Amandeep Singh - Akal Mortgages

What is best for you depends on your financial situation and tolerance for risk. I don’t have a crystal ball, but I will walk you through various scenarios to determine what is best for you.

Reach out to talk about YOUR mortgage.

🔍 Why choose a Mortgage Broker?

📌 Better Rates: Brokers use their network to find you discounted rates.

📌 More Choices: Access a wide range of lenders and products.

📌 Free Service: Expert help at no cost to you—paid by the lender.

Ready to explore your mortgage options? 🏠

A recent study revealed that 84% of Canadian adults aged 18-38 consider homeownership a good investment. On top of that, 78% of this group see homeownership as a priority and significant milestone.

If you are thinking about buying your first home, reach out. I work with multiple lenders to find the best solution for you, and I will walk you through the entire process.

🏡 First-time homebuyer? The Tax-Free Home Savings Account (TFHSA) can speed up your path to homeownership! Here’s why it’s great:

📌 Tax-Free Growth: Earn interest without taxes—more money for your future home.
📌 Annual Limits: Save up to $8,000 per year, with a lifetime cap of $40,000.
📌 Flexibility: Use funds for down payments, closing costs, or other expenses.
📌 Perfect for First-Time Buyers: Make your homeownership dreams a reality!

Got questions? Send me a message! 📱

🔄 Don’t just renew—renegotiate your mortgage for big savings! As renewal time approaches, consider these benefits:

📌 Better Terms: Adjust terms to fit your financial goals.
📌 Access Equity: Tap into your home’s equity for major projects.
📌 Debt Consolidation: Simplify your finances by merging high-interest debt.
📌 Switch Lenders: Find the best rates and terms available.

Ready to explore? Send me a message and let’s get the process started! 🌟

The Stress Test is used for mortgage qualifying purposes only and is higher than actual mortgage rates. Since it is higher than actual mortgage rates, this can impact your borrowing power.

When you work with me, you can access alternate lending options like credit unions and private lenders with alternate qualifying methods.

Reach out to learn about your lending options.

With a Cash-Back Mortgage you receive a percentage of your total mortgage amount as cash. You can use this money for closing costs, moving expenses, renovations or to pay down existing debt.

Although the rates for Cash-Back Mortgages are higher it can still be beneficial to your financial situation.

Reach out to see if a Cash-Back Mortgage is right for you.

Understanding the difference between being pre-qualified and pre-approved for a mortgage is crucial for homebuyers. 🏡

✅ Pre-qualification is a preliminary assessment based on information provided by the borrower, such as income and debts. It offers an estimate of how much you could potentially borrow.

✅ Pre-approval, however, involves a thorough verification process where the lender examines your credit report, verifies your income, and assesses your financial background. It provides a more accurate picture of your borrowing capacity and demonstrates to sellers that you are a serious and qualified buyer.

Knowing the difference helps homebuyers set realistic expectations, streamline their home search, and strengthen their negotiating position when making an offer on a property. It also ensures that they are financially prepared for the mortgage process ahead. 📑📋

If you’re a homeowner, now could be the perfect time to consider refinancing. Refinancing your mortgage can help you shorten your mortgage term, access equity in your home or consolidate high-interest debt. 💳💰

With access to multiple lenders, I work with you to find the best refinancing solution to meet your unique needs. Don’t wait to take control of your financial future. Reach out to explore how refinancing can help you achieve your goals. Contact me today for a personalized consultation. 📱

🔔 Is your mortgage up for renewal? With the latest rate drop and the indication rates could go down even more, seeking trusted, unbiased advice is crucial in today's market. 📈 Let's secure your financial future together. Reach out for a free consultation! 🏠💼

Are you new to Canada and looking to buy? I can help you find the best lending solutions available. I have access to lenders who specialize in Newcomer Mortgages. Reach out and let’s start the conversation.

A rate hold is when you secure your interest rate for a period of time while you shop for a house. The next Bank of Canada interest rate announcement is September 4th. If rates drop, you can still secure the lowest rate available for you when you are ready to buy.

Household debt levels have reached record highs in Canada. If you are a homeowner and carrying high-interest debt, it may make sense to refinance your mortgage and potentially free up more cash each month.

Send me a message and we can discuss your options.

Looking to add value to your home without breaking the budget? Below are 5 easy renovations you can take on that will increase the value of your home.

1️⃣ Replacing or refreshing your front door, even adding a smart lock

2️⃣ Replacing old caulking and changing the towel racks, storage and hardware can help modernize your bathroom

3️⃣ For your kitchen, replace kitchen lighting and re-face kitchen cabinets

4️⃣ Upgrade door hardware

5️⃣ Replace your garage doors

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 can pay interest only or interest plus the amount of principal you select.

For more information, reach out.

You don't have to worry about getting rate quotes when you work with me! With access to major Banks, credit unions, national, regional, and private lenders, I shop the market for you.

If you are looking at low online rates, do your research, and get in touch to discuss. Rock-bottom online rates often come with restrictions and high penalties that could work against you in the long run. Necessary mortgage privileges don't fit in a rate ads but are critical when determining the best mortgage for your situation.

