Understanding Construction Financing Mortgages in Canada: A Comprehensive Guide

Understanding Construction Financing Mortgages in Canada: A Comprehensive Guide

Construction financing mortgages are an essential tool for homeowners and investors looking to build new homes or renovate existing ones. In Canada, construction financing mortgages are becoming increasingly popular, allowing individuals to build their dream homes or develop real estate projects. In this blog, we will provide a comprehensive guide to construction financing mortgages in Canada, covering everything from eligibility criteria to the application process. 

1.What is a Construction Financing Mortgage?  

  • A construction financing mortgage is a type of mortgage that provides financing for the construction or renovation of a property. This type of mortgage is typically used by individuals or investors who are building a new home or developing a real estate project. 

2.Eligibility Criteria 

  • Credit Score: Applicants for construction financing mortgages must have a good credit score to qualify for the mortgage.  
  • Income: Lenders will assess the income and employment status of applicants to ensure they have the financial capacity to repay the loan.  
  • Down Payment: Applicants must be able to provide a significant down payment, typically ranging from 20-25% of the total project cost.  
  • Property Appraisal: Lenders will require a property appraisal to ensure the value of the property being built or renovated is adequate to secure the loan. 

3.Benefits  

  • Customization: Construction financing mortgages allow homeowners to build their dream homes or investors to develop real estate projects according to their specifications.  
  • Competitive Interest Rates: Construction financing mortgages typically have competitive interest rates, making them an attractive option for borrowers.  
  • Control: With construction financing mortgages, borrowers have greater control over the project and can ensure that it is built according to their standards and vision. 

4.How to Apply for a Construction Financing Mortgage 

  • Determine Project Budget: Before applying for a construction financing mortgage, it’s important to determine the total project cost and budget accordingly.  
  • Find a Lender: Research and compare lenders offering construction financing mortgages to find the best terms and rates for your circumstances.  
  • Gather Required Documents: To apply for a construction financing mortgage, you will need to provide proof of income, employment status, down payment, and property appraisal.  
  • Get Pre-Approved: Pre-approval for a construction financing mortgage can give you a better idea of how much you can afford and what your interest rate and monthly payments will be. 
  • Finalize the Application: Once you’ve found a suitable lender and property, you can finalize your construction financing mortgage application with the lender. 

5.Tips for Success 

  • Plan Ahead: Careful planning and budgeting can help ensure the success of your construction project and reduce the risk of cost overruns or delays.  
  • Work with Professionals: Seek the guidance of professionals such as architects, builders, and lawyers to ensure that your project is built to code and meets all legal requirements. 
  • Communicate with Your Lender: Keep your lender informed of any changes or issues that may arise during the construction process to avoid any misunderstandings or delays. 
  • Monitor Progress: Regularly monitor the progress of your construction project to ensure it is being built to your specifications and within budget. 

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

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

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Understanding the home buyers' plan HBP

Understanding the Home Buyers’ Plan: How to Use Your RRSP for a Downpayment

The Home Buyers’ Plan (HBP) is a program offered by the Government of Canada that allows first-time home buyers to use their Registered Retirement Savings Plan (RRSP) to help fund the down payment on their home. The HBP is designed to help make home ownership more affordable for first-time buyers, and it can be a valuable tool for those who may not have the cash available for a down payment. 

Here’s how the Home Buyers’ Plan works: 

1.Eligibility for the Home Buyers’ Plan

To be eligible for the Home Buyers’ Plan, you must be a first-time home buyer and you must be purchasing a home that will be used as your primary residence. You are considered a first-time home buyer if you have not owned a home in the past five years. Additionally, you must be a resident of Canada and you must have a valid social insurance number. 

2.Withdrawal limits

Under the Home Buyers’ Plan, you can withdraw up to $35,000 from your RRSP to use as a down payment on your home. If you are purchasing a home with someone else who is also a first-time home buyer, each person can withdraw up to $35,000 for a total of $70,000. You can withdraw these funds from your RRSP at any time, but you must do so within the same calendar year as the purchase of your home. 

3.Repayment of the Home Buyers’ Plan

The funds withdrawn from your RRSP under the Home Buyers’ Plan must be repaid to your RRSP over a period of 15 years. You do not need to make any payments in the first year, but you must make annual payments starting in the second year. These payments are made in equal instalments, and they are considered tax-deductible contributions to your RRSP. 

4.Other considerations

There are a few other things to consider when using the Home Buyers’ Plan. First, you must have the funds available in your RRSP to withdraw. Second, keep in mind that the funds withdrawn from your RRSP will no longer be earning investment income. Finally, if you do not make the required repayment to your RRSP, the amount that was not repaid will be considered taxable income in the year it was due. 

Funds

The Home Buyers’ Plan can be a useful tool for first-time home buyers who may not have the cash available for a down payment, but it’s important to carefully consider all of the factors before deciding to use the program. If you are thinking about using the Home Buyers’ Plan and are looking for guidance and support, consider working with a mortgage broker or financial advisor. They can help you understand the program, as well as your other mortgage options, and can assist you in finding the mortgage solution that best meets your needs. 

Financial Security

Additionally, there are a few other things to consider when using the Home Buyers’ Plan. For example, you may want to think about how the HBP will impact your long-term financial plan. By using your RRSP to fund the down payment on your home, you are using funds that were originally intended for retirement. This means that you may have less money available for retirement, which could impact your financial security in the future. It’s important to carefully weigh the pros and cons of using the HBP and to ensure that it aligns with your long-term financial goals. 

Credit Score

Another factor to consider is the impact of the Home Buyers’ Plan on your credit score. Your credit score is a numerical representation of your creditworthiness, and it is used by lenders to determine your risk as a borrower. A higher credit score can lead to a lower interest rate on your mortgage, while a lower credit score can result in a higher interest rate or even a denial of your mortgage application. Using the HBP to withdraw funds from your RRSP may have an impact on your credit score, depending on how it is reported by your lender. It’s important to understand how the HBP will affect your credit score and to take steps to maintain a strong credit score. 

Budget

Finally, it’s important to consider the impact of the Home Buyers’ Plan on your budget. By using your RRSP to fund the down payment on your home, you are using funds that were originally intended for retirement. This means that you may have less money available for retirement, which could impact your financial security in the future. Additionally, you will need to make annual payments to your RRSP starting in the second year after you withdraw the funds under the HBP. These payments are made in equal instalments and are considered tax-deductible contributions to your RRSP. It’s important to carefully consider your budget and to ensure that you can afford the annual payments to your RRSP while still meeting your other financial obligations. 

Despite these considerations, the HBP can still be a valuable tool for first-time home buyers. By using your RRSP to fund the down payment on your home, you can make home ownership more affordable and achieve your dream of becoming a homeowner. Just be sure to carefully consider all of the factors before deciding to use the program, and work with a mortgage broker or financial advisor to find the mortgage solution that best meets your needs. 

Conclusion

In conclusion, the Home Buyers’ Plan (HBP) is a program offered by the Government of Canada that allows first-time home buyers to use their Registered Retirement Savings Plan (RRSP) to help fund the down payment on their home. The HBP can be a valuable tool for first-time buyers who may not have the cash available for a down payment, but it’s important to carefully consider all of the factors before deciding to use the program. These factors may include the impact of the HBP on your long-term financial plan, your credit score, and your budget.  

If you are considering using the HBP and are looking for guidance and support, contact Capital Mortgages today! Our team of experienced mortgage brokers can help you understand the program, as well as your other mortgage options, and can assist you in finding the mortgage solution that best meets your needs. Don’t miss out on the opportunity to take advantage of the HBP and make home ownership more affordable. Contact Capital Mortgages today and let us help you get started on the path to home ownership. 

 

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

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The Fundamentals of Construction Financing

The Fundamentals of Construction Financing: A Guide For Non-Profits and Developers

Construction financing is a bit of a catch-22. It can seem unapproachable and inaccessible, especially if you’re new to the game. Developers and non-profits might not have the same access to lenders or investors as larger organizations do, but that doesn’t mean they should be discouraged from pursuing construction financing further. With the right advice and resources, you can learn more about this type of funding and how it can work for your organization. If you are currently working on an upcoming construction project or have plans to in the near future, it is important to understand how construction financing works. Construction financing comes in many forms, which makes it important for potential developers and non-profits to understand exactly what their options are before moving forward with any one particular plan. Read on to discover more about construction financing and which program will work best for your organization moving forward.

What is Construction Financing?

Construction financing is a type of funding that provides organizations with the money they need to start construction. Unlike regular lending options, construction financing is not meant to be repaid through interest but rather through the profits generated by the business or project on the site once it is completed. The construction period is the most critical time for developers, as they need to have the necessary funds to get the project up and running as quickly as possible. Construction financing is most often used to fund the construction of new buildings or renovations of existing structures. This type of funding is important for both developers and non-profits, as it gives them the capital they need to make sure the project moves forward and does so in an efficient way. Construction financing is time-sensitive and must be completed as quickly as possible.

Why Is Construction Financing Important?

The construction period is the most critical time for developers, as they need to have the necessary funds to get the project up and running as quickly as possible. Without construction financing, it can be difficult to obtain the funds needed to get a project off the ground. For non-profits, this financing can help make a construction project move forward that may have otherwise been indefinite. If construction financing is received, then the project can be completed and that money can be used to further the mission of the organization.

Loans and Grants for Developers

If you are a non-profit organization, you may be able to obtain a grant to fund construction. However, if you are a developer, you will likely need to obtain a loan to make the construction project happen. With loans, there can be several different types and options to choose from, which makes it important to do your research on the best option for your organization. Construction loans are common for development and are provided by financial institutions. There are also other options, such as bonds, that can be used as a form of construction financing. This is a type of loan with a larger amount that is issued by multiple people. Because this loan is from a larger group of individuals, it can be easier to obtain than a loan from a single financial institution.

