What are the opening hours?

Monday 9am - 9pm Tuesday 9am - 9pm Wednesday 9am - 9pm Thursday 9am - 9pm Friday 9am - 9pm Saturday 9am - 9pm Sunday 9am - 9pm

https://www.facebook.com/279743188804218/

London Mortgages ~ Lorrinda Mabee

Home
Canada
London, ON
London Mortgages ~ Lorrinda Mabee

Lorrinda Mabee putting clients first to obtain mortgages from regular banks to alternative lenders Specialization in first time home buyers.

I help people find solutions to their financial and lending needs. Ask me about all of my incentives and programs such as Free Home Warranty, Using Your RRSP as Down payment, 20% prepayment privileges ...and more!

10/11/2024

Entrepreneurs are constantly faced with this “easy” solution as a means to qualify for a mortgage with a bank or a prime lender. These lenders have stricter guidelines and policies that don’t always align with a self-employed borrower’s finances. They need to make “more on paper” to qualify for the mortgage that they need at the best interest rates on the market.

But does the cost to claim more income on your taxes outweigh the interest rate savings you get with the bank vs an alternative or B lender?

Flexibility and control of your tax exposure are some of the biggest perks of being your own boss. You can decide how much to pay yourself and, therefore, how much you’re going to pay in income taxes. And, of course, the more you make (according to what you file on your annual taxes aka “on paper”), the more income taxes you’ll owe.

So, while having more documented income gives you more borrowing power, it does cost you more in taxes. If you don’t qualify at a prime lender, there are always alternative or B lenders that have more flexible guidelines and love to work with entrepreneurs to get them approved!

The interest rates are higher at B lenders, no question. Maybe 0.5%-2% higher than the bank, depending on the specifics of your mortgage need and credit profile.

So ask yourself this question: “Does paying X% more on my mortgage interest rate cost me less than paying myself $X more in taxes?” If the answer is yes, then maybe simply “paying yourself more” isn’t the best solution for you.

Need help running the numbers for your specific situation? Reach out!

Lorrinda Mabee
Mortgage Broker
📞 519-694-6863

10/09/2024

Once upon a time, the Canadian dream was to pay off your mortgage as quickly as possible. Back then, retirement savings and pensions were almost a given.

But today, the landscape has shifted dramatically. Corporate pensions are rare, and many of us are left with barely enough at the end of the month to think about investing in our future.

So, how do you choose between chipping away at your mortgage and saving for retirement?

Start by asking yourself these questions:

How much time until retirement? The earlier you start saving, the more you can benefit from compound interest, which grows your money over time.
What’s the balance on your mortgage? Paying off your mortgage faster can reduce long-term interest costs, especially if you’re early in the loan term.
What are your future plans for your home? Will you be moving, staying, or renting out your property? This can influence whether to focus on mortgage payments or retirement savings.
Could investing yield better returns? Compare potential investment gains against the interest savings from paying off your mortgage early. Weigh the risks and benefits.
Ultimately, finding the right balance requires careful consideration of your personal financial situation and goals. Let’s chat about what you envision for your home, your family and your future so you can start making some of these big decisions sooner rather than later!

Lorrinda Mabee
Mortgage Broker
📞 519-694-6863

10/07/2024

With many new mortgagees opting for variable or adjustable rate mortgages, noting the anticipated reduction in the prime rate, it’s worth highlighting the similarities and differences between these two options.

While often confused as one and the same, the main difference between the two lies in their payment. Adjustable rate mortgages will have their payment fluctuate along with changes in the prime rate, while true variable rate mortgages will have static payments throughout the term regardless of changes in the prime rate.

Let’s take a closer look so you can make an informed decision when the time comes to choose!

Lorrinda Mabee
Mortgage Broker
📞 519-694-6863

10/03/2024

Don’t be spooked by the idea of a variable-rate mortgage, even if today’s fixed rates seem lower. In a declining interest rate market, variable rates offer flexibility and the potential to save over time.

While fixed rates lock you in at today’s rate, variable rates can decrease as the market shifts, potentially lowering your payments down the road. Plus, variable mortgages often come with lower penalties for breaking early, giving you more options if your situation changes. So, instead of fearing the unknown, consider the long-term benefits of going with the flow.

Let’s look at an example, shall we?

Lorrinda Mabee
Mortgage Broker
📞 519-694-6863

10/01/2024

There are $350 billion dollars of mortgage renewals approaching in 2025. Many of those have rates below 2%. The payment shock of renewing at rates 2-3 times higher will have some people facing a hard decision: Do I renew my mortgage or sell my property?

While that will be a very personal decision for each property owner, it’s important to look at your choices objectively and ask yourself if you are not only comfortable making the new payment but also are you comfortable paying this new amount?

For someone who had a mortgage of $500,000 with a 1.89% rate (5-year term) and a monthly payment of $2,091, they will now be facing a payment of approximately $2,746/month. That’s a staggering $655 more per month or a 31% increase in payment.

With all this being said, you have options at your renewal date more than just to list your property for sale or to renew with higher payments. I encourage you to reach out well before your renewal date so we can uncover all the options available and we can decide together what your best plan ahead will look like!

Lorrinda Mabee
Mortgage Broker
📞 519-694-6863

09/26/2024

Deciding between a new build and an older home involves more than just picking between modern styles and established neighbourhoods. With the new 30-year amortization option available exclusively to first-time buyers opting for new constructions as of August 1st, your financing options have expanded, offering more flexibility in your long-term planning.

