More and more Canadians are going into their retirement years without a lot of money saved in the bank. It is suggested that in order to live a financially comfortable retirement, couples should have saved 50-60% of their peak pre-retirement income, which equates to roughly $42,000 to $72,000 a year or $275,000 to $1,025,000. Singles should have saved 60-70% of their peak pre-retirement income, roughly $30,000 to $50,000 per year or $350,000 to $850,000. (Assuming mortgage is paid off and children are financially independent. All amounts based on 2014 dollars).

In a 2013 survey of 1,500 Canadians over the age of 50, only 2 out of ten households said they would have more than $250,000 saved for retirement. 50% of the households surveyed felt that they would consume their retirement savings within the first 10 years of retirement.

Because of these financial woes, many Canadian homeowners in their later years have considered taking out a home-equity loan or the option of a reverse mortgage to access the equity in their home.

Home-Equity Loan

Like a primary mortgage, a home equity loan lets you convert your home equity into cash. In fact, many refer to a home equity loan as a second mortgage, where you would receive the loan as a single lump-sum payment, and then you would make regular payments to pay off the principal and interest.

Another form of home-equity loan is the home equity line of credit (HELOC). A HELOC gives you the option to borrow up to a pre-approved credit limit, on an as needed basis. Therefore, with a home-equity loan, you would pay interest on the entire loan amount, whereas with a HELOC, you pay interest only on the money you withdraw. Since a HELOC is an adjustable loan, the payment changes as the interest rates fluctuate.

It is important to keep in mind that your home acts as collateral in a home-equity loan. So if you default on the loan, you risk losing your home to foreclosure.

Reverse Mortgage

With a reverse mortgage, instead of making payments to a lender, the lender will pay you, based on a percentage of the appraised value of the home, as well as factors such as your age and the age and the condition of the house.

You will continue to hold title to your home, but as soon as you become delinquent on the property taxes and/or insurance, the condition of the home is in disrepair, you move/sell the home or you pass away, the loan is then due for repayment.

Home Equity Loans, HELOCs and Reverse Mortgages are all options, which allow you to convert the home equity into cash, however, they differ in terms of credit, income, repayment, disbursement, age and equity requirements. Before you make any decisions, find out how to tailor your needs and requirements with the best product for your situation.

For more information on a reverse mortgage loan, contact me your mortgage professional at Dominion Lending Centres.

Contact me for your best mortgage options 705.669.7798 or trina@ndlc.ca

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We’ve all heard the terms Mortgage Broker and Mortgage Specialist flung around, but what on earth is the difference? Though they sound similar, there are major differences that all home buyers and owners should be aware of. Let’s start off with some simple definitions.

A Mortgage Specialist is a person employed by a lending institution to sell that lender’s mortgage products. A Mortgage Broker belongs to an independent firm that has access to multiple lenders’ mortgage rates and offers. So which one should you choose?

Mortgage Specialists can help if you already have services set-up at a lending institution, such as a bank, in order to consolidate all your finances. This can minimize paperwork as the bank is already familiar with your credit history. If you don’t have all your existing services set-up at one institution, you may choose a lending institution and Mortgage Specialist for the security of using a well-known bank. These are indeed valid reasons to enlist a Mortgage Specialist for your mortgage needs, but they also have some major disadvantages.

Mortgage Specialists only have access to their lender’s products. In a typical situation, homeowners end up with a higher interest rate than other institutions. This occurs because the homeowner must negotiate for themselves and Mortgage Specialists are usually paid according to the rate they sell you. This is where Mortgage Brokers come in handy. Mortgage Brokers have access to most lending institution’s products in the market place and can shop around to negotiate the best rate for you. We do not benefit from selling you a higher rate, sounds great, but what else can a broker do?

Mortgage Brokers work for you rather than a single institution, which means they work in your best interest. A Mortgage Broker will handle all the paper work for you and only require a single credit check for all applications. Some people worry about using Mortgage Brokers because they usually belong to unknown, smaller companies, but this should really be viewed as an advantage. Mortgage Brokers are required to have formal training and must complete ongoing accreditation tests and courses to maintain their licences. Mortgage Specialists do not require any formal training and are simply educated by the institution they work for. These specialists are also limited to certain hours set forth by their employers, whereas Mortgage Brokers are typically available 24/7.

