Robyn Oliverio - Strategic Mortgage Planning

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!

09/23/2024

Think every credit check damages your score? Think again!

There is a bit of a fear-based myth floating around out there that checking your credit can hurt your financial health irreparably, but it’s time to bust this myth.

Swipe to see the real impact of credit inquiries and learn how to navigate them smartly. Whether you’re rate shopping or just keeping an eye on your financial standing, understanding the difference between soft and hard pulls can save you stress and support your credit journey.

Let’s dive in!

09/19/2024

Amortization directly impacts your mortgage payment by determining how long you have to pay off your loan, which in turn affects the size of each payment and the amount of interest you’ll pay over the life of the mortgage.

Typically speaking, the longer the amortization, the lower the payment. However, because you’re paying over a longer period of time, you’ll end up paying more interest overall, increasing the total cost of the mortgage.

With shorter amortizations, you’ll expect your payment to be higher because you’re paying off the loan more quickly. The payoff here is that you’ll pay less interest over the life of the mortgage, reducing the total cost and allowing you to build equity in your home faster.

Choosing the right amortization for you is highly dependent on your financial situation and goals!

09/17/2024

Making your coffee at home seems to always be the number one budgeting tip on the internet. Like you, I hate to give up a fancy, make-for-me coffee treat but what if we could be putting that money to work for us instead?

What if instead of spending $4.46 every day on your Americano at Starbucks, we utilized our prepayment privileges and paid down the balance of our mortgage? How much of an impact would this really have?

Would it make it worth making our coffees at home?

Let’s evaluate!

09/13/2024

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?

09/09/2024

09/03/2024

Buying a property for your child while they attend university can be a smart financial move. Instead of spending $4,000 for a dorm each semester, you could invest in a property that appreciates in value over time. Your child can live there, and you can rent out additional rooms to cover the mortgage.

This turns an expense into an investment, potentially generating rental income and building equity. After graduation, you can sell the property for a profit or keep it as a long-term rental. This strategy helps you leverage your money, creating financial benefits beyond just covering housing costs.

Let’s take a look at what this could look like after 4 years!

09/03/2024

Ever look at your fixed mortgage rate and wonder where that number came from?

It’s not magic—it’s the bond market!

You might not think about bond yields in your daily life, but as mortgage brokers, it’s our job to monitor these financial pulse points closely. We keep an eye on the shifts and swings so you don’t have to, ensuring you get the best rate possible.

Whether the market zigs or zags, you can count on us to watch over your mortgage interests.

Swipe to see why the bond market matters for your mortgage.

08/28/2024

Investing in rental properties can be lucrative, but choosing the right property is crucial. By focusing on these factors, you can make a savvy investment that promises steady returns and long-term growth. Here are the top three considerations to ensure your investment is a success!

08/26/2024

When we talk about debt consolidation and if it’s right for you – we’re usually looking at how we can improve your cash flow and free up more of your disposable income. Financial flexibility is always key, but even more so in challenging economic times.

For those of us who want to get a little more granular about how debt consolidation will affect our cost of borrowing, we can consider effective interest rates. This quick calculation shows the total interest rate if you combined all your debts and weighted them effectively, giving you an annual interest rate that you’re paying on all of your balances.

Comparing the effective interest rate to your new mortgage refinance rate, you’ll be able to tell if your debt consolidation is going to cost you more in interest or not.

Swipe to see an example!

08/20/2024

Owning your own small business often means you’re the CEO, the customer service rep, the accountant and everything in between. And if there’s one thing about business owners, it’s that they usually don’t pay themselves much in relation to how much revenue their business produces.

So when it comes to traditional mortgage financing, looking at a small business owner’s taxable net income over the last two years doesn’t often give them the ability to qualify for what they need. So what do we do? We think outside the box!

Here are some programs that can help our small business owners!

08/19/2024

Deciding between a 25-year and a 30-year mortgage term is more than just numbers; it’s about your future.

With the new option for a 30-year term for first-time buyers on new construction homes starting August 1st, navigating these choices is key. Swipe to see how the term length impacts your monthly payments and total interest, and learn why this new longer term might be a game-changer for many.

Whether it’s saving today with lower payments or planning for less interest paid in the long run, let’s make sure your mortgage fits your life plan.