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A bank or an independent broker: where should Canadians looking for their first mortgage or those looking to refinance turn? Maybe it’s due to the enormity of the money that they’re hoping someone will lend them, but many people find applying for a mortgage or refinancing to be intimidating and stressful. However, it doesn’t have to be.

Big banks may be the obvious choice, but you have to wonder, when it comes to getting a competitive rate, will the banks be looking out for your best interest, or theirs? Do you want to put your trust in a big bank, or would you rather use the services of a qualified independent brokerage like Canadalend.com?

The choice seems pretty obvious.

Once you have settled on an independent brokerage, your next task is to find an agent. It’s not as easy as it seems. The Internet may be the new yellow pages, but that doesn’t mean you call the first name that pops up in Yahoo! or Google.

When it comes to getting a mortgage, loan, or refinancing, there are a number of qualities you should consider.

Licensed, Personal Attention and Service – Regardless of which province you live in, Canadalend.com agents are licensed professionals. Some so-called bank specialists, on the other hand, are not licensed and have no formal training.

Because you’re potentially borrowing hundreds of thousands of dollars, it’s more than a little reassuring to know that your Canadalend.com agent is current with Canadian mortgage financing rules and regulations.

For those who are not comfortable with negotiating or aren’t fully aware of all the different financial products and services, a Canadalend.com agent’s specialized skills and knowledge can make the entire process stress-free.

As a result, a Canadalend.com agent can help you with all aspects of a mortgage, from how much you can afford to borrow, to determining the best mortgage product, to finding ways for you to save money and pay off your mortgage or loan faster.

A Canadalend.com agent can save you time and energy with their personalized, licensed service. Because they’re independent, they can also offer you flexible hours; banks and credit unions, on the other hand…

Products – There are a lot of different financial products and services out there. For the average Canadian, it’s virtually impossible to keep track of everything, especially if you don’t keep up on the economy, interest rates, and mortgage rules and regulations.

Because Canadalend.com agents are licensed professionals and independent, they can shop multiple Canadian lenders and banks, looking for the best products at the best terms and rates. While a Canadalend.com agent has access to a huge number of Canadian home loan products, a bank or credit union only has access to their own institutional products—and will try to sell you one of their products, even if it doesn’t best suit your needs.

Because Canadalend.com agents are independent, you are assured that they will give you impartial advice.

Peace of Mind – There are a lot of brokerage firms to choose from, but no matter how many agents you talk to, you’ll quickly discover that Canadalend.com’s independent, licensed agents are the best in the field.

Make sure you feel comfortable with the agent you’re doing business with. Can they answer all of your questions, and does she or he act in a professional manner?

Be careful of high-pressure sales tactics; you are not under any obligation to continue on with the process. Never agree to a loan you do not understand. If you’re feeling pressured to buy a product, walk away.

At Canadalend.com, we want to make qualifying for a mortgage as stress-free as possible. Your Canadalend.com agent will negotiate on your behalf, getting you the best mortgage rate possible. They will also help you find the best way to pay off your loan quickly and reduce interest payments.

What do you need to look for in a mortgage broker? If you want a mortgage broker that embodies the principles, integrity, and ethics of his or her craft, then look no further than a Canadalend.com agent.

To learn more about Canadalend.com, visit www.canadalend.com .

Finding the perfect place to call home and settling in can be fun!

Buying your first home is a really big step. And it’s probably going to be the biggest purchase you ever make. While looking for a home is exciting, in this tight real estate market, it’s important to know what kind of mortgage you qualify for before you start the hunt. If you fall in love with a house, chances are someone else has, too. If you aren’t pre-approved for a mortgage, you could lose your dream home to someone who already is.

Understanding the financial side of getting a mortgage can be overwhelming and daunting. There are a lot of things that need to be figured out: how much you qualify for, interest rates, mortgage term (15 years, 20 years, 25 years), payment plans (weekly, bi-weekly, monthly), whether you want a variable or fixed mortgage, and the list goes on.

It can be hard for first-time home buyers to know where to start. After all, a lot of different factors go into determining what kind of mortgage you qualify for. It depends on your income, debt, and credit history. By shopping around and asking questions, you could end up saving yourself tens of thousands of dollars over the term of your mortgage.

Do you go to a bank to get your mortgage? If you do, are you getting the best interest rate? Are the terms and conditions best suited to your economic situation and lifestyle? Or are the banks just going to push their own products and services?

Better yet, do you use a mortgage brokerage like Canadalend.com, whose independent, licensed agents draw from all available mortgage products and provide you with impartial advice?

For the most part, all first-time home buyers want the same things—to maximize what they can borrow, to minimize their interest charges, and to pay off their mortgage as quickly as possible. When it comes to getting your first mortgage, the real difference comes in service and communication.

If you want to find out what kind of house you can afford; compare mortgage terms, rates, and amounts; or figure out how to save thousands by increasing your monthly mortgage payment, try Canadalend.com’s wide variety of interactive financial calculators.

Canadalend.com’s professional agents love working with first-time home buyers, helping them get the mortgage best suited to meet their financial needs and getting them into their dream home.

Canadalend.com’s licensed agents make it easy for first-time buyers to choose the right mortgage. Whether you need a big or small, fixed or variable mortgage, Canadalend.com agents work with all the major banks and lending institutions to get you approved in 24 hours.

A Canadalend.com agent is more than just the perfect resource for first-time buyers looking to get an approved mortgage fast! Your Canadalend.com agent can continue to be a great support, helping answer your questions and providing you with advice or referrals. At Canadalend.com, our goal is to help you achieve your short- and long-term financial goals.

What should first-time buyers look for when it comes to getting a mortgage? The nearest independent, licensed Canadalend.com agent!

