Jagpreet Singh

If your home will be owner-occupied, you need 5% down for the first $500,000 of the purchase price and 10% for any amount over $500,000 up to $999,999. If the purchase price is $1,000,000 or more, the minimum down payment is 20%.

According to CMHC’s Mortgage Consumer Survey, most homebuyers are accessing their savings or equity from a previous home for their down payment. Followed by RRSP savings and gifts from family members.

If you have any questions about the down payment options available to you and how to use them, send me a message. I will be happy to review your situation and discuss your homeownership goals.

If you feel the impact of higher interest rates, a strategy to look at could be extending your amortization. Extending your amortization will stretch your mortgage repayment out, potentially lowering your monthly payment.

If you have any questions or want to look at a strategy like this for your mortgage, send me a message.

We know that borrowing money is harder for self-employed Canadians, which is one of the reasons why working with a Mortgage Broker like myself, is so important.

I have access to lenders specializing in self-employed mortgages and understand business owners' challenges.

If you are self-employed and looking to buy, renew or refinance, reach out to start the conversation.

Mortgage holders have seen their payments and rates aggressively spike over the past 15 months, which has caused a sense of uncertainty. Working with a Mortgage Broker like myself gives you access to advise, products, and rates you can’t get from your bank.

Whether you need to reset, restructure, or re-strategize, I am armed with solutions.

If you are shopping for a mortgage, it is essential to know what you need to qualify, but it is also important to understand what could be holding you back from qualifying for a mortgage. Below are 5 points that could be impacting your chances of being approved for a mortgage:

📌 Carrying too much debt
📌 Poor credit history or not enough credit history
📌 Not enough income or assets
📌 Not enough of a down payment
📌 Unstable employment history

If you feel any of the above points could be holding you back from getting approved for a mortgage, reach out. I am armed with solutions for every situation.

If your mortgage is coming up for renewal this year, reach out and let’s start the conversation.

We are in a high-interest rate environment, and many customers feel stuck with their current lender at renewal. Whether it’s transferring to a different lender for a better rate, exploring new mortgage products that let you access your equity to help with payments, or opting for a shorter term, I am armed with solutions.

If you have been thinking about investing in a rental property, now is a great time. According to http://rentals.ca , the average rent price in Canada rose 9.6% Year over Year, bringing the total increase to 20% from the pandemic low in April of 2021. With the high-interest rate and low inventory environment we are in, this is a trend that will most likely continue.

Reach out to learn how you can use your equity to build wealth.

Data released from the Office of the Superintendent of Bankruptcies shows that Canadians are having a hard time staying on top of their debt. Consumer insolvencies saw a 20% Year over Year increase and have risen to the highest level since 2019.

If you are a homeowner carrying a large amount of consumer debt, it may make sense for you to refinance your mortgage to pay down high-interest debt and potentially free up more cash each month. Send me a message to explore your options.

A rate hold will allow you to secure your interest rate so you can take your time house shopping. In the event rates rise, you will be able to take advantage of the rates available today. If rates drop, you can still secure the lowest rate available for you when you are ready to buy.

If you are considering buying over the next few months, now is the time to secure your rate.

According to the 2022 CMHC Mortgage Consumer Survey, 1 in 3 buyers financed their home with a gifted down payment. When the down payment is gifted, the purchaser needs to provide the lender with the below information:

📌 Relationship to the individual giving the money
📌 The amount of money being gifted
📌 The property the money is gifted for
📌 A statement specifying the money is a gift and does not need to be repaid
📌 Contact information of the person giving the money
📌 The source the funds are coming from

Specific requirements may vary depending on the lender. Reach out for more information.

A good credit score in Canada can make life easier – especially when you’re looking to purchase a home. To help make sure you get a great mortgage rate, here are the top three tips to help improve your credit score quickly.

Tip 1: Pay your bills on time every time

Tip 2: Watch and understand your credit utilization ratio. It is recommended not to use more than 30% of the credit available to you. This includes all your credit cards and lines of credit.

Tip 3: Diversify your credit mix (credit cards, loans, mortgages)

Of the Canadians who bought homes in 2022, 62% reported needing outside help, like family, to make their down payment and say they would not have been able to afford their home without it.

When the down payment is gifted, the purchaser needs to provide the lender with the below information:

📌 Relationship to the individual giving the money
📌 The amount of money being gifted
📌 The property the money is gifted for
📌 A statement specifying the money is a gift and does not need to be repaid
📌 Contact information of the person giving the money
📌 The source the funds are coming from

Specific requirements may vary depending on the lender. Reach out for more information.

Refinancing your mortgage or obtaining a HELOC (home equity line of credit) is a great way to fund a home renovation.

You get access to the cash you need at a low borrowing cost. Reach out today to see the options available to you.

Refinancing your mortgage gives you access to the equity in your home and involves renegotiating your current loan agreement.

