25 Jan

Refinancing my Mortgage


Posted by: Tracey Brock


With the high cost of holiday gift-buying and entertaining now behind you, this may be the perfect time to get the New Year off to a fresh start by refinancing your mortgage and freeing up some money to pay off that high-interest credit card debt.

By talking to my Mortgage Team, you may find that taking equity out of your home to pay off high-interest debt associated with credit card balances can put more money in your bank account each month.

There are penalties for paying your mortgage loan out prior to renewal, but these could be offset by the extra money you could acquire through a refinance.

With access to more money, you will be better able to manage your debt. Refinancing your first mortgage and taking some existing equity out could also enable you to make investments, go on vacation, do some renovations or even invest in your children’s education.

Keep in mind, however, that by refinancing you may extend the time it will take to pay off your mortgage. That said, there are many ways to pay down your mortgage sooner to save you thousands of dollars. Most mortgage products, for instance, include prepayment privileges that enable you to pay up to 20% of the principal (the true value of your mortgage minus the interest payments) per calendar year. This will also help reduce your amortization period (the length of your mortgage), which, in turn, saves you money.

If homeowners fail to take the time to thoroughly research their options through a professional Mortgage Broker and, instead, simply sign renewal offers received from their bank, credit union or other lender, they could end up paying thousands of dollars more per year in interest. Simply by shopping your mortgage with myself a qualified mortgage broker, you can access the banks as well as other lenders that you may not have considered, but which can often offer interest rate specials or other attractive terms.

In the current credit-crunched lending environment, now more than ever it’s important to take the time to contact Tracey Brock, Mortgage Broker to get a professional opinion and find out your options.

By refinancing now and paying off your debt, you can put yourself and your family in a better financial position. It’s very important to not rack up your credit cards after refinancing, however, so set your goals and budgets, and stick to them!

Remember, as a wise man once said to me –

Never sacrifice what you want most for what you want now.

Kevin Cochrane, Enriched Academy


Don’t get stung by the Banks!


Give me a call today at 905 793 0700 ext 370


3 Jan

Buying vs Renting


Posted by: Tracey Brock


At some point in their lives, most Canadians have probably asked themselves whether it is better to buy or rent a home. Purchasing a home is one of the biggest decisions most people ever make and it is definitely worth consideration before you make that large of purchase.  I mean, I have trouble deciding to buy a new pair of shoes without the careful consideration of whether my old ones are really ready for the round bin. 

Ultimately, the decision is a personal choice.  However, it does help to look at the ups and downs of buying to determine whether home ownership is right for you.

Some advantages of buying a home

Owning a home is generally considered to be a sound, long-term investment that can provide satisfaction and security for you and your family.  Each month when you make your mortgage payment, you are building equity in your home.  Equity is the portion of the property that you actually build through your monthly payment versus the portion that you still owe the lender.  In later years, this equity can be used to reinvest into other properties or investments, even pay for your child’s higher education.

There is also a tax advantage. If your home is your principal residence, any profit you make when you sell it is tax-free. A home can appreciate – or increase in value – as time passes, building more equity. As you build up equity, it’s usually easier to upgrade to a new home in the future thanks to the profit you’ll make when selling your current home.

My personal favourite is pride of ownership.  It just feels good to own your own home.  Decorate and renovate the way you like. Investing in yourself oppose to investing in your landlord is a great idea!

Some disadvantages of buying a home

It’s easy to get caught up in the excitement of buying a home, therefore it’s important to remember that home ownership has some additional responsibilities as well.  For one thing, a home can be expensive. Chances are, your monthly payments will be more than what you are currently paying in rent when you factor in such things as your mortgage, property taxes, repairs and general maintenance.  Owning a home ties up some of your cash flow and is likely to reduce your flexibility to move to a new location or change jobs.

While your home might increase in value as time goes by, don’t expect to get a big return quickly. There are no guarantees that your home will increase in value, particularly during the first few years. In the beginning, you could actually lose money if you sell, because your home may not have appreciated enough to cover the real estate fees, moving, renovation and other selling costs.

Bottom line, Real Estate is usually considered a good sound investment over the long term.  That means when you are ready to begin and you have made the decision to buy, it’s important to carefully choose a home you can afford and always speak to a professional Mortgage Broker.  They can offer you invaluable advice and 99% of the time, their time and advice is free.

Know your options.  It is not out of reach. Millions of people enjoy the rewards of home ownership every day! You can too!


Don’t get stung by the Banks! 

Give me a call today at 905 793 0700 ext 370