If you are considering home renovations this year, you’re not alone. In 2020, Canadians spent $80.1 billion on updating their existing homes, which was more than was spent on buying new homes.

As part of my new Blog FAQ Series, I will be answering commonly asked questions from clients in order to help you along with your home buying and mortgage journey. In this blog, I'll provide a detailed list of all the documents you'll need to buy a home.

As part of my new Blog FAQ Series, I will be answering commonly asked questions from clients in order to help you along with your home buying and mortgage journey. In this blog, I'll provide a detailed list of all the documents you'll need to buy a home.

Mother Nature has been kind to us here in Southern Ontario over the last couple of weeks, but we all know the weather will eventually get cold and snow will be here before we know it! 

Here are some helpful tips that will make getting your home prepared for winter easy! 

Today, we would like to discuss reverse mortgages. What is a reverse mortgage and how does it work? This blog post will tell you everything you need to know!   What is a reverse mortgage? A reverse mortgage is defined as a loan that allows you to get money from your home equity without having to sell your home. This is sometimes called “equity release”. You may be able to borrow up to a certain percentage of the current value of your home. The maximum amount you will be able to borrow will depend on your age, your home’s appraised value, and your lender. You…

Buying a new or slightly used car and purchasing a home are two of the biggest financial steps we make in our lives, but did you know one could affect the other?   When you apply for a car loan, the size of your monthly payments and how well you maintain those payments can factor into your mortgage approval. Here’s what you need to know before you take on these big purchases.   Credit Scores An auto loan can have a big impact on your credit score, which in turn has a big impact on whether you will get approved for a home loan and what rates you will get.   First, when you…

Is it beneficial to have a pre-approval letter for financing when putting an offer on a property?   Yes, definitely! A pre-approval is when a potential mortgage lender looks at your finances to find out the maximum amount they will lend you and what interest rate they will charge you. With a pre-approval, you can: know the maximum amount of a mortgage you could qualify for estimate your mortgage payments lock in an interest rate for a certain period of time After all, how can you shop for property when you don’t know how much money you have to spend or, more importantly, how much a lender will loan…

We know mortgages are confusing, especially if you’re a first-time home buyer. What exactly is a mortgage? How does a mortgage work?    Simply defined, a mortgage is a loan taken out to buy property or land. Most run for 25 years but the term can be shorter or longer. The loan is ‘secured’ against the value of your home until it’s paid off. If you can’t keep up your repayments the lender can repossess (take back) your home and sell it so they get their money back. When determining how much you can afford, don’t stretch yourself if you think you’ll struggle…

With the current housing market situation, there have been a lot of discussions surrounding renting vs. owning when it comes to your housing situation. Each option brings advantages and disadvantages. Here are a few:   Reasons to consider buying It’s important to have assets If you’re in your 20s or 30s, you’ll want to have some equity to build your financial portfolio, and a home is a great way to invest. When it comes time to sell, the value of your home may be worth more than what you paid for it. It could potentially help you afford your next home. Condominiums are relatively affordable If you…

Your credit is an important factor in determining many factors including your mortgage rate and many other things! If you misuse your credit or borrow too much, you can hurt yourself financially. Here are some tips on how to best manage your credit!    1. Pick a credit card that works for you.  Get a credit card with a low interest rate and look into what the annual fee is. Compare different credit cards and their advantages and choose the best credit card for your individual circumstances. Ideally, you should pay off the balance in full every month.   2. Build a credit history.  If you want to…

When it comes to home insurance, it is very important to make sure your biggest asset is properly protected! Home insurance policies may be tough to read through and understand. Here are 10 things you should know about home insurance!   1. What if my house burns down? The cost to rebuild your home plays a big role in determining the amount you pay for home insurance. Insurance companies use a formula to figure that out, but since there are several industry approved calculation methods the cost may differ from one insurer to the next. Ask your broker or agent to explain which method…

Hiring someone to manage your property can be tricky! You want someone who is responsible and trustworthy, someone who will care for your investment properly. Here are some tips when looking for a new property manager:   Get referrals. Ask your friends and family for recommendations. Chances are, if they’re happy with the person or company, you likely will be too. Ask more than one person though, just in case the one person is particularly biased.   Look online and do some research. Read the online reviews. See what other people have to say about the company or the individual.    View their portfolio. Take a…

Why Should You Use Us?    In the last blog post, we talked about why you should use a mortgage broker. If you're looking for a reliable, professional mortgage broker, choose us. At Silver Maple Mortgages, our goal is to find the best-suited mortgage financing as you purchase the most important investments of your life. We’re located at 210 Main St. East, Otterville, ON, in the Otterville Professional Centre. We proudly service Brantford, Hamilton, Cambridge, Tillsonburg, and surrounding areas. We believe we’re a mature business and are always striving to grow and stay current with industry trends and new money lending policies and procedures.…

When you are ready to start looking at buying a home, you will need to first determine who you will want to work with to get financed. Traditionally most people will use either a mortgage broker or a bank. Your parents probably dealt with a bank to buy their first home, but times are changing. Over 25 per cent of Canadians used a mortgage broker for their last transaction, and about 47 per cent of all first-time home buyers used a mortgage broker. Why has there been such a shift? First, mortgage brokering used to be primarily for "subprime" mortgages (individuals…

Before you begin searching for a home, it is important not to waste your or your realtor's time searching for homes you can't afford! The first step in buying a new home should be to take a look at what you can afford and how you are going to pay for it. If you're like the majority of home buyers, you will have to finance your purchase with a mortgage loan. So what exactly is a mortgage? A mortgage is a loan that uses the home you buy as security. This loan is registered as a legal document against the title of…

Did you know that two out of three Canadian families own a house? That is one of the highest rates of home ownership in the world! And for good reason. Real estate is a great investment.   With increasing housing prices, it's very important for first-time buyers to get a foot on the first rung of the property ladder. It can be easy to think renting is a better option but there are some big advantages in being a homeowner. What are they?   1. Home ownership is the single largest source of savings for Canadian households.   2. Your payments build equity (as opposed…

The Silver Maple Mortgages team wishes you the happiest of holidays this season! May the New Year be filled with lots of joy, health, and prosperity!

Thanks for stopping by our blog. If you’re looking for more information about Silver Maple Mortgages, you’ve come to the right place.

Whether you’re buying your first home or not, purchasing a new home can be a daunting process. Packing up, moving, and relocating can all be stressful. We’ve created a list of the top things you should remember when buying a home! These tips will help make things a little easier as you transition through the process of buying a new home.

We are delighted to announce the launch of our new website!

Our new website provides our existing and prospective clients a simple yet interactive view of our work and the services we offer.