Both avenues of mortgage lending have valid functions. If you are willing to do research and feel comfortable negotiating for yourself then a Mortgage Specialist can be a sound investment option. If, however, you are stressed about the process and don’t feel comfortable taking on the responsibility of researching everything for yourself then a Mortgage Broker is a better option for you. It’s always best to take the time and discover which option fits your needs before jumping into one of the biggest purchases of your life.

So get out there and start researching!

Contact me for your best mortgage options 705.669.7798 or trina@ndlc.ca

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Do you have a Mortgage Action Plan (MAP)? If not, it’s time to plan your road MAP to mortgage free living. Every lender provides options, but very few take advantage of them. These mortgage benefits are called PREPAYMENT OPTIONS. The three most common prepayment options are: adjust the frequency at which the payments are made (weekly, semi-monthly, bi-weekly, monthly and accelerated), increase the monthly payment amount (there is a maximum monthly percentage) and lump sum (or balloon, also a maximum percentage of the original mortgage balance) payment. Make sure you know how to utilize them to the fullest and what your maximum amounts are. Don’t feel obligated to maximize the prepayment options but at the very least make extra payments, your retirement savings will thank you later.

Only 32% of all mortgage borrowers exercise their contractual right to make significant efforts to accelerate repayment, including taking one or more of the following actions in the past year:

• 16% have voluntarily increased their monthly payments.
• 15% have made a lump sum (balloon payment) contribution to their mortgage.
• 6% have adjust or increased their payment frequency.

Monthly Increase Payment

If choosing an accelerated bi-weekly repayment schedule does not work for your plan, then maybe you might be able to consider adding an extra principal payment to your regular monthly mortgage commitment. The graphic below illustrates how the principal amount is reduced when utilizing the monthly increase prepayment option. By adding $100 to your monthly mortgage you can save $10,729 in interest and reduce the life or the mortgage by 5.9 years.

My Personal Scenario

You are likely asking yourself right now, so what does Michael’s road MAP look like. Well, I’m happy to share that with you. My current lender allows me to increase my monthly payments by 15%, make a annual lump sum payment of 15% (of the original mortgage balance) and/or double up my contractual minimum monthly commitment. I have elected to exercise my contractual right to utilize the 15% monthly increase to the maximum. My monthly contractual payment is $2,074.98. By maximizing the 15% monthly increase my adjusted payment is $2,386.23 which is an extra $311.24 per month. If I had decided to only make the minimum monthly payments of $2,074.98 then the life of my mortgage would be 25 years remaining at the end of this current term (maturing July 2017). However, with the extra payment of $311.24 per month I’ve effectively reduced the life of my mortgage to (currently) 21 years 2 months, even less when it matures in 17 months. If I were to keep maintaining the same course of action as above for the entire life of the mortgage the revised amortization would be reduced from 30 years to 15 years 9 months saving me $114,827.94 in interest.

Why not join the 32%ers elite club?! The contribution can be minimal and usually unnoticeable on a day-to-day basis, the pay-off is years sooner though. The power of making extra payments is overwhelming. Ask me your mortgage professional at Dominion Lending Centres how to increase your equity position. Your bank account will thank us later.

Contact me for your best mortgage options 705.669.7798 or trina@ndlc.ca

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If you are considering building a new home, then you need to be educated on the difference between draw and completion mortgages. When you meet with a builder, there is tons of terminology and information you should be aware of so you are properly covered.

Completion mortgages mean that the builder does not expect any funds until you take possession of your new home. Before the building process begins, you will have to go to your mortgage professional to get your application verified for the build to start. The benefits of this option are that you don’t have to put down any payments before you take possession, you can add upgrades to the mortgage, and the lender doesn’t require all final information from you until 30 days before you take possession. During this build process you will want to take extra care of your finances to ensure nothing changes, which could put your initial approval in jeopardy. Any changes that could possibly change your financial position and your credit should be discussed with your mortgage professional. This can include things like switching jobs, buying a car, and taking out any new loan.

