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When looking for a home, there are many things to consider. From the price of the property and its location, to the number of rooms and whether it has a nice yard, these are all standard contemplations house hunters have at the top of their list. However, there are other things to keep in mind you may not be considering.

Inquiring as to whether there’s street lighting nearby, how many outlets there are in a room, what kind of pipes are in use, what type and style of windows are installed, and whether there are zoning restrictions are additional questions that you should consider when you’re looking to purchase your dream home.

Read on to learn more about the essential aspects you should have or add to your house hunting checklist.

In this article:

• Why price and location is important in choosing a home
• Things to consider about the home’s exterior
• What to look for inside the home
• How important is the kitchen?
• What features do the living room and dining room have?
• Are you considering what you need in a bathroom?
• What to look for when it comes to bedrooms
• How important is the basement?
• What else to consider before buying a home
• Download our house hunting checklist!

Why price and location is important in choosing a home

“Buying a home is one of the most significant investments you’ll make in your lifetime,” shares Julia Hurst, a REALTOR® at Keller Williams Capital Realty in Rothesay, New Brunswick. “Undoubtedly, the price of a home is one of the primary considerations for most buyers. Establishing a clear budget that not only covers the purchase price, but also includes additional costs like closing fees, property taxes, and maintenance expenses is incredibly important.”

Hurst says, “the saying ‘location, location, location’ is a real estate mantra for a reason!” The location of a home dictates both the demand, price, and desirability, and for this reason, it’s important to “think about your lifestyle and future plans when assessing the location.”

“The neighbourhood you choose can greatly impact your daily life,” Hurst explains. “Therefore, considering things like the proximity to work, schools, shopping centres, healthcare facilities, and recreational areas should all be top of mind.”

According to Hurst, examples of questions you should be asking yourself are:

• Am I okay with living in a neighbourhood full of children?
• Does the area offer accessible infrastructure?
• What’s the age group of the rest of the homeowners in the area?
• Am I close to amenities such as schools, city services, public pools, places of worship, restaurants, etc?

Remember, REALTOR.ca listings come with neighbourhood information powered by Local Logic. Make sure to check that tab out when looking at your next property!

Things to consider about the home’s exterior

“Before falling in love with a property’s aesthetics, ensure it has solid structural integrity,” cautions Hurst.

Structurally impaired properties can lead to expensive, unanticipated repairs if the crucial step of organizing a home inspection is overlooked. You want your home to be able to maintain its structure over time, so “by taking a good look at the foundation, roof, windows, plumbing, electrical systems, and more can save you from costly repairs down the road,” shares Hurst.

Though you’ll spend most of your time enjoying the interior of your home, there are still things to consider when it comes to the exterior. As you’re looking at potential homes, keep these things in mind:

• What’s the lot size?
• What kind of house is it (single family, semi-detached, townhome)?
• Which direction does the home face? When will you be getting the most sun?
• Is it a shared or private driveway?
• How close are the houses next to you?
• What type of siding does it have, and what is the general upkeep of this material?
• What’s the condition of the landscaping?
• Does it have a garage?
• Is there a front porch?
• Are there street lights nearby?
• Is there a private backyard?
• Does the foundation have any major cracks?
• What’s the aesthetic of the home?
• Is the roof in good condition?

What to look for inside the home

Setting aside the individual rooms, it’s important to get a good gauge of the home’s interior as a whole.

“Consider the number of bedrooms, bathrooms, and any additional rooms or features (like a home office or backyard) you require now or may require down the line,” recommends Hurst.

You should also ask yourself things like:

• Do you like the interior architectural aesthetic?
• Is there good soundproofing between rooms?
• Is the home open-concept?
• Is there a lot of storage space?
• Do the locks, latches, and handles work well?
• Do the windows and doors open well without sticking?
• Are the doorways and hallways wide enough to move around and move in your furniture?

When it comes to the individual rooms, there are further things you can ask or look for to make sure you’re considering every element of a potential home.

