MIKE CARA-Mortgage Broker in Peterborough

09/03/2026

A member of the Verico Mortgage Broker Network

VERICO Mortgage Broker can help

09/02/2026

Have a mortgage question? Ask your mortgage advocate, Mike Cara.

🏡 What happens when the conventional banks say no?

It doesn’t necessarily mean your mortgage options are over.
When traditional bank financing isn’t the right fit, Northwood Mortgage Ltd. now has another option available — in-house private mortgage lending through our affiliate, Northwood Mortgage Investment Corporation.

That means we can look beyond conventional lending and explore an additional source of mortgage financing for qualified borrowers.
Whether you’re dealing with credit challenges, difficult-to-prove income, a unique property, debt consolidation, or simply a situation that doesn’t fit neatly inside a bank’s lending guidelines, there may still be a solution.

Conventional financing when it works.
Alternative financing when it’s needed.
In-house private mortgage lending when the situation calls for it.
One more reason to have a mortgage professional looking at the whole picture.

08/31/2026

Have a mortgage question? Ask your mortgage advocate, Mike Cara.

“What’s your best rate?”

It’s probably the most common question in mortgages — but it shouldn’t be the only one.

A lower rate can look great today, but what about the penalty if you sell early? Is the mortgage portable? Can you refinance? What are your prepayment options? What restrictions come with that rate?

Statistics Canada reports that about 1 in 3 Canadian households moved within a five-year period — a good reminder that life doesn’t always follow your mortgage term.

A competitive rate matters. But the right mortgage is about rate, terms, flexibility and your future plans.

Before you shop for the lowest rate, understand the mortgage attached to it.

Rate is a number. A mortgage is a strategy.

Read more at TheMortgageLearningCentre.com

Mike Cara | Your Mortgage Advocate

08/20/2026

🏠 HAVE A MORTGAGE QUESTION? ASK YOUR MORTGAGE ADVOCATE

“How do I use my home equity in retirement?”

For many homeowners, their home is one of their largest assets — but much of that wealth may be tied up in the property.

Can your home equity help supplement retirement income? Pay off existing debt? Cover renovations or unexpected expenses? Help family members? And can you access that equity without selling your home?

There are several strategies available, including refinancing, a home equity line of credit, and a reverse mortgage. The right solution depends on your finances, your goals, and how you want to live in retirement.

Before making a decision, understand your options.

Ask Your Mortgage Advocate.

Mike Cara
Mortgage Broker
Certified Canadian Reverse Mortgage Consultant
Equifax® Certified Credit Professional
📞 705.775.7878
🌐 MikeCara.ca

08/12/2026

🎓 Proud to Announce a New Professional Certification

I’m pleased to share that I have successfully completed the certification requirements to become a Certified Canadian Reverse Mortgage Consultant.

For homeowners 55+, a reverse mortgage can be an important financial planning tool—but it’s also a significant decision that deserves knowledgeable, informed guidance.

This certification further strengthens my ability to help homeowners understand their options, evaluate whether a reverse mortgage is appropriate for their circumstances, and make an informed decision about accessing the equity they’ve built in their home.

With over 30 years of experience in finance, I believe continuing education matters. Mortgage products, regulations, and lending options evolve—and my clients deserve advice based on current knowledge and experience.

Over 30 years of experience in finance is just the beginning.

Mike Cara
Broker of Mortgages
Certified Canadian Reverse Mortgage Consultant
Equifax® Certified Credit Professional
TMG The Mortgage Group Brokerage | FSRA Lic. #10315

08/04/2026

07/29/2026

Have a mortgage question? Ask your mortgage advocate, Mike Cara

Have you ever wondered why experience matters when choosing a mortgage professional?

Think back to when you earned your driver's licence.

Passing the test meant you were legally allowed to drive—but it didn't mean you'd experienced black ice, heavy traffic, construction zones, or years of real-world driving.

Could the same idea apply to the mortgage industry?
The comparison may surprise you.

📖 Read the full article at TheMortgageLearningCentre.com:
Why Mortgage Experience Matters: It's Like Learning to Drive

If you are looking for mortgage advice backed by over 30 years of excellence in finance, visit MikeCara.ca to explore your options or request a complimentary mortgage consultation.

We Get Mortgages Approved.
Backed by Over 30 Years of Excellence in Finance. *

07/18/2026

Ask Your Mortgage Advocate, Mike Cara

🏡 Should You Get Pre-Approved Before House Hunting?

Imagine finding the perfect home...

Only to discover later that financing will not work.

It happens more often than most people realize.

A mortgage pre-approval is not just about finding out how much you can borrow.

It can help you:
✔ Understand your true budget.
✔ Lock in today's interest rate.
✔ Strengthen your offer.
✔ Avoid costly surprises before you fall in love with a home.

Before you start scrolling through listings, take a few minutes to understand why pre-approval may be the smartest first step.

📖 Read the full article in The Mortgage Learning Centre.

Have a mortgage question? Ask Your Mortgage Advocate, Mike Cara.

07/17/2026

Ask Your Mortgage Advocate, Mike Cara

🏠 Can I Get a Mortgage After Bankruptcy?

Many people believe bankruptcy means they will never own a home again.

The truth is, bankruptcy is a financial event—not a life sentence.

Every year, Canadians rebuild their credit, regain their financial confidence, and qualify for a mortgage. The key is understanding what lenders are looking for and having a strategy to get there.

In my latest Mortgage Learning Centre article, you will learn:

✔️ When you can qualify after bankruptcy
✔️ How to rebuild your credit the right way
✔️ What lenders want to see
✔️ How much down payment you may need
✔️ Why speaking with a mortgage broker early can save you time and money

Do not let yesterday's financial challenges stop you from planning tomorrow's homeownership.

The first step is not applying for a mortgage—it's understanding your options.

Read the full article in TheMortgageLearningCentre.com

Have a mortgage question? Ask Your Mortgage Advocate, Mike Cara.

07/17/2026

Ask Your Mortgage Advocate Mike Cara

There are two affordability calculations that every mortgage lender uses to decide whether you qualify for a mortgage.

GDS (Gross Debt Service) measures how much of your gross income is needed to cover your housing costs, including:
• Mortgage payment
• Property taxes
• Heating costs
• Half of the applicable condominium fees

TDS (Total Debt Service) includes all the above plus your other monthly debt payments, such as:
• Car loans
• Lines of credit
• Credit cards
• Personal loans
• Child or spousal support obligations

Even with an excellent credit score and a good income, your mortgage can still be declined if your GDS or TDS ratios exceed a lender's guidelines.

Understanding these ratios before you apply can help you avoid surprises and improve your chances of approval.
Learn more in TheMortgageLearningCentre.com, where we explain mortgages in plain English.

Have a mortgage question? Ask Your Mortgage Advocate, Mike Cara.