Ryan Roth Mortgages

Both fixed and variable rates have seen recent decreases. If you were pre-approved a few months ago it’s worth getting a refresh and rate hold since you could have more borrowing power than you originally thought!

Are we there yet?!
If you’ve never been through the mortgage process it can be quite common to not know where you are and what comes next. That’s why we pay extra attention to letting you know the next step and what if anything you need to do or what to expect.

There are a lot of mortgages coming up for renewal next year. And the year after that.

This is a great time to:

1) Make sure your renewal offer is competitive

2) Assess whether you’d like to make any changes (borrow additional funds, increase amortization, consolidate debt)

3) Determine if your current lender and product are the right fit for you going forward.

Reach out 4-6 months (earlier is always better) from your maturity date to give you plenty of time to get things right during this important period.

📱519-535-3270
📧[email protected]

It depends! Typically the payment is lower with a 30 year amortization which gives greater flexibility should cash flow decrease. You can also utilize your pre-payment privileges to effectively lower the amortization. A 25 year amortization may offer a slightly lower rate and less interest overall paid if not making any additional payments, just make sure that higher payment is going to work for you under different circumstances.

Have you ever thought about buying a home that has a rental suite?

This can be a great idea if you want to help offset the cost of your home expenses, and it can also potentially help with qualifying for a mortgage on your new purchase.

Most lenders will allow you to add 50% of the rental income back to your income for qualifying, however, we also have some who will consider 100% for qualified borrowers!

Here are a few tips if you are considering this option:

→ Ideally the suite should be recognized as “legal” however depending on the lender and location, a “legal, non-conforming” unit is also acceptable.
→ At minimum, this will consist of a separate entrance along with a kitchen and bathroom in the unit
→ Some lenders may only consider income from the basement unit (in the event you planned on living in the upper unit later)
→ Roommate income is not allowed as rental income (some Alternative lenders will consider this however)
→ Lenders will require either a signed lease agreement as confirmation of the rental income or a statement of economic rents (from an Appraiser) in lieu of the agreement.
→ If you want to qualify for the 100% add-back option, you will need to have an excellent credit score.
→ Most lenders will not accept rental income from a family member

If this is something you’ve been thinking about , feel free to contact me for more info.

📱519-535-3270
📧[email protected]

Do you want to get the best deal at mortgage renewal time?

It’s not as hard as you might think.

The best way to get started is to reach out via phone, text, email, or DM.

We can then gather a few key pieces of information and then I track and take care of the rest!

📱519-535-3270
📧[email protected]

I recently was asked if the rate is different for a condo vs. a freehold property.

In almost all cases, the property type does not impact the rates available.

Do you have any questions about mortgages?

📱519-535-3270
📧[email protected]

Tiny homes, off-grid properties, modular homes, mobile homes, island homes, ADU’s.

What are differences between these various property types? Can I get a mortgage on these properties?

It depends! Reach out if you’re interested in any of the above.

📱519-535-3270
📧[email protected]

Myth or Fact?

Some believe that you must be debt-free to get a mortgage. Not true. Having some debt doesn’t disqualify you, but understanding your financial situation is key and the impact that could have on mortgage qualifying and the ability to manage all your obligations throughout the term.

From the Globe article linked in comments:

CRA’s interest rate on overdue taxes will soon rise to 10 per cent, making paying back the agency more expensive and a greater priority for many individuals and already-stretched small business owners.

Since 2007, the rate has remained stable at 5% or 6%. That has changed in recent months.

In the second quarter of 2022, the interest rate on unpaid taxes started a steep incline, and since then rising to 9% In the first quarter of 2024, barring any special CRA measures, the rate will climb from 9% to 10%, double what it has been for most of the past decade. The CRA lists quarterly rates from 2006 onward on its current website, and this will be the first time since then the rate has reached double digits.

The amount owed compounds daily, and the interest comes on top of other penalties for paying late.

If you are behind or anticipating owing a larger amount on your income taxes this year reach out to look at the lowest possible financing.

If you are not increasing your mortgage or switching to a new lender, then there is no need to requalify assuming you are in good standing with your current lender.

It’s true. More flexibility on down payment and properties with 3 or 4 units. 😊