DEAL OF THE MONTH

DEAL OF THE MONTH

Mr and Mrs purchased a home in Dundas, Ontario for $2,610,000. Prior to doing so, they consulted with their bank, who assured them there would be no problem with the financing. Based on their bank’s assurance, they made a firm offer to purchase. Their bank backed out...
Winter is just around the Corner

Winter is just around the Corner

Winter is just around the corner. Here are some helpful tips to protect your home, minimize your heating bills and make your winter more pleasurable: A visual inspection of your roof can identify lose or missing shingles and damaged flashing. Spending a little time...
Are You Stressed by OSFI’s ‘Stress Test’ Yet?

Are You Stressed by OSFI’s ‘Stress Test’ Yet?

Effective January, 2018, the qualifying rate for uninsured mortgages, (20%+ down payment), will be the greater of the five-year benchmark rate published by the Bank of Canada, (4.89% today), or the contractual mortgage rate + 2%. In plain English, IF the 5 year...
Valuable Tips about how to Pay off your Mortgage Faster

Valuable Tips about how to Pay off your Mortgage Faster

When shopping for a mortgage, the lowest rate should not be your only concern. Pay attention to the three ‘P’s’: Prepayment privileges By how much can you pay down your mortgage annually without being penalized? Penalties What penalty will you pay to pay your mortgage...
Buying a rental property?  Consider this:

Buying a rental property? Consider this:

A rental property can be a lucrative investment. Before purchasing, however, do your homework by considering the following important factors: Realistic Rental Income Consult with real estate professionals to determine the ‘fair market rents’ applicable to your...
Should you pay down the mortgage or invest?

Should you pay down the mortgage or invest?

One of the biggest debates in the personal finance community is whether someone should use their extra cash to pay down the mortgage or put that money to work in investments. The mortgage paydown strategy is popular with risk-adverse folks. Investing is risky, while...
Spring Fresh Home Maintenance Tips

Spring Fresh Home Maintenance Tips

A well-maintained home is a smart way to ensure your home is safe, and that its value continues to rise, whether you plan on selling it now or in the future. Here are some tips: Double check you’ve got smoke detectors on each floor of your home, test them...
Five ways to improve your credit score

Five ways to improve your credit score

If you currently have a mortgage or are looking to obtain one, it is imperative you maintain a healthy credit score. The three digits that make up your credit score tell a lender a lot about your credit history and ultimately the status of your financial health....

$1.67 – what it means

According to Statistics Canada, the average Canadian’s debt-to-income ratio is $1.67. Keeping all those creditors at bay can be a difficult juggling act. Let Defined Mortgage Services devise your plan to financial recovery. Call or email us at  647-201-0167 /...