9 Sep

Mortgage Renewal Wave Is Coming

Latest News

Posted by: Charlotte Ferguson

Mortgage Renewal Wave Is Coming — Here’s How to Brace for It

Canada is about to experience one of its largest mortgage renewal periods in recent memory—over 1.8 million mortgages will come up for renewal in the next year alone. That means a lot of Canadians are bracing for a possible 20% jump in monthly payments, especially those who locked into low fixed rates during the pandemic’s ultra‑low era. Mortgage Professional

Why It Matters

Borrowers with five-year fixed rates from 2020–21 are especially vulnerable. If your mortgage payments were based on sub‑2% rates back then, now’s the time to prepare. Mortgage Professional

Thankfully, most households have been stress-tested at rates above 5%, and real incomes are still climbing—so the impact, while significant, is expected to remain manageable. Mortgage Professional

What Lenders Are Offering

Lenders are reacting with more flexibility, offering:

  • Extended amortization schedules

  • Early-renewal options to lock in rates now
    These tools are designed to soften the blow of rising payments. Mortgage Professional

Your 4–6 Month Action Plan

According to industry experts, the time to act is not when the renewal letter arrives, but months before. Here’s how to get proactive:

  1. Run the worst‑case scenario: Model your budget with a 15–20% payment increase.

  2. Gather your docs early: Employment, income, property statements—have everything ready.

  3. Shop your renewal: Compare lenders and get tools like rate holds in place.

  4. Plan for equity & income buffers: Rising home values and household earnings may offer a cushion. Mortgage Professional

Higher unemployment and economic uncertainty may add pressure, but for many, smart planning now will make renewal more manageable—not panic-inducing. Mortgage Professional

8 Sep

Client Success Story: Helping a Self-Employed Client Get Approved in 14 Days

Client Success Stories

Posted by: Charlotte Ferguson

Client Success Story: Helping a Self-Employed Client Get Approved in 14 Days

Self-employed clients often feel like the mortgage process is stacked against them—but it doesn’t have to be.

Recently, I worked with a local client who owned a small business. They had strong cash flow but didn’t fit into the traditional salaried income box. Many lenders saw them as “too complex.”

Here’s how we got it done in just 14 days:

  • Carefully packaged their business financials and personal income to show stability.

  • Matched them with a lender experienced in self-employed files.

  • Communicated quickly and clearly with both client and lender to keep the file moving.

The result? An approved mortgage, keys in hand, and a very happy new homeowner. 🎉

Takeaway: Self-employed doesn’t mean shut out. With the right guidance and lender, you can absolutely qualify for the home you want.

8 Sep

What the Latest BoC Rate Change Means for Buyers in Kitchener-Waterloo

Housing Market

Posted by: Charlotte Ferguson

Local Market Insights: What the Latest BoC Rate Change Means for Buyers in Kitchener-Waterloo

On July 30, 2025, the Bank of Canada announced its latest interest rate decision, holding the overnight rate steady at 4.25%. This is big news for buyers and homeowners in Kitchener-Waterloo.

Here’s what it means for you:

  • Stability in borrowing costs: With no rate hike, variable-rate mortgage holders can breathe a little easier.

  • Confidence for first-time buyers: A steady rate environment helps with planning and budgeting.

  • Local housing trends: We’re seeing balanced activity in our region—demand is steady, and homes are selling close to asking, but buyers still have room to negotiate.

Whether you’re entering the market for the first time or considering refinancing, it’s important to know how these decisions affect your personal situation. Mortgage strategies aren’t one-size-fits-all—I’m here to help you find the best fit.

8 Sep

What’s the Difference Between Pre-Approval and Pre-Qualification?

Mortgage Tips

Posted by: Charlotte Ferguson

Mortgage Basics 101: Pre-Approval vs. Pre-Qualification

When you start thinking about buying a home, one of the first terms you’ll come across is “pre-approval” or “pre-qualification.” While they sound similar, they’re actually very different.

Pre-qualification is a quick estimate of what you might qualify for, based on information you provide about your income, debts, and down payment. No documents are verified, and no credit check is done. Think of it as a ballpark number that helps you understand your range.

