Rejoice Fidelis-Mbah Mortgage Agent

07/27/2025

Celebrating my 5th year on Facebook. Thank you for your continuing support. I could never have made it without you. 🙏🤗🎉

03/01/2022

03/01/2022

Spring Cleaning Tips!

Spring is just around the corner!!

While nobody enjoys Spring cleaning, we can all appreciate having a fresh home!

Below are my favourite six Spring cleaning tips to help you tackle your home and get it looking its best for the season ahead:

Create a Playlist: Everything is more fun with a great playlist! Not only is music great therapy but it can make the cleaning process go by quicker and make it more enjoyable.


One Room at a Time: Everyone likes the aftermath and seeing their home all sparkly and fresh, but sometimes it can be an overwhelming process to get to that point. It is best to clean one room at a time, starting with the smaller ones or those that need the least amount of cleaning and work your way up to the larger, project rooms!


Declutter as You Go: Spring cleaning isn’t just about shining up the brass on the door and dusting. It is just as important to declutter your space as you go! Before you start cleaning a room, pinpoint items that can be discarded and go through closets and cupboards for anything that you can donate.


Think Green! Spring cleaning is starting the season off on a fresh, clean note. Don’t muddy that up with harsh chemical cleaners. In today’s ecofriendly environment, there are many eco-friendly and safe alternatives to regular cleaners. Vinegar is a great substitute in the bathroom or kitchen as well as combining vinegar, baking soda and water as a deep clean alternative. You can also opt for a steam cleaner to manage tile, hardwood floors, appliances and even outdoor areas as they only use hot water and v***r.


Don’t Forget The Fridge & Freezer: The best time to clean out your fridge and freezer is right before you do your grocery shop, so they will be at their most empty. Dispose of anything that is past its expiration date and any almost-empty items you won’t use. Before you restock be sure to wipe down the interior of the fridge with disinfectant and a damp cloth. The same can be done for the freezer but you’ll have to defrost it first!


Clean Air Reduces Allergies: Replacing furnace and HVAC filters is one of the most overlooked parts of Spring cleaning. Going as far as replacing your standard filter with a more robust one with a higher rating will help keep you even healthier (and allergy free!) this year as they catch smaller particles to ensure your home is void of allergens, chemicals and even odors.

03/01/2022

Preparing for the Spring Market

Spring is just around the corner! Some of you might be anxious to buy or sell this season, so let’s take a look at the trends for the upcoming Spring market.

From a seller’s perspective, this is the best time to sell with motivated buyers and a huge demand that may diminish as the Bank of Canada raises interest rates and governments work to increase supply. As always, it is important to ensure that you properly list and market any home you are looking to sell to attract the right buyers.

For buyers, it is likely that Spring is going to be somewhat hectic as most individuals will be anxious to get into their new homes before interest rates rise further. You will want to be as prepared as possible if you are looking to buy this season by keeping a finger on new listings, and being prepared to extend an offer almost immediately after a viewing if you found what you're looking for so it is not snatched up.

Having your mortgages pre-approved during this busy market will become vital as not only will it indicate to the seller that you will not have issues obtaining financing (assuming nothing changes between now and purchase with your job, savings, etc.), but it will also allow you to lock in the interest rate for up to 120 days while you shop. Don’t get caught waiving financing conditions quickly and then have to scramble later!

Another key component to note if you’re looking to buy this year is to consider moving further from your workplace. With supply issues currently within the housing market, it might be hard to find that perfect home nearby. Fortunately, most employers are now allowing remote work a few days a week If this is something you’re open to, you’ll want to keep an eye out for potential office space in any homes you look at.

If you are looking to purchase a home this Spring, download my app HERE to see what you can afford and don’t hesitate to reach out to me so we can discuss your goals and lock in your pre-approval for the best chance of success!

Refinancing: What You Should Know

Refinancing your mortgage refers to the process of renegotiating your current mortgage agreement for a variety of reasons. Essentially, allowing you to pay off your existing loan and replace it with a new one that better suits your needs.

When done properly, mortgage refinancing can result in a host of great benefits to further your financial success.

Refinancing your mortgage refers to the process of renegotiating your current mortgage agreement for a variety of reasons. Essentially, allowing you to pay off your existing loan and replace it with a new one that better suits your needs.

When done properly, mortgage refinancing can result in a host of great benefits to further your financial success.

