July 17, 2018

Blog

Should You Take Equity From Your Home?

Jul 16, 2018

We all come to a point in our lives when we may need to refinance our mortgage to invest in a major purchase, home renovation, investment, emergency or consolidate outstanding debts.  The interest rates on mortgages are much less than borrowing via another vehicle.  There are some things you do need to consider before doing that refinance. 1. Your Mortgage Terms Will Change When you refinance your mortgage, what your institution will do is an ‘increase and blend’ on the interest rate, which means they will blend your existing mortgage rate based on the current mortgage owing and blend the…

How To Read Your Credit Report

Jul 12, 2018

And now for something completely different, as opposed to writing a blog about “everything you wanted to know about how to read your Credit Report”, I did a recording!!  I hope you enjoy it. If you have any questions or need clarification on any points, would love to speak with you!! Information session on: How To Read Your Credit Report, all you ever wanted to know! Posted by Mortgages By Colleen on Wednesday, June 27, 2018 Colleen Saunders is a 20 year veteran in the mortgage industry, serving Mississauga, Burlington, Oakville and Toronto and offering all mortgage related services such…

Pros & Cons Of Reverse Mortgages

Jul 3, 2018

I receive a number of enquiries about Reverse Mortgages and the question is always “is this a good product for someone in retirement?”  Personally, I am not a big fan of Reverse Mortgages but here are the pros and cons to consider. What is a Reverse Mortgage?  A Reverse Mortgage allows Canadians 55 years of age and older to remove the equity from their home to assist with their financial requirements.  You can take up to 55% equity from your home but the average withdrawal is more like 33%.  There are no monthly payments Conditions:  If you are married, both…