to many of our clients.

Property appraisal

Your lender may request an appraisal to get an idea of the property’s value for financing purposes.

Property survey

This looks at your property’s boundaries, potential setbacks and restrictions that can impact its value. The seller may have one they can give you, or you can hire a land surveyor to provide it.

Title insurance

Your lender may require you to provide this, which protects you from title fraud, municipal work orders, zoning violations and other property defects. This is usually included in the legal bill from your lawyer.

Property insurance

This one is a given! This type of insurance protects you from fire and other damaging disasters.

Mortgage life, critical illness, disability, or job less insurance (optional)

There are all sorts of unforeseen circumstances that could affect your ability to pay your mortgage. This is an optional decision that would protect you and your family’s financial future.

Land transfer tax

This tax is based on your home’s purchase price and other factors. Most provinces charge this, and some cities charge their own municipal land transfer tax.

GST or HST

New homes may be subject to GST or HST.

Property taxes, utilities, condo fees

The seller may have pre-paid these before you take ownership. You would reimburse them for a portion of the costs from your closing date. 

Mortgage default insurance

Mortgage default insurance is required if your down payment is less than 20%.

Legal fees 

Your lawyer’s legal fees and any other expenses your lawyer had to pay on your behalf are part of your closing costs.

Questions about the specifics of any of these costs? Don’t hesitate to give us a call at 613-228-3888 today!

 

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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.

What You Should Know Before Flipping A House

If you’re considering flipping a house, chances are you’ve watched a couple of HGTV episodes and figure the process is fairly straight forward. Buy a fixer-upper, give it some tender loving care and before you know it, you’ve made a sizeable chunk of change!

While the concept might seem simple, know that you aren’t necessarily guaranteed to turn that much of a profit – even if you’ve put a lot of money into the house. That being said, there is definitely money to be made in flipping homes, when done correctly. Here are some of our top tips for finding success:

Don’t skimp on location​

Your goal is to sell this property fast once you’re done flipping it. Buy in an area that you know people want to live in, and avoid speculating about which neighbourhoods are up and coming, or buying in an undesirable location purely because of the low cost of the property.

Expect the unexpected

You don’t truly know a property until you start peeling away at its layers. Always mentally and financially prepare yourself for the unknown, whether that’s mold in the bathroom or a foundation in need of repair.

Your time is worth money

​Keep in mind that all the time you spend communicating with contractors or doing the upgrade work yourself is valuable. That’s time you could be spending earning money elsewhere. It should be factored into your planning when deciding how much you’re willing to spend on a property, or sell it for once it’s flipped.

Have plenty of cash on hand

​Many new investors get ahead of themselves and buy a property without a sizeable down payment or money in the bank for repairs. It’s a dangerous game to rack up repairs on credit cards and rely on the notion that your home will soon sell and pay everything off. If you’re not adequately financially prepared, you could be in over your head before you know it.

Work with a contractor you trust

​Think of your contractor as your partner on this project. You’ll spend lots of time together and will be in constant communication. Their work directly contributes to the success of your flip, so be sure to work with someone you trust and that you know you can work efficiently with.

Follow the 70% rule

Experienced flippers follow the 70% rule when figuring out how much they want to spend on a house. ​The concept is that you should pay no more than 70% of the after-repair value of a property, then subtract the cost of your repairs. If the home is worth $200,000 and needs $30,000 in repairs, you should pay no more than $110,000 for it. ($200,00 x 0.70 = $140,000 – $30,000 = $110,000)

Stay neutral

​Try not to let your emotions cloud your judgement when flipping a home. Your goal is to sell this property, not live in it – try to look at everything objectively and from a financial perspective!

 

Do you have additional questions about securing a mortgage to flip a home? Give us a call at 613-228-3888 today.

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 Questions You MUST Ask Your Mortgage Broker

As you navigate through the process of applying for a mortgage, you are going to encounter a multitude of steps, paperwork, and challenges along the way. Just when it seems like everything finally makes sense, boom – you come across a hidden charge, surprise component, or another tidbit of information that you had no idea would be involved in the process. To simplify things and gain a broader understanding of the journey you are about to embark on, here are five questions you should definitely be asking your mortgage broker.

 

What Types of Lenders are Available to You?

 

All lenders are not equal! Your mortgage broker will work with you to determine your overall financial situation before recommending a suitable lender based on your needs and constraints. They will do a great job of ensuring that you are opting for the least amount of risk and selecting a financial institution that’s right for you – which is probably not the same as it would be for your best friend or your neighbor. 