Equity Investments for Developers

An equity investment is when an investor gives money to the developer in exchange for a percentage of the profits that will be made once the project is complete and operational. Equity investments can be beneficial for developers, especially those who may need a bit more money than they can obtain through more traditional construction financing options. Equity investments are common in the commercial real estate industry, but they can also be used to fund smaller construction projects. If you are a developer, it can be helpful to find an investor that wants to get involved in a construction project. It is important to get the word out about your project and who you are looking for. It can be helpful to work with a financial advisor who can help you to develop a pitch for investors and find the right people to approach.

Bottom Line

When searching for construction financing, it is important to understand what your options are. It can be helpful to get in touch with financial institutions to see what types of loans they offer and what they require in order to obtain one. It can also be helpful to talk with other developers and get their advice on the best way to approach construction financing. If you are a developer, it can be helpful to get the word out about your project as soon as possible so that you can start receiving interest from potential investors.

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

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A Home Inspection is Not a Waste of Money: Learn Why it's Vital to Your Ottawa Home

A Home Inspection is Not a Waste of Money

A Home Inspection is Not a Waste of Money: Learn Why it’s Vital to Your Ottawa Home

Are you planning to buy a home in Ottawa and are looking for ways to make an informed decision on the property you’re considering? A home inspection is one of the most effective ways to do so. You might think that a home inspection is just another cost that comes with buying real estate, but it is by no means a waste of money. A home inspection in Ottawa will save you from thousands of dollars in repairs and other expenses that can only be caught with careful pre-purchase research. A home inspector will also point out any red flags about the property that you may miss as an untrained new homeowner. Let’s take a look at why a home inspection is not a waste of money, but a mandatory step towards making sure your first home purchase is the right one for you.

Why Getting a Home Inspection is Important

Buying a home is one of the biggest investments you’ll make in your life. It’s crucial that you buy a property that’s structurally sound and not full of hidden defects. A home inspection is the best way to do this. Getting a home inspection in Ottawa will give you the peace of mind that the home you’re planning to buy has no hidden defects or serious issues. A home inspector will carefully scrutinize your future home, inside and out, and point out any issues they find along the way. The inspector can’t find every problem with a property, but it can detect almost all of the major issues that could drastically reduce the value of your home. A house inspection is the best way to make sure that you’re not buying a money pit.

What Does a the Inspection Include?

The specific details of a home inspection will vary depending on the inspector and the type of inspection. While there’s no standard home inspection report, there are some areas that are almost always inspected. A home inspector will do an inspection inside and outside of your future home to check for issues with the structure and major systems. The inspector will closely look at the roof, foundation, plumbing, electrical, heating, cooling, and major appliances to note any issues that need to be repaired or replaced.

3 Reasons a House Inspection is not a Waste of Money

An inspection is the only way to catch a major problem with your future home that you may have otherwise missed. Here are some of the most common home inspection findings that can cost you thousands if they aren’t caught before you sign on the dotted line to buy the property. A home inspector will closely look at the roof, foundation, plumbing, electrical, heating, cooling, and major appliances to note any issues that need to be repaired or replaced.

Cracked Foundation – If your home’s foundation is cracked, you are likely facing a costly repair. Cracks in a foundation are a clear sign that the soil below the foundation is shifting. If the problem isn’t caught early, the foundation could be completely ruined. A small crack in a foundation can cost thousands to repair.

Electrical Wiring Issues – Electrical wiring issues are often missed by untrained eyes, but your home inspector will catch them. Some wiring issues are minor and can be corrected, while others are so serious that the entire electrical system needs to be replaced.

Roof Issues – Your roof is one of the most important parts of your home, but it’s also one of the parts that’s easiest to overlook during a pre-purchase inspection. Roof issues are often easy to spot during a home inspection, but they can also easily go unnoticed by untrained eyes. A roof with minor issues can usually be repaired, but a roof with major issues needs to be replaced. Roof repairs can cost thousands of dollars, but roof replacement can cost tens of thousands.

2 Warnings with Home Inspections

A home inspection is a thorough inspection of your current or future home. It’s not a repair job that your home inspector will do for you. If your home inspector finds issues with the structure or major systems of your home, they will note it in their report and give you advice on how to correct the issue. Your home inspection report will also include a statement that the property is being sold “as-is”, which means you can’t expect the seller to fix any issues that the inspector finds.

You can ask the seller if they plan on repairing any issues that the inspector finds, but you can’t expect them to. A home inspection will also be more thorough if you’re buying a brand new house. New homes have fewer issues than old houses, but it’s still important to carefully walk through the property to make sure it’s in good condition.

Bottom line

A home inspection is an important step towards buying a home. It will give you a clear idea of the condition of the property, and it will help you understand what repairs or replacements are needed. A home inspection is not a waste of money, but a necessary step towards making sure the home you’re buying is in good condition.

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

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How to Use Your RRSP to Buy a House: A Step-By-Step Guide

How to Use Your RRSP to Buy a House

How to Use Your RRSP to Buy a House: A Step-By-Step Guide

If you’ve always dreamed of owning a home but don’t have enough for a down payment, using your RRSP to buy a house may be right for you. Using your Registered Retirement Savings Plan (RRSP) to buy a home is one of the most advantageous ways to do so. To do so, you’ll need to withdraw money from your RRSP and pay taxes on those funds. However, once you own that home, the benefits of doing so are many. You’ll avoid paying rent forever and build equity faster than if you kept renting. In addition, buying a home with an RRSP can reduce your taxes in the future, as long as you meet some specific conditions. Let’s take a look at how to use your RRSP to buy a house step by step:

What is an RRSP?

RRSP stands for Registered Retirement Savings Plan. This is a savings plan that allows you to contribute money towards your retirement by reducing taxable income. You can withdraw the funds in your RRSP at any time during your life (as long as you meet certain conditions such as being over the age of 61).

How to use your RRSP to buy a house: Why it’s smart

There are plenty of good reasons to use your RRSP to buy a house. First, if you withdraw funds from your RRSP to buy a home, you won’t be taxed on it until you sell the home. This is because you’re using your RRSP as a loan. Second, if you plan to keep the house for at least five years, any money you withdraw from your RRSP to buy it will likely be tax deductible. If you have a high income, it may make sense to withdraw more from your RRSP to buy the house, as you’ll likely be able to claim a larger tax deduction. Third, if you eventually sell the house, you won’t have to pay any tax on the money you withdrew from your RRSP to buy it.

Step 1: Decide how much you want to withdraw from your RRSP

When you withdraw money from your RRSP to buy a house, you’re taking out a loan against your savings. You can decide how much you want to withdraw, but make sure you have enough money saved up to cover that amount in the future when you want to re-contribute. You have the ability to withdraw up to $25,000 per year (as of 2019) from an RRSP.

If you withdraw all of the money in your RRSP at once, but if you do that, the money you withdraw will be taxed at your highest marginal tax rate.

Step 2: Find out how much you’ll pay in taxes

The next step is to add up how much you’ll pay in taxes on the money you withdraw from your RRSP. You’ll pay taxes as if you had earned that money as income during the year. To find out how much you’ll pay in taxes on the money you withdraw from your RRSP, use the Canada Revenue Agency’s (CRA) Tax Credit Calculator. You can also use the RRSP withdrawal calculator below:

Step 3: Decide how much of that money you want to put towards the down payment and closing costs, and how much you’ll use for the deposit.

A deposit is the money you put down to secure the home. It can be any amount, but it’s usually 10% of the purchase price of the home. You can use the money you withdraw from your RRSP to pay the deposit. You’ll use the funds you withdrew from your RRSP to pay the down payment and closing costs. You can use the RRSP withdrawal calculator below to figure out how much you’ll have after you subtract the taxes you’ll have to pay on the money you withdraw:

Step 4: Buy the home!

Once you have enough money for the down payment and closing costs, you can go out and buy the house. Congratulations! You now own a home. The good news is that you can use any funds you’ve withdrawn from your RRSP to buy the house and not pay any taxes on them now. This is because you’re repaying the RRSP loan with the funds you withdrew to make the down payment.

All of the taxes you’ve already paid on the RRSP money will go towards repaying the loan. These are the conditions you must meet to use your RRSP to buy a house and not pay taxes on the money you withdrew: – You must be the owner of the home for at least five years.

The money you withdrew from your RRSP must be repaid in equal instalments over a 10-year period. – You can’t withdraw more from your RRSP than the amount you’ll be able to repay over 10 years.

Conclusion

When used properly, withdrawing money from your RRSP to buy a house can be a great way to get a foot on the property-owning ladder. However, you do need to be careful that you make sure you meet the repayment conditions specified by the CRA. If you don’t, you’ll face stiff penalties and interest on the money you didn’t pay back in time. Using your RRSP to buy a house can be a great way to break into the real estate market. It can be a great strategy if you plan to keep the house for at least five years, have saved up a good down payment, and are willing to pay taxes on the money you withdrew from your RRSP.

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

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How to Get a Mortgage in Ottawa: A Beginners Guide

How to Get a Mortgage in Ottawa

How to Get a Mortgage in Ottawa: A Beginners Guide

If you’re looking to buy a home in Ottawa, you may be wondering how to get a mortgage as a first-time home buyer. While the process can seem overwhelming at first, with some planning and research you can make it happen. Getting approved for an mortgage is not easy and will involve gathering lots of documentation and satisfying lender requirements. You will need to put together an application which shows your housing history, income, credit score, etc…

If this sounds like something you’re ready to take on, read on for our beginner’s guide on how to get a mortgage in Ottawa.

What you need to get a mortgage in Ottawa

There’s no one-size-fits-all mortgage, but there are some basic requirements most lenders will look for in an application. – You need to be a Canadian citizen or permanent resident: While immigration and refugee status are not factors in mortgage approval, your citizenship does matter. You can apply for a mortgage only if you’re a Canadian citizen or a permanent resident.

You need to be employed: Lenders will want to see proof of income in your application, such as pay stubs or employment letters. You’ll also need to show proof of income history for several months at minimum. This means you’ll have to show proof of employment for the last 12 months.

You need to have collateral: In the case of a default, the lender can take your house and sell it to recoup their losses. While you should always make your payments on time, you don’t want to leave your lender with no way to make up for a missed payment. If you have a down payment of less than 20 percent, you’ll likely need a collateral-backed mortgage.