Some reasons you might consider refinancing include, but are not limited to, the following:

You want to leverage large increases in property value
You want to get equity out of the home for upgrades or renovations
You are looking to consolidate your debt
You have kids headed off to college
You are going through a divorce
You want a better interest rate
You want to convert your mortgage from fixed to variable (or vice-versa)
Not only can refinancing help to reduce financial stress and help get you back on track for your financial future, but additional benefits include:

Access a Lower Interest Rate: One reason to refinance your mortgage is to get a better interest rate. While a low interest rate isn’t everything (you also want to consider your mortgage terms, penalties, etc.), there is no harm in looking around! As your dedicated mortgage professional, I have access to dozens of lenders and can shop the market for you to see if there is a better mortgage product to fit your needs!

Consolidate Your Debt: There are many different types of debt from credit cards and lines of credit to school loans and mortgages. But, did you know that most types of consumer debt have much higher interest rates than those you would pay on a mortgage? Refinancing can free up cash to help you pay out these debts. While it may increase your mortgage, your overall payments could be far lower and would be a single payment versus multiple sources. Keep in mind, you need at least 20 percent equity in your home to qualify.

Modify Your Mortgage: Life is ever-changing and sometimes you need to pay off your mortgage faster or change your mortgage type. Maybe you came into some extra money and want to put it towards your mortgage, or maybe you are weary of the market and want to lock in at a fixed-rate for security. It is always best to do this when your mortgage term is up, but talk to a mortgage specialist about potential penalties if waiting is not possible.

Utilize Your Home Equity: One of the biggest reasons to buy in the first place is to build up equity in your home. Consider your home equity as the difference between your property's market value and the balance of your mortgage. If you need funds, you can refinance your mortgage to access up to 80% of your home's appraised value in cash!
While refinancing can help you tap into 80% of your home value, it does come with a price. If you opt to refinance during your term, it is considered to be breaking your mortgage agreement and it could end up being quite costly. It is always best to wait until the end of the mortgage term before any refinancing is conducted, but make sure you’ve planned several months in advance so you have to time to weigh your options before you need to renew.

In addition, refinancing can prevent you from qualifying for default insurance which in turn can limit your lender choice. Lastly, you’ll be required to re-qualify under the current rates and rules (including passing the “stress test” again) to ensure you can carry the refinanced mortgage.

If you are stuck or wondering if mortgage refinancing is right for you, please don’t hesitate to reach out to me today! I would be happy to review your current mortgage, financial goals and future plans to help determine the best solution to fit YOUR needs.

02/19/2022

Staying Out of the Penalty Box.

When it comes to mortgages, it is easy to focus on the rates and your current situation, but the reality is that life happens and when it does, rates won’t be the only thing that matters.

First and foremost, the most important thing to remember is that a mortgage is a contract. That means that there is a penalty involved if the contract is ever broken. This is something that every homeowner agrees to when you sign mortgage paperwork, but it can be easy to forget – until you’re paying the price.

why break your mortgage?

You’re probably wondering why you would ever break your mortgage contract? Well, you might be surprised to find out that 6 out of 10 mortgages in Canada are broken within 3 years and there are typically nine common reasons that this happens:

Sale and purchase of a new home

To utilize equity

To pay off debt

Cohabitation, marriage and/or children

Divorce or separation

Major life events (illness, unemployment, death of a partner)

Removing someone from title

To get a lower interest rate

To pay off the mortgage

It is always important to think ahead when signing a mortgage agreement, but not everything can be planned for. In that event, it is important to understand the next steps if you do indeed need to break your mortgage.

calculating penalties

Typically, the penalty for breaking a mortgage is calculated in two different ways. Lenders generally use an Interest Rate Differential calculation or the sum of three months interest to determine the penalty. You will typically be assessed the greater of the two penalties, unless your contract states otherwise.

INTEREST RATE DIFFERENTIAL (IRD)

In Canada there is no one-size-fits-all rule for how the Interest Rate Differential (IRD) is calculated and it can vary greatly from lender to lender. This is due to the various comparison rates that are used.

However, typically the IRD is based on the following:

The amount remaining on the loan

The difference between the original mortgage interest rate you signed at and the current interest rate a lender can charge today

In this case, these penalties vary greatly as they are based on the borrower’s specific mortgage and the specific rates on the agreement, and in the market today. However, let’s assume you have a balance of $200,000 on your mortgage, an annual interest rate of 6%, 36 months remaining in your 5-year term and the current rate is 4%. This would mean an IRD penalty of $12,000 if you break the contract.