How important is the kitchen?

Considering you’re preparing three meals a day (plus snacks, of course) inside this room, chances are you want it to be functional and laid out to your liking. Ask yourself the following questions:

• Does it have an eat-in area?
• Is there a kitchen island?
• What’s the pantry space like?
• What’s the colour-scheme, and will it need to be changed?
• Does this layout work for your family?
• What types of counters are there?
• Do the appliances come with the home?

What features do the living room and dining room have?

At the end of the day, you’ll need a place to relax (and enjoy those meals you made). This is your castle, after all! Make sure you are getting most of your needs and some of your wants, like:

• What type of flooring is there?
• Is there a fireplace? Is it wood-burning?
• Is there a separate dining room?
• Is there a lot of natural light?
• How many light fixtures are there?

Are you considering what you need in a bathroom?

The bathroom situation of a home cannot be overlooked, either. Some REALTORS® say this is actually one of the most important aspects of a home. When you’re looking at photos or touring a potential home for you and your family, make sure to ask yourself:

• Is there an ensuite bathroom?
• Is there enough counter space for everyone who will be using it?
• Are there enough outlets and are they in convenient locations?
• Is there a walk-in shower?
• Is the shower tall enough for your needs?
• Is the water pressure decent?

What to look for when it comes to bedrooms

Listen, you should be spending at least a third of your life here (who’s getting eight hours of sleep a night?). However, bedrooms aren’t just a place to get your snooze on. You should feel most at ease here, to create a calm, tranquil environment. Make sure to ask yourself these important questions:

• What’s the flooring type?
• Is there enough floor space for what you need?
• Is there closet space for what you need?
• How many windows are there?

How important is the basement

Don’t overlook the basement! This part of a home can be super valuable in terms of finishing your home how you like. Need an extra bedroom? Put it in the basement. Need a home office? Consider the basement. Want more storage? A bar? A play area? Well, this could be the basement’s chance to shine. Here are some things to ask yourself:

• Is it finished?
• Is there enough headroom for you?
• Is it a walk-out basement?
• How many windows are there?
• Is there any evidence of flooding issues or moisture?
• Check out the storage and furnace areas for any obvious issues (a home inspector will ensure the system is safe and up to date).
• Are any bedrooms in the basement up to code?

What else to consider when buying a home

• Were there recent renovations done? If yes, who did them and can you see the receipts?
• What type of heating is it?
• Is the electrical system up to date?
• What type and size of water heater is there?
• What type and rating of insulation is used in the house?
• Is the house on sewer or septic?
• What are your options for cable, internet, and cell service in the area?
• Are there overnight parking restrictions?

Don’t forget the resale value

Yes, even when you’re hunting for a home to buy, resale value should be a top consideration.

“Even if you’re planning to stay in your new home for many years, it’s wise to consider its resale potential,” explains Hurst. “Think of your purchase like an investment. Market conditions can change, and you may need to sell your property in the future. Factors like neighbourhood desirability, school districts, and property conditions can all influence resale value.”

Remember, your REALTOR® can provide valuable insights into the current market and help you make decisions that will benefit you in the long term.

Download our full checklist!

Purchasing a home is a significant decision, and while there can be stressful moments along the way, it should be, overall, a fun experience!

“It’s essential to approach it with careful consideration and an open mind to possibilities. Make a list of needs versus wants and prioritize what are the non-negotiable items and what are the things that you could live without and maybe add later,” advises Hurst.

Hurst encourages “working with an experienced REALTOR® who will help make the process smoother and will ensure you find a home that aligns with your goals,” and adds, “take your time, do your research, and align with a REALTOR® who you feel most comfortable with.”

Check out our full house hunting checklist below. Save it in your phone or print it off for when you attend your next open house to ensure you’re ticking all the boxes—literally!