You need to have savings: Lenders will want to see that you have savings set aside for housing costs, maintenance and repairs. You’ll need to show proof of funds in your application, such as a bank account statement.

You need to have good credit: Lenders will look at your credit history and score when reviewing your application. Make sure to pull your credit score at least 90 days before you start the mortgage application process, so you have time to improve it if it’s not at its best.

Meet with a mortgage broker

Many people only deal with a bank for a mortgage, but there are many different lenders in the market and each has different lending policies. By working with a mortgage broker, you can shop around for a lender offering the best terms and rates. A mortgage broker works with several banks and lenders, so they can help you navigate the process of applying for a mortgage. They can also advise you on which lenders are best suited for your credit history and financial situation. Working with a mortgage broker will allow you to compare different lenders, account for your credit score, and make sure you’re getting the best deal possible. There are many different types of mortgages out there, such as fixed-rate, variable-rate, open term, closed term, etc…

It’s important to know which type of mortgage you should be getting. A mortgage broker can help you make an informed decision on what type of mortgage is best for you. They will be able to help you decide on the best type of mortgage for your needs.

Check your credit score

One of the first steps of getting a mortgage is to check your credit score. This will give you an idea of how lenders will see you. Having a good credit score is key to getting a good interest rate on your mortgage. Most lenders will want to see a credit score of at least 680. There are a few ways you can go about checking your credit score, but the most reliable method is to sign up for a credit monitoring service. A credit monitoring service will give you a detailed report on your credit score, along with information on what factors are affecting it. You may have to pay for a credit monitoring service, but in the long run it’s worth it. Having a good credit score means you’ll have more options when it comes to lenders. You’ll also have a better chance of getting a lower interest rate with a better payment plan.

Get an appraisal

An appraisal is a process where a third party will assess the value of your home. Lenders will want to see an appraisal on your home, so they have an idea of what it’s worth. Appraisals vary in cost, so you may need to set aside some cash to cover the expense. Your mortgage broker can help you find a reputable appraiser who will accurately value your home. The appraisal process can take anywhere between a couple of weeks and a few months, so keep that in mind when getting an appraisal. Depending on the value of your home, lenders may require two appraisals. This is common when the value of the home is high, as it provides a level of assurance that the mortgage amount won’t be more than the value of the home.

Know your lender and the loan type

Not all lenders are created equal, and they will each have their own lending policies. So, it’s important to do your research and find a lender that best suits your needs. Make sure you pick a lender that offers the type of loan you’re looking for. If you’re in the process of getting a mortgage, you may want to jot down the name of the lender you’re working with. This way, you’ll have one lender to focus on instead of applying to as many lenders as you can. Different lenders will have different mortgage rates and terms, so do your research and make sure you apply for a mortgage that works best for you. You can start by taking our quick quiz to find out which lender is best for you.

Conclusion

Getting a mortgage can be a stressful experience, but it doesn’t have to be. By practicing good financial habits and making sure your credit history is in order, you can get the best mortgage terms possible. By following our beginner’s guide on how to get a mortgage in Ottawa, you can take the first steps towards owning your dream home. You will need to gather lots of documentation and satisfy lender requirements. And while it may seem like a daunting task, it’s one that can be accomplished with the right amount of preparation.

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

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Ottawa Mortgage Broker Services: 5 Reasons Why You Should Choose Us

Ottawa Mortgage Broker Services

Ottawa Mortgage Broker Services: 5 Reasons Why You Should Choose Us

If you’re looking to buy a home in Ottawa, you will likely need to secure financing. To do so, many people turn to mortgage brokers for assistance. A broker can help you find the best mortgage for your needs and assist with the application process. They also work as an intermediary between you and the lender, helping to finalize the details of your new home loan. If you are interested in buying a house in Ottawa soon and want to learn more about mortgage brokers, this blog post is for you! Here we’ll discuss why a broker is your best friend if you’re looking to purchase real estate in this city.

You’re eligible for more mortgage options when you use a broker.

The first advantage of using a broker is that they can help you gain access to many more mortgage options. A broker can use their network to find you a variety of lenders, many of whom you wouldn’t otherwise be able to access. Why is that? Simply put, most lenders are not interested in serving individual clients. They are interested in serving institutions – such as banks, credit unions, and trust companies. However, if you work with a broker, they can help you access these institutional lenders directly. This gives you access to the same options that these institutions offer to their own customers.

You can find the best rates with a broker.

Another advantage of working with a broker is that they can help you identify the best mortgage rates. This can be especially handy if you’re looking to make a cash-out refinance – where you take out additional cash for renovations, home repairs, or other property enhancements. Because this type of refinance does not qualify for government assistance, you’re more likely to receive a higher rate. Working with a broker is one of the best ways to find a low rate. A broker can help you compare rates from different lenders and identify the ones that offer the best possible rates for your circumstances.

A broker handles the application process for you.

The third advantage is that a broker handles the application process for you. This is a huge benefit of using a broker, especially if you’re a first-time home buyer. When you use a broker, they will help you through the application process and manage it for you – including communicating with your financial institution and required documentation. This process can be long and tedious, especially if you’re not familiar with mortgage applications.

A broker will help you understand your options – including any downsides.

Another great thing about working with a broker is that they will help you understand the full picture of your mortgage options. They will help you understand the positives and negatives of each option. This is especially helpful if you’re a first-time home buyer and don’t know much about mortgages.

A Licensed Mortgage Broker is an expert in lending practices.

Finally, a broker is also an expert in lending practices. They know what lenders look for when approving a mortgage application. As a result, they can help you craft an application that maximizes your chances of approval. A broker also knows how to navigate around a tricky situation. If you’ve had financial challenges in the past – like a bankruptcy, credit card debt, or collections – you might feel like you’re locked out of the mortgage market. However, a broker can help you navigate these challenges. They can help you identify the best mortgage options for your unique situation.

Conclusion

In summary, there are many advantages to working with a broker when you’re buying a home in Ottawa. They can help you find the best rates, access more mortgage options, and handle the application process for you. A broker is also an expert in lending practices and can help you understand your options. If you’re looking to buy a house in Ottawa, a mortgage broker can be a helpful resource.

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

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5 Tips To Decide Which Mortgage Broker Is Right For You

5 Tips To Decide Which Ottawa Mortgage Broker Is Right For You

Finding the right mortgage broker can be tricky. There are so many brokers out there that it can be hard to choose which one is right for you. With so much information available online, it can be hard to know whether or not you’re getting the best advice from your potential broker. In this article, we give you 5 tips to help you decide which Ottawa mortgage broker is right for you. A mortgage broker can help make the process of buying a house easier, but finding the right one can be challenging. Not all brokers offer the same level of service and expertise, so finding the right one from among all those available may require some research and consideration before signing anything. But don’t worry; with these 5 tips, you should have no trouble selecting the perfect broker for your needs.

Narrow down your options

Finding the right mortgage broker can be a challenge, but it’s important to narrow down your options as much as possible before making your final decision. Start by taking a look through online reviews and testimonials to see what other people’s experiences have been with various brokers. You may also want to speak with a few brokers directly to get an idea of what their process is like, what their rates are, and what kind of service you can expect. You may also want to consider who you’re buying a house with, as well as where in Ottawa you plan on buying. There are certain neighborhoods where a certain broker may have a better presence than others, which could make it easier for you to work with that broker.

Check for licensing and accreditation

One of the first steps in finding a good broker is to make sure they are properly licensed and accredited. A mortgage broker is required to have a real estate license, but there are many brokers out there who have this but don’t do mortgage brokering. Make sure the person you’re dealing with is licensed and registered as a mortgage broker. You can also look for accreditation from organizations like the Canadian Mortgage Brokers Association or the Mortgage Brokers Association of Ontario. These are both reputable organizations that have strict standards for which brokers are allowed to join and display their logos on their websites and in their marketing materials.

Ask about their process and find out what’s included

Even though each broker’s process may be slightly different, you should have a basic understanding of what you can expect from each one. Find out what they consider to be in their process. Do they include guidance and advice on rates and the different options available to you, or do they leave that up to you to research? What kind of support do they offer throughout the process, if anything? How often do they communicate with you, and what are the different ways they do this? Are they available through phone and email? Are they also willing to meet with you in person? You can also find out what’s included in the different types of mortgage plans brokers offer. Some plans only offer the assistance of a broker, while others actually provide you with a mortgage as well. This can be a good option if you’re a first-time homebuyer and don’t know much about mortgages, but it can also cost you significantly more money. Find out which plan is best for you and your needs.

Look at the broker’s track record

As with any other business, it’s important to make sure that the broker you choose has a good track record. Look for brokers who have been in business for a long time, those who have many positive reviews, and those who are members of organizations like the ones mentioned above. Just as you would with any other type of business, you might also want to check their financial status with a credit report or financial statement. You can also sign up to be notified when a broker applies for a financial institution’s approval. This way, you can see if any past issues or problems pop up. You can sign up for Mortgage Investment Corporation (MIC) for Interprovincial Mortgage Broker Approval Notification. MIC Notification Service is a free service offered to the public by the Canadian Mortgage and Housing Corporation.

Meet with more than one broker

While you’re still trying to narrow down your options, try to meet with more than one broker. Doing so can help you get a better idea of what each one offers, as well as what they’re like in person. You may also want to make sure you do this before you start comparing rates, so you can get a better idea of which broker is right for you. One thing to keep in mind when meeting with multiple brokers is to make sure you’re not committing yourself to one broker before you’ve talked with all of them. Some brokers may ask you to sign a contract promising to work with them once you’ve gone through the process and have a better idea of what you want. Avoid doing this until you’re absolutely sure that’s the broker you want to go with.

Conclusion

Finding the right mortgage broker can be challenging, but it’s important to do your research before making your final decision. Start off by narrowing down your options and then checking for licensing, accreditation, and a track record. You can also ask about the broker’s process and what’s included. Once you’ve narrowed it down, meet with more than one broker before deciding which is right for you. With these tips, you should have no trouble selecting the perfect broker for your needs.

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

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The Difference Between Closed and Open Mortgages: Which One is Right for You?