Ideally, you will want to be aware of what your IRD penalty would be before you decide to break your mortgage as it is not always the most viable option.

THREE MONTHS DIFFERENCE

In some cases, the penalty for breaking your mortgage is simply equivalent to three months of interest. Using the same example as above – balance of $200,000 on your mortgage, an annual interest rate of 6% – then three months interest would be a $3,000 penalty. A variable-rate mortgage is typically accompanied by only the three-month interest penalty.

paying the penalty

When it comes to making the payment, some lenders may allow you to add this penalty to your new mortgage balance (meaning you would pay interest on it). You can also pay your penalty up front.

Whenever possible, if you can wait out your current mortgage term before making a change to your mortgage, it is the best way to avoid being stuck in the penalty box. If you cannot avoid a penalty, do note that, while only calculators can be great tools for estimates, it is best to call your lender or mortgage broker directly for the accurate number in the case of determining penalties.

If you are unsure about getting the best penalty terms, reach out to a Dominion Lending Centres mortgage broker today! They can help you find the best mortgage product for you.

01/01/2022

Happy new year!

12/25/2021

Wishing you a Merry Christmas and a happy new year from our family to yours. Thanks for all the support and prayers.

11/18/2021

Your quick guide to your best short-term financing options.

Short-term financing – credit or loans that are designed to be paid off in a short period of time – can be a useful financial tool in a variety of different situations, such as:

Bridge financing
If you’re planning on moving and have found a new home before selling your existing one, you may need a short-term loan to make a down payment on the new place.

Seizing an investment opportunity
If an opportunity arises, a quick injection of cash will enable you to take advantage of it.

Consolidating debt
If you have multiple different loans, you can consolidate them into one single loan if you find one with a lower interest rate.

Covering unexpected expenses
Accessing some short-term cash will let you cover unplanned expenses, such as paying off medical bills or helping out an adult child during a period of unemployment.

But what are the different types of short-term financing options? And how do you know which are right for your situation?

Short-term financing options

Home Equity Line of Credit (HELOC)

A HELOC is a revolving line of credit secured against your home, typically allowing you to borrow up to 80% of your home’s value.

Pros:

Interest rates are typically low.
You have flexibility over when you pay it off.
You can access portions of the approved sum at different times.
You therefore only pay off and pay interest on the amount you access.
Cons:

Retirees can find it hard to qualify, particularly if they don’t have a regular income or a strong credit score.
Private Loan or Mortgage

These are loans which typically have a period of one year.

Pros:

They’re usually fairly easy to qualify for if your home has enough equity.
Cons:

Set-up fees and interest rates are typically high.
Short-Term Installment Loan

These are loans in which set amounts are repaid at regular intervals for the term of the loan.

Pros:

You pay it off in installments rather than all at once.
Cons:

Unlike a credit card or line of credit, you can’t access portions of the approved sum at different times.
They can include hidden prepayment fees.
Payday Loan

A payday loan is a short-term loan characterized by very high interest.

Pros:

Usually easy to qualify for.
You can often access them even if you have a bad credit score.
Cons:

Interest rates are extremely high – often exceeding 300% over a year.
Convertible Mortgage

These are short-term mortgages, typically six months, with a fixed interest rate.

Pros:

They can be switched to a long-term mortgage if you choose.
Cons:

They usually have a higher interest rate than adjustable rate loans.
Cross Collateralization

This is when the collateral of one loan, such as a car, is used to secure another loan you have with the same lender.

Pros:

Interest rates can be lower.
Cons:

The lender may keep you from selling the asset being used as collateral, even if you have paid it off.
A New Short-Term Financing Option

CHIP Open is a new, short-term financing product offered by HomeEquity Bank. It’s a reverse mortgage which allows you to access up to 55% of the value of your home in tax-free cash. However, unlike a traditional reverse mortgage, there are no prepayment fees, meaning you can pay off the full amount whenever you like.

Pros:

Easier to qualify for than other short-term products since its not based on income or credit rating.
No monthly repayments.
Interest rate and fees are highly competitive in the short-term lending space.
If you decide you need a longer-term solution, you can switch to the CHIP Reverse Mortgage at a lower interest rate.
Cons:

Only available for Canadians 55+.
You must own your home.
Interest rates are higher than the regular CHIP Reverse Mortgage, allowing us to completely waive any prepayment penalties.
If you’d like to find out more about how CHIP Open can help you with your short-term financing needs, contact a DLC Mortgage Professional today!