You step through the door and feel the exhilarating rush that tells you this is the one this is the house for you. You’ve decided on the house, but now you need your financing in place to seal the deal.

Thanks to tools like the Internet, home buyers are more mortgage savvy than ever and much more aware of the variety of products and services that
are available. But with such an extensive range of options available in today’s market, it can be difficult to wade through and find the one that is
right for you. That is why almost one-third of Canadians are turning to a mortgage broker when making the biggest financial decision of their lives.

The goal of a mortgage broker is to meet the needs of their client and see them through their mortgage transaction from start to finish. Brokers are the ideal source for mortgage information because they have extensive industry knowledge and will ensure you’re getting what you need from your home financing.

By assessing your financial style and examining your current financial picture, a mortgage broker can give you the pros and cons of various mortgage features, such as variable versus fixed-rates, longer amortizations, interest-only and zero-down payments to help identify which option is best for you.

Once your needs are clearly identified, your broker has access to a large assortment of mortgage products and lenders to choose from and can identify
the one that is right for you. A mortgage broker will also take into account your plans for the future. Perhaps you want a second home or an investment property down the road. Your mortgage broker can help you structure your finances now to make your future plans attainable.

Walking you through your first mortgage step-by-step is really just the beginning of what can grow to become a lifelong relationship. Your broker
can help you with a variety of transactions like refinancing, debt consolidation, or purchasing an additional property for recreation or as an investment. They will always be looking out for your best interests.

The lure of a stunning gourmet kitchen or sparkling spa-style bathroom may have you chomping at the bit to begin a home renovation. But if you heed the advice of experienced renovators, pre-planning and advanced preparation are the secrets to renovation success. Here’s a helpful checklist to get your renovation started on the right track:

Decide what you want to do

For most people, this is the fun part – flipping through magazines and watching home decorating shows to get inspired. But it is also one of the most critical phases in any home renovation.

Prepare a realistic budget

Determine how much you are prepared to spend on your renovation. Remember to boost your budget by at least 10% for unexpected costs.

Arrange for financing

Get financing in place early so that you can plan your renovation with confidence. Leveraging the equity in your home is often a good option. As a
secured loan, you can usually obtain an attractive interest rate and with flexible repayments. Other alternatives include refinancing your existing
mortgage or arranging for a second mortgage on your home. To obtain the best possible terms, be sure to work with an independent mortgage broker
who can arrange competitive financing from a number of competing lending institutions.

Select the right team

You’ll want to entrust your project to people known for their quality of work. Ask for recommendations from friends and family, interview prospective
candidates and always check references.

Stick with your plan

Your contractor, who does the construction or subcontracts it to other trades people, will work with you or your designer to implement your plan.
With a sound plan, reasonable budget, financing in place and a team that you trust, your renovation can get off on the right track.

When is the right time to buy real estate? Seek advice from a mortgage professional to evaluate your options

As with every market, the real estate sector experiences its fair share of ups and downs. According to the Canadian Real Estate Association
(CREA), annual residential sales activity in 2007 was up 7.6% from 2006 levels. CREA predicts that the average residential property price will increase by a healthy 5.5% in 2008.

Knowing when to enter the market can be a difficult decision in an environment where property prices are rising. However, with mortgage rates
continuing to sit at near-20-year lows, now is as good a time as any to jump into the market as a buyer or a seller.

Here are some tips to get your house hunt started:

Know the neighbourhood. Start studying listings in the area you want to buy to better understand what constitutes fair pricing. Drive
around to count “for sale” signs and get a feel for activity levels.

Get pre-approved. Know what you can afford before you buy and know what terms mortgage lenders are willing to give you. Mortgage brokers
can usually secure an interest rate guarantee for up to 120 days from lenders to protect you from fluctuating rates.

Watch the calendar. Time of year is a major driver of market activity. Buying during seasonal winter and mid-summer slowdowns can give the buyer an advantage.

Consider your timeline. Are you buying your house as a long-term investment or do you simply want to flip it in a couple of years at a profit? Longer term investors are less sensitive to short-term
fluctuations in rates and market activity.

Mortgage brokers work closely with homebuyers to assess their personal and financial goals and develop a home ownership plan uniquely tailored
to their clients.

We’ve all heard the old stories. A successful, self-employed Canadian who can work wonders in his or her professional life can’t manage to secure a decent mortgage for a home. It strikes us as both ridiculous and unfair – given that nearly one Canadian worker in six is now self-employed. After all, these are some of the most independent and ambitious people in the
country.

Thank goodness that times have changed for the self-employed! These days, self-employed home buyers have the same access to mortgages as their salaried counterparts. It doesn’t matter what the nature of your income structure: whether you work on contract, whether your work is seasonal, or whether you’re a small business owner or an independent professional. And, newly self-employed Canadians can also get credit for their past work experience. If you have two years experience in your field of expertise, whether you were salaried or self-employed, you can meet CMHC insurance standards.

This greatly helps self-employed Canadians who have extensive experience in their chosen field, but who are newly in business for themselves in that field. For example, maybe you’ve been building cabinets for years in a salaried workplace, and have decided to step out on your own. Now you can get credit for your experience.

The CMHC guidelines specify that you should be “performing essentially the same function with the same skill requirements” for your past experience to
qualify. The CMHC guidelines apply to any mortgage insured by CMHC, from any institution. It’s worth noting, of course, that some lending institutions are friendlier to the self-employed than others. Many lenders are still most comfortable with the traditional parameters for verifying employment and income. A steady stream of pay stubs is the simplest method of assessing your ability to service the mortgage debt. If you’ve been self-employed for a few years, your lender may want to see detailed financial statements for the most recent years. That can be a problem. An astute business owner with a good accountant will be working hard to minimize taxable income for the business: a smart financial strategy. But according to traditional lending formulas – that business strategy could flag you as a high-risk borrower.

The most flexible and innovative lenders have discarded the old formulas for their self-employed clients. Some of the best mortgages for self-employed Canadians don’t even require proof of income. You could qualify for your mortgage simply on your own good credit and employment history.
If you’re self-employed, or considering taking the plunge into business for yourself, you’ll find that it’s a new mortgage world. Check out your options, and get the credit you deserve.