Closed and Open Mortgages 2022

The Difference Between Closed and Open Mortgages: Which One is Right for You?

What are the differences between closed and open mortgages? Which one is right for you? If you’re thinking of buying a home, you’re probably aware that there are different types of mortgage options available to you. However, with so many different mortgage types out there, it can be difficult to decipher which one is best for you. Understanding the differences between closed and open mortgages can help you decide which mortgage type is right for you. If you’re planning to buy a home soon and have been researching your mortgage options, chances are you have heard about both closed and open mortgages. This article explains what these two mortgage types mean and how they affect your financial future in different ways. Keep reading to learn more.

What is a Closed Mortgage?

A closed mortgage is a mortgage that is fully underwritten and funded with no remaining loan amount. Closed mortgages are typically used for purchase transactions where the buyer has sufficient funds for the down payment and closing costs. Closed mortgages are also known as conventional mortgages. Closed mortgages are typically more expensive compared to open mortgages because the underwriting process is more extensive and requires more documentation. Due to the extra risk involved in the underwriting process, closed mortgages have higher rates.

What is an Open Mortgage?

With an open mortgage, the amount of funds required to close the deal is less than the full loan amount. This means you have the option to increase the amount of the loan at a later date after you’ve acquired a better understanding of your financial situation. Open mortgages are usually offered by government-backed mortgage providers such as the FHA or VA. Open mortgages are sometimes referred to as assumable mortgages, which means that the person who takes over the mortgage can assume the original borrower’s rights and obligations related to the loan.

How Are They Different?

Closed mortgages have a fixed rate and term, meaning that the interest rate and loan term will stay the same for the duration of the loan. Open mortgages, on the other hand, have a fixed rate for the first 5–10 years, but the loan term is adjustable after the initial period, which means the loan term can be extended.

Open mortgages also allow for a refinance of the loan at some point in time.

Key Differences

Interest Rate: Interest rates for closed mortgages are typically higher than those for open mortgages. This is due to the fact that underwriters must take on more risk with an open mortgage, so they are compensated with higher interest rates.

Monthly Payments: A closed mortgage typically comes with a fixed monthly payment amount over the course of the life of the loan. An open mortgage, on the other hand, will not have a fixed monthly payment amount. Instead, you will be required to make monthly payments that will cover the interest and loan principle.

Repayment Methods: Closed mortgages usually have a fixed repayment plan that must be repaid over the course of 30 years. Open mortgages, on the other hand, have an adjustable repayment plan over the course of 20 years.

Equity: With a closed mortgage, you have positive equity in your home from day one. This means that you have equity in the amount of money in the home, plus any appreciation of the value of the home. With an open mortgage, however, you have negative equity in your home from the start. This means that you owe more money than the home is currently worth.

Closing Costs: Closed mortgages have higher closing costs than open mortgages. – Borrowing Power: With a closed mortgage, you have the full amount of borrowing power immediately upon closing the deal. With an open mortgage, you have limited borrowing power initially and can increase the amount of the loan at a later date.

Which One is Right for You?

Closed mortgages provide you with a fixed rate and provide you with a sense of certainty in the long term. However, you will have to pay higher monthly payments in order to cover the additional risk that is taken on by the lender.

Open mortgages are appealing to first-time homebuyers because they provide lower rates and a longer repayment period. You may have to pay more in the long term, but it may be worth it if you are short on cash.

As a general rule, if you are short on cash, have a low credit score, or have had a bankruptcy in the past, you may want to consider an open mortgage. Otherwise, a closed mortgage is likely the best choice for you.

Bottom Line

Closed mortgage and open mortgages each have their own set of pros and cons. It’s important to understand the differences between the two so you can decide which one is best for you. If you’re thinking of buying a home and need help deciding between a closed and open mortgage, you can always consult a mortgage lender to help you make the decision.

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

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Moving to Ottawa Ontario

Moving to Ottawa Ontario? You’re Going to Love It!

If you’re considering a move to Ottawa, you won’t be alone! In fact, it isn’t uncommon for people from all across Canada to relocate there. There are plenty of great reasons why so many choose to call the capital city home. From spectacular natural beauty and year-round activities, to a booming job market, top-ranked universities and affordable housing – there are a variety of perks that make Ottawa an ideal place to settle down. If you’re ready to put down roots in this scenic city, read on for some helpful information about living in Ottawa.

What to Know Before You Move to Ottawa

There are a few factors you’ll want to consider before you move to Ottawa. First, you’ll need to decide where in the city you want to live. Ottawa has a wide array of neighbourhoods to choose from, so it’s important to find one that suits your lifestyle. If you have kids, for example, you’ll want to find a neighbourhood with good schools. You’ll also want to take your budget into account when choosing a neighbourhood. The cost of living in Ottawa is higher than many other Canadian cities, so it’s important to have a budget in mind before you begin house hunting. You’ll also want to make sure you have the right documentation before moving to Ottawa. This includes a valid passport or enhanced drivers’ license, as well as any required provincial health coverage. You can learn more about what documents you’ll need here.

Housing in Ottawa

When it comes to housing in Ottawa, there are plenty of options to choose from. If you want to live in the city’s downtown core, you’ll likely find that real estate is more expensive. If you’re looking for a more affordable option, you can find houses for sale in Ottawa’s surrounding suburbs. The city also offers a wide variety of rental properties, so you can find something that suits your lifestyle. Ottawa’s housing market is extremely active, so you’ll want to act quickly if you find a property you like. If you’re purchasing a home, you can expect to pay around $250,000 on average. Keep in mind that home prices in Ottawa tend to be higher than the rest of the country, so this number may seem higher than what you’re used to paying. It’s important to shop around and find a mortgage lender that offers competitive rates so you can get the best deal on a home loan. Capital Mortgages head office is in Ottawa, Ontario Canada.

Employment in Ottawa

If you’re looking for a job in Ottawa, you’ll be happy to know that the city’s job market is booming. In fact, it ranks third in the country in terms of job growth. The city also has a fairly low unemployment rate, which makes finding a job a little easier. There are a variety of industries in Ottawa, so you’ll likely be able to find a job that suits your skill set. Some of the top industries include healthcare, government, education and technology. If you’re a newcomer to the city, you can also find a number of jobs in hospitality.

Transportation in Ottawa

Ottawa’s transportation system is one of the city’s main attractions. The city is home to the world’s largest skating rink – the Rideau Canal. At over 100 years old, this UNESCO World Heritage Site is open year-round and is a popular place for locals and tourists to skate. Ottawa also has a network of interconnected waterways that are popular for boating in the summer. In winter, these waterways are transformed into a network of skating trails. The city also offers a number of scenic pathways that are perfect for outdoor activities all year long. If you’re planning to drive in Ottawa, you’ll want to keep in mind that winter driving conditions can be challenging. The city plows its roads, but the snowfall can be significant, so you may want to take extra caution when driving, especially if you aren’t used to driving in snow and ice.

Culture in Ottawa

The city’s dynamic culture is one of its main attractions. If you’re looking for things to do in Ottawa, you’ll never be at a loss for options. From outdoor activities like skating on the Rideau Canal or cycling on the city’s pathways, to indoor activities like visiting the city’s many museums and galleries, there is something for everyone. You can also enjoy some of Ottawa’s top festivals, like Canada’s Winterlude festival, which takes place every February. Other major festivals in the city include the Ottawa Bluesfest, which takes place every July, and the Canadian Tulip Festival, which takes place every May.

Safety in Ottawa

Ottawa is a safe city, but you should still take the same precautions you would in any other city. Make sure you know where to go for help in an emergency, and make sure you know where the nearest hospitals, police stations and fire stations are. If you have children, it’s also important to know the whereabouts of playgrounds in the city. Although Ottawa is a relatively safe city, you should always be aware of your surroundings, especially if you’re out at night. One of the best things about Ottawa is that it’s a melting pot of cultures and people. You can enjoy a wide range of foods and activities without ever having to travel outside of the city. You’re sure to fall in love with this dynamic city as soon as you visit!

Final Words: Why You Should Move to Ottawa

If you’re ready to make a move, there’s no better time than now to relocate to Ottawa. Although the city is bustling throughout the year, the winter months are surprisingly quiet, so it’s the perfect time to explore the city. If you’re looking for a new place to call home, Ottawa is the ideal choice. With endless opportunities for outdoor activities, a booming job market and a vibrant cultural scene, this city has everything you need for a happy and healthy lifestyle. Whether you’re planning to relocate for work or school, or you’re simply looking for a new place to call home, Ottawa is a great choice.

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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debt

How to Get Out of Debt

How to Get Out of Debt: 6 Strategies for Reaching Financial Freedom

It is natural to have expenses and want to purchase things you like. However, if you are constantly spending more than you earn, it can lead to a negative financial situation. Getting into debt is easy; breaking free from it is much harder. It may seem like an impossible task, but there are ways to get out of debt and begin rebuilding your nest egg. There are many people who have managed to do so in the past and continue to do so today. Understanding where you stand financially and taking measured steps towards reducing your debt can help break the cycle of living beyond your means. Here are some tips on how you can get out of debt and stay that way moving forward…

Identifying The Cause of Your Debt Problem

The first step in getting out of debt is to identify the cause of your debt problem. Start by looking at your spending habits. Do you make unnecessary purchases? Are you spending more than you earn? Do you have a lot of high-interest debt? All of these are possible reasons why you are in debt. There are many different types of debt. Credit card debt, student loan debt, mortgage debt, and car loan debt are some examples. Debt can be caused by various reasons. Credit card debt may be due to making one or two large purchases that you couldn’t really afford. Student loan debt is often due to the rising costs and increasing tuition in college. Mortgage debt may be due to a down payment that was too low or making repairs after something like a storm. Car loan debt may be due to an emergency situation or an unexpected repair.

Consolidation Loan

If you have multiple debts that are not under one payment, a consolidation loan may be a good option for you. A debt consolidation loan brings all of your existing debts into one payment in order to make it more manageable. If you have multiple debts, it might be a good idea to consolidate them into one payment, making it easier to stay on top of them. You can do this by taking out a new loan that covers all of your outstanding debt, and then repaying that loan over a specified duration. Keep in mind that while consolidating your debt might make it easier to pay off, it also extends the length of time you have to pay it off, which can affect your long-term financial goals.