Source

Once your offer to purchase has been accepted, your financing has been approved and a closing date has been set, you might breathe a sigh of relief. But there’s another important step before you take possession: preparing and transferring the title to your home.

When a real estate lawyer—or a notary, in Quebec—starts working on the title, several tricky issues can come up. But not to worry; most of the time, you can rely on your REALTOR®  and this professional to help navigate the process.

Real estate lawyers review the contract, making sure it complies with all regulations, and that all signatures are in the right place. By viewing public documents like deeds and land records, they then verify whether the property is being sold by the individual, corporation, or estate that owns it and check whether the home is subject to sales tax. Title searches are crucial to make sure any claims against a property are paid before the seller receives payment from the buyer.

We asked Jennifer Chiasson, a real estate and planning lawyer, and partner at LM Legal Solutions in Dartmouth, Nova Scotia, about five situations you might encounter, and how they get resolved so you get a clear title.

In this article, we’ll go over:

• 1. Existing liens
  2. Encroachment issues
  3. Title fraud
  4. Legal use or zoning problems
  5. Mistakes with public records 

Issue 1: Existing liens

Liens against a property can include anything from unpaid debts to missed tax payments, and they must be cleared before you take over the property. Otherwise you, as the new owner, are responsible for paying them, says Chiasson.

“Most times, you’d see a builder’s lien if it’s a new construction or has been significantly renovated, and those are placed by contractors that didn’t get paid by the owner; it’s important the lawyer finds that lien, so it’s taken care of by the seller’s lawyer,” she explains.

“There can also be judgments against the individual owners of a property for things like default on a credit card or Canada Revenue Agency taxes. The lawyer ensures there are enough funds to cover those.”

Issue 2: Encroachment issues

Sometimes, a neighbour’s fence might be a few inches over the property line—that’s an encroachment, but not a serious one. However, a lawyer may discover an entire addition to the home or an in-ground pool encroaches on someone else’s land.

“If a client came to me and said, ‘It looks like the neighbour’s shed might be over my property line,’ I’ll look to see if there’s any easements or agreements in place—sometimes there are and sometimes there aren’t,” says Chiasson.

“For example, Nova Scotia has a lot of rural properties, and many people have shared driveway agreements, so I check to see if that’s on title. If there’s an easement agreement or an encroachment agreement in place, it flows with the property.”

Issue 3: Title fraud

Sometimes, lawyers find red flags, like forged or stolen documents that were used to commit title fraud without the property owner’s knowledge, notes Chiasson.

Buying title insurance can protect you against any issues that are discovered during a search.

“We check for anything unusual, such as if the title was recently transferred, and we verify our clients’ identities,” she explains. “It’s important to have REALTORS® and lawyers involved in the process, so you have multiple layers of identification verification. Private deals are much more susceptible to identity fraud.”

Issue 4: Legal use or zoning problems

Sometimes, a seller’s use of a property doesn’t comply with zoning bylaws. Maybe they set up a store in their basement, for example, or turned a commercial space into a residential loft.

“With short-term rentals becoming more frequent, verifying municipal zoning is incredibly important. If people didn’t follow zoning requirements or pull proper permits, those sorts of things are covered by title insurance,” says Chiasson.

Issue 5: Mistakes with public records

Errors about things like square footage or property lines can also make a sale complicated, notes Chiasson, because that can affect your home’s appraised value.

“In Nova Scotia, we changed from an old registry of deeded system to the online land registration system in 2004. And before that, things like easements got missed or restrictive covenants didn’t get properly applied to a parcel of land that should have. So, we always check, and then we go back to the clients and their lawyer to say, ‘We think these apply’.”

Title searches protect buyers, sellers and lenders for major issues that could derail a sale. Being prepared by working with professionals like real estate lawyers and REALTORS® helps the transaction go smoothly for everyone.

Mortgage Rate Comparison Websites: Are They Really Helping You Get the Best Deal?