Pre-approval, on the other hand, is much more powerful. Your income, assets, and credit history are reviewed and verified. The lender provides a written commitment (with conditions) for how much they’re willing to lend you. Pre-approvals give you:

  • More confidence when house-hunting 🏡

  • A competitive edge with sellers

  • A clearer idea of your budget and monthly payments

Bottom line: If you’re casually browsing listings, a pre-qualification can help you get your bearings.
But if you’re ready to start house hunting seriously? Get pre-approved. It makes your offer stronger—and shows you’re ready to roll.

Need help getting pre-approved (without the pressure)? Let’s chat. I make it easy.

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📞 519-575-1804
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6 Sep

Boost Your Credit Score Before You Buy: Simple Steps for Mortgage Success

Mortgage Tips

Posted by: Charlotte Ferguson

Boost Your Credit Score Before You Buy: Simple Steps for Mortgage Success

Why Your Credit Score Matters

Your credit score is more than just a number; it’s a snapshot of how you manage debt. Lenders use it to decide the rate and terms of your mortgage. A higher score often means lower interest rates and more loan options.

Tips to Improve Your Credit Rating

  • Pay bills on time. Payment history has the biggest impact on your score. Setting up automatic payments or reminders can help you avoid late fees and dings to your rating.

  • Reduce credit card balances. Try to keep your credit utilisation below 30%. Paying down existing balances shows lenders you’re not over‑extended.

  • Check your credit report. Review your report for errors or outdated information. You can request a free copy from Canada’s credit bureaus and dispute inaccuracies.

  • Limit new credit inquiries. Opening several new accounts in a short period can lower your score. Only apply for credit when necessary, and avoid closing old accounts you’re not using.

  • Diversify your credit. Having a mix of credit types—like a car loan and a credit card—can help, as long as you manage them responsibly.

Be Patient and Persistent

Building or repairing credit doesn’t happen overnight. Consistency is key. Start implementing these habits at least six months before you plan to apply for a mortgage to give your score time to climb.

Getting your credit in shape is one of the smartest moves you can make before shopping for a home. A little preparation now can save you a lot of money in the long run—and set you up for mortgage success.

Ready to talk mortgages on your terms?

Whether you’re crunching numbers late at night or just day‑dreaming about your next home, I’m here for you. Call or text me at 519‑575‑1804, or send an email to cferguson@dominionlending.ca.

You’ll also find daily tips, market updates and a few lighthearted moments on my Facebook and Instagram feeds—follow @mortgagewithchar to join the conversation. My goal is to keep things simple, approachable and tailored to you.

Let’s chat whenever you’re ready!

6 Sep

Don’t Sign That Renewal Letter Yet! Why Shopping Around Matters

General

Posted by: Charlotte Ferguson

Don’t Sign That Renewal Letter Yet! Why Shopping Around Matters

When your mortgage term nears its end, your lender will send you a renewal letter that often reads like a formality: sign here, lock in a new rate and carry on. But blindly accepting that offer can cost you more than you think. Banks and big lenders count on convenience; they know life is busy and that most people don’t shop around. That’s why renewal rates can be higher than what’s available elsewhere. By taking a little time to explore your options, you could save thousands in interest over your next term.

Shopping around at renewal is similar to shopping for insurance—you compare rates, terms and features from different lenders, including monoline lenders that exclusively deal in mortgages. These lenders often have lower overhead and may offer more competitive rates or flexible terms that fit your life better. A mortgage agent can access multiple lenders and negotiate on your behalf, giving you a broader view of what’s available. They’ll also assess whether you should consider switching from fixed to variable (or vice versa), consolidate debt, or even shorten your amortisation to pay off your mortgage faster.

Renewal time is also a strategic moment to revisit your financial goals. Are you planning major renovations, starting a business or considering an investment property? Maybe you’re eyeing retirement and want lower payments. Your mortgage term is a tool you can tailor to these goals. By speaking with a mortgage professional instead of automatically signing your lender’s letter, you gain the freedom to align your mortgage with where you are today—not where you were five years ago.

Ready to talk mortgages on your terms?

Whether you’re crunching numbers late at night or just day‑dreaming about your next home, I’m here for you. Call or text me at 519‑575‑1804, or send an email to cferguson@dominionlending.ca.

You’ll also find daily tips, market updates and a few lighthearted moments on my Facebook and Instagram feeds—follow @mortgagewithchar to join the conversation. My goal is to keep things simple, approachable and tailored to you.

