For many homeowners in Ontario, the end of a mortgage term presents a unique opportunity that might take time to be noticeable. It’s a chance not just to renew your mortgage but to reassess your financial situation and explore new possibilities that can lead to substantial savings and more suitable terms for your current lifestyle. This process, known as mortgage renewal, is often overlooked as a mere formality, yet it holds significant potential benefits. This blog will delve into the various mortgage renewal benefits that can help you make informed decisions and potentially improve your financial health.

In the ever-evolving world of commercial real estate, staying financially savvy is crucial. If you own a commercial property and are looking to optimize your finances, you've come to the right place. Commercial mortgage refinancing is a powerful tool that can help you achieve your financial goals, and in this blog, we'll guide you through the when and how of this important process.

As a prospective homeowner, you may have spent countless hours envisioning the perfect abode that suits your lifestyle and aspirations. However, before you can unlock that front door and call it your own, there is an essential step that stands between you and homeownership: saving for a down payment. Saving for a down payment can seem daunting, but you can turn this aspiration into a reality with the right strategies and a disciplined approach. 
Whether you're a first-time buyer, upgrading to a larger space, or relocating to a new area, we will provide valuable insights, tips, and actionable steps to accelerate your savings journey in this blog. From understanding the significance of a down payment to exploring creative ways to boost your savings, we'll cover it all.
 

Applying for a mortgage can be a daunting task, especially when dealing with traditional financial institutions. That’s where Vic Lehan & Associates, your licensed mortgage professionals in Leamington, Ontario, come in. We understand that each mortgage application is unique, and we’re here to guide you through the process, even if you’ve faced challenges with banks in the past. With our extensive experience and personalized service, we aim to match you with the right mortgage solution for your specific needs. In this blog, we’ll share five valuable tips to prepare you for a successful mortgage application.

As you take this significant step towards homeownership, understanding the intricacies of mortgage rates becomes paramount in creating a reasonable budget for your new abode. Influenced by various factors, mortgage rates play a crucial role in shaping your financial commitment. Armed with knowledge and insights will empower you to confidently make informed decisions and navigate the complexities of the housing market with confidence. In this blog, we will delve into first-time home buyer mortgage rates, exploring the factors that influence them and providing valuable information to help you chart a successful path forward. So, let us embark on this enlightening journey together and unravel the mysteries of first-time home buyer mortgage rates in Leamington, ON. Get ready to make informed decisions that will set the foundation for your dream of homeownership!
 

Planning to buy a home is an exciting journey filled with dreams and aspirations. However, before you can unlock the doors to your dream house, one crucial factor can significantly impact your ability to secure a mortgage: your credit score. Your credit score reflects your financial responsibility and plays a pivotal role in determining your mortgage's interest rates, loan terms, and overall affordability. Fortunately, even if your credit score isn't where you want it to be, you can take steps to improve it. In this blog, we will explore practical and actionable steps you can follow to boost your credit score and increase your chances of securing a favorable mortgage. So, let's dive in and unlock the door to a brighter financial future!
 

Buying a house, particularly for the first time, can be daunting. The decisions you make along the way could save you or cost you thousands of dollars. Most people who buy a home do so with a mortgage. A mortgage is a necessity if you can’t pay the full cost of a home out of pocket. There are some cases where it makes sense to have a mortgage on your home even though you have the money to pay it off. For example, investors sometimes mortgage properties to free up funds for other investments.

With a desperate need to cool down the housing market in Canada, the government recently amended the qualifying rate of the stress test. The qualifying rate affects how much mortgage applicants can get approved for when buying a house. However, the qualifying rate is not the actual interest rate an applicant pays for their mortgage.

Original Article Source Credits: canadian mortgage trends, https://www.canadianmortgagetrends.com

Article Written By: Steve Huebl

Original Article Posted on: April 8, 2021

Link to Original Article: https://www.canadianmortgagetrends.com/2021/04/homebuyers-to-face-more-stringent-mortgage-stress-test-after-june-1

If you’re venturing into the real estate industry to invest in your future home, having the right mortgage product can make the purchasing experience more manageable and affordable. However, the perfect mortgage won’t fall onto your lap that easily.

While obtaining the right mortgage can help you finance your dream home, the process of applying for mortgage financing can be lined with several complexities. Unfortunately, even the slightest of mistakes can affect your chances of being approved for a mortgage. Finding accurate information on the subject and seeking expert assistance can help you make more informed decisions. To be better prepared and avoid costly errors, Vic Lehan & Associates has compiled a list of the most common mistakes people make when looking for mortgage financing.

Thanks for stopping by our blog. If you’re looking for more information about Vic Lehan & Associates, you’ve come to the right place. 

Obtaining mortgage insurance for a home purchase is about to become more challenging on July 1, particularly for first-time buyers.

The Canada Mortgage and Housing Corporation (CMHC), Canada’s national mortgage insurance provider, unveiled stricter underwriting policies on Thursday for insured mortgages. The measures include:

I’m Vic Lehan, the proud owner of Vic Lehan & Associates, Mortgage Architects.

I started my financial career training as a sales rep for a major Mutual Fund company.  After my brother-in-law, who was an experienced mortgage agent, introduced me to the profession there was no looking back. I started training as a broker in 1998.

Are you struggling to find a mortgage to buy your first home as a new Canadian citizen? If you are, you'll be glad to know that you don't have to anymore! The Government of Canada has a special mortgage plan designed to help new Canadians own houses and settle into the country. That's right, the government sponsors mortgages for new Canadians to make it easier for them to apply for a mortgage and purchase their first home in Canada! 

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