Finding your way through the mortgage maze can be daunting. With me by your side, you'll receive personalized guidance tailored to your financial situation. I'll help you secure the best rates and terms, simplifying the process so you can make informed decisions at every turn.

Transform your backyard into your summer sanctuary! Discover 7 simple tips to revamp your outdoor space:

📌 Outdoor Rug: Instant vibrancy, zero hassle!
📌 Fountain: Add serenity with soothing water sounds.
📌 String Lights: Create a magical nighttime ambiance.
📌 Vertical Garden: Maximize greenery in minimal space.
📌 Trellis: Elevate with architectural charm.
📌 Garden Path: Combine functionality with beauty.
📌 Cozy Furniture: Turn your patio into a comfy retreat.

No matter your space's size, create your oasis and embrace the season! 🌞

You can improve your ability to qualify for a mortgage. To get an idea of what strategies will work best for you, have a conversation as early in the process as possible. Being as prepared as possible will reduce stress and possibly save you money. Get in touch and make sure your experience is both happy and prosperous!

Below are five ways to improve mortgage qualifying success:

1️⃣ Help from parents – cosign, gifted downpayment
2️⃣ Pay off debt
3️⃣ Polish your credit
4️⃣ Put down a larger downpayment
5️⃣ Get advice early

Dreaming of your perfect home? 🏡 Start your homeownership journey by boosting your credit score with these 4 tips: 📈

1️⃣ Always pay your bills on time 📆
2️⃣ Keep credit card balances below 30% of your limit 💳
3️⃣ Regularly check your credit report for errors 📝
4️⃣ Avoid opening unnecessary new credit accounts 🚫

Follow these steps and watch your credit score soar!

Ready to secure your dream home? Contact me today and let’s start the process! 🏡💼

If you have equity in your home and need quick access to funds, a Home Equity Line of Credit could be the perfect solution.💳

Contact me today to learn more and find out if a HELOC is right for you! 💬

5 Home Renovations with a big ROI:

📌 A Kitchen Renovation – one of the biggest projects you can undertake to beef up your home’s value.

📌 A New Garage / Additional Parking – Having a single parking spot in most Canadian cities, let alone two or even three, feels like hitting the jackpot!

📌 Backyard Entertainment – Outdoor living space is always appreciated, especially when it comes to summertime.

📌 A Finished Basement – One of the easiest ways to increase the square footage of livable space in your home.

📌 A Fully Functional Family Mudroom – A properly organized mudroom is a meaty value-add to a family home. Extra points if you can squeeze in a dog bath!

While many people decide to co-own a home for cultural reasons or to help take care of elderly parents or young children, more Canadians are now turning to co-ownership as a means to combat housing in-affordability.

By dividing the cost of a home between more people, Canadians can get their foot on the property ladder more easily and expand their home search to more desirable locations or larger properties that may not have been accessible with their budget alone.

A co-ownership strategy allows you to get into a home today, build equity, cash out, and then buy your home with the equity you’ve built over the first four or five years.

Here are five tips to help you get ready to buy your first home:

1️⃣ Keep a good credit score! The higher, the better. This is a snapshot of your financial health, and lenders use this to gauge your ability to repay debts.

2️⃣ Save a down payment! The bigger the down payment, the better – the minimum down payment when less than $500,000 is 5%; between $500,000 and $999,999, you will need 5% for the first $500K and 10% for the portion above $500K, and $1 million+ you need 20% of the purchase price.

3️⃣ Keep your income stable. Lenders like to see proof that you can make your payments; a full-time job is the best way to show it.

4️⃣ Pay down existing debt. Your balances don’t need to be at $0, but how much debt you carry will affect how much you can borrow.

5️⃣ Get a mortgage pre-approval!

If you are getting ready to buy your first home, reach out! I work multiple lenders including banks, credit unions, and some lenders that are exclusive to the broker channel. The options available with me could save you thousands over the term of your mortgage.

When buying a home, remember to budget for more than just the initial cost. Factor in expenses like legal fees, land transfer taxes, and home inspection fees, which can range from 1.5% to 4% of the home's price.

Planning for these additional costs upfront can help you navigate the path to homeownership smoothly and avoid unexpected surprises.

🏡💰 Did you know? A whopping 73% of Canadians believe that real estate is a solid financial investment! 📈 Whether it's building equity, generating rental income, or securing a future asset, real estate continues to be a cornerstone of financial success.

If you are thinking about buying or your mortgage is coming up for renewal, reach out for a rate hold. The next Bank of Canada announcement is July 24th. Having a rate hold in place ensures you will get the best possible rate available to you when you are ready to close on your mortgage.

Making the jump to homeownership can be scary, but a recent study done by Mortgage Professionals Canada shows that 90% of Canadians who make the leap are overwhelmingly happy with their decision to become homeowners.

If you are thinking about buying, send me a message. I work with many lenders to provide you the most options, and will guide you through the process. Plus, my services are free.

Competitive rates continue to be the top-cited reason for working with a broker, as well as the ability to obtain multiple quotes.

👉 Broker customers receive more than 50% as many quotes as bank customers, providing more choice to meet your needs.