A draw mortgage is preferred by home builders because it allows them to receive portions of funds during predetermined stages of the build process. To obtain a draw mortgage, the beginning process is the same and you will have to go to your lender to be verified for the build to begin. The benefits of this option are that the builder is able to manage their cash flow, inspectors are sent to verify stages of development are met, and funds sent to the builder are handled through a lawyer. There are some extra costs associated with this option though. Inspections will incur a cost upon each stage met and interest payments may be incurred as well. You also do not have the option to add upgrades throughout the build process with a draw mortgage as the first advance sets the loan in stone.

As always, if you would like to discuss draw and completion mortgages in preparation for your new build contact me at Dominion Lending Centres! I am happy to help you figure out your financial future.

Contact me for your best mortgage options 705.669.7798 or trina@ndlc.ca

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Why is it important for you to have a mortgage manager? Reaching your financial goals is attainable!

There are some things to consider before securing your mortgage:
Is there a potential of you buying an investment property or a vacation home? Are you considering scaling up or downsizing? Do you think you might move or port your mortgage or retire within the next five years? All these scenarios come into play when setting up your mortgage.

If you had $500,000 cash to invest, how often would want your financial advisor to review your investments?

Why is it different when you are $500,000 in debt with your mortgage?

Why not have an active mortgage broker looking after your $500,000 debt?

Active financial advisors aim to grow your net worth by investing wisely.
Active Mortgage brokers will help you grow your net worth by reducing your debt and growing your asset base. You will cover only half of the prosperity equation without a mortgage broker.

Consider this: your bank’s main goal is to make money for the bank. This is understandable as they are in business to make money. As reported, banks make billions of dollars every quarter, in part, thanks to you. On the flip side, a mortgage brokers is an advocate for you and their main goal is to get you the best mortgage to meet your goals. This comes in many forms, not just the interest rate, although it is important there are other areas that could cost you more money in the long run.
An active mortgage broker can save you thousands of dollars over the life of your mortgage.
Most mortgages are set up on a five-year term. A lot can happen in five years.

Changes in life happen. You are forced to move, or you would like to move to a bigger home, down size, buy an investment home a recreational property, or take equity out to buy a business or perhaps retire.
Mortgage rules continually to change. What worked last year may not work this year. It is important to review your situation with your mortgage broker before making any major decisions with your current mortgage.
Being in the right mortgage may be the difference between being able to buy that investment property or recreational property. It may be the difference of paying a $3,000 penalty or an $18,000 penalty to close out you mortgage.

Remember, it is not getting a mortgage that is important, it is getting the right mortgage that will help you meet your future goals.
When it comes to your renewal time it is important to once again review your options with your mortgage broker.
Your current lender may not have the best rate or option for you at renewal time as there are many lenders and there are many options to choose from. At renewal time, you can change lenders with no penalty. Renewal time is also a good time to take extra equity out of your home to pay off debt, for investment purposes or to pay for that new kitchen you wanted.

I have called many clients well before their mortgage is due when I recognized it would save them thousands of dollars to refinance early. Moves like this help clients pay down their mortgage faster, provide extra cash flow for investments, and provide funds for renovations or a down payment on an investment property.
Having someone manage your mortgage can be a great benefit for you and your family.
If you currently do not have an active mortgage manager, contact me at Dominion Lending Centres I would be happy to become your mortgage manager.

Contact me for your best mortgage options 705.669.7798 or trina@ndlc.ca

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Buying a new car or your first home, what makes the most sense?

We all need a roof over our head and some means of transportation to get us to and from work. Sometimes it can be a tough choice when there is only so much money. “Do we buy the new car or our first home?”

One of the most common roadblocks for first time home buyers in qualifying for a new home is the “auto payment”. I meet many first time home buyers who have done all the right things; paid down debt from student loans and credit cards, saved for a down payment to buy their first home and then a few months before getting ready to shop for their home they buy a new vehicle that comes with a big monthly payment for the next 5 years. The high auto payments push their debt servicing over the limit making it impossible to qualify for the mortgage. The result – they are left paying rent and a high car payment. Those new set of wheels could cost you more than you think.

Buying your first home is a big deal. So before you make any purchases for big ticket items like a new car – talk to your Dominion Lending Centres mortgage specialist. He or she will review your personal situation, income and expenses, and discuss your options so you know what you can afford. They will guide you through the criteria to qualify for a mortgage so you can fully understand the process and all the costs associated with buying your new home. Then you can choose the right vehicle for your budget and your needs.