While every life is different, almost everyone aims to own their own home at some point in their lives. Once on the property ladder, you may move to progressively larger homes (as your family grows) or to another city for work or you might decide to rent your home and go travelling.

Whether you’re aiming to join the property ladder, move up it or change your place on it, it’s important to keep abreast of the most recent changes in the prevailing law. We’ve detailed the two most recent changes to Canadian mortgage rules below and explained what they might mean for you.

Getting Stressed

Perhaps the most notable change to the process has been the introduction of stress testing as part of the mortgage process. This new procedure is designed to settle the property market by limiting the amount that Canadians can borrow. It’s working.

The Canadian Real Estate agent Association says that home sales in 2019 are expected to reach their lowest levels for a decade and the rule change has hit new buyers hardest who, on average, can afford 20% less than their predecessors as a result of the new legislation. Different areas, however, have been affected differently. While sales have fallen in Alberta and British Columbia, they have grown in places like Ontario and Quebec.

If you’re looking to join the property ladder in 2020, one of the key steps to getting yourself up to speed on the prevailing rules is to understand both when stress-testing will apply and how it is conducted. Either using the five-year Bank of Canada Benchmark rate or 200 basis points greater than the mortgage’s contractual rate measure. Whichever measure is larger, is the one used.

Down Payments Going Up

In addition to stress testing being brought in for 2019 there were also changes made to the minimum down payment thresholds for properties of different values. 

The revised rules require a minimum downpayment of 5% for a property valued at up to $500,000, rising to 10% for properties up to a million and settling at a 20% flat fee for any property valued in excess of a million dollars.

Where stress testing has a greater effect on first-time buyers, down payment thresholds impact more on people moving further up the property ladder as they will be required to find larger sums of available cash as they move to properties of greater value.

Its impact on first-time buyers is likely to be more tangental; an increase in the amount of time they rent for in order to save more for that initial payment or an increase in those relying on mortgage loan insurance. Mortgage loan insurance is set up to protect the lender in the event that you are unable to make your monthly repayments. Premiums for this type of insurance vary based on the value of the home you are buying and how much of the down payment you can manage. 

If you can’t make the minimum down payment take time to factor in the need for mortgage loan insurance into your budgeting, and like with any other financial product, shop around to see what rates are available to you.

Keeping to the Rules

These rules changes have had a notable effect on how Canadians manage their property purchases. Even if you are on your second or third mortgage application or property purchase, procedures such as stress testing can still appear complex. 

The experts at Canadlend.com are experienced when it comes to helping new and repeat borrowers with their mortgage products. Staying abreast of the changes in the law and how they affect borrowers means they can help you understand the process. Their access to hundreds of lenders and their products means that once they’ve helped you develop your financial plan they can connect you with the best product to execute that plan.

To find out more, contact Canadalend.com today and find out how you can take your first or next step on the property ladder.

The coronavirus pandemic has derailed buying and selling activities in the property market. Albeit fewer homes have been listed for sale, the industry is gradually recovering. Prospective buyers can make purchases and sellers can list their properties for sale while adhering to prevention measures for safe transactions.

When this year started, the Real Estate Market was showing prospects of steady growth until the novel coronavirus took toll of the industry in March. With strict restrictions to limit the spread of Covid-19 put in place, householders took to a cautious approach, trying not to make purchases or listing their properties for sale.  There have been reports showing the volume of mortgage applications falling up to 24%, despite the rock-bottom mortgage rates.

Nonetheless, that's not to say that all hopes of buying and selling your home are entirely shuttered. Those who were on the verge of closing home deals or want to purchase properties they can still do so.

Here are helpful tips for selling and buying a property in an age when social distancing, wearing facemasks, and the use of sanitizers are a norm.

Do Your Homework

Despite the slump in the number of newly-listed homes, there are still excellent options in property listings. This is a time to research the market and find your preferred property in a community you like. Don't limit yourself to a few selected areas. Extend your search to other surrounding regions that might have homes with excellent value for money, amenities, and facilities.

As you spend more time indoors, it's an opportunity to assess your current home and determine the level of functionality and comfort it offers you. That helps in knowing your priorities when searching and consequently buying a home.

Speak to an Agent

Most real estate agents have communication protocols during the coronavirus crisis. They currently leverage technological tools to communicate with property buyers, offer virtual tours; negotiate and even finalize deals without having to meet them in person.

If you've inspected a listed property and are willing to close the deal, make a call to your agent for assistance on how to proceed. Agents can organize for an interactive virtual tour where you can ask questions regarding the design, condition of the property, and chattels, etc.

If selling a home is your decision, you can resort to online appraisals. Housing agents understand the market well and will be glad to offer estimates of the property's value and how it may fair in the property market.

Safe In-Person Meetings

Once you have staged your home, you want to meet the prospective buyer(s) in-person to show them the property. Instead of driving property hunters in your car, let them drive themselves to the property, so you can both rendezvous with them on site.

If you're showing an open house, bring along a hand sanitizer or place a sanitizing agent at the door to minimize the risk of contraction. Alternatively, you can also perform pre-screening procedures on the potential buyer to track their contacts if they've recently travelled.

Prepare the Home

During this time when entertainment, sports, and other social areas are closed, take advantage of this while to prep your home for the market. Preparation may entail anything from mowing the lawn, exterior repairs, tidying the gutters, and decluttering the interior.

Start with a DIY approach to reduce the workload before calling the professionals for help. Do an online home improvement search to note the additional décor that can enhance the visual appeal of the home. Once the restriction measures are eased, you can embark on implementing the changes.

For more information contact Canadalend, your Trusted Toronto and GTA Mortgage Brokers!