Al Smith
21 Kenyon Court L1N8T3 Whitby, ON, Canada

Are you looking to invest in a rental property? If you are, it’s essential to not solely only look at your monthly cash flow but also the appreciation potential of the property. Buying rental property is not just about the monthly income. It’s about finding an asset that can also increase in value over time. ... Look for the one with untapped potential- the house that offers the best chance of rising in value through simple cosmetic upgrades. Consider how improvements to the thermal efficiency and amenities might improve its assessed value. Or adapt a house to a different use. You could convert a bungalow into a duplex; municipal laws often permit this. Or create additional revenue: add coin laundry appliances to a multiplex property. Ready to start financing your first or next rental property? Send me a message!

Are you looking to invest in a rental property? If you are, it’s essential to not solely only look at your monthly cash flow but also the appreciation potential of the property. Buying rental property is not just about the monthly income. It’s about finding an asset that can also increase in value over time. ... Look for the one with untapped potential- the house that offers the best chance of rising in value through simple cosmetic upgrades. Consider how improvements to the thermal efficiency and amenities might improve its assessed value. Or adapt a house to a different use. You could convert a bungalow into a duplex; municipal laws often permit this. Or create additional revenue: add coin laundry appliances to a multiplex property. Ready to start financing your first or next rental property? Send me a message!

Have you been turned away from getting financing because you’re self employed? At Today’s Mortgage Choice, we understand that as a self-employed individual, you declare your earnings in a different way than typical applications. But that doesn’t mean you shouldn’t be able to qualify for a mortgage. If you’re self-employed, know that you have options. ... Whether it’s putting more down to avoid traditional third-party validation of income or evaluating options from non-traditional lenders, we’ll help find a solution that works best for you! Ready to start funding your next project? Give me a call!

Have you been turned away from getting financing because you’re self employed? At Today’s Mortgage Choice, we understand that as a self-employed individual, you declare your earnings in a different way than typical applications. But that doesn’t mean you shouldn’t be able to qualify for a mortgage. If you’re self-employed, know that you have options. ... Whether it’s putting more down to avoid traditional third-party validation of income or evaluating options from non-traditional lenders, we’ll help find a solution that works best for you! Ready to start funding your next project? Give me a call!

Have you heard the acronyms GDS and TDS while looking at your mortgage? These are your debt ratios. Lenders use them to measure your ability to repay a mortgage by ensuring your level of debt doesn’t exceed a certain percentage of your income. To calculate the gross debt service (GDS) formula, add the mortgage principal + interest + taxes + other property-related expenses like heat, all divided by your total gross annual income. Your GDS must be below 35% to qualify for CMHC...-insured mortgages. The total debt service (TDS) ratio is calculated by adding housing expenses (same as GDS) + credit card interest + Car payments + Loan expenses, all divided by your total gross income. Your TDS must be below 42% to qualify for CMHC-insured mortgages. If you’re unsure of your GDS or TDS, not to worry! It’s a part of our role and we’ll walk you through what contributes to your ratios. Ready to start looking for your next mortgage? Send me a message!

Have you heard the acronyms GDS and TDS while looking at your mortgage? These are your debt ratios. Lenders use them to measure your ability to repay a mortgage by ensuring your level of debt doesn’t exceed a certain percentage of your income. To calculate the gross debt service (GDS) formula, add the mortgage principal + interest + taxes + other property-related expenses like heat, all divided by your total gross annual income. Your GDS must be below 35% to qualify for CMHC...-insured mortgages. The total debt service (TDS) ratio is calculated by adding housing expenses (same as GDS) + credit card interest + Car payments + Loan expenses, all divided by your total gross income. Your TDS must be below 42% to qualify for CMHC-insured mortgages. If you’re unsure of your GDS or TDS, not to worry! It’s a part of our role and we’ll walk you through what contributes to your ratios. Ready to start looking for your next mortgage? Send me a message!

To be a successful landlord, you need the skills to manage your tenants. While most people want the passive income from real estate, not everyone understands the additional work that uncooperative tenants can create. Learn how to handle existing renters and the best tactics for attracting desirable new ones. If you’re buying a property with tenants, do your research. Know when you can raise the rent or when you can evict them for renovations. That pretty property may concea...l a lousy tenant who resists eviction. Check them out as part of your research. Screen each potential tenant carefully. Get recent proof of income and do a credit report. While references are nice, they may not tell the complete story. You want tenants for the long haul, so put in the work early to set yourself up for success. Develop a rental agreement outlining your rules regarding smoking, pets, utility costs, and your preferred method for collecting the monthly rent. You might also require proof of tenant insurance before the move-in date. If someone refuses to provide you with info, move forward with caution. Those who abuse the system know how to do so well, so take your time and be thorough when renting your property.

