Rakesh Patel -

Rakesh Patel - N A

If your mortgage is coming up for renewal this year, it is essential you reach out. About one-third of mortgage holders ...
08/03/2023

If your mortgage is coming up for renewal this year, it is essential you reach out. About one-third of mortgage holders have already seen their rates increase, and the Bank of Canada forecasts that just about every borrower will experience the same in the next three years. Knowing this, you need options!

As a Mortgage Broker, I work with banks, credit unions, trust companies and lenders only available to brokers. One application gets you access to all!

If your home will be owner-occupied, you need 5% down for the first $500,000 of the purchase price and 10% for any amoun...
07/25/2023

If your home will be owner-occupied, you need 5% down for the first $500,000 of the purchase price and 10% for any amount over $500,000 up to $999,999. If the purchase price is $1,000,000 or more, the minimum down payment is 20%.

According to CMHC’s Mortgage Consumer Survey, most homebuyers are accessing their savings or equity from a previous home for their down payment. Followed by RRSP savings and gifts from family members.

If you have any questions about the down payment options available to you and how to use them, send me a message. I will be happy to review your situation and discuss your homeownership goals.

If you feel the impact of higher interest rates, a strategy to look at could be extending your amortization. Extending y...
07/18/2023

If you feel the impact of higher interest rates, a strategy to look at could be extending your amortization. Extending your amortization will stretch your mortgage repayment out, potentially lowering your monthly payment.

If you have any questions or want to look at a strategy like this for your mortgage, send me a message.

We know that borrowing money is harder for self-employed Canadians, which is one of the reasons why working with a Mortg...
07/11/2023

We know that borrowing money is harder for self-employed Canadians, which is one of the reasons why working with a Mortgage Broker like myself, is so important.

I have access to lenders specializing in self-employed mortgages and understand business owners' challenges.

If you are self-employed and looking to buy, renew or refinance, reach out to start the conversation.

Mortgage holders have seen their payments and rates aggressively spike over the past 15 months, which has caused a sense...
07/05/2023

Mortgage holders have seen their payments and rates aggressively spike over the past 15 months, which has caused a sense of uncertainty. Working with a Mortgage Broker like myself gives you access to advise, products, and rates you can’t get from your bank.

Whether you need to reset, restructure, or re-strategize, I am armed with solutions.

If you are shopping for a mortgage, it is essential to know what you need to qualify, but it is also important to unders...
06/27/2023

If you are shopping for a mortgage, it is essential to know what you need to qualify, but it is also important to understand what could be holding you back from qualifying for a mortgage. Below are 5 points that could be impacting your chances of being approved for a mortgage:

📌 Carrying too much debt
📌 Poor credit history or not enough credit history
📌 Not enough income or assets
📌 Not enough of a down payment
📌 Unstable employment history

If you feel any of the above points could be holding you back from getting approved for a mortgage, reach out. I am armed with solutions for every situation.

If your mortgage is coming up for renewal this year, reach out and let’s start the conversation.We are in a high-interes...
06/19/2023

If your mortgage is coming up for renewal this year, reach out and let’s start the conversation.

We are in a high-interest rate environment, and many customers feel stuck with their current lender at renewal. Whether it’s transferring to a different lender for a better rate, exploring new mortgage products that let you access your equity to help with payments, or opting for a shorter term, I am armed with solutions.

If you have been thinking about investing in a rental property, now is a great time. According to http://rentals.ca , t...
06/13/2023

If you have been thinking about investing in a rental property, now is a great time. According to http://rentals.ca , the average rent price in Canada rose 9.6% Year over Year, bringing the total increase to 20% from the pandemic low in April of 2021. With the high-interest rate and low inventory environment we are in, this is a trend that will most likely continue.

Reach out to learn how you can use your equity to build wealth.

Data released from the Office of the Superintendent of Bankruptcies shows that Canadians are having a hard time staying ...
06/06/2023

Data released from the Office of the Superintendent of Bankruptcies shows that Canadians are having a hard time staying on top of their debt. Consumer insolvencies saw a 20% Year over Year increase and have risen to the highest level since 2019.

If you are a homeowner carrying a large amount of consumer debt, it may make sense for you to refinance your mortgage to pay down high-interest debt and potentially free up more cash each month. Send me a message to explore your options.

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Mississauga, ON

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+12262702380

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