Pay Off High Interest Debt First

If you have multiple debts and are looking for an order of operations for paying them off, pay off the debt with the highest interest rate first. This might seem like common sense, but many people get into this situation because they try and pay off the debt they think they should, rather than the one they should be paying off first. If you have credit card or other type of high-interest debt, you need to pay that off first. If you don’t, the amount of interest you owe will keep piling up, and you’ll never be able to get out of debt. Debt is tricky because it goes up. You might pay off $1,000 in credit card debt, but then someone will charge another $1,000, and you’ll only have $500 that you can use for other things. The best thing to do is to pay off the highest interest rate debt first because that will save you a lot of money in the long run.

Ask Yourself why You Owe Money

Before you start a payback plan, ask yourself why you owe money in the first place. Are you spending too much? Do you have too many recurring expenses? Are you spending money on frivolous items? Do you lack the financial discipline to avoid unnecessary purchases? In many cases, when people are in debt, they are in debt due to a lack of financial discipline. It is crucial to keep track of your spending and make sure that you are living within your means. There is no shame in having debt. It is important to recognize the reason behind it and take the steps necessary to fix the problem.

Commit to a Payback Plan and Be Firm

Once you have identified the source of your debt problem, come up with a payback plan. Make sure the payback plan is realistic and feasible. It is easy to set lofty goals and then become frustrated when they are not met. Keep in mind that you may have to change your payback plan as you progress and get out of debt. It is important to remain firm with your plan and not give up. It is important to stay motivated and disciplined as you work towards repayment. This can be easier said than done, but there are many ways to stay motivated when paying off debt.

Stop Using Credit Unless Absolutely Necessary

If you are currently in debt, it is crucial that you stop using credit unless absolutely necessary. Using credit can make your debt problem worse. It can be easy to fall into the trap of using credit again as you work towards paying off your debt. You may not be able to completely avoid credit, but you can make sure that you are using it as little as possible.

Conclusion

Getting out of debt is not easy. It can be frustrating and challenging. However, it is something that can be done. Keep in mind that you do not have to do it alone. There are many resources available to help you achieve your debt-free goals. There is a reason why so many people have gotten out of debt. It is possible for anyone to do so as long as they are willing to put in the effort necessary to do so.

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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Full Mortgage

Buy a House with a Full Mortgage Amount

3 Questions to Ask Yourself Before You Buy a House with a Full Mortgage

When buying a house, there are a lot of factors to take into consideration. Whether you’re looking for your first home or an upgrade from your current residence, you need to make sure that the property is right for you and your budget. Read on to learn more about what you should think about before taking the plunge and signing a mortgage contract! There are many things to consider when buying a house: location, size, amenities, price range, and so on. But before you start thinking about all of these things, it’s important that you ask yourself 3 questions first. These are not easy questions – they will require some serious introspection and will force you to think in ways that maybe you haven’t before.

What do you want in a house?

There are many considerations when buying a house – location, size, amenities – but before any of these, you need to figure out exactly what you want in your ideal property. This will help you determine what areas you should be looking in, and narrow down your choices. Things to consider here are – Do you prefer to be close to the city centre or be further out? What style of house do you prefer: bungalow, ranch, etc.? What’s your ideal number of bedrooms and bathrooms? What kind of neighbourhood do you prefer? Do you have any other specific requirements? Try to write this list down, and refer to it as you start your house hunt. This will help you to focus in on properties that meet your needs and avoid wasting your time on places that don’t. It will also help you to budget more effectively, as you’ll know what you need to look for. Capital Mortgage is your best option for Ottawa mortgage.

Can you afford it?

Of course, a key part of buying a house is making sure that you can actually afford it. Part of this process is to make sure that you understand what you’re getting into. You’ll need to look at how much the property will cost, find out what your down payment and mortgage payments will be, and consider other costs that come with home ownership, like maintenance. First, take a look at the price tag of the property that you’re considering buying. Make sure that you’re looking at the total cost, including any down payment and mortgage payments. Try to figure out what these numbers will be like in 5 or 10 years from now. Will you be able to afford the same payment then? Contact Ottawa’s Capital Mortgage brokers

Is it worth the cost?

Another factor to consider when buying a house is whether it is worth the cost. There are so many ways that buying a house will impact your life. You will have a major responsibility – owning a house is a lot like having a full-time job. You’ll need to make sure that you’re ready for this challenge. Do you have the time and energy to maintain the property? Are you prepared to deal with any issues that may arise? What will the impact on your lifestyle be? For example, are there schools in the neighbourhood that are suitable for your children? Is there easy access to public transportation? Is the area safe enough for your family? These are just a few examples of questions that you should consider when deciding whether buying a house is worth the cost.

Conclusion

Buying a house is one of the biggest decisions you will ever make. It’s a big financial commitment that will impact your life in many different ways. It’s important to fully consider the implications of this decision and to make sure that you’re ready for it before you go ahead and sign a mortgage contract. To do this, you need to ask yourself 3 important questions. What do you want in a house? Can you afford it? And is it worth the cost? These questions will help you to focus in on the right house for you and make an informed decision.

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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Mortgage Protection Insurance Capital Mortgage Brokers in Ottawa

The Importance of Mortgage Protection Insurance

The Importance of Mortgage Protection Insurance in an Economic Downturn

Mortgage protection insurance is a policy that helps protect your home and property if you are unable to make mortgage payments due to death, disability, or involuntary loss.

It’s important to have this insurance in place so that you can avoid foreclosure on your home when unforeseen events happen. This insurance may be a wise investment for those who are looking for additional financial security in the event of an economic downturn. To get started, find out if your lender offers this type of mortgage protection insurance, and speak with them about what might be included in the policy.

What is mortgage protection insurance?

Mortgage protection insurance is a type of insurance that helps protect your home and property if you are unable to make mortgage payments due to death, disability, or involuntary loss. This insurance may be a wise investment as it provides additional financial security in the event of an economic downturn.

Who needs mortgage protection insurance?

Mortgage protection insurance is an important investment for those who are looking for additional financial security for themselves and their families. This type of insurance provides you with the ability to make sure that your mortgage is still being paid if the unthinkable happens and you or someone in your family becomes disabled, dies, or has an involuntary loss. It can be a wise investment for those who are concerned about an economic downturn and want to make sure they’re protected in the event of foreclosure on their home.

Ottawa Mortgage Brokers: Capital Mortgages Ottawa, Ontario

How does it work?

Mortgage protection insurance is a policy that offers a degree of financial protection to your home and property if you are unable to make mortgage payments due to death, disability, or involuntary loss.

How does this insurance help in an economic downturn?

Mortgage protection insurance is a type of policy that helps protect your home and property if you are unable to make mortgage payments due to death, disability, or involuntary loss. The  insurance will help you avoid foreclosure on your home.

In an economic downturn, such as the 2008 recession, people are no longer able to afford their homes. So if they have this insurance then they have a better chance of keeping their home during an economic downturn in the housing market.

Furthermore, the mortgage protection insurance is a great investment for those who are looking for additional financial security in the event of an economic downturn.

Conclusion

Protect your mortgage by adding this insurance to your home insurance. Insurance is a cost and it is worth it to ensure that if something were to happen to your home, you would still be able to afford the monthly mortgage payments. When the housing market crashed in 2008, those who purchased protection insurance were still able to make their payments.

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 Is a Credit Score & How It Affects Your Life |Capital Mortgages

What Is a Credit Score

What Is a Credit Score & How It Affects Your Life

Your credit score is a type of number that lenders and lenders use to determine how likely you are to repay your debt. You may be wondering why this matters, but it can affect the way people think about you. A credit score is an important number that can impact the interest rate on loans, the ability to apply for new credit cards or loans, and even an apartment rental. Your credit score is determined by five factors: payment history, debt levels, length of credit history, types of credit in use, and new credit inquiries. FICO scores are considered the most accurate representation of your credit standing. Understanding your own FICO score will help you make smart financial decisions that will positively affect your life.

Why do lenders use credit scores?

Lenders use credit scores to determine how likely you are to repay your debt. Your credit score is an important number that can impact the interest rate on loans, the ability to apply for new credit cards or loans, and even an apartment rental. Lenders use five factors to calculate a FICO score:

  • payment history
  • debt levels
  • length of credit history
  • types of credit in use
  • and new credit inquiries.

How is a credit score calculated?

Your credit score is determined by five factors: payment history, debt levels, length of credit history, types of credit in use, and new credit inquiries. All these factors are reported to the three major credit bureaus every time you apply for a loan or open a new line of credit.

Your FICO score will be calculated based on your individual report from each bureau. The most important factor that contributes to your FICO score is your payment history. This could be rent payments, utility payments, or other things related to loan repayment. It’s not just about the amount you owe; it’s also about whether you pay what you owe on time. Your debt level is another factor that helps determine your FICO score.

Lower debt levels are better than higher debt levels as this can help show lenders that you’re able to repay what you borrow and save money for emergencies. Length of credit history accounts for how long you’ve been borrowing money and how long you’ve been managing those debts responsibly. If you have a longer track record of borrowing and repaying responsibly, this will affect your FICO scores positively. Types of credit account for all the different categories of loans or lines of credit that exist like mortgages or car loans. Lastly, new credit inquiries account for when someone checks your information before deciding if they want to give you a loan or extend more lines of credits to you.

What can my credit score be used for?

Your credit score can affect the way people think about you. For example, if your credit score is low, this may reflect negatively on your ability to repay debt. This has a number of effects:

  • You may be required to pay higher interest rates on loans
  • You may not be able to apply for new credit cards or loans
  • You may not be approved for an apartment rental

When is my credit score updated?

A FICO score is updated anytime there is a credit event, meaning when you apply for a new loan or credit card or if you take out a new line of credit. Some people worry that they won’t be able to improve their credit score if they don’t have any new credit in the past few months. But this isn’t true! Your current FICO scores are based on your total history so it doesn’t matter how much time has passed since your last credit event. As long as you maintain good habits, like paying bills on time and keeping debt low, your history will continue to positively impact your FICO scores.