When you’re shopping for a mortgage, one of the first steps many people take is to visit a mortgage rate comparison website. These sites promise to show you the lowest rates available from multiple lenders — all in one place. But while they can be a helpful starting point, it’s important to understand how they work, what they include (and what they don’t), and why speaking with a mortgage professional can still be your best move.

How Rate Comparison Websites Work

Rate comparison websites gather advertised mortgage rates from banks, credit unions, and other lenders. They display these rates side-by-side so you can compare interest rates, term lengths, and sometimes special offers. Some also allow you to input basic details about your loan needs to get a more tailored list.

Most of these platforms make money by connecting you to a lender or mortgage broker when you click “Apply” or “Get More Info.” This means they might prioritize certain lenders who pay for placement, rather than listing every possible option.

The Benefits of Using Rate Comparison Websites

• Quick Overview – You can see a snapshot of current rates from different lenders within minutes.

• Educational Value – Comparing rates can help you understand market trends and what’s considered a “competitive” rate.

• Convenience – Instead of visiting multiple bank websites or calling around, you can start your search in one place.

The Limitations You Should Know

• Rates Aren’t Always the Full Picture – The lowest advertised rate might have strict qualifying criteria or additional fees that aren’t shown upfront.

• Not All Lenders Are Listed – Some lenders don’t appear on comparison websites at all, even if they offer competitive rates.

• Personal Factors Matter – Your credit score, income, down payment, and property type can all affect your actual approved rate, which may differ from what you see online.

Why a Mortgage Agent Still Matters

While rate comparison websites are great for initial research, a licensed mortgage agent can often access exclusive rates and products not available to the public. They also help you navigate conditions, lender requirements, and negotiate on your behalf — something a website can’t do.

The Bottom Line

Mortgage rate comparison websites can be a useful tool in your home financing journey, but they’re just one piece of the puzzle. Use them to get a general sense of the market, then connect with a mortgage professional to explore your full range of options and secure a mortgage that fits your unique situation.

Understanding the Home Buying Process in Ontario: A Step-by-Step Guide

Buying a home is one of the most important financial decisions you’ll ever make. Whether you’re a first-time homebuyer or a seasoned investor, understanding how the home buying process works in Ontario can save you time, money, and stress.

Here’s a step-by-step guide to help you navigate the journey with confidence.

1. Get Pre-Approved for a Mortgage

Before you start browsing listings, it’s important to understand how much you can afford. A mortgage pre-approval:

**Gives you a realistic price range

**Locks in an interest rate for up to 120 days

**Shows sellers you’re a serious buyer

👉 Tip: Work with a mortgage agent to explore your options and find the best rates available.

2. Determine Your Budget

Besides the purchase price, consider the closing costs, land transfer tax, home insurance, utilities, and potential renovations. In Ontario, expect to set aside 1.5% to 4% of the purchase price for these additional costs.

3. Find a Real Estate Agent

A licensed real estate agent will help you:

**Find homes that meet your criteria

**Book showings and handle paperwork

**Negotiate the best deal

Make sure your agent knows your must-haves vs. nice-to-haves.

4. Start House Hunting

Browse listings online, attend open houses, and schedule private showings. When you find “the one,” be ready to act quickly, especially in a competitive market.

5. Make an Offer

Your real estate agent will help you make a competitive offer based on:

**Recent sales in the area

**Property condition

**Current market trends

**The offer may include conditions, such as:

**Financing approval

**Home inspection

**Sale of your current home

6. Get a Home Inspection

A home inspection isn’t mandatory, but it’s highly recommended. It can reveal hidden issues like foundation problems, plumbing leaks, or mold. Based on the report, you can renegotiate or back out of the deal (if your offer included an inspection condition).

7. Secure Final Mortgage Approval

Once your offer is accepted, your lender will need the purchase agreement and property details to finalize your mortgage. If all checks out, you’ll receive a mortgage commitment letter.

