Newcomers to Canada often face several hurdles when buying their first home. Establishing a Canadian credit history can be challenging, making it difficult to secure favourable mortgage rates. Navigating the complexities of the Canadian real estate market, including understanding local regulations and market trends, requires time and knowledge. Language barriers and unfamiliarity with the home-buying process can add to the difficulty, while saving for a down payment may be more demanding due to higher initial costs. Additionally, finding a trustworthy real estate agent and understanding legal requirements are essential steps that can overwhelm those adjusting to a new country. Overcoming these obstacles typically involves seeking guidance from financial advisors, leveraging newcomer programs, and building a strong support network to ensure a smooth path to homeownership.
At Benson Mortgages, we offer specialized programs tailored for newcomers to Canada, making it easier for you to achieve homeownership. With personalized support, flexible options, and expert guidance, we help you confidently navigate the home-buying process. Whether you’re building your credit or exploring your first mortgage, we’re here to help every step of the way. Call us today to learn more about our newcomer-friendly programs.
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Your Path to Financial Freedom with Private Mortgages for 9.99%
Considering a major renovation or consolidating your debt? Consider going the Benson Mortgages private loan route. Not only will you benefit from a home refresh or simplified payment process, but for the month of April, we’re offering private mortgages as low as 9.99%!
With a private mortgage, you can:
Fund your home renovations
Clear your credit card debts
Merge your multiple mortgages into one hassle-free loan
Want to give your old kitchen a brand-new look? A private mortgage can provide the necessary funds for a well-deserved upgrade.
Ready to say goodbye to hours spent juggling various credit card payments? Our private mortgage solutions can be tailored to consolidate your debt into one manageable payment effectively.
How about merging your multiple mortgages under one private loan? Not only is this possible, but it also offers a streamlined, hassle-free approach to managing your properties.
Best of all, Benson Mortgages is thrilled to share that you can avail of private mortgages at interest rates as low as 9.99% this month. What a great month to rethink your finances and consider new strategies!
The process is clear-cut and fast, with approvals in merely 48 hours! Even better – no credit scores or income statements are needed. So what are you waiting for? Ease your financial burdens, organize your debt, and start saving for that dream vacation with Benson Mortgages!
Ready to discuss your options? Reach out to us at leads@bensonmortgages.ca and let’s get you started on this exciting journey together.
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You’ve probably heard the saying “families that eat together, stay together”. Did you know there’s actual evidence behind the words? Family dinners help build healthy relationships, and cooking at home often leads to healthier food choices, too. Not so fast. You’ve also probably heard the saying “too many cooks in the kitchen”. Did you know there’s actual evidence behind the words? Look no further than your own home, because cooking with family is a chaotic disaster! Half the ingredients end up on the floor, the other half in the kids’ hair. Someone is crying. Someone is screaming. Someone got stabbed with a fork. Perhaps it’s time for a bit of a remodel to make the most of your available space. Here’s a few ideas that might help inspire you.
Declutter and Organize
Start by channelling your inner Marie Kondo without having to do a whole kitchen redesign. Make the most of the space in your cupboards and pantry with extra shelves, a spice rack, and hanging door organizers. There’s even loads of organizational potential beneath your sink!
Lighting
While adding lights won’t magically extend your counter, it can give you the impression of a larger, brighter space. Kitchens are a great place to experiment with interesting task and statement lighting to not only make the room functional, but create a focal point for your home. Sunken LED lights can contribute a very clean and modern look as well.
Breakfast Bar or Island
A well-placed kitchen island will provide additional counter and storage space, and is often worth the penalty of its additional footprint in your home. You can even purchase a rolling cart and move it out of the way when not in use for the best of both worlds.
Cabinets
New cabinets can revolutionize your kitchen’s look and feel while providing heaps of additional utility. Floor-to-ceiling designs unlock real estate that wasn’t properly utilized by older units. There’s even the potential for integrated appliances to optimize vertical use of space.