Buying a new car or your first home can be an easier decision if you have the numbers in front of you to make an informed decision.

Contact me for your best mortgage options 705.669.7798 or trina@ndlc.ca

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If you have a mortgage, chances are unless you win a lottery (cha-ching $$$) you’ll be doing a mortgage renewal when your current term has finished.

While most Canadians spend a lot of time, and expend a lot of effort, in shopping for an initial mortgage, the same is generally not the case when looking at mortgage renewals.

So what is a mortgage renewal?

Mortgages are amortized* over a set term* which can vary from 1-10 years.

About 6 months before the end of your term, your current lender will suddenly become your “Best Friend” showering you with attention and trying to entice you with early renewal offers… Please, please, please Mortgage borrower, sign here on the dotted line to renew… it’s sooo easy!!   

You have 3 options

1. Sign and send back as is (don’t do it, really I mean it… don’t do it!!)
2. Check the market to make sure you are getting the best rate and renegotiate with your current lender
3. Talk to a Dominion Lending Centres Mortgage Expert and together we can discuss the best options available for your situation.

Lenders know that 80% of people will sign their renewal forms, because it’s easy.  Banks & Lenders are a business and as such they want to make the highest profits to keep their shareholders happy. As an educated consumer, you need to take the time to ensure you are being offered the best possible rate & terms you can get.   Remember all those hours of research you did regarding lenders and mortgage rates when you were buying your first home?

Yes, signing the renewal document is easy, however, it’s in your best interest to take a more proactive approach.  Money in the lenders pocket comes directly out of your pocket… so its time to get to work!

5 steps to save you money on your mortgage renewal

1. Receive the renewal offer from your current mortgage lender and examine immediately, which gives you enough time to make an informed decision.
2. Do your research via the internet and phone calls to find out about current rates.
3. Phone your current lender and negotiate!
4. If your lender will not offer you a better rate then it’s time to move your mortgage. YES, you will have to complete a mortgage application and gather documentation, just like you did for your original mortgage.
5. Take a look at your budget and see if you can increase the amount of your mortgage payments above the mandatory payments and save money by paying off your mortgage quicker.

Your mortgage is one of your biggest expenses.   For this reason, it is imperative to find the best interest rates and mortgage terms you possibly can.

As you can tell there is lots to discuss about mortgage renewals.

Contact me for your best mortgage options 705.669.7798 or trina@ndlc.ca

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Wouldn’t it be wonderful to be able to have money to do more of the things you love? To be able to have the freedom to pursue things you truly enjoy, especially in your Golden Years? Enter in a CHIP Reverse Mortgage! A Reverse mortgage is a simple and sensible way to unlock the value in your home. This mortgage product can tap into your home’s equity and turn it into cash to allow you to enjoy life on your terms.

A CHIP Reverse Mortgage is a loan secured against the value of the home. With this type of mortgage product, you are not required to make regular mortgage payments. Instead the loan is repaid only when the homeowners no longer live in the home. Keep in mind that there are conditions with this. The homeowner is required to keep the property in good condition and keep up to date on property taxes and insurance.

There are also other qualifications an applicant must meet in order to qualify for this type of mortgage.

1. Homeowners must be age 55 or older
2. You must reside in your home/residence for 6 months out of the year
3. If the title of the property is registered to more than one person, you must be registered as joint tenants, not just as tenants in common. The difference between these two types of shared ownership is what would happen to the property when one of the owners passes on. If the property is joint tenants, the interest of a deceased owner automatically gets transferred to the remaining surviving owner. If it is tenant in common the deceased tenant’s property interest belongs to his or her estate.
4. Although you do not need to have an income to qualify for the borrowed amount as there are no payments required, you will have to stay up to date on paying the property taxes, fire insurance and strata fees (if applicable). The income you have coming in will have to be enough to adequately cover those associated fees.

Now for the big question you are all asking: How much can I borrow?

