Tom Johnson - Mortgage Agent - The Mortgage Centre Welland Niagara

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Tom Johnson - Mortgage Agent - The Mortgage Centre Welland Niagara

Tom Johnson is a Niagara based mortgage agent who works on your behalf to find the mortgage that’s best for you.

Unlike traditional lenders, Tom works for YOU, NOT the big banks.

09/02/2026

"The Bank of Canada held its overnight rate at 2.25% for the seventh consecutive time, leaving variable mortgage costs unchanged as renewed US tariff pressure and a 3% rise in the Consumer Price Index add uncertainty to a fall housing market that had once been expected to deliver a modest seasonal rebound."

Read this full article to learn what the BoC's latest rate hold means for mortgages:
https://www.mpamag.com/ca/specialty/broker-insights/what-the-bocs-latest-rate-hold-means-for-mortgages/588376

08/27/2026

Thinking of selling, refinancing, or moving before your term is up? Breaking a mortgage early almost always comes with a penalty. In Ontario (and across Canada) that penalty is usually the greater of three months’ interest or the Interest Rate Differential (IRD) — and on fixed-rate mortgages the IRD can add up to several thousand dollars. The exact amount depends on your rate, remaining term, and current market rates. Always get the precise penalty quote from your lender before making a decision. Want to know what it would cost in your situation? I can help you calculate it.

08/26/2026

Your mortgage term is ending soon? In Canada, most terms last 1–5 years, and at renewal you have options: stay with your current lender or shop the market for a better rate and features. The good news is that switching at renewal is often simpler than starting a brand-new mortgage, and in many cases you won’t face a full stress test again if you’re keeping similar terms. Don’t just accept the first renewal offer that arrives in the mail — a quick comparison can save you thousands over the next term. Reach out if you’d like a free renewal review.

08/18/2026

Appraisal Requirements in Ontario 🏡

In Ontario, most lenders require a professional appraisal before finalizing your mortgage — especially on purchases and refinances. This ensures the property value supports the loan amount and protects both you and the lender. The cost is typically paid by the borrower and can range from a few hundred dollars upward depending on the property. A low appraisal can affect your down payment, rates, or even approval, so it’s smart to understand the process early. Questions about appraisals? Send me a message — happy to walk you through it.

08/10/2026

🔒 What does a rate hold (sometimes called a rate lock) actually do?

When you get pre-approved, many lenders will hold today’s interest rate for you for a set period — usually 90 to 120 days (some go longer).

Here’s why it matters:

✅ If rates go up during that time → you keep the lower locked rate ✅ If rates go down → most lenders will give you the better rate (float-down) ✅ It gives you peace of mind while you house-hunt ✅ It’s usually free and doesn’t lock you into that lender

Important: A rate hold is not the same as full approval. Your income, credit, and the property still need to check out when you find a home. Holds typically apply to fixed rates.

08/08/2026

First-Time Home Buyer Incentives

🏡 First-time buyer? There are real incentives that can put thousands (sometimes tens of thousands) back in your pocket.

Here’s what’s available right now:

✅ First Home Savings Account (FHSA) – Tax-deductible contributions up to $40,000 lifetime, tax-free withdrawals for your first home ✅ RRSP Home Buyers’ Plan – Withdraw up to $60,000 tax-free (repayable over time) ✅ Ontario Land Transfer Tax Rebate – Up to $4,000 ✅ Federal Home Buyers’ Tax Credit – Worth about $1,500 ✅ HST rebates on new homes – Significant relief available on eligible new builds (timing and rules matter)

These can be stacked in many cases, but eligibility rules apply and the details change. The old federal shared-equity incentive is gone.

08/04/2026

Debt Servicing Ratios Explained

📊 Confused by GDS and TDS? These two ratios decide how much house you can actually afford.

Here’s the simple version:

🔹 GDS (Gross Debt Service) Looks at your housing costs only: mortgage payment + property taxes + heating + 50% of condo fees. Most lenders want this at 39% or lower.

🔹 TDS (Total Debt Service) Adds all your other debts (car loans, credit cards, student loans, lines of credit, etc.). Usually needs to stay at 44% or lower.

The stress test makes this stricter — lenders check if you can still afford the payments at a higher “qualifying rate.” Even if your actual payment feels comfortable, these ratios can limit your approval amount.

07/27/2026

"Mortgage broker use rose to a five-year high in 2025 as borrowers sought help navigating a more complex range of products, lenders and payment structures.

New consumer research from Mortgage Professionals Canada (MPC) found that 38% of recent homebuyers obtained their mortgage through a broker, up six percentage points from 2024. The share rose to 48% among recent first-time buyers, an increase of 10 percentage points.

Broker use also climbed to 42% among other recent buyers and reached 44% in Quebec, where it rose 14 percentage points from the previous year".

For the entire article, visit:
https://www.canadianmortgagetrends.com/2026/07/mortgage-broker-share-rises-to-38-hits-48-among-recent-first-time-buyers-mpc

07/22/2026

🏡 Can Retirees Qualify for a Mortgage?

Retirement doesn’t mean your mortgage options disappear. Many retirees are surprised to learn they may still qualify for financing—it all depends on their overall financial picture.

Lenders look beyond traditional employment income and consider factors such as:

💰 Retirement Income
CPP, OAS, pensions, investments, and other reliable income sources can help support mortgage qualification.

📊 Credit & Affordability
Your credit history, current debts, and ability to comfortably manage payments all play an important role.

🏡 Home Equity & Assets
The value you’ve built in your home and your overall assets may provide additional opportunities.

Retirees may explore options for:
✅ Downsizing to a home that better fits their lifestyle
✅ Purchasing a new property later in life
✅ Accessing home equity for renovations or financial goals
✅ Refinancing to improve their financial flexibility

Every retirement journey is different, and the right mortgage solution depends on your goals, income, and financial situation.

07/15/2026

The Bank of Canada held interest rates steady for a sixth consecutive meeting as policymakers see the economy rebounding and oil price-driven inflation fading.

Officials led by Governor Tiff Macklem kept the policy rate at 2.25% on Wednesday, matching expectations of economists in a Bloomberg survey and traders in overnight swap markets.

“After a year of weakness, Canada’s economy is showing signs of improvement,” the bank said in its monetary policy report. “Growth is expected to pick up, and inflation eases gradually from its recent peak. Uncertainty is still high.”

https://www.canadianmortgagetrends.com/2026/07/bank-of-canada-holds-rates-at-2-25-as-outlook-improves/

Address

440 Niagara Street, Unit 6A
Welland, ON
L3C1L5

Website

http://tomjohnson.ca/

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