Appliances
Just like cabinets, new appliances are capable of doing more than looking nice. They are typically energy efficient and might even do a better job of washing your dishes. As well, some manufacturers are releasing smart appliances that can automatically make your coffee in the morning and then send you a text message letting you know that you’ve run out of cream.
Renovation
Sometimes it can be difficult to pick just one item on the list. Perhaps you’ve spec’d out fantastic cabinets but they conflict with your existing countertops, and if the countertops have to go so does your backsplash, and so on. At this point you should consider a kitchen renovation as an investment for your family and into your home. Buyers across all age groups rank the kitchen as the most important space in a house and you can expect to recoup a large percentage of renovation costs when you sell your home. Considering all the positive impacts a functional kitchen can bring for your family, this proposition might be the best option.
Kitchen renovations don’t have to be incredibly expensive. A budget-conscious approach can involve replacing cabinet fronts, counters, and updating your appliances. Alternatively you can opt to replace everything, including the kitchen sink.
Financing Options
Before beginning a renovation it pays to have a plan, and that plan should include a solid understanding of your budget. Fortunately you have some options and Benson Mortgages can help out.
2nd or 3rd Mortgage
Your home is an asset and as it grows in value you can get access to that additional equity and use it to your advantage. A 2nd or 3rd mortgage lets you do this without having to sell your home by borrowing money against that increase. A typical reason people choose this option is to renovate in order to further increase their home’s value and appeal before selling it – that’s why these mortgages are often referred to as “renovation mortgages” or “home improvement loans”.
Refinancing
Refinancing a mortgage means you pay off your existing loan and replace it with a new one. There are many reasons to refinance a home and also several market signs to look out for, such as a drop in interest rates. The Canadian real estate market has continued to be strong throughout the coronavirus pandemic and interest rates are low. If it has been a while since you paid attention to your mortgage and current rates it is definitely worth your time to consider the options available to you. Feel free to give our team a call and we will show you what’s available!
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Your Dream Lakeside Cottage Investment – Now A Reality!
Have you thought about investing in a picturesque lakeside cottage? You can enjoy it on the weekends and generate income when you are not using it, and rental demand is high. The rebirth of real estate investments now presents this amazing opportunity. The surge in rental demand for such properties and relatively low purchase prices form the perfect investment storm. Sounds good, right? Well, now it can be more than just a dream! Lakeside cottages are prime investments. With prices at an all-time low, it’s time to make the leap!
Mortgage Rates
At Benson Mortgages, we’ve sculpted the finance side of things to your favour as well. Take advantage of the equity you have accumilated in your home and start looking before the market heats up. An investment today could be your treasure tomorrow.
Choose Benson Mortgages
At Benson Mortgages, we strive to exceed your expectations. Our experience and customer-focused minds are passionately ready to help turn your dreams into reality. We promise to shop all of our 170 lenders and find you the best mortgage solution.
Make Your Move
The transition from thought to action. The time is now. Don’t let this investment opportunity slip by. Embrace your exciting venture into the world of real estate investment. A simple call can set you on your path to potential financial growth!
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The Difference Between a Mortgage Broker and a Private Lender
At Benson Mortgages, we’re committed to simplifying the mortgage industry. We’ve noticed that many people get overwhelmed by the plethora of options and jargon, so we’re working to break down these barriers. Today, we’re addressing the distinctions between a mortgage lender and a mortgage broker. While these terms are often used interchangeably, there are important differences, and we’re here to clarify why!
Mortgage Lender
A mortgage lender in Ontario is an institution or individual that provides funds to borrowers for purchasing or refinancing properties. These lenders can include banks, credit unions, mortgage corporations, trust companies, and private lenders. They offer a variety of mortgage products and determine the terms and conditions of the loan, including interest rates, repayment schedules, and eligibility criteria.
Mortgage Broker
A mortgage broker in Ontario is a licensed professional who acts as an intermediary between borrowers and lenders. They help individuals and businesses secure financing for purchasing or refinancing properties by connecting them with suitable mortgage products from various lenders. Benson Mortgages has years of experience and the right attitude to get the job done!
