Skipping pre-approval leads to unrealistic expectations and disappointment.
Late credit checks can cause last-minute surprises and higher rates.
Big purchases during approval ↓ mortgage amount you qualify for.
Underestimating closing costs causes financial stress at closing.
Working with a mortgage expert helps compare lenders and find best options.
Blog
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Tips for First-Time Mortgage Success
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Adding just a few dollars to each mortgage payment can save you thousands in interest
If you want to pay off your mortgage quickly, consider adding extra dollars to each payment. For new borrowers, starting with additional payments from the first month can lead to significant savings. For example, adding $100 monthly on a $200,000 mortgage at six percent can save over $49,000 and shorten the term by more than five years. An online calculator from FinancialMentor can help determine how much to add for a specific payoff date. Additionally, lump sum payments from bonuses or tax refunds can also help achieve early payoff goals.
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Canada Mortgage Stress Test Explained
Applies to all Canadian homebuyers since 2018; must prove ability to pay if rates rise.
Test uses higher of 5.25% or offered rate + 2% to assess affordability.
Directly impacts mortgage qualification and borrowing amount; may require higher down payment or lower budget.
2024 update: No test needed for straight switch to new lender with same terms.
Test aims to prevent excessive debt; use affordability calculators or consult specialists for guidance. -
Unlocking cash flow: Your step-by-step guide to selling a tenant-occupied apartment
Understanding cash flow is vital when selling a tenant-occupied apartment, as positive cash flow attracts investors seeking immediate income. Benefits include consistent rental income, reduced vacancy risks, and minimal tenant disruption. Effective communication, legal compliance, market valuation, and strategic marketing are key. Respecting tenants during showings and evaluating offers carefully ensures smooth transactions. Post-sale, clear tenant communication and awareness of tax implications help maximize returns and maintain goodwill.
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Canada’s 2026 Housing Outlook Stabilizes
Buyer confidence is gradually improving as Canadians anticipate a steadier, more predictable housing environment heading into 2026.
First-time buyers are set to play a major role next year, encouraged by easing conditions and a more positive economic outlook.
A modest 0.5%–1% rate drop early in 2026 could quickly unlock pent-up demand as buyers watch the Bank of Canada closely.
Markets nationwide are moving toward balance, with affordability, commuting needs, and regional stability guiding buyer decisions as 2026 approaches.
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Happy New Year!
A new year arrives with fresh goals, bold ideas, and the momentum to turn today’s plans into tomorrow’s lasting success.
2026 begins with opportunity ahead, inviting smarter decisions, renewed focus, and confidence to shape what comes next.
Happy New Year 2026, a time to celebrate progress, embrace change, and move forward with optimism, purpose, and clarity.
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How Portable Mortgages Actually Work
Portable mortgages let homeowners transfer an existing low-rate loan to a newly purchased property.
When upgrading to a pricier home, borrowers must cover cost differences with cash or higher-rate loans.
The U.S. lacks portable mortgages due to long loan terms and reliance on mortgage-backed securities.
Portability works abroad because shorter mortgage terms reduce risk of decades-long interest-rate commitments.
While helpful for current owners, portable mortgages may raise home prices and offer minimal benefit to newcomers.
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Guidelines For Getting A Mortgage With Student Loans
You can qualify for a mortgage with student loan debt if your debt-to-income (DTI) ratio meets lender requirements, typically not exceeding 43%. Some loans, like physician mortgages or those with co-signers, may exclude student loans from DTI. Options to improve approval chances include income-driven repayment plans, adding co-borrowers, and exploring low down payment loans. Different mortgage programs have specific student loan guidelines. Paying off loans first depends on interest rates, DTI, and savings.
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The Essential Home Selling Price Tips Every Homeowner Must Know
Determining a home's value is essential for setting the right price and assessing investment worth. Use online estimators as a starting point and consult real estate agents for comparative market analysis based on recent sales. Strategic pricing attracts buyers and can spark bidding wars. Avoid overpricing or underpricing to prevent extended market time or undervaluation. Collaborating with an agent helps list the home at its optimal market value.
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Fourteen strategies to get the mortgage monkey off your back faster
Paying off a mortgage quickly can save significant money. Strategies include making higher repayments, opting for fortnightly payments, consolidating debts, and using home equity. Switching to a lender with a lower rate can also reduce costs. Sacrificing minor luxuries and staying informed about market changes can help. Paying upfront fees and the first installment early can provide advantages. Shopping around for the best loan and choosing one that fits your needs is crucial. Keeping an eye on deals and maintaining higher payments after switching can further expedite mortgage payoff.
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