To be a successful landlord, you need the skills to manage your tenants. While most people want the passive income from real estate, not everyone understands the additional work that uncooperative tenants can create. Learn how to handle existing renters and the best tactics for attracting desirable new ones. If you’re buying a property with tenants, do your research. Know when you can raise the rent or when you can evict them for renovations. That pretty property may concea...l a lousy tenant who resists eviction. Check them out as part of your research. Screen each potential tenant carefully. Get recent proof of income and do a credit report. While references are nice, they may not tell the complete story. You want tenants for the long haul, so put in the work early to set yourself up for success. Develop a rental agreement outlining your rules regarding smoking, pets, utility costs, and your preferred method for collecting the monthly rent. You might also require proof of tenant insurance before the move-in date. If someone refuses to provide you with info, move forward with caution. Those who abuse the system know how to do so well, so take your time and be thorough when renting your property.

Have you thought about purchasing a condo? Condominiums, or condos, are shared properties that contain individual housing units. Each unit has its own owner. Owners share the common areas outside of the unit such as the lobby and parking lot and sometimes include amenities like a pool, gym, and common space. In addition to paying for your unit and a proportionate share of the common property, you also pay monthly condominium fees, along with all of the other unit owners. Th...is covers the upkeep and replacement of common elements whether you use them or not. The fees may also cover the corporation’s insurance policies, utilities and services such as snow removal. If you’re looking for your first home, or looking to downsize, a condo may be a great option for you. Send me a message and we can get the pre approval process started!

The Bank of Canada announced Wednesday that the key overnight interest rate would remain at 0.25%. The announcement was per expectation as the Bank of Canada previously stated that the key rate will remain unchanged until late 2022 when the Canadian economy is strong enough to see the rate increase. Those with variable-rate mortgages should expect to make relatively equal payments on their mortgage through to mid-2022. ... Send me a message if you’re looking to purchase a home or investment property but haven’t been pre-approved yet. These low rates won’t be around for much longer!

Have you thought about purchasing a condo? Condominiums, or condos, are shared properties that contain individual housing units. Each unit has its own owner. Owners share the common areas outside of the unit such as the lobby and parking lot and sometimes include amenities like a pool, gym, and common space. In addition to paying for your unit and a proportionate share of the common property, you also pay monthly condominium fees, along with all of the other unit owners. Th...is covers the upkeep and replacement of common elements whether you use them or not. The fees may also cover the corporation’s insurance policies, utilities and services such as snow removal. If you’re looking for your first home, or looking to downsize, a condo may be a great option for you. Send me a message and we can get the pre approval process started!

You bought a home, or are thinking of buying a home as a smart investment. It’s far preferable to throwing away your money on rent. However, all the carrying costs can sometimes make it more expensive than renting. There’s the insurance, utilities, and property taxes. In some cases, you may also have monthly condominium fees. The interior and amenities must all be kept repaired and updated to protect its value. Let’s not forget your monthly mortgage payments as well! It’s t...rue, these costs produce a satisfying living environment for yourself and your family, and a sound long term investment. But have you thought about increasing the value of your investment? Have you explored how a home can be used to generate income? Rent out a portion; or leverage the available equity for a second mortgage and purchase rental property. It’s what an asset is supposed to do: build your wealth. If you’re thinking about adding a rental property to your portfolio, send me a message and we can book some time to chat!

Are you utilizing the equity in your home as a way to offset all the expenses? Don’t just accept these costs as the price for living there. Use your home to make rental income. This will turn it into a powerful, revenue-producing asset that builds your wealth. In traditional financial terms, a house is like any valuable possession. It’s an asset; one that you expect to continue appreciating as you pay down the mortgage. What do you get in return? Shelter for your family, an...d the hope that its equity will grow. However, this major asset brings with it a lot of costs. Any expense in your life is actually a liability. What if the value of this asset declines just as you are planning on selling your home? All that liability will have produced very little overall increase in your wealth. Instead, look at the estimated value of your home and leverage this equity. If you’re interested, we can book some time to show you the wealthy way to think about home ownership. Learn how to generate rental income. Use yours to create revenue and this will offset all the expenses you incur. Send me a message or give me a call and we can book some time to chat!