Our mortgage brokerage has access to multiple banks, credit unions and private lenders. Of course, the main advantage to this is that you have your very own price comparison service and you will have a much higher chance of finding the right mortgage for you and your family.
Conclusion
After a chat with our team at Benson Mortgages, we’ll have a good grasp of your needs and will go the extra mile to find the perfect mortgage for you. Good news! We are both a mortgage brokerage and a private lender. Count on us to steer you clear of any common pitfalls and set you on the right path!
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Can You Get a Home Mortgage If You’re Self-Employed?
It’s clear that it is easier for you to get a home mortgage if you have a regularly paying job. You will need to get a consistent flow of money to ensure that you can actually pay off the mortgage. Still, this does not mean that you cannot get a home mortgage just because you are a self-employed individual. You will need to put in an extra bit of effort to show that you can actually pay off your mortgage though.
Check Your Tax Returns
ou should have the last couple of tax returns to your name available. Your adjusted gross income should be reviewed on two or more years worth of tax returns. This is to help a lender give you an average in terms of what your typical monthly income will be. This, in turn, gives you a clear idea of what you might spend on your mortgage loan or at least what you can qualify for.
What Debts Do You Have?
The debts that you currently hold will play a major role in determining if you can get a mortgage loan. These include debts for existing loans and other dues that you have to pay right now. You should not be spending more than a third of your income on these particular debts.
Meanwhile, the housing-related debts that you have should not be more than another third of your income. This is important as your lender will typically tell you that you can qualify for a particular loan that is worth a total respective of your debts. Your loan will typically be approved if its monthly value is actually a third of your gross income.
The process of getting a home mortgage while you are self-employed is certainly going to take more time for you to handle. Still, you will certainly be able to get a great home mortgage no matter what your employment status is like. Just be sure that your income and debts are recorded properly and that you have enough evidence for showing that you’ve got enough support for actually paying off your mortgage as well as you can.
Special Programs
At Benson Mortgages, we offer have many unique options for self-employed individuals. By filling out our online application you could be eligible for special programs with certain lenders even if you don’t have a 20% downpayment. Contact us today to learn about current promotions and talk to our self-emplyoment mortgage experts!
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Thank You to All Benson Mortgages Staff and Our Friends!
Thank You to all Benson Mortgages staff and our friends who have generously donated time and money so we can send essential humanitarian aid to Ukraine! Together we collected over 400 lbs of much-needed items for the cold months ahead.
We are collaborating with Dr. Isaenko and her medical clinic in Kyiv which volunteers on the ground to help all victims of war. Here is a link to their previous efforts in the areas most affected by shelling:
This quarantine has been tough on everyone, but perhaps the group that has been affected the most are millennials. Why? Well, millennials are easily affected by almost anything, and we like to make current issues about ourselves. For this newsletter we polled a group of 100 millennials to get their thoughts on the quarantine, see how they’ve held up, and if there is any hope for returning to a normal life.
Poll Results
78% believe a dog can help their relationship during quarantine. 22% believe a cat will intentionally destroy their relationship.
61% are itching to see their friends and enjoy the summer weather. 39% are taking this time to indulge in their introverted lifestyle, including binging Netflix, becoming famous DJs, and cutting their bangs.
75% have been perfecting their dance moves on TikTok. 25% have since deleted the app because of its egregious privacy violations and security concerns.
50% have discovered how to care for their sourdough starter in a way their parents have never loved them. 50% are now on a first name basis with their food delivery driver.
60% will move back in with their parents and live with them into their 40s. 40% would rather have independence by buying a tiny home and parking it in their parents’ backyard.
Talk to us!
We hope you found this a fun read! There is a lot going on in the world right now and a little humour can go a long way. Whether you’re in the market for a tiny home or a full-size home, contact Benson Mortgages to take advantage of today’s property market!
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Subscribe to our newsletter. We are about quality over quantity and we don't like spam. You can unsubscribe at any time.
Thank You to all Benson Mortgages staff and our friends who have generously donated time and money so we can send essential humanitarian aid to Ukraine! Together we collected over 400 lbs of much-needed items for the cold months ahead.