What are the best ways to improve my credit score?

Although there are a few factors that contribute to your credit score, one of the most important is your payment history. You want to always pay your bills on time to show lenders you are capable of handling credit responsibly. Another way to improve your credit score is by making sure you don’t close old accounts, as this can negatively affect your length of credit history. You should also try and avoid opening any new lines of credit, as this can also negatively affect your length of credit history.

Conclusion

Your credit score is a number that is assigned to you by the three credit bureaus: Experian, Equifax and Transunion. This score is between 300 and 850, with 300 being the lowest possible score and 850 being the highest. The higher your score, the better your chances are of qualifying for a loan and the more likely you are to get a lower interest rate. The lower your score, the less likely you are to be approved for a loan, and the higher your interest rate will be.

Knowing that you’re responsible for your credit score and can improve it to make it better will help you take action. There are many ways to improve your credit score, and it won’t happen overnight. But with these tips, you can start improving your credit score today!

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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Purchasing a Second Property

Purchasing a Second Property

Financing Options for Purchasing a Second Property: Use Your Home Equity to Land Your Dream House.

Did you know that many homeowners are paying off their mortgage early in order to use their home equity for purchasing a second property? It’s true. Depending on the property, it may be possible to purchase a new home without having to put any additional money down!

If you don’t have any cash on hand and want to buy a second property, then this is the article for you. We will go over: Your mortgage, how much is left on your mortgage, what kind of discounts you can get when refinancing your home, and the different ways of financing your next purchase.

Options for financing a second property

When purchasing a new property, there are two options for financing. There are loans that are backed by the government or private lenders.

If you get a loan through the government, you will need to put at least 20% down on the house. These loans are cheaper than private lenders but come with strict guidelines and have high monthly payments. They also have some strict qualifications that some people may not be able to meet. Private lenders, on the other hand, only require 5-10% down up front and have some more lenient requirements. But they typically have higher interest rates so monthly payments may be higher.

The type of loan depends on your personal preference and qualifications which is why it is important to do your due diligence before making any decisions.

Getting a mortgage

If you want to use your home equity for purchasing a second property, then you will need to refinance your current mortgage. The following are the steps to take:

1: Get prequalified for a mortgage and find out how much equity is left on your home.

2: Find out what the interest rates are and the monthly payments that you will be required to pay.

3: Calculate what you can afford for monthly payments and compare it to the monthly payment of the new loan.

4: Refinance your mortgage and make sure that your finances will allow you to make both payments every month without any financial hardship.

Using home equity to purchase a second property

A lot of people are using home equity to purchase a second property. There are many benefits to this, for example:

  • You don’t have to put any money down!
  • Refinance your mortgage and pay it off early so you can use the equity on your house for purchasing a new home.
  • Invest in real estate without having to go through the hassle of purchasing one with cash.

This is an excellent way of being able to purchase properties without having to spend any of your own money. Here are some steps you will want to take:

What can you do with the money from your first sale?

The first thing you need to do is determine how much money you have from the first sale of your property. You can use this as a down payment for your next purchase.

Here are some examples:

  • If you had $10,000 left on your mortgage and sold your house for $200,000, then you would have $190,000 left over.
  • If you had $50,000 left on your mortgage and sold your house for $500,000, then you would have $450,000 left over.
  • If you had $100,000 left on your mortgage and sold your house for $1 million dollars, then you would have $900,000 remaining in equity which is enough for a down payment or to cover closing costs on a new property.
Conclusion

The options for financing a second property are plentiful when you have equity in your home. You can use your home equity for a traditional mortgage or cash out the equity in your home to purchase a second property, all while leaving your primary residence fully intact.

But if you do decide to sell your home, you will want to plan for what you will do with the money that is left over.

Financing options for purchasing a second property are only one consideration when it comes to making this big decision.

For more information on what to consider when buying a second property, click the link below.

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.

Mortgage Stress Test Rate

Mortgage Stress Test

Mortgage Stress Test Rate: What It Is and How It Affects You.

There are many things to take into consideration when buying a home. One of the most important factors is your monthly mortgage payment, which includes both principal and interest. You can calculate how much you’ll be paying every month by multiplying the average interest rate over the term of your mortgage (including any points). A stress test rate is a calculation that everyone needs to know about if they want to buy a home. Here’s how it works and what it means for you:.

What is the mortgage stress test rate?

A stress test rate is a calculation that everyone needs to know about if they want to buy a home. It helps determine how much you could afford for your mortgage if the interest rates rise significantly in the future. The stress test rate is based on Canada’s mortgage rules, which are designed to make sure that people can still afford their mortgage payments even if interest rates increase dramatically.

The stress test rate used to be known as the posted rate, which was set by the Bank of Canada. However, since April 2016 it has been calculated using benchmark rates published by private lending institutions.

What does it mean for you?

The stress test is a new mortgage qualification rule that requires borrowers to qualify for a mortgage at the greater of the Bank of Canada’s five-year benchmark rate or their contractual mortgage rate plus 2 percentage points. That means even if you can afford your monthly payments right now, it might not be enough to use your home as an emergency fund.

If you’re looking to buy a home, this is something that needs to be taken into consideration since it could have major implications on your ability to even qualify for a mortgage.

The stress test was introduced in 2017 with the intention of preventing people from taking on mortgages they couldn’t repay. The stress test allows lenders to assess how much financial stress the borrower would experience if interest rates were higher than what they’ve been historically.

Hopefully, this article has given you some insight into this newly introduced requirement and why it’s important for everyone who plans on buying a home in the future.

The importance of knowing about the mortgage stress test rate.

The mortgage stress test rate (MTR) is a calculation that lenders use to figure out how much they can lend you. It determines what your maximum buy-down payment would be and the interest rate that could be offered to you.

As of January 1st, 2018, the MTR is calculated as follows:

  • The Bank of Canada’s 5-year benchmark rate + 2%.
  • The Bank of Canada’s overnight lending rate + 0.2%.
  • For a purchase: 4 times your gross family income or $44,000, whichever is greater.
  • For a refinance: 3 times your gross family income or $40,000, whichever is greater.
Conclusion

The mortgage stress test rate is an important measure that Canada’s federal government put in place to help protect Canadians from becoming overextended with their debt. The stress test is applied to all mortgages, whether you are applying for a fixed or variable rate mortgage, and it is meant to ensure that you will be able to make your mortgage payments even if interest rates go up significantly. It’s important to know about the mortgage stress test rate because it will help you make better financial decisions for yourself.

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.

Ottawa Ontario: Best Mortgage Brokers

Ottawa Housing Market

Tips for Local Buyers and Sellers.

The Ottawa housing market can be a difficult one to navigate. With a mix of different types of economies and a range in house prices, it’s important to know what you’re getting into. It can be easy for buyers to rush into a purchase without considering the consequences. Likewise, sellers need to make sure that they don’t overprice their home in order to sell quickly.

If you’re looking for tips on how to navigate this market, keep reading. Here are some strategies for both buyers and sellers so that they can get the best deal possible!

What is the Ottawa housing market like?

The Ottawa housing market is influenced by foreign investment, low interest rates, and a strong job market.

The housing market in Ottawa is currently experiencing a “soft landing”. This means that prices are still high but not at their peak value. There’s still an opportunity for buyers who want to purchase a home now.

Another factor that makes the Ottawa housing market unique is that it has one of the highest concentrations of millennials in Canada. With this demographic being so influential, it’s important to take their needs into account when selling your home.

Tips for buying a home in Ottawa

The first thing to do, before you even start searching for a new home, is consider your budget. This sounds obvious but it can be easy to get carried away in the excitement of buying a home and forget about the financial realities.

Next, when looking at homes, you need to know what you’re doing. It’s important that you have the right information in order to make an informed decision. You should have a solid knowledge of how much money can be borrowed from a lender in Ottawa and where in the city you might find good schools, daycares and public transportation options.

You also want to think about your commute. If you work in downtown Ottawa, for example, it’s going to take a long time if you live in rural areas with poor public transit options.

It’s also worth considering whether or not you want/need a yard for children or pets – this will impact the type of house that makes sense for you from an investment perspective as well as from a lifestyle perspective.

Tips for selling your home in Ottawa.

If you’re a seller, it’s important to remember that the Ottawa housing market is a competitive one. With a lot of buyers on the market, sometimes sellers can fall into the trap of pricing their home too high in order to sell quickly. That’s a good way to end up with lost profits!

In order to ensure that your home sells for as much as it can, don’t price it too high or too low. The median price for homes in Ottawa is $408,000 and the average days on market is 101. This means that homes priced between $400,000 and $420,000 typically sell within 100 days. If you overprice your home by more than 10 percent, you could end up waiting months or even years before it sells.

So what should you do? Start by using recent comparables to estimate how much your home should be worth and then price accordingly. It’s also important to take into account any renovations or other upgrades that you’ve made to the home – those will help increase its value!

It’s also worth noting that homes closer to major transit lines or highways tend to sell faster than those further away from such amenities. So if you live close to such an amenity (or

Using a Mortgage Broker

A mortgage broker is a professional who can help you find the right mortgage. They’re experts in the industry and will know what kind of mortgage to recommend based on your needs, as well as whether it’s a good idea to use a variable or fixed-rate mortgage.

Mortgage brokers are paid by the bank they work for, which means they have an incentive to recommend a product from that bank. This is unlike realtors who are paid by your buyers and sellers commission, meaning they don’t have any incentive to recommend one product over another.

When you’re looking at lenders, it’s important that you compare their rates with those of other banks – not just the one that is paying your broker. You might be able to find a better deal with another lender!

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.

You can also click here.

What To Do In Ottawa

What To Do In Ottawa

What To Do In Ottawa: Your New Guide to the Capital City

Ottawa is the capital of Canada, and one of the most beautiful places in the country. The city has a lot to offer, from museums to parks, lakes to castles. It’s also home to some of the best food you’ll find anywhere. There are so many things to do in Ottawa that it can be hard to know where to start. But don’t worry! We’ve put together this guide for you with everything there is to see and do in Ottawa.