The Bank of Canada announced Wednesday that the key overnight interest rate would remain at 0.25%. The announcement was per expectation as the Bank of Canada previously stated that the key rate will remain unchanged until late 2022 when the Canadian economy is strong enough to see the rate increase. Those with variable-rate mortgages should expect to make relatively equal payments on their mortgage through to mid-2022. ... Send me a message if you’re looking to purchase a home or investment property but haven’t been pre-approved yet. These low rates won’t be around for much longer!

If you’ve been looking to buy in this market, you can agree that buying a home has never been this competitive. With less inventory and more demand in most markets, it’s never been more challenging to secure your first or next home. Here are some tips that might help your search:... 1. Get pre-approved as soon as possible 2. Expand your search 3. Sacrifice some luxuries or wants 4. Be open-minded If you’re looking to buy, send me a message so we can start the pre-approval process!

You bought a home, or are thinking of buying a home as a smart investment. It’s far preferable to throwing away your money on rent. However, all the carrying costs can sometimes make it more expensive than renting. There’s the insurance, utilities, and property taxes. In some cases, you may also have monthly condominium fees. The interior and amenities must all be kept repaired and updated to protect its value. Let’s not forget your monthly mortgage payments as well! It’s t...rue, these costs produce a satisfying living environment for yourself and your family, and a sound long term investment. But have you thought about increasing the value of your investment? Have you explored how a home can be used to generate income? Rent out a portion; or leverage the available equity for a second mortgage and purchase rental property. It’s what an asset is supposed to do: build your wealth. If you’re thinking about adding a rental property to your portfolio, send me a message and we can book some time to chat!

National inflation continues to rise above expectations here in Canada. Last month, the inflation rate was 3.7%, according to data released by Statistics Canada, well above the neutral 1.75% to 2.75% range. So what does this mean for the housing market? While the inflation rate is expected to remain above 3% through 2021, it’s expected to return to around 2% through 2022. If this is the case, you won’t see the Government increase the prime rate, directly correlated to the pr...ice of borrowing money here in Canada. While interest rates are slightly higher than the record breaking lows set in December, you can expect overall mortgage rates to go up in the next 12-36 months. The Bank of Canada is expected to deliver five 0.25% rate hikes over the next, bringing the overnight rate to 1.50%. If you’re looking to purchase or refinance in the next 3-6 months, send me a message so we can look at locking you in low rates while they’re available!

Have you recently been contacted to refinance your mortgage? You may have been told to refinance your mortgage at a lower rate with mortgage rates at historic lows. But what is mortgage refinancing? Refinancing isn’t the same as a second mortgage. Refinancing involves replacing your current mortgage with a new one, where a second mortgage sees you borrow against your home’s equity. ... Refinancing your mortgage could be beneficial for a few reasons: 1. Lower interest rates are available 2. Condensing loan term to pay off the mortgage quicker 3. A stronger credit score = more favourable lending terms 4. Consolidate other outstanding debt If you’re thinking about refinancing to take advantage of the low-interest rates while they’re available, send me a message!

Are you utilizing the equity in your home as a way to offset all the expenses? Don’t just accept these costs as the price for living there. Use your home to make rental income. This will turn it into a powerful, revenue-producing asset that builds your wealth. In traditional financial terms, a house is like any valuable possession. It’s an asset; one that you expect to continue appreciating as you pay down the mortgage. What do you get in return? Shelter for your family, an...d the hope that its equity will grow. However, this major asset brings with it a lot of costs. Any expense in your life is actually a liability. What if the value of this asset declines just as you are planning on selling your home? All that liability will have produced very little overall increase in your wealth. Instead, look at the estimated value of your home and leverage this equity. If you’re interested, we can book some time to show you the wealthy way to think about home ownership. Learn how to generate rental income. Use yours to create revenue and this will offset all the expenses you incur. Send me a message or give me a call and we can book some time to chat!

Yesterday we talked about a penalty for paying your mortgage early. Did you know there are times you can avoid penalties when putting additional funds towards your mortgage? A prepayment privilege is an amount you can put toward your mortgage on top of your regular payments without having to pay a prepayment penalty. Your prepayment privileges allow you to:... - increase your regular payments by a certain percentage - make lump-sum payments up to a certain amount or percentage of the original mortgage amount Prepayment privileges vary from lender to lender. When we finance your mortgage, we'll help you go through the terms and conditions of your mortgage contract to find out: - if your lender allows you to make prepayments - when your lender allows you to make prepayments - if there's a minimum or a maximum amount that you're allowed to prepay - what fees or penalties apply - if there are other conditions Most lenders limit the allowed prepayment amount per year. Typically, you can't carry a prepayment amount from one year to the next. This means you usually can't add the amount you didn't use in previous years to the current year. If you're looking to refinance, send me a message, and we can book some time to see how much you can save by taking advantage of these low rates!

