Today we're going to talk about refinances. A refinance mortgage is a new mortgage for you to be able to access equity from your property. To use funds for truly anything that you want. The most common reason for clients to refinance their mortgage is to pay out high interest debt and do renovations to their property.

Today we're going to talk about the minimum down payment requirements. In Canada, the minimum down payment to purchase a home is 5%. And there's a common misconception that only first time home buyers are able to utilize this 5% down payment. And that is not true. Actually, anybody can buy a home with as little as 5% down.

Today we're going to talk about second home or vacation home purchases. Did you know that you could buy a second home or vacation property with as little as 5% down? Most people aren't aware of this. They assume that a second home has to be 20% down, and that's not the case.

Today we are talking about mortgage renewals. So your mortgage is up for renewal. What do you do?

This is really important. You're going to get a letter in the mail from your current lender. I urge you, do not sign anything until you've talked to a mortgage professional.

Today we're going to talk about the difference between a fixed and a variable rate mortgage! A fixed rate mortgage is a mortgage product that has a fixed interest rate and payment, which will not change for the life of your loan. A variable rate mortgage, on the other hand, is a mortgage product that has a variable interest rate, which means that if a lender makes changes to their prime lending rate, your interest rate will change as well, either up or down. What are the other differences?

Today we're going to talk about a reverse mortgage. A reverse mortgage is just like it sounds - a reverse of a standard mortgage, where a standard mortgage, you make payments each month and part of that payment goes towards principal and paying your mortgage down over time. A reverse mortgage has zero payments. So what happens is the interest is accruing and your mortgage grows over time?

The mortgage stress test. I'm sure you've all heard about it, and it's causing most of us stress, but I want you to know that there are options. The stress test is a government requirement now for us to qualify you for your mortgage at a rate that's higher than you're actually going to pay. Did you know that there are other options?

Today we're going to talk about property tax deferrals. Did you know that you can defer your property taxes until you sell your home? The government introduced this great program for homeowners to help people who don't have a mortgage, whose property taxes have become really high and unaffordable to stay in their home comfortably.

Today we're going to talk about rental property purchases. When you buy a rental property, the down payment requirement is a minimum of 20%. When buying a rental property, the lender must confirm rental income by way of either a lease agreement or what's called a market rents letter. Rental properties are a wonderful way to build your wealth through real estate, while having somebody else pay the expenses for you.

It can be challenging to qualify for a mortgage when you're self-employed. There are pretty strict guidelines, especially at the banks, for what's required. You usually have to be self-employed for at least two years, and we can only use the income that you declare after your tax write offs to qualify you.

It's a really cool product! With this product you can add the cost of renovations onto your new mortgage when you buy a new home for as little as a 5% down payment. So if you buy a property and it needs new flooring, new carpet, some paint, a little TLC, and you only have enough money saved for the down payment, it's actually a program to help you to be able to do the renovations right away without having to wait and save the money to be able to do it on your own.

Are you having a difficult time qualifying for a mortgage on your own? Did you know that you could add a cosigner to the mortgage to help you get into that home now, rather than waiting for yourself to have more income or qualify in the future? In this video we dive into the options for mortgage co-signers.

A home equity line of credit is a line of credit that's secured against your home. It allows you to access equity from your home in the future if you need it. You can borrow up to 65% of your property's value, and you only pay interest on the amount that you borrow. And interest only payments are required for the payment that you make. Learn more about the HELOC and if it is right for you.

What is an amortization? An amortization is the length of time that it will take you to pay your mortgage to zero, and an amortization helps to dictate what your monthly payment will be to ensure that over that period of time your mortgage is actually paid to zero.

Did you know that you could get cash back at the closing of your new purchase? We have lenders who offer cash back mortgages, and ultimately, they will give you a percentage of your new mortgage in the form of a cash back at closing for you to use for anything that you like. Learn more about cash back mortgages.

Everybody understands that you need a down payment when buying a home. That's one of the biggest, of course, closing costs to be aware of, but there are other things to keep in mind that you'll need to have saved up for the completion date of your new purchase. The second big cost is property transfer tax in B.C. and in most of Canada property transfer tax, the tax that we have to pay to the government any time we buy a new home. Learn about this and other costs associated with purchasing a home.

So you're ready to buy a home. And now you need a down payment. Now, where can the down payment come from? Jewels looks at the various sources you can utilize for your down payment including money from a savings or checking account, tax free savings account, an RSP, a first home savings account, gifted money or loans.

Learn more about payment frequencies - how you can pay your mortgage payment. You can pay your mortgage monthly, which is pretty standard biweekly, weekly or semi monthly. Learn the advantages of each option and choose what works best for you.