From museums and restaurants, all the way down to festivals and events, we’ll show you everything that makes Ottawa such an amazing place.

Why you should visit Ottawa

Ottawa is the capital of Canada, and one of the most beautiful places in the country. The city has a lot to offer, from museums to parks, lakes to castles. It’s also home to some of the best food you’ll find anywhere. There are so many things to do in Ottawa that it can be hard to know where to start. But don’t worry! We’ve put together this guide for you with everything there is to see and do in Ottawa.

From museums and restaurants, all the way down to festivals and events, we’ll show you everything that makes Ottawa such an amazing place.

Ottawa is an extraordinary city with something for everyone. If you’re looking for culture, history, and great food, then Ottawa is the place for you.

Ottawa has something for everyone, from museums to galleries, from parks to beaches, from restaurants to festivals. So what are you waiting for? Plan your trip to Ottawa today!

What to do in Ottawa

Ottawa is one of the most beautiful cities in Canada. It’s home to some of the best food in the country, and there are plenty of museums and parks to explore. But what should you do in Ottawa?

Here are some of the most popular activities in the city.

1) The Rideau Canal

The Rideau Canal is a UNESCO World Heritage Site that’s 202 kilometers long, and it’s Ottawa’s most famous landmark. The canal was built in 1832 to provide transportation through Ottawa, but it’s now used mostly for recreation (boating, skating, cycling, etc.).

There are tons of restaurants and shops along the canal that make for a great day trip or evening stroll.

2) Parliament Hill

The Parliament Buildings are the most iconic symbol of Ottawa, so naturally they’re one of the most popular attractions. They’re open to visitors year-round, and you can even watch the Parliament Hill guards change at noon every day!

3) Rideau Hall

This is Canada’s Governor General’s residence, and it’s open to visitors. You get a tour of the inside, including the private residence of the Governor General. The gardens are also lovely, making this a great spot to wander.

Museums and Historic Sites

Ottawa is home to many amazing museums and historic sites, including the Canadian Museum of Nature, the Aviation and Space Museum of Canada, the Canadian Museum of History, and more. These museums are great for history lovers, nature lovers, or just anyone who wants to learn something new. They’re also perfect for the whole family to explore, with interactive displays and activities for people of all ages.

The Canadian Museum of Nature is Canada’s national museum of natural history and natural sciences. The museum features their 10 permanent galleries, including the Hall of Journeys (featuring Canada’s natural world), Northern Journey (exploring Canadian Arctic), and People and Nature (exploring human/nature interactions).

The Aviation and Space Museum of Canada is Canada’s national aviation history museum. This museum features aircrafts like the Avro Arrow, the Canadair North Star, and the Canadair Challenger.

The Canadian War Museum is another great attraction that doesn’t just showcase military history. This museum has a fantastic collection of war artifacts. You’ll see everything from WWI uniforms to paintings depicting scenes from the Crimean War.

Parks and Outdoor Activities

Ottawa has a lot of trees, parks, and outdoor activities that are perfect for either families or couples.

Ottawa has some amazing parks that are perfect for both children and adults. If you’re looking for a place to go on a nature walk or just to take in the view, you should check out Gatineau Park or the Great Canadian Forest.

Ottawa is also home to some of the best outdoor activities you’ll find anywhere. These include kayaking, biking, hiking, and more. Whether you’re looking for something relaxing or adventurous, Ottawa has something for you.

No matter what your interests are, there’s no shortage of outdoor adventures to enjoy here in the capital city.

Food and Drink

One of the best things Ottawa has to offer is its food scene. The city has a wide variety of restaurants, from Indian and Thai to fast food and high-end dining.

If you’re looking for some of the best food in Canada, you’ll find it in Ottawa. From Indian and Thai food to fast food and high-end dining, you’ll always be able to find something delicious to eat.

One of the most famous restaurants in Ottawa is the ByWard Market’s Château Lafayette: it’s a local landmark and known for its scenic patio and dishes like smoked meat poutine. But you can’t go wrong at any of the restaurants in the city!

There are so many great places to eat in Ottawa, you’ll never want to leave!

What to wear in Ottawa

Ottawa is Canada’s capital, but it isn’t always freezing. You can expect to see temperatures ranging from -10 to 30 degrees Celsius.

For the most part, it will be cold, but not too cold. Temperatures will vary depending on the time of year, so plan accordingly!

The best thing to do when you get there is to pack light. It’s always good to have layers, so pack a few thin sweaters, a thick sweater or jacket, and some long sleeves. You’ll want to make sure you have some good walking shoes, too.

As far as what you wear, you can wear anything you want! Ottawa is an incredibly diverse city with all sorts of different people. There are many different styles of dress here, so don’t be afraid to experiment. You’ll never know what you might find!

See the full post here

Festivals and Events

The city hosts a number of festivals and events throughout the year.

One of the most popular festivals in Ottawa is Winterlude. It’s an annual winter festival that takes place in February. The festival celebrates the city’s history and culture with fun activities like skating, skating lessons, and ice carving competitions. There are also lots of free outdoor concerts and children’s activities.

Ottawa is also home to Canada Day, which is the country’s birthday celebration. It takes place on July 1, and there are lots of activities and events to participate in all over the city. This includes arts and crafts, live music, and even a barbecue!

If you’re looking for something to do in the evenings, there are plenty of options for you as well. Ottawa has a variety of theaters, from the Canadian Stage Company to the Innes Road Theatre. There’s also a number of comedy clubs as well as live music venues.

Conclusion

Ottawa has a lot to offer, and its proximity to Gatineau, Quebec, means there are endless opportunities to explore. You can spend an afternoon exploring museums, or spend the day hiking in Gatineau Park. There are just so many things to do in Ottawa that it’s hard to know where to start!

Get out there and explore the Capital City—we dare you to try something new.

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.

You can also click here.

How To Get a Mortgage: Capital Mortgages

How To Get a Mortgage

How To Get a Mortgage: The Ultimate Guide to Buying a House

Buying a house is one of the biggest steps in your life, and it’s not something you want to rush into. From deciding on the right type of loan to finding the perfect house, there are many steps involved in this process. You may feel overwhelmed by all that you need to do before you can be approved for a mortgage.

But don’t worry! With this guide, you will learn everything you need to know about getting a mortgage. From understanding what makes up a mortgage to how much money you should make or save for the down payment, read on to find out more about buying a home for yourself!

The mortgage process

The mortgage process may seem daunting at first, but it can be broken down into just a few steps.

First , you’ll want to calculate your budget. Be sure to include all of your monthly expenses, including utilities, groceries, and other bills. Keep in mind that you may need to set some money aside for taxes, maintenance, and other unexpected costs.

Next, you’ll want to decide on the type of mortgage you want. There are many different types of mortgages to choose from, including fixed rate mortgages, adjustable rate mortgages, and balloon mortgages.

After deciding on the type of mortgage you want, you’ll need to start thinking about the down payment. The down payment is the amount that you are required to pay for your house upfront. This can be anywhere from 3% to 20%. The larger the down payment, the lower the monthly payments will be.

Finally, once you’ve found a house that you’d like to buy, you’ll need to apply for a mortgage. There are many benefits to getting pre-approved first before looking for a house. You can find out what kind of mortgage you qualify for and what kind of monthly payments you can

What Is Required for a Mortgage

A mortgage is a type of loan that uses your home as collateral. You are given a certain amount of time to pay back the loan, before you are required to pay off the entire amount. This is done by paying installments.

The requirements for getting a mortgage are different for everyone. It all depends on what type of mortgage you are looking for, your credit rating, your income, and your down payment. Additionally, banks will also want to see your credit rating, your income, and your credit score before approving you for a mortgage.

If you are looking for a commercial mortgage, you will need to provide commercial property information. If you live in an apartment building, the bank will also want to see proof that you are the owner of that apartment.

Generally, before you are approved for a mortgage, the lender will want to know these things:

  • The amount of money you make
  • Your financial stability
  • What type of loan you want
  • How much money you can put towards your down payment
  • How much money you owe on any other loans
  • Your credit rating
  • The amount of money you owe on any other loans
  • How much debt is in your current balance

How Much Money Do You Need to Buy a House?

The amount of money you need to buy a house is much more than just your down payment. You also need to factor in all the other costs that go into the purchase. For example, you’ll need to pay for things like closing costs, fees, inspections, and other related items.

As a general rule, you will need at least $10,000 saved up for the down payment. The more you can save up, the better. You can read more about what to think about when determining how much money you need in our blog post.

Regardless of your down payment, it’s important to understand how much money you will need for your mortgage. The amount of money you need for a mortgage depends on factors like the type of loan you get, your income, and your credit score.

To get an idea of what you can afford, start by finding out how much your monthly mortgage payments will be with your existing income. If you don’t have a steady income, start by figuring out how much you make every month.

Who Can Apply for a Mortgage?

You may have heard that you need a certain amount of money to get a mortgage, but that’s not always the case. In fact, there are two types of mortgages: conventional and government-backed.

Conventional mortgages are for people who have a decent credit score and a high enough income or savings, while government-backed mortgages are for people with lower incomes or credit scores.

Government-backed mortgage programs help people who don’t have a lot of money but still want to own a home. It’s important to remember that government-backed mortgages require you to buy a home that is considered “affordable.”

This means that your mortgage payment will be less than 31% of your income, and it will be paid for by the government. If you make more than the max income, you’ll need to get a conventional mortgage.

What Kind of Loans Are There?

There are many different types of loans available to consumers. But before you can decide which loan you will need, it’s important that you understand what each loan entails.

A mortgage is the type of loan that allows an individual to purchase a house. Typically, there are two kinds of mortgages: purchase mortgages and refinance mortgages.

Purchase mortgages are the type of mortgage an individual will need if they are buying a new home or refinancing their home. The goal here is to buy a house for less than the value of the loan.

A refinance mortgage is necessary if an individual wants to change their current mortgage to a lower interest rate. The goal is to reduce the amount of money the homeowner has to pay every month.