 

What Should I Keep In Mind For The Future?

 

In the immediate excitement of purchasing a home, many people can forget to consider what may be in store for the future. An amount you are able to afford today might not necessarily be the right choice for your future, given that you might soon become a parent or change jobs. Even if you are not planning to make any impending lifestyle changes, your mortgage broker will be able to explain rising interest rates to you and incorporate these variable future factors into their negotiations with your lender.

 

Which Interest Rate Do I Qualify For?

 

Your mortgage loan is one thing, but the interest on top of it is a completely different element to consider. The interest rate that you qualify for is dependent on your down payment amount, credit, and employment income. Ask your mortgage broker to explain which rate you qualify for, as this can impact you in two ways. For one, you will end up saving thousands of dollars in the long run if you qualify for a low-interest rate. However, if your rate is higher, your loan will be more expensive to pay back and could potentially become troublesome for you to manage financially. 

 

How Much Should My Down Payment Be?

 

Many people mistakenly assume that if they put a 20% down payment on their home, their mortgage’s interest rate will automatically be lower. However, this isn’t always the case. You can often put down as little as 5 percent and receive the same interest rate as you would if you put down 10, 15, 20 or even more. High ratio insured rates are currently lower than that of a 20% down payment. Your mortgage broker can shed more light on how much cash you should put down, which can be especially helpful if you are worried about cash flow throughout the purchase of your home and impending changes to your lifestyle.

 

Which Type Of Mortgage Should I Consider?

 

There are two types of mortgage interest rates: fixed and variable. Depending on your preferences and tolerance for risk, your broker will recommend that you either opt for a rate that doesn’t fluctuate or one that changes according to market trends. 

While these questions are simply just the tip of the iceberg when it comes to what you should be asking your mortgage broker, they’ll provide a solid foundation for getting started. Don’t forget to also factor in that there are several associated costs with applying for a mortgage – such as appraisals, credit reports, lender’s title policies, pest inspection reports, recording fees, taxes and more! Give Capital Mortgages a call today and we’d be happy to explain further.

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

What is a Purchase Plus Improvement Mortgage?

When you are preparing to purchase a new home, you will be introduced to plenty of new jargon related to your mortgage. Purchase Plus Improvement is one of the important ones – because understanding this term could end up saving you lots of money in the long run.  

Are you interested in purchasing a new home that requires renovations? Do you intend to do those renovations? Are these renovations capable of truly transforming the structure of your home (i.e. a new kitchen, bathroom, roof, flooring, windows or doors)? Do you need access to funds to complete those renovations right now? If you answered yes to any of these questions, then perhaps a Purchase Plus Improvement Mortgage is for you.  

 

How it Works: 

If you are certain that you will be fronting the bill for some home renovations in the new home you are purchasing, you can actually roll all of those dreaded renovation costs directly into your mortgage. The CMHC Purchase Plus Improvement Mortgage enables buyers to borrow as much as 10% of the estimated value of their home, post-renovation. If you believe you can renovate and improve the value of your home by $30,000, then you will be considered for a mortgage approval that tacks that amount onto your initial pre-approved mortgage amount. That means that all of those expenses are held and managed in one place.  

  • First off, you must outline what renovations are required and the estimated cost of these renovations. 
  • Next, you submit your mortgage application on the house as it currently is, and receive a pre-approval from your mortgage broker.  
  • Now is the hard work – you have to go and get specific quotes (with the exact renovation work that will be done).  
  • Present these quotes to your mortgage broker and your mortgage will be reassessed to include the cost of the quoted renovations. 
  • Now you have your new home and renovations can get underway immediately by a professional contractor or, yourself (but only material costs, not your labour, would be covered)! Do not go over the allotted maximum amount you were approved for. 
  • To confirm the completion of the renovations, a bank representative / appraiser will visit your home and cross reference the work with your initial documents.  
  • Your renovation funds will be released. 

 

Example:

Here is a real-life example of a purchase plus improvement mortgage situation after a 5% down payment is paid (which includes the renovation cost):
  

Home Purchase Cost: $350,000 

Cost of Renovations: $35,000 

Revised Purchase Price: $385,000 

Mortgage Amount: $365,750  

CMHC: $13,167 

Total Mortgage Amount: $378,917 
  

It is without a doubt that this Purchase Plus improvement Mortgage is the most effective and affordable way to finance big home renovations. If you are interested in learning more about this mortgage option, contact our team at Capital Mortgages today for more information. 

 

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!