If you’ve been looking to buy in this market, you can agree that buying a home has never been this competitive. With less inventory and more demand in most markets, it’s never been more challenging to secure your first or next home. Here are some tips that might help your search:... 1. Get pre-approved as soon as possible 2. Expand your search 3. Sacrifice some luxuries or wants 4. Be open-minded If you’re looking to buy, send me a message so we can start the pre-approval process!

Did you know you may have to pay a penalty to pay off your mortgage early? A prepayment penalty is a fee that your lender may charge if you: - pay more than the allowed additional amount toward your mortgage - break your mortgage contract... - transfer your mortgage to another lender before the end of your term - pay back your entire mortgage before the end of your term, including when you sell your home If you have an open mortgage, you can make a prepayment or lump-sum payment without paying a penalty. Prepayment penalties can cost thousands of dollars. Part of my job is to help you navigate prepayment penalties if you want to sell or refinance your home. If you’re thinking about paying off your mortgage early, send me a message, and we can look at what your prepayment would be and how much you may still save in a refinance.

National inflation continues to rise above expectations here in Canada. Last month, the inflation rate was 3.7%, according to data released by Statistics Canada, well above the neutral 1.75% to 2.75% range. So what does this mean for the housing market? While the inflation rate is expected to remain above 3% through 2021, it’s expected to return to around 2% through 2022. If this is the case, you won’t see the Government increase the prime rate, directly correlated to the pr...ice of borrowing money here in Canada. While interest rates are slightly higher than the record breaking lows set in December, you can expect overall mortgage rates to go up in the next 12-36 months. The Bank of Canada is expected to deliver five 0.25% rate hikes over the next, bringing the overnight rate to 1.50%. If you’re looking to purchase or refinance in the next 3-6 months, send me a message so we can look at locking you in low rates while they’re available!

Have you recently been contacted to refinance your mortgage? You may have been told to refinance your mortgage at a lower rate with mortgage rates at historic lows. But what is mortgage refinancing? Refinancing isn’t the same as a second mortgage. Refinancing involves replacing your current mortgage with a new one, where a second mortgage sees you borrow against your home’s equity. ... Refinancing your mortgage could be beneficial for a few reasons: 1. Lower interest rates are available 2. Condensing loan term to pay off the mortgage quicker 3. A stronger credit score = more favourable lending terms 4. Consolidate other outstanding debt If you’re thinking about refinancing to take advantage of the low-interest rates while they’re available, send me a message!

Yesterday we talked about a penalty for paying your mortgage early. Did you know there are times you can avoid penalties when putting additional funds towards your mortgage? A prepayment privilege is an amount you can put toward your mortgage on top of your regular payments without having to pay a prepayment penalty. Your prepayment privileges allow you to:... - increase your regular payments by a certain percentage - make lump-sum payments up to a certain amount or percentage of the original mortgage amount Prepayment privileges vary from lender to lender. When we finance your mortgage, we'll help you go through the terms and conditions of your mortgage contract to find out: - if your lender allows you to make prepayments - when your lender allows you to make prepayments - if there's a minimum or a maximum amount that you're allowed to prepay - what fees or penalties apply - if there are other conditions Most lenders limit the allowed prepayment amount per year. Typically, you can't carry a prepayment amount from one year to the next. This means you usually can't add the amount you didn't use in previous years to the current year. If you're looking to refinance, send me a message, and we can book some time to see how much you can save by taking advantage of these low rates!

Did you know you may have to pay a penalty to pay off your mortgage early? A prepayment penalty is a fee that your lender may charge if you: - pay more than the allowed additional amount toward your mortgage - break your mortgage contract... - transfer your mortgage to another lender before the end of your term - pay back your entire mortgage before the end of your term, including when you sell your home If you have an open mortgage, you can make a prepayment or lump-sum payment without paying a penalty. Prepayment penalties can cost thousands of dollars. Part of my job is to help you navigate prepayment penalties if you want to sell or refinance your home. If you’re thinking about paying off your mortgage early, send me a message, and we can look at what your prepayment would be and how much you may still save in a refinance.