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Monday 9am - 5pm Tuesday 9am - 5pm Wednesday 9am - 5pm Thursday 9am - 5pm Friday 9am - 5pm

Lucy Melino - Mortgage Broker

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Canada
Richmond Hill, ON
Lucy Melino - Mortgage Broker

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Mortgage Broker Lic -Mortgage Edge, Brokerage Lic #10680-Toronto GTA Richmond Hill & Vaughan

Lucy Melino, Mortgage Broker Lic of Mortgage Edge, Brokerage Lic # 10680.

10/31/2026

Happy Halloween! 🎃 The best treat of all? A front door that's all yours.

10/28/2026

The Bank of Canada raised its policy rate by 0.25% today, to 2.50%, its first increase since 2023.

• Variable-rate mortgages and HELOCs follow lenders' prime rates, which typically move with the Bank of Canada.
• Fixed rates follow bond yields, so today's move doesn't change them directly.

Shopping for a home? Rate holds on a pre-approval generally last 90 to 120 days depending on the lender, so it's worth knowing when yours expires. The next announcement is December 9.

10/24/2026

Buying a new home before the current one sells? Timing both sides can feel like a puzzle. Once the current home has a firm buyer, bridge financing may help cover the gap between buying and selling, depending on the lender. Planning the price, timing and terms of both deals together makes the whole process smoother.

10/22/2026

Buying with less than 20% down? In Canada, a smaller down payment means the mortgage generally needs default insurance, which protects the lender and can make it possible to buy sooner. The premium is usually added to the mortgage rather than paid upfront, and insured mortgages often come with competitive rates.

What does this mean for you?
Under 20% down: You can buy with less saved, but a one-time insurance premium is usually added to your mortgage. Insured mortgages are only available on homes under $1.5 million.
20% or more down: There’s no insurance premium and you borrow less overall, though uninsured mortgage rates are often slightly higher.

10/17/2026

Many mortgages include prepayment privileges that let you pay extra without a penalty, such as lump-sum payments up to a yearly limit or increasing your regular payment amount. Even small extra payments can shorten the amortization and save a meaningful amount of interest. Limits vary by lender, and going over them can trigger a penalty, so it pays to know exactly what your mortgage allows.

10/12/2026

Happy Thanksgiving! Wishing you a cozy weekend with the people who make every place feel like home.

10/10/2026

New build or resale? The difference goes well beyond finishes and floor plans. With a new build, you often pay deposits in stages, closing can be months or even years away, and upgrades and builder closing costs can add up. Your mortgage is generally finalized closer to closing, so your income and credit still matter long after you sign. With a resale home, the timeline is usually shorter, but setting money aside for updates or repairs can matter just as much as the purchase price.

10/08/2026

Your amortization is the total time it takes to pay off your mortgage, and it's not the same as your term. A longer amortization generally lowers your regular payment but means you pay more interest over the life of the mortgage. At the same time, a shorter one raises the payment and reduces total interest. The longest amortization available to you generally depends on your down payment, whether your mortgage is insured and your lender. Extra prepayments, where your mortgage allows them, can shorten it over time.

10/03/2026

A fresh coat of paint can make any home look move-in ready, but a home inspection can reveal issues that are easy to miss at first glance. Roof, foundation, plumbing, electrical, and heating concerns aren't always visible during a showing, and catching them early can protect both your budget and your negotiation.

09/30/2026

September 30 marks the National Day for Truth and Reconciliation. Today, we recognize the children who attended residential schools, including those who never returned home, as well as Survivors, their families, and communities. Today, we reflect, learn, and support the ongoing work of reconciliation.

Address

15 Wertheim Court, Suite 210
Richmond Hill, ON
L4B3H7

Opening Hours

Monday	9am - 5pm
Tuesday	9am - 5pm
Wednesday	9am - 5pm
Thursday	9am - 5pm
Friday	9am - 5pm

Website

http://www.themortgagebrokershop.ca/

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