There are many different types of mortgages available, but these are the two most common types. Understanding what each loan entails will make it easier for you to decide which one is right for you.

Conclusion

The best time to buy a house is when you don’t need one. That way, if the housing market falls and you can’t sell your house, you’ll be able to ride it out. The best way to do that is by saving or investing your money.

To sum up, there are many steps involved in the mortgage process. But don’t worry – with this guide, you will know what to do and be ready for the next step.

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.

You can also click here.

Ottawa Mortgage Advice Capital Mortgages Ottawa

Ottawa Mortgage Advice

Ottawa Mortgage Advice: Tips for Buying A House In The Nation’s Capital

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. Capital Mortgages opened in January 1999 and has since serviced thousands of clients and arranged several billion dollars in mortgages. We provide expert mortgage advice services in the Ottawa area.

Ottawa Mortgage Advice

There are quite a few things to consider when considering buying a house in Ottawa, but let’s start with some of the most important things to consider before making an offer on a house.  Where To Buy A House In Ottawa.  There are several things to consider when buying a house in Ottawa. There are areas of the city where real estate prices are lower than other areas of Ottawa. Many areas of Ottawa have many different housing options and you can buy a home to suit your needs. For example, you can buy a condo or a townhouse for less than most detached houses in Ottawa. If you need to buy a house, it may make sense to buy a condominium in order to get a house. Condos also give you the flexibility to purchase a house and keep the condo as a second home.

What You Should Consider When Buying A House

On the other hand, remember that whether you are buying or renting a house, real estate has a lot of ups and downs, but at the end of the day, real estate holds value. You would never see an ugly house drive out real estate prices or an outstanding house decrease prices. You see an average house, they will see an average house and at the end of the day, a home is a home.  Buying or renting is the best option. And no matter which you choose, a great idea is to do some research before you buy. It is always important to know the rules of the market, ask questions, get informed, compare prices, check the history of a property, the pros and cons.

The Mortgage Process

Mortgage loans are structured in a manner similar to credit cards. The borrower puts down a minimum amount and a lender may secure it with either a mortgage or line of credit, with the borrower making monthly payments toward the interest until the loan is paid in full, usually over 25 to 30 years.

Finding A Home In Today’s Market

Unfortunately, buying a house isn’t easy these days – especially when you factor in the mortgage rules and the additional fees associated with home ownership. Despite this, there are a few simple things you can do to make the process as seamless and painless as possible. Here are five tips for home buying in Ottawa that can’t be found anywhere else.

Make Sure You Get An Idea Of What Your Means To A Healthy Mortgage Payment.

We spend a lot of time discussing the cost of a mortgage and that’s great, but what about the cost of your monthly payments?  With a mortgage rate now below 3% and on the rise, it’s important to know how much you can afford in terms of monthly payments. It’s also crucial to know how much you have to save to be able to afford those monthly payments on the mortgage.

Getting Approved For Your First Mortgage

People looking to buy a new home are told to get preapproved first before buying. This will help you avoid lenders fees and put you in a better position to be approved by the lender. Getting preapproved can be done online and sometimes on paper as well but the paper pre-approval is not as good as the online one. Online pre-approvals look similar to your personal financial statements and it is good enough to get you a good deal on a mortgage and allow you to save time and money.  What Is A Pre-Approval?  When you are applying for a mortgage, the lender will ask you a set of questions to make sure you are a good candidate for a mortgage.

Conclusion

Whether you’re thinking of buying or selling a home, be sure to work with a mortgage expert. They can help you make a smart and informed decision and avoid the many pitfalls that can turn a good sale into a poor sale. They will help you get the best deal and help you to maintain good credit and good reputation.  Most importantly, they can help you avoid problems with the bank or the government. And if all else fails, they can help you find a new home at a reasonable price.  Your mortgage expert at Capital Mortgages Inc will be available to talk to you at one of our Ottawa office locations:  Did you know that Capital Mortgages offers a mortgage calculator?

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.

You can also click here.

 

Tips for Buying a Home with a Mortgage Broker

What a Mortgage Broker Does

What a Mortgage Broker Does: Tips for Buying a Home

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.

What a mortgage broker does

The role of a mortgage broker is to find and guide you to the mortgage loan that best suits your needs and goals.

The main function of a mortgage broker is to market a variety of mortgage products, including fixed-rate mortgages, variable-rate mortgages, and home equity lines of credit. The mortgage broker is an independent individual who acts as the middleman between you and your lender.

You can choose to pay someone to help you find the best mortgage and real estate agent for you or you can do it yourself. The difference in cost is about $20 – $30 for every service. However, there is also a cost associated with navigating your mortgage. For example, you might not be familiar with all the terms and may need help understanding certain nuances.

Mortgage brokers work with many lenders

By working directly with many lenders in your specific field, your mortgage broker has a better chance of getting you the lowest mortgage rate and avoiding unnecessary fees.

Their greatest benefit: A higher approval rate

In Canada, 97 per cent of Canadians are approved for mortgage loans. The conventional industry average is 84 per cent.

Think of the mortgage broker as your personal ambassador to your lender.

They understand your finances and will negotiate on your behalf.

Here are the top factors your mortgage broker should take into consideration before giving you a quote:

  • Lender portfolio
  • Your credit score
  • Payment history
  • Income
  • Debt to income
  • Pensions and savings
  • Home value

A broker will explain your options

A good broker will not only explain the choices you have but also ask you questions, both to inform you of the best option and to get to know you better. A good broker will listen to your concerns, and needs, and tell you where you’re wrong. It is important that you feel comfortable with your broker, so make sure you ask him or her questions that you may not otherwise bring up with a vendor.

Choose the right mortgage broker

There are a number of factors to consider when looking for the right mortgage broker. For example, the time of the year when you need a mortgage can affect how quickly they can get you the paperwork done, so a summer month will give you more time for when you’ll need the funds.

Choose the right mortgage for you

As your mortgage broker, we are able to help you navigate the mortgage lending process to help you get the most for your money. Our expert team of mortgage brokers are trained to meet your needs and guide you through all aspects of the home buying process, so you can quickly and easily buy your dream home or business, purchase or refinance your mortgage and be on your way to home ownership.

Life is all about choice – When it comes to mortgages, you have the freedom to choose a mortgage that fits your current financial situation. We can help you find the mortgage that best suits your needs. Our mortgage brokers are here to guide you through the entire process – from meeting with lenders to finalizing the purchase or refinance your mortgage.

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.

You can also click here.

Ottawa Real Estate and Capital Mortgages. Best Ottawa Broker

Ottawa Real Estate

Ottawa Real Estate: Best Ottawa Houses and Condos to Buy

You want a mortgage broker to help you understand the ins and outs of purchase financing — whether it’s your first home or you are a repeat buyer.

Understanding the Ottawa Real Estate Market

Remember how I said it was a good idea to find a mortgage broker in your area? You need to find someone you can trust, who has the experience to find you the perfect mortgage and can talk your way out of a tricky situation. We recommend Capital Mortgages as a very trustworthy broker in Ottawa and you can find them on this website. Getting Approved for a Mortgage. You want to find a lender you can trust and feel comfortable talking to. When you first become a homeowner, you want to be your own independent lender. It’s your money!

How Do I Buy a Home?

Step 1: Find a House to Buy. The first step to buying your first home is to find a house to buy. Ensure it is within the budget you think you can afford.

The Process of Buying a House

The mortgage process starts with your loan application. If you are buying your first home, it’s typically a short, simple application, and with many lenders, your application is completed online and submitted by mail. With less than two weeks to go before closing, you’ll meet with your mortgage lender, or “servicer,” in person and sign the loan papers. The Mortgage Debt After you’ve signed the loan papers, you’ll be able to close on your mortgage loan, including the last few moving expenses and stamp duty you paid for the home, over the phone. You’ll be required to provide any additional paper work and pay the administration fees.

Tips for First-time Buyers

When to buy your first home? Buying your first home is a special event that has lots of considerations and should be handled in an organized way. As a first-time buyer, you have a lot of big decisions to make, and don’t want to make the wrong ones.

When to sell your first home? If you are getting ready to sell your home, you have a few more considerations to deal with. Before putting it on the market, make sure the place is in good condition and ready to go. A few fixes can help make sure you get the best price for the home you have worked hard to own.

Checklist for First-time Home Buyers. There are some important questions to consider before you start your first home search. We’ve asked four of our real estate experts to give us their advice for a good checklist.

Buying a Condo

Finding the best condo condos in Ottawa is a difficult task. It’s complex and you need an understanding of a variety of factors, including property taxes, unit fees and condo board meetings. Here’s how it breaks down: Condos priced below $300,000 are few and far between in the City of Ottawa and may need to be bought in a house or apartment complex or purchased in a multi-unit development, like an apartment or a townhouse. These houses or apartments are often near train stations, making access and commuting to work easy. Depending on your budget, there are many options.

A Mortgage Broker’s Role in Real Estate

Like a good parent, your mortgage broker will be your guide and your teacher. He/she will help you take advantage of the many benefits of having a mortgage. These benefits include: The income-earning potential of your mortgage. Freedom from monthly house-related expenses. Potential for growth in capital gain potential the power to customize your mortgage terms. How Much You’ll Pay in Mortgage Interest. Most experts agree that the mortgage interest rate is the most important factor in calculating your borrowing cost. The annual percentage rate (APR) is the amount you will pay annually on your mortgage payment. However, it’s important to note that there are several ways to calculate how much interest you will pay on your mortgage.

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 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.

Are You Using Your Home As An ATM?

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

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

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

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

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

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

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

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 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.

4 Mortgage Pitfalls to Avoid as a First-Time Homebuyer

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

 

1) Not Getting Pre-Approved

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

 

2) Taking On More Than You Can Afford

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

 

3) Longer Amortization Period

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

 

4) Not Reading the Fine Print

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

 

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

 

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

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

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

 

Go for a skate on the canal

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

 

Enjoy a spa day

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

 

See a show at the NAC

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

 

Take a cooking class together

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

 

Dinner and drinks with a view

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

 

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