Tag: mortgage broker ontario

Business and Management

Different Ways To Get A Mortgage Loan In Ontario

Natasha Meldrum

Many people are interested in getting a mortgage, whether to improve their home or to buy a new property. It is important for every person looking for a mortgage loan to find the best possible terms and rates that are available.

There are a few ways to get the best mortgage rates in Ontario, and the process can be different for each person. Some people use a broker to find the best mortgage rate for them. Another option is to use a lender that specializes in mortgage loans. 

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Another way to get a mortgage is to get one through your bank or credit union. There are also online resources that help people find the best mortgage rates. A home equity loan is a type of loan you take out from your home's equity. You borrow money against the value of your home. 

This is a great option if you have good credit and your home is worth more than your outstanding debt. You will need to pay interest on this loan every month. A personal loan is a type of loan you take out from a bank or other lender. This is a low-interest loan that you repay over time. You will need a good credit score to show an income history.

You can even search online for more information about the best mortgage rates in Ontario.

Business and Management

Is Paying off Your Mortgage at Retirement a Feasible Idea?

Natasha Meldrum

In today's economy, more and more people are heading into retirement with massive amounts of debt – a major part of which is from a mortgage. Today quite a few people go into retirement with their mortgages still needing to be paid, according to Wells Fargo.

Additionally, about 40% of them were planning to make some major home improvements which would actually lead to an increase in mortgage debt. Some other findings from that study (which included a survey of over 4,000 Baby Boomers) were:

While you might think that in retirement you can downsize to a smaller home, many Baby Boomers are planning to look for larger, nicer homes to purchase in retirement. You can contact a mortgage broker by visiting pekoe.ca/.

 

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In fact, 45% of those looking to move when they retire are looking for larger homes and 56% of those will plan to take out a brand new mortgage for these larger homes.

  • In the meantime Baby Boomers who are currently homeowners are still in debt for those houses. In fact, since 1992 the average outstanding balance on a mortgage for those of retirement age has grown a massive 142%

The big question though is this: Is paying off your mortgage when you retire going to be a feasible option?

The answer is not so clear. For some people who have worked hard and saved throughout their life, paying off their mortgage might be something that is a wise thing to do. They are able to afford it, so why not?

For others who may have had things come up that incurred more expenses, they may not be able to afford to pay off their mortgage and still live a comfortable life in retirement.