In previous generations Canadians have focused on paying off their mortgage as quickly as possible, accelerating their payments and shortening their amortization. A lot of our parents, who were instructed by their parent’s generation subscribed to this philosophy.

For mortgage qualification, many lenders now accept Child Tax Credit as income. Most lenders require that the child be no older than 16 years of age.

Remember when your broker or banker asked you which you would prefer a fixed-rate mortgage or a variable? Most Canadians based their decision on the rates of the day and how much they would save against the fear of rates moving up.

If you are business for self, as a sole proprietor or incorporated or commissioned income you know how hard it is to get a loan with traditional bank practices. Writing off your allowable amounts on your income tax return often resulted in less claimed income and decreased your borrowing ability.

The pandemic has changed “why” Canadians renovated. Remax 2021 Renovation Investment Reported that more than half of Canadians renovated their home in 2020, with 29% of those renovating to enhance lifestyle and only 16% to increase market value.

For many Canadians this past year was an experiment in working from home. Few of us will forget March 2020, when we were asked to move to our home office and not come into the office. Zoom meetings with poorly lit desks, background noise, dogs barking, kids crying soon became normal, heck we even started to catch on that we could wear a nice shirt with comfy sweat pants all day!

I often get asked what the difference is between using a mortgage agent or broker and going through a bank. We are both offering mortgage products right? While that statement is correct, to some degree, there are many benefits to using a mortgage agent or broker that far outweigh those of the bank.

Your credit score is essentially a snapshot of your current financial situation and gives lenders an accurate indication of your ability to pay back a loan, based on your previous debt repayment history.