As a mortgage broker in Kitchener- Waterloo (this is where I live too) I see many first time home buyers, most of which either grew up here or went to one of the abundant universities and colleges in the area. Wanting to stay near the area they became so familiar with at school.
Kitchener Waterloo has a great small town feeling with big city amenities. Lots of parks, restaurants (with great prices) and things to do for people of all ages but especially younger families.
There is a huge shift in the under 40 age group being educated in mortgage options and questioning the traditional bank only mortgages. They do much better at getting better mortgages than their parents! Once you’ve purchased, mortgage renewals and refinancing are easy. I tend to work with clients over and over again as mortgage renewals come up and refinancing options are explored.
Right now the mortgage industry is seeing a growing demand for people needing mortgage help and advise as they are coming up for their mortgage renewal. The higher interest rates can be daunting so now is a perfect time to explore different lenders (I have access to 70 +), rates and debt consolidation to reduce monthly payments. I can see this becoming even more important as the year progresses.
Free Mortgage Advice
I often discuss options with clients including the best way to pay off your mortgage faster. Usually this is not much more than just changing your mortgage payments from monthly to accelerated weekly or bi-weekly payments. There are also ways to invest part of your mortgage payment and use that investment to pay your mortgage off sooner. We have access to financial advisors that can explain this in more detail.
When you are purchasing your Waterloo home, there are different options regarding down payments. Some can be borrowed, some gifted by a family member and of course by using your savings.
As for amortization, rates, repayment terms, closed, open etc. It is best to have me work out all of the options for you and then you can decide what will work the best for your situation.
For a new home buyer, the payments are most important. I have access 70 institutional lenders and well over 100 alternative and private lenders to find you the best options.
In Kitchener Waterloo there are many opportunities to buy investment properties. Primarily for commercial leases and student rentals. Mortgage lenders love Kitchener/Waterloo as the renters here tend to be more affluential.
When buying an investment property, do not use your Waterloo home as collateral. There are many other ways to get an investment financed. Contact me for options.
As you build wealth you may also look at buying a vacation home elsewhere. We can finance anywhere in Canada (except Quebec) and in many of the States in the U.S.
Some of the best ways to pay off your mortgage faster involve not much more than just changing your mortgage payments from monthly to accelerated weekly or bi-weekly payments.
There are also ways to invest part of your mortgage payment and use that investment to pay your mortgage off sooner. We have access to financial advisors that can explain this in more detail.
Managing Your monthly Cashflow
If you are finding your mortgage payments have become expensive and you need to free up more cash flow monthly, there are lots of solutions for this:
- You can switch lenders to get a better rate and lower payments (The new lender will usually pay your fees for doing this switch)
- You can refinance
- You can have us renegotiate with your current bank to see what they might do.
Whatever you choose it is important to have an exit strategy (a long-term goal)
To keep up the value of your Kitchener Waterloo home, you may need to renovate and upgrade. We have many different ways to access money for renovation purposes. And access to contractors that will give you advice on where you will get your biggest bang for your buck (ROI).
If you have been turned down by a bank, that is not the end of the story. I specialize in working with people who have poor credit everywhere.
I have access to lots of private lenders. Some are just retired people who want to get a return on their money (The banks offer little or no returns for money these days). Some are groups of people who join together to make mortgage investments and some are companies that specialize in private lending.
I want to buy my first home in Kitchener, what are the rules for hi-ratio mortgages (CMHC)?
The rules are the same right across Canada (See deposits above)
Credit needs to be above 600 but the banks like to see above 680 and your income needs to qualify.
If I have a home in Kitchener and am moving to Waterloo, can I Port my mortgage or is there another way?
Depends on the bank. Let us do it for you. I don’t charge any fees to help
Q + A
How much to I need as a down payment?
5% of the first $500k of your purchase price and additional 10% on anything exceeding $500k up to $999k. If the purchase price is about one million then 20% down is required.
Lenders will want to see that you have an additional 1.5% of the purchase set aside for the closing costs.
Waterloo is a university city, I’ve graduated and want to buy my first house, what do I need to qualify?
There are 4 things that are needed to for a mortgage
1. Income – so the lender will qualify you
2. Credit – so they know you be a good risk
3. Down payment – see rates above
4. A property – that can be financed. Properties like working farms, acreages, commercial etc. are much harder to get financing on.
My mortgage renewal is coming up on my Waterloo home, when should I contact you for rates?
There are 2 ways this can go you will win either way. This is how it works;
When the bank offers you a renewal rate, let me know what it is.
I will go around and find rates that are better (I always find better rates)
Now, here is the magic!
Take that better rate that I gave you back to your bank. They will either;
- Match that rate
- Beat that rate
- Or won’t be able to do anything to help you
If they match the rate, I will go back to my lender and tell the that they have to do better to win your business, they will either try to improve on their first offer or many times there can be a cash upfront offer to win your business. You win!
IF they best the rates I offer and I can’t do any better, then take it! You win!
And if I have the best for you, well you win again!