8. Hire a Real Estate Lawyer

Your lawyer will:

**Review all legal documents

**Handle the title search

**Register your mortgage and transfer ownership

**Transfer the funds on closing day

9. Prepare for Closing Day

Before you get the keys, make sure:

**Your down payment is ready

**You’ve arranged home insurance

**All final paperwork is signed

On closing day, your lawyer will transfer the funds and you’ll officially take possession of your new home!

Final Thoughts

Buying a home in Ontario doesn’t have to be overwhelming. With the right team—mortgage agent, real estate agent, lawyer—and a clear understanding of the process, you can make informed decisions every step of the way.

If you’re ready to begin your home buying journey or need help with pre-approval, contact us today for expert mortgage advice tailored to your needs.

Understanding Closing Costs: What Every Homebuyer in Ontario Should Know

Category: First-Time Buyer Tips | Mortgage Basics
Tags: Closing Costs, Ontario Real Estate, First-Time Buyers, Mortgage Tips

What Are Closing Costs?

When buying a home, many buyers—especially first-time buyers—focus solely on the down payment. But there’s another crucial expense that you must plan for: closing costs.

Closing costs are one-time fees you pay on the day your home purchase is finalized (also known as the closing date). These costs cover legal, administrative, and other services needed to complete your home transaction.

How Much Are Closing Costs in Ontario?

In general, closing costs range from 1.5% to 4% of your home’s purchase price. On a $600,000 home, that’s roughly $9,000 to $24,000.

Breakdown of Typical Closing Costs in Ontario

🏛️ Land Transfer Tax (LTT)

Provincial LTT is payable on all home purchases in Ontario.

If you’re buying in Toronto, you’ll pay an additional Municipal LTT.

First-time buyers may qualify for a rebate of up to:

$4,000 (Ontario)

$4,475 (Toronto)

💡 Tip: Use our Land Transfer Tax Calculator to estimate your amount.

🧑‍⚖️ Legal Fees and Disbursements

Expect to pay between $1,000 and $2,000.

Covers:

**Title search

**Registration of the mortgage

**Legal advice

**Disbursements (courier, photocopies, etc.)

🛡️ Title Insurance

      One-time fee of $250–$500.

      Protects against title fraud, survey issues, and other hidden ownership defects.

🧾 Home Inspection Fee (Optional but Recommended)

        Around $400–$600.

        Helps identify potential structural or safety issues before you finalize the deal.

🏠 Appraisal Fee

      May be required by your lender to confirm the value of the home.

      Usually costs $300–$800.

      Sometimes covered by the lender.

🔥 Property Tax & Utility Adjustments

     You’ll reimburse the seller for prepaid property taxes or utility bills

     This amount varies depending on your closing date.

📦 Moving Costs

Depending on the size and distance, professional movers can cost between $500 and $2,000.

🏦 CMHC Insurance Premium (If Applicable)

If your down payment is less than 20%, you’ll pay mortgage default insurance.

While the premium is added to your mortgage, the 8% PST on that premium must be paid upfront at closing (in Ontario).

Closing Cost Example on a $600,000 Home

✅ Tips to Prepare for Closing Costs

Budget early: Include 1.5%–4% of your purchase price as part of your savings goal.

Ask your mortgage agent or lawyer for a detailed estimate early in the buying process.

Know your rebate eligibility if you’re a first-time homebuyer.

💡 Need Help Calculating Your Closing Costs?

Reach out for a personalized estimate based on your purchase price, location, and financing details. Or try our Free Closing Cost Calculator to get a quick breakdown.

📞 Ready to Buy? Let’s Make Sure You’re Financially Prepared

Whether you’re a first-time buyer or a seasoned homeowner, understanding all the costs involved will help you avoid surprises on closing day.

Contact us today at 416.564.6437 or email at anilg@dominionlending.ca to get pre-approved, estimate your closing costs, and make confident decisions with expert advice.