But each choice comes with its unique set of financial and practical considerations. New builds can face appraisal challenges, especially in a shifting market, potentially impacting your loan conditions. Meanwhile, older homes might reveal costly surprises during inspections that could affect financing.

Swipe for the pros and cons of each type of purchase, and learn how having a team you trust on your side can help you navigate these complexities to find the right financing for your home-buying goals. Then let’s chat about which option could be right for you!

Lorrinda Mabee
Mortgage Broker
📞 519-694-6863

09/24/2024

If you’re considering purchasing a rental property, here are some tips to maximize and boost your real estate investment returns! If you already own an investment property, you can also take note of these ideas to make your rental work best for your bottom line!

Using these strategies, you can maximize your rental income, ensure steady cash flow, and enhance the overall value of your investment property well into the future!

Swipe for more!

Lorrinda Mabee
Mortgage Broker
📞 519-694-6863

09/20/2024

House hacking is a game-changer for young adults aiming to boost their financial flexibility and build their net worth over time. By renting out extra rooms to roommates, you can significantly offset your mortgage payments or even cover them entirely. Why should you and your roommates pay rent to someone else when this option exists?

This smart move allows you to save more, invest in other opportunities, or pay down debt faster. Having roommates in your early years is the norm, so why not turn it to your advantage? Not only will you reduce your living expenses, but you’ll also start building equity in a property. Over time, as property values increase and your mortgage balance decreases, your net worth grows.

House hacking is an excellent strategy for young people looking to get ahead financially while enjoying the company of others. Plus, it’s a fantastic way to learn about property management and real estate investing early on!

09/18/2024

A buyer’s market occurs when there are more homes for sale than buyers, giving buyers the upper hand in negotiations. This surplus of listings typically leads to lower home prices as sellers compete to attract buyers. Lower prices make it an ideal time for first-time home buyers to enter the market.

Interest rates also play a crucial role in a buyer’s market. When rates are low, mortgage payments become more affordable, increasing purchasing power. Even if rates are high, the increased inventory and lower prices can still offer opportunities for savvy buyers. Considering the situation today, with interest rates starting to come down and inventory listings 24% higher than last year, buyers have an excellent opportunity to enter the market!

First-time home buyers can leverage a buyer’s market by negotiating better deals, such as lower prices or more favourable terms like flexible close dates, etc. Being patient and doing thorough market research can help them find the best deals and make informed decisions while shopping for their first home. Of course, having a seasoned realtor in their corner is important to help them spot the deals as they come on the market and negotiate a deal favourable to the home buyer.

09/16/2024

While no one has a crystal ball, the top economists in the country are calling for the overnight interest rate to be reduced to 3.25% by the end of 2025. From its peak of 5% in July 2023, that would result in a total reduction of 1.75%, bringing immediate ease to holders of variable mortgages and lines of credit.

For every 0.25% reduction in rate on a $100,000 mortgage balance, you can expect your payment to drop by $15/month.

If you have a $500,000 mortgage balance, after a rate reduction of 1.75% like the economists are calling for, you would expect your monthly payment to drop by $525. For most Canadians, that relief in their monthly budget can be life-changing!

Do you want to know what the future of your mortgage could look like with these changes on the horizon? Reach out!

09/13/2024

If your mortgage renewal is on the horizon, it’s time to be a little proactive to make sure you’re setting yourself up for your next mortgage term. While it’s easier to simply sign on the dotted line when your lender’s renewal offer arrives, we’ll caution you against that.

Here’s what we recommend instead!

Lorrinda Mabee
Mortgage Broker
📞 519-694-6863

09/11/2024

Making the choice between a fixed and variable rate mortgage is not always an easy one. In today’s market, fixed rates are about 1-1.25% lower than variable rates. You may think that choosing the lower fixed right is the easy choice. And for some, it might be!

However, in an interest rate declining market (which we are currently in), we’re expecting rates to come down quite substantially over the next couple of years – both fixed and variable.

If you choose a fixed rate today, you’ll be stuck with that rate for the duration of your term even if you see fixed rates drop in the market. We don’t love that. If you choose the higher variable rate today, you’ll directly enjoy the rate reductions by way of lower payments or more of your payment going to pay down the balance of your mortgage. We do love this. However, your payment will be higher than the fixed rate counterpart in the beginning. You need to weigh the pros and cons here.

The little known fact about variable rates is that you can lock into a fixed rate at ANY time during your term at market rates! So if fixed rates continue to fall to a place that you like – you can simply convert your variable rate to a new fixed one with absolutely no penalty and enjoy a new, lower payment.

Did you know about this?

Lorrinda Mabee
Mortgage Broker
📞 519-694-6863

Address

London, ON
N5Y2X1

Opening Hours

Monday	9am - 9pm
Tuesday	9am - 9pm
Wednesday	9am - 9pm
Thursday	9am - 9pm
Friday	9am - 9pm
Saturday	9am - 9pm
Sunday	9am - 9pm

Website

facebook.com

Alerts

Be the first to know and let us send you an email when London Mortgages ~ Lorrinda Mabee posts news and promotions. Your email address will not be used for any other purpose, and you can unsubscribe at any time.

Contact The Business

Send a message to London Mortgages ~ Lorrinda Mabee:

Shortcuts

Want your business to be the top-listed Finance Company in London?