Well, to answer this there are factors that contribute to the total value. First, your age is a determining factor for this mortgage product. Essentially, the older you are the more you will qualify to borrow. The second factor is in direct relation to the details of your property. For instance, a detached home will qualify to borrow a higher amount than say a condo or townhome. The final factor to consider in this is the maximum amount that can be accessed through a CHIP Reverse Mortgage. The max amount is set at 55%. So, if your property is worth $1,000,000 and you are looking to qualify for the maximum amount, that would give you a mortgage of $550,000. If accessing 55% Loan To Value is not high enough there are private lending options that will consider increasing the Loan To Value up to 65%.

An easy way to take all three of those factors into consideration is to visit www.chipadvisor.ca and enter in your details. This can give you a rough idea of what the maximum amount is that you will be able to receive through a CHIP Reverse Mortgage.

One final note is to consider the costs associated with a CHIP Reverse Mortgage. Yes, there are no required payments due while you are living in your home. However, you should expect the following costs to be associated with this product:

1. An appraisal of your property will be required with an approximate cost of $300.
2. There will be legal costs associated which will be around $1495.00 This amount can be included in the mortgage funds and does not need to be paid out of pocket.
3. Independent legal advice is required on all CHIP Reverse Mortgages. The approximate cost will be $600. However, this again can be included in the mortgage funds and does not need to come out of your pocket.
4. Mortgage Penalties may incur if you are breaking the term of your mortgage.

• In the 1st year it is 5% balance of the funds owing
• In the 2nd year it is 4% balance of the funds owing
• In the 3rd year it is 3% balance of the funds owing
• In the 4th year and beyond it is 3 months interest penalty
• If you are deceased, no penalty

If you are selling to move to a nursing home the penalty fees will be reduced by 50%.

In closing, a CHIP Reverse Mortgage product is a unique product that can be very powerful and useful for a certain demographic. It can allow you tap into the funds that you need while allowing you to remain in your family home. We have seen clients use their home’s equity for a variety of things from supplementing their pension income, to paying off debts and helping out family without depleting their current savings. It offers unique benefits that may just be right for you.

If you are interested or want to learn more, contact me your certified Dominion Lending Centres Mortgage Broker today and they can give you the details that will relate to your unique situation.

Contact me for your best mortgage options 705.669.7798 or trina@ndlc.ca

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There was an article reprinted in the National Post recently about an Australian millionaire’s opinion on millennials not being able to afford a home because they’re wasting money on avocado toast, at $22 per plate. The article was quickly mocked but it was an interesting article on two fronts: 1) the irresistible urge for avocado toast and 2) the importance of budgeting.

In no way is this a critique on millennials themselves, but a reminder for all to understand how spending money today, may prevent us from saving for tomorrow.

The comments arose from a TIME interview with the millionaire about how he did not spend his money on avocado toast and $4 coffee, multiple times a day, when he was young. Surely times have changed since said Australian millionaire was young and he had other priorities at the time – which may not have included avocado toast. However, what he is trying to drive home, is the importance of budgeting.

For those that are trying to save money for a down payment on their first home, it is important to think about living within your means. Perhaps those trips to the coffee shop and Sunday brunches could be fewer per month to help save a few hundred dollars a month.

If you are spending an average of $4 per coffee at your local café on your lunch hour or coffee break at work, that could add up to approximately $80 per month. For many, those coffees are added to their credit cards where only the minimum payment is made at the end of the month. As such, those $80 per month have increased to more than 99$ at a 24% interest rate (and continues to compound over the months you carry your balance). For those few who pay off their credit card before the end of the month, even saving an extra $80 per month can add up to a pretty solid down payment on a home over months and years.

Today, we are more prone to instant gratification and those coffees and avocado toasts may seem like harmless frivolities that don’t amount to much. However, every little bit counts when planning for your future. I often tell people that today’s non-essential purchase is a hindrance to their future home which helps puts things into perspective for them – and serves as a catalyst to saving.

Budgeting is essential when looking to buy your first home. This includes looking for a home and mortgage solution that work best within your monthly budget. For example, if you are earning $4,000 per month, it would be ill-advised to have mortgage payments that nears $2,000. Perhaps a starter home is all you need which will allow you to invest in your home, grow your equity and then use that for your next home in a few more years. Do you need that 2,500sq foot home right away, or can you live in a 800sq foot home for a few years before moving into a bigger place?