Interest Rate Update: No Rate Cuts Yet, But the Markets Are Moving

6th August  , 2025
Category: Mortgage Rate Updates

Highlights from Last Week

The Bank of Canada (BoC) held its policy rate unchanged last week, as expected. However, it took a slightly different approach by not providing its usual economic forecast, citing the unpredictability of U.S. trade actions. Instead, it outlined several possible tariff scenarios.

The key message? The BoC appears open to more rate cuts if conditions warrant it—especially if inflation remains manageable. This was seen as a dovish hold.

Meanwhile, the U.S. Federal Reserve also kept its policy rate steady. But in contrast to the BoC, the Fed’s comments were more hawkish than markets anticipated.

Fed Chair Jerome Powell emphasized:

A “solid” U.S. labour market

Persistent inflation above target

And uncertainty around the full effects of trade tariffs

Despite Powell’s tone, markets think otherwise:
Investors now put a 95% chance on a Fed rate cut at the next meeting on September 17, especially after Friday’s weak U.S. employment data.

U.S. Jobs Data: A Closer Look

July’s job growth came in below expectations, with only 77,000 new jobs added. More significantly, job numbers for May and June were revised downward by a combined 258,000 jobs—the biggest non-COVID-related revision since 1979.

While payroll revisions are common due to estimation methods, they tend to dampen economic signals during turning points in the cycle. Once revised, the data now suggest the U.S. economy may be losing momentum faster than previously believed.

Mortgage Rate Update: What This Means for You

U.S. bond yields dropped sharply on Friday, and Canadian Government of Canada (GoC) bond yields followed suit. If yields remain at these lower levels, it could reverse the recent upward trend in fixed mortgage rates.

We’ll have a clearer picture by the end of this week once the bond market finishes digesting the latest data.

On the variable-rate side, the BoC’s dovish stance should give borrowers some optimism. However, the market is still only pricing in a 15% chance of a cut at the Bank’s next meeting on September 17.

That said, variable-rate discounts for uninsured borrowers have recently narrowed, making these rates slightly more expensive than before.

Borrower Tip of the Week

Don’t overlook your closing costs.
Many first-time buyers are caught off guard by these expenses. Use a Mortgage Calculator to estimate them.

Mortgage Strategy Insight

Right now, 3-year and 5-year fixed rates are about the same. In this scenario, the 5-year term typically offers better value, especially as the term premium (the cost of locking in for longer) gradually returns with a normalizing yield curve.

Although rate cuts are coming slower than expected, I still believe variable rates may yield the lowest overall borrowing cost over the term of your mortgage—but only if you can stomach the volatility and have room in your budget to absorb higher payments if needed.

💰 Down Payment Tips for First-Time Home Buyers in Ontario, Canada

Buying your first home is one of the biggest financial milestones of your life. If you’re starting the journey in Ontario, one of the most important steps is understanding and preparing for your down payment.

Here are some practical and helpful tips to make your path to homeownership smoother.

1. Understand the Minimum Down Payment Rules in Canada

In Canada, the minimum down payment depends on the purchase price of your home:

🏡 5% for homes priced up to $500,000

🏡 5% of the first $500,000 + 10% of the amount above for homes priced between $500,000 and $1,499,999

🏡 20% for homes priced $1.5 million and above

Example:

For a $600,000 home:

5% of $500,000 = $25,000

10% of $100,000 = $10,000

Total down payment = $35,000

2. Use the First-Time Home Buyer Incentives

As a first-time buyer in Ontario, you may qualify for several incentives to help with your down payment:

✅ Home Buyers’ Plan (HBP)

You can withdraw up to $60,000 from your RRSPs tax-free for your down payment. You have 15 years to repay it.

✅ First Home Savings Account (FHSA)

A new program allowing you to save up to $8,000 per year tax-free (up to $40,000 total) towards your first home.

✅ Ontario Land Transfer Tax Rebate

First-time home buyers can receive a rebate of up to $4,000 on Ontario’s Land Transfer Tax.