👇Here are 3 reasons why homeowners refinance their mortgage

1. Debt consolidation 💳. Merge higher interest debts into one manageable payment with a lower interest rate.

2. Home renovations 🛠️. Get the money you need to renovate or make repairs.

3. Lock in a lower rate.

Reach out for a free consultation to learn more about refinancing your mortgage.

Three reasons you should get a mortgage pre-approval:

1. You will know the maximum amount you can spend on a house

2. It can secure your rate for up to 120 dates while you shop for a house

3. It lets the seller know you can secure financing, giving you an edge when making an offer.

Reach out today for a free Mortgage Pre-Approval.

For self-employed borrowers, I open doors, not build walls! I have access to lenders specializing in self-employed borrowers that will take your whole picture into account. Together we will assess your situation and advise how to present all the details best. In fact, helping self-employed borrowers is one of my specialties.

If your mortgage is coming up for renewal, it is essential to get in touch so we can explore your options. With the Stress Test and today’s higher rate environment, some homeowners have difficulty qualifying at renewal and feel “stuck” with their current lenders.

The best thing you can do is get advice early and explore your options.

Bridge financing is a temporary option designed to help homeowners “bridge” the gap between selling their existing home and purchasing their new home.

It lets you use the equity in your current home for the down payment on your next home while you wait for your home to sell.

If you are interested in learning more or require bridge financing, send me a message; I’m here to help!

Second mortgages are usually taken out to help with short-term cash requirements, pay off higher-interest debts or for investment opportunities. Depending on your qualifications, a second mortgage will allow you to access 80% - 95% of your home equity. One of the attractive things about second mortgages is the payment. In most cases, you are able to pay interest only or interest plus the amount of principal you select.

For more information about second mortgages, send me a message.

The best advice is always to buy when you are financially ready. But do reach out so I can help you fine-tune your finances so you are homeownership and mortgage ready.

If you are ready to buy, I can arrange a pre-approval, so you’re protected from rate increases for up to 120 days while you shop around. A pre-approval also lets you confidently shop in your price range and ensures you can move fast on your dream home when the time is right.

Whether you are thinking of buying now or later, get in touch so I can help you get where you want to go.

If you are shopping for a mortgage, it is essential to know what you need to be able to qualify, but it is also important to understand what could be holding you back from qualifying for a mortgage. Below are 5 points that could be impacting your chances of being approved for a mortgage:

1. Carrying too much debt
2. Poor credit history or not enough credit history
3. Not enough income or assets
4. Not enough of a down payment
5. Unstable employment history

If you feel any of the above points could be holding you back from getting approved for a mortgage, send me a message. I am armed with solutions for every situation.

If you are planning a home renovation, reach out to discuss your financing options. Borrowing through your mortgage can be one of the most cost-effective ways to fund renovations.

Refinancing means getting out of your current mortgage and replacing it with a new one. Take a look at three common reasons people refinance their mortgage. 🏠

If you have any questions or would like to review your options, I’m here to help.

At renewal, you can renegotiate everything about your mortgage – with no penalties – which means this is an important moment of opportunity. You may also want to discuss refinancing your mortgage to pay off debt, complete renovations, or pay for a significant expense ahead.

Reach out to explore your options.

3 Reasons you should use a mortgage broker vs. going to your bank:

1. Better Rates – Because lenders compete for our business, we get discounted rates based on volume and pass these savings directly on to you.

2. Access to more lenders - When you apply for a mortgage at a bank or credit union, you only have access to the products they offer in-house. With me, you get access to dozens of lenders.

3. Our services are free – the lender compensates us.

If you have questions about your mortgage or home financing options, reach out, I'm here to help.

If you are ready to jump into 🏠 homeownership, reach out! I will discuss the mortgage process with you ➕ inform you about various programs that are available to first-time buyers in Canada. Such as...

👉The Home Buyers’ Plan
👉The First-Time Home Buyer Incentive
👉Other products only offered through the Mortgage Broker channel.

Reach out today to learn more! 📣

Here are 3 tips to help first-time buyers navigate the landscape.

1. Get pre-approved before you start looking at homes.

2. Talk to me to avoid surprises. Surprises can range from fees around closing costs to rebates for first-time buyers. Whether it’s money in or out, you need to know about it.

3. Work with a realtor. This is the biggest purchase of your life; let the pros help you navigate it.

Three reasons you should get a mortgage pre-approval:
1. You will know the maximum amount you can spend on a house
2. It can secure your rate for up to 120 days while you shop for a house
3. It lets the seller know you can secure financing, giving you an edge when making an offer.

Reach out today for a free, no-obligation, Mortgage Pre-Approval.

If your home will be owner-occupied, you need 5% down for the first $500,000 of the purchase price, and 10% for any amount over $500,000 up to $999,999. If the purchase price is $1,000,000 or more, the minimum down payment is 20%.

According to CMHC’s Mortgage Consumer Survey, most homebuyers are accessing their savings or equity from a previous home for their down payment. Followed by RRSP savings and gifts from family members.

If you have any questions about the down payment options available to you and how to use them, send me a message!