Tom Johnson - Mortgage Agent - The Mortgage Centre Welland Niagara

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Tom Johnson - Mortgage Agent - The Mortgage Centre Welland Niagara

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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.

10/28/2026

"The Bank of Canada today increased its target for the overnight rate by 25 basis points to 2.5%, with the Bank Rate at 2.75% and the deposit rate at 2.45%.

Since the July Monetary Policy Report, global economic activity has remained resilient, despite higher energy prices. In the United States, the economy continues to grow at a robust pace, supported by consumer spending and AI-related investment. Growth in the euro area has been resilient and broad-based. After slowing in the second quarter, Chinese growth rebounded in the third quarter, owing to strength in exports and a pickup in fiscal spending. With persistently elevated oil prices and refinery margins, inflation has risen in most countries.

Given the ongoing resilience of the global economy, the Bank has revised up global GDP growth slightly to 3.1% in 2026, while growth in 2027 and 2028 remains unchanged from the July projection at 3.2%."

Read the full announcement here: https://www.bankofcanada.ca/2026/10/fad-press-release-2026-10-28/?_cldee=bp7VdnWlO64iFpx3SCUib3kNFw_VIJAF18zzLhDjbIKGqggY11DkXwsSsrbf3Gae&recipientid=contact-8e70ffd94593e911b80200155d23e106-fb932bb3a6e7456a90d3824a8866b4c8&esid=dfcc1cf1-acfb-f011-8407-002248ae17b6

10/27/2026

🚨 Think bad credit automatically means you can't get a mortgage? Not necessarily.

Your credit history is one part of your mortgage application. Lenders can also consider your income, down payment, debt, employment and overall financial situation.

Maybe you've had missed payments, collections, a consumer proposal or other credit challenges.

Don't automatically assume you can't qualify.

Every situation is different, and there may be mortgage options worth exploring.

🏠 The important first step is understanding where you stand before you start house hunting.

10/22/2026

Mortgage Planning for Business Owners

Did you know that qualifying for a mortgage as a business owner can involve different income documentation than a traditional salaried employee? Lenders may look at your personal tax returns, Notices of Assessment, business financial statements, and how long you've been self-employed.

📋 Preparation is key! Having your financial documents organized early helps your mortgage broker assess your income, understand your business structure, and explore mortgage options that fit your situation. Depending on the lender and your circumstances, additional documentation may be required.

🏡 Thinking about buying a home? Don't wait until you've found the perfect property to start planning! Connect with a mortgage broker to review your financial picture and understand your options before you begin house hunting.

10/11/2026

Enjoy the extra day, the great meals, and the chance to spend time together. Happy Thanksgiving!

09/20/2026

💰 Where can your down payment come from in Ontario?

It doesn’t always have to be money you’ve slowly saved for years. Common acceptable sources include:

✅ Your own savings
✅ Gift from immediate family (with a proper gift letter)
✅ Inheritance
✅ Proceeds from selling another property

Lenders (and insurers if you’re putting less than 20% down) will want clear documentation. Borrowed money that creates new debt is usually not allowed without extra scrutiny.

A well-documented family gift can help you buy sooner and sometimes reduce or avoid certain insurance costs.

09/17/2026

📊 How much does your credit score actually matter for a mortgage in Ontario?

A lot more than most people realize.

Lenders use your credit score to decide:

Whether you get approved
What interest rate you qualify for
How much you can borrow

Higher scores generally mean better rates and more options. Lower scores can still work, but you may face higher rates, stricter conditions, or need a co-signer/co-borrower.

Good news: Credit can often be improved in a relatively short time with the right steps.

09/15/2026

🏡 Conventional or High-Ratio Mortgage — what’s the difference?

In Ontario (and across Canada):

✅ Conventional Mortgage

You put down 20% or more. No mortgage default insurance required. Often more flexible terms and slightly lower rates.

✅ High-Ratio Mortgage

You put down less than 20%. You must pay for mortgage default insurance (CMHC, Sagen, or Canada Guaranty). This protects the lender and allows you to buy with a smaller down payment.

The insurance premium gets added to your mortgage or paid upfront, so it affects your total cost. Many first-time buyers use high-ratio mortgages to get into the market sooner.

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.

Address

440 Niagara Street, Unit 6A
Welland, ON
L3C1L5

Website

http://tomjohnson.ca/

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