3. Start Saving Early — Automate It

The earlier you start saving for your down payment, the better. Set up automatic transfers into a high-interest savings account or your FHSA. Treat it like a monthly bill you have to pay.

4. Consider a Gifted Down Payment

Many first-time buyers in Ontario receive help from family. A gift letter (from parents or a close relative) can be used to show the lender that the money is a gift and not a loan.

Make sure:

The funds are in your account at least 15–30 days before closing.

You provide a signed gift letter to your lender.

5. Avoid Common Mistakes

❌ Using your entire savings for the down payment. Keep a buffer for closing costs, moving expenses, and emergencies.

❌ Not getting pre-approved. Know how much you can afford before shopping for a home.

❌ Taking on new debt. Avoid large credit purchases during the mortgage approval process.

6. Work with a Mortgage Professional

Every buyer’s financial situation is different. A mortgage agent or broker can:

Help you maximize your down payment options

Connect you with lenders offering flexible solutions

Help you get pre-approved and lock in competitive rates

Final Thoughts

Saving for your first down payment may feel overwhelming, but with the right strategy and support, it’s absolutely achievable. Take advantage of government programs, stay disciplined with your savings, and surround yourself with the right experts.

You’re not just buying a property — you’re investing in your future.

Need help figuring out your budget or how much you can afford?
✅ Let’s connect and discuss your options. First consultations are always free!

Refinancing Your Mortgage in 2025.

Refinancing your mortgage can be a smart financial move for many reasons, and as your trusted mortgage advisor, I’ve seen how much it can benefit homeowners!

Ideally, refinancing is done at the end of your mortgage term to avoid penalties, but the timing can vary depending on your goals. For some, it’s about unlocking the equity in their home to fund renovations or cover big expenses like college tuition. For others, it’s an opportunity to consolidate debt, lower their interest rate, or change up their mortgage product.

Let’s take a closer look at some of the ways refinancing your mortgage can help!

• Get a Better Rate: As interest rates have continued to decrease with the Bank of Canada updates these past few months, now is a great time to consider refinancing for a better rate and lower overall mortgage payments!  Experts anticipate the Bank of Canada will move to have the overnight rate down to 4.0% at year-end and potentially down to 2.75% for 2025.
• Consolidate Debt: When it comes to renewal season and considering a refinance, this is a great time to review your existing debt and determine whether or not you want to consolidate it onto your mortgage. In most cases, the interest rate on your mortgage is less than you would be charged with credit card companies or other forms of financing you may have. Plus, having all your debt consolidated into a single payment can keep you on track!
• Unlock Your Home Equity: Do you have projects around the house you’ve been dying to get started on? Need funds for a large purchase such as a new vehicle or post-secondary education? When you are looking to renew your mortgage, it is a great opportunity to consider refinancing in order to take advantage of the home equity you have built up to help with these larger changes in your life!
• Change Your Mortgage Product: Are you unhappy with your existing mortgage product? If you have a variable-rate or adjustable-rate mortgage, you may be considering locking it in at the lower rates. Alternatively, you may want to switch your current fixed-rate mortgage to a variable option with the interest rates expected to continue decreasing into 2025. You can also utilize your refinance to take advantage of a different payment or amortization schedule to help pay off your mortgage faster!

PLUS! Some latest changes by the Government of Canada will make it even easier for you when it comes to your renewal and refinancing options:

• Those of you who may have an uninsured mortgage will no longer have to pass the stress test as of November 21st. This means that you have more flexibility when it comes to rates and mortgage products in renewal cases where you wish to switch lenders without adding additional funds to your mortgage!
• Beginning January 15, the federal government will allow default-insured mortgages to be refinanced to build a secondary suite. If you’ve been considering adding a suite to your property, you may be eligible to access up to 90% of your home’s equity for this purpose.

No matter your plans or situation, please don’t hesitate to reach out to a DLC Mortgage Expert!