Let’s chat whenever you’re ready!

6 Sep

Renovate as You Buy: Understanding Purchase Plus Improvements Mortgages

General

Posted by: Charlotte Ferguson

Renovate as You Buy: Understanding Purchase Plus Improvements Mortgages

Have you ever walked into a home and thought, “The bones are great, but that wallpaper has got to go”? With a Purchase Plus Improvements mortgage, you don’t have to let outdated finishes stop you from buying the perfect property. This program lets qualified buyers add approved renovation costs—like new flooring, modern cabinets or a bathroom overhaul—onto their mortgage. Instead of juggling multiple loans or maxing out your credit card, you finance the upgrades at mortgage rates, which are usually much lower than credit‑card rates.

Here’s how it works: before closing, you collect quotes for the work you’d like to do. The lender includes the renovation budget in your mortgage amount, and once the work is complete and inspected, they release funds directly to you or the contractor. Most lenders allow improvements up to a percentage of the home’s post‑renovation value (often 10%–20%). The catch? You typically need to complete the renovations within a set time (usually 90–120 days) and pay up front, then get reimbursed. It’s key to plan carefully and work with licensed contractors to avoid delays.

This type of mortgage is ideal if you want to build equity quickly. By investing in improvements that increase your home’s value, you may end up with a more valuable property from day one. It’s also a great way for first‑time buyers to afford homes in established neighbourhoods where fully updated properties are out of reach. Need help figuring out if you qualify or how to start the process? That’s where a mortgage agent comes in—your deals desk can help ensure all documentation is submitted correctly and the numbers make sense.

Ready to talk mortgages on your terms?

Whether you’re crunching numbers late at night or just day‑dreaming about your next home, I’m here for you. Call or text me at 519‑575‑1804, or send an email to cferguson@dominionlending.ca.

You’ll also find daily tips, market updates and a few lighthearted moments on my Facebook and Instagram feeds—follow @mortgagewithchar to join the conversation. My goal is to keep things simple, approachable and tailored to you.

Let’s chat whenever you’re ready!

6 Sep

Fixed vs. Variable Rate Mortgages – Which Fits Your Lifestyle?

Mortgage Tips

Posted by: Charlotte Ferguson

Fixed vs. Variable Rate Mortgages – Which Fits Your Lifestyle?

Choosing between a fixed and variable rate mortgage can feel like trying to guess the weather months in advance—should you pack a raincoat or sunglasses? With a fixed‑rate mortgage, your interest rate stays the same for the entire term. That means predictable pay

ments, which can bring peace of mind if you’re on a strict budget or if rising rates would keep you up at night. Fixed rates may start a bit higher, but they insulate you from market swings driven by factors like inflation or Bank of Canada announcements. If you love stability and don’t want any surprises, fixed could be your jam.

On the flip side, variable or adjustable‑rate mortgages are tied to your lender’s prime rate, which moves when the Bank of Canada adjusts its overnight rate. Historically, variable rates have averaged lower than fixed rates over time. When rates fall, your interest cost drops too—which means potential savings. But the reverse is also true. If rates climb, your payments can go up or a bigger portion will go toward interest. Variable rates suit buyers with flexible budgets who can handle some fluctuation or who plan to refinance or move before rates rise dramatically. Think of it like taking the scenic route—you might enjoy unexpected scenery, but you should be comfortable with the journey.

So how do you choose? Consider your financial goals, tolerance for risk, and how long you plan to keep the mortgage. If you’re buying your forever home and love the idea of budgeting exactly, fixed may help you sleep better. If you’re comfortable riding the rate wave and want to maximise savings when rates are low, variable could be a smart bet. And remember—you don’t have to decide alone! Working with a mortgage agent lets you explore hybrid options or mix-and-match solutions that combine the best of both worlds.


Ready to talk mortgages on your terms?

Whether you’re crunching numbers late at night or just day‑dreaming about your next home, I’m here for you. Call or text me at 519‑575‑1804, or send an email to cferguson@dominionlending.ca.

You’ll also find daily tips, market updates and a few lighthearted moments on my Facebook and Instagram feeds—follow @mortgagewithchar to join the conversation. My goal is to keep things simple, approachable and tailored to you.

Let’s chat whenever you’re ready!