Mortgages by Adrian Kania

08/09/2022

🎇WEBSITE LAUNCH!

I'm excited to announce that my new website is live and ready to serve you better. Check it out to stay updated on industry news and to access helpful materials. Feel free to pass it along to friends and family seeking mortgage assistance 🙏

Shoutout to the amazing team 🏆 highly recommend their services!

09/30/2021

Are fixed rates on the rise? What does this mean? Canada bond yields sharply increased which triggered an increase in the fixed rates at most mortgage lenders. And as the Bank of Canada signals for a potential rate increase in second half of 2022, the window for historically low fixed rates could be coming to a close. Contact me to learn about the benefits and costs of buying, switching or refinancing at a fixed rate. The best option will depend on your situation and financial goals!

Rising Canadian 5-year bond yields has borrowers and brokers wondering if an increase in fixed mortgage rates will follow. Rob McLister, mortgage columnist with The Globe and Mail tells BNN Bloomberg that big banks will likely hike rates within the next week.

09/15/2021

Did you know that "debt servicing" is the ratio used by top lenders to qualify applicants for mortgages? That means carrying debt such as student loans, car loans, lines of credit, outstanding credit card balances etc. can impact your mortgage potential. However, not all debts are treated the same by lenders, which means there are benefits to prioritizing certain debt balances over others. Generally it comes down to the cost of carrying the debt, rather than the amount of balance outstanding, but the optimal solution always depends on your specific situation and goals. Make sure to consult a mortgage specialist when creating financial plans for buying real estate!

Is paying down your debts keeping your broke? Here are 10 common mistakes people make when trying to pay off debt, and what to do instead.

09/15/2021

Did you know that your credit score is one of the most important criteria when applying for a mortgage with top lenders? There are several ways to build your credit, though obtaining a credit card and maintaining a low balance is the most effective. Reach out directly if you want resources for FREE credit reports as well as more tips on improving your credit score to ensure that you can qualify for the best mortgage products available.

If you have poor (or no) credit, these strategies will strengthen your score

07/09/2021

If you currently have a variable rate or are up for renewal in 2023 or later, consider switching to today's super low fixed rates as the Bank of Canada considers increases 12 months from now. Fixed rates have already been on the rise since last year. Consult your mortgage broker about weighing the penalties against the potential interest savings to make the best decision.

Borrowers can still get a bargain so long as they don't let this opportunity slip by

06/13/2021

"Drive until you qualify" doesn't have to be the only strategy, and it doesn't have to be a bad one either! GTA home prices are forcing many first time buyers further from the city, so it's important to know which locations are growing in value when searching for more affordable properties.

The only way to stop housing prices in major Canadian cities from increasing beyond the range of affordability is to build more housing, experts say.

06/02/2021

Homeownership is a fantastic addition to your retirement plan and portfolio. As a long-term investment, real estate has provided some of the best returns available, about 10-15% annually over the past 10 years in Ontario. At retirement you have the option to either a) downsize your home and pocket the profits from appreciation, or b) convert the equity into tax-free cash such as a line of credit or perhaps a reverse mortgage. Reach out to learn more about planning your future of homeownership!

Almost 8 in 10 Canadians over the age of 55 believe they can’t rely on registered savings and pension plans alone to support a comfortable retirement. Roughly half say that home equity is a vital part of retirement planning, yet many don’t want to downsize from their current home, according to a...

06/02/2021

To rent or to own - that is the question! The answer is simpler than Shakespeare; it is better to own. And if you want to live in a location that you cannot afford, then consider what I did - invest in an income property with positive cash flow and take advantage of the affordable rental market downtown. Especially over the long-run, homeownership has so many advantages. Reach out for a free consultation any time!

Honestly, I hate being asked the question: “Is it better to buy a home or rent indefinitely?” The reason I dislike the question is because my answer is almost always: “It depends.”

05/23/2021

The minimum qualifying rate for mortgages will increase to 5.25% as of June 1. How will this affect your ability to obtain a mortgage? What does this signal about the industry?

The intention is to help cool-down the market, but in reality it could just end up making it more difficult for first time buyers to enter the market.

The qualifying rate for residential mortgages with a down payment of 20 per cent or more will rise to the contracted rate plus 200 basis or 5.25 per cent, whichever is higher.

05/23/2021

Thinking about doing home improvements, buying a new car, or making a big investment? With housing prices at an all-time high and interest rates at an all-time low, this could be the best time to leverage the equity in your real estate for tax-free cash. Reach out to learn more about what option is best for your needs!

It’s no surprise that housing prices in Toronto are skyrocketing but these are the areas where home prices have jumped the most since the start of the pandemic.

05/22/2021

“The government is incentivizing first-time buyers to take on less debt and to reduce their monthly payments, but the tradeoff is reduced purchasing capacity and government co-ownership” Paul Taylor, CEO Mortgage Professionals Canada

Long-awaited tweaks to the government's First-Time Home Buyer Incentive became official on Monday.