Making the right financial decisions can be difficult for many families. As a mortgage broker I have seen many people struggle trying to buy their first home and invest for their future. Luckily, though, I have also been able to work with them to find mortgage solutions that make sense for their very personal financial situations.

Should you need help securing a mortgage for your first home, please contact me your local Dominion Lending Centres mortgage specialist.. In the meantime, ease up on the avocado toasts and $4 coffees.

Contact me for your best mortgage options 705.669.7798 or trina@ndlc.ca

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1. Not consolidating high interest debt into low interest mortgage.
2. Paying “fees” to get the lower rate
3. Not looking at their long term forecast
4. Taking a 5 year rate when 3-4 years can be cheaper
5. Having their mortgage with a lender that has high penalties and restrictive clauses.

Not consolidating high interest credit or vehicle loans in their mortgage. I hear this often “I don’t want to use the equity in my home” or “I can pay it off”. Many times when people end up with debts is due to inefficient budgeting and understanding what your income is and your debt payments are. There are many folks where monthly payment is the driving factor in their monthly budget. Making minimum payments can take you YEARS to pay off. Soon after people get mortgages, they are buying that new car at 0% interest and $600 month payments, then the roof or hot water tank goes and they put another $15,000 on credit, then someone gets laid off and boom…can’t make all the payments on all those debts that it took a 2 income family to make. It’s a true reality. Let’s look at an example:

Paying Fees to get the lower rate.
Dear rate chasers…they catch up with you somewhere. Nothing comes for free. Let’s face it, you go to the bank and their goal is to make money! A lender that offers you a 4.49% with a $2500 vs a 4.64% with no fee and you think “yes, score what a great rate!” Hold your coins… as you could be walking away poorer as the banker didn’t run the bottom line numbers for you. Chasing rates can cost you more money in the long run.

Your $500,000 mortgage was offered with two rates for the business for self guy who needed a mortgage where they didn’t look at the income so much: 4.49% and $2500 fee and $4.64% no fee. Lets see what it really looks like for a 2 year mortgage.

$502,500 (built in th $2500 feel) 4.49% – payments $2778 per month – $479563 owing in 2 years
Total payments: $66672
$500,000 (no fee) 4.64% – payments $2806 per month – $477634 owing in 2 years
Total payments: $67344.

Wait? So by taking the lower rate with the fee means I owe $1929 MORE in 2 years and only saved $672 in overall payments?

The long term financial planning side.
I counsel many of my clients to take 2-3 year year terms for a variety of reasons. Better rates, lower payments, capitalizing on the equity in your home to pay off a car loan or upcoming wedding. Did you know the average homeowner refinances every 3 years of a 5 year term and pays a penalty?

Taking a 5 year when 3 and 4 year rates might be a better option. Many times the 2-4 year rates can be significantly lower than the 5 year rates. Remember, the bank wants money and the longer you take the term, the more they make. True, many folks prefer or fit the 5 year terms, but many don’t. Worrying about where rates will be in 3-5 years from now should be a question, but not always the guiding factor in you “today” budget.
Here is an example of a $450,000 mortgage and what the difference in what you will owe on a 3 year term.

2.34% – payments are $990 every two weeks = $402,578 owing in 3 years
2.59% – payments are $1018 ever two weeks = $403,604 owing in 3 years.
Your paying $28 MORE every two weeks ($2184 total) and owe $1026 MORE in 3 years. Total LOSS $3210! Planning is key. Stop giving away your hard earned money!

Mortgage monster is in the penalties you pay when you fail to plan.
Since many families today are getting in with 5-10% as their downpayment.
If you got your mortgage with many of the traditional banks you know and your current mortgage is $403,750 and you need to break your mortgage (ie refinance to pay off debts) 3 years into the contract you potential penalty could be $12,672! Ouch. vs going with a mortgage broker who can put you with a lender that has similar rate you penalty would be significantly different – almost $10,000 dollars different!

Get a plan today! If you have any questions, please contact me your local Dominion Lending Centres mortgage specialist.

Contact me for your best mortgage options 705.669.7798 or trina@ndlc.ca

#trinamortgages #mortgages #ndlc #freedomofchoice

#bestmortgageforme #executive #firstimehomebuyer

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