Owning a home is a significant milestone, but for many Canadians with a modest income, the prospect of buying a home may seen like unattainable goal.   The good news is that there are various ways and resources available to help make homeownership a realty, even on a tight budget.  In this blog, we will explore helpful tips and insights for Canadians looking to buy a home with low income. 

In the sprawling landscape of Ontario, Canada, there are cities that stand out not just for their picturesque settings but also for their vibrant communities, excellent amenities, and promising real estate prospects. If you’re considering making one of these cities your home, it’s essential to delve into the world of mortgages to turn your dream into reality.

1. Toronto: The Urban Hub

As Canada’s largest city, Toronto offers a bustling urban lifestyle with a myriad of cultural attractions, job opportunities, and diverse neighbourhoods. 

2. Ottawa: The Capital City

Ottawa, is synonymous with stability and culture. Its real estate market has shown resilience over the years. As the nation’s capital, it offers stable employment opportunities, a thriving arts scene, and family-friendly communities

3. Mississauga:  Suburban Comfort

Mississauga, a rapidly growing city adjacent to Toronto, strikes a balance between urban amenities and suburban tranquility.  Mississauga is known for its well-planned neighbourhoods, excellent schools, and proximity to major highways, making it a popular choice for families.

4. Oakville: Investing in Quality Living 

Oakville, known for its high standard of living, beckons those seeking a serene lifestyle. With its emphasis on green spaces and cultural amenities. The town is home to top-rated schools, making it an attractive choice for parents prioritizing their children’s education.

5. Burlington: Waterfront Living

Burlington, nestled along the scenic waterfront, is a city that seamlessly blends nature with urban living.  Its picturesque landscapes, commitment to safety, excellent schools, and vibrant community life.

6. Waterloo: Technology Hub 

Waterloo, home to leading universities and a thriving tech scene, is a hub of innovation. Families appreciate the city’s safety measures, educational opportunities, and vibrant cultural scene.

7. Hamilton: Revitalization

Hamilton, the “Ambitious City,” has undergone significant revitalization. It’s attracting residents with its affordability compared to nearby Toronto. Hamilton’s property taxes are generally lower than those in larger urban centers, adding to the city’s appeal for budget-conscious homebuyers.

When searching for the ideal city to call home in Ontario, each of these options provides a unique blend of safety, good schools, and a family-friendly atmosphere. Consider your preferences, lifestyle, and priorities as you explore the diverse offerings of these Ontario cities.

See the areas we serve for more information.

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Securing a mortgage in Canada is a significant step towards homeownership, but the process comes with its own set of requirements. One crucial aspect is providing the necessary identification to ensure a smooth and secure transaction. In this blog, we’ll explore the essential identification documents needed for a mortgage application in Canada.

1. Personal Identification:

The first category of identification documents required for a mortgage pertains to personal identification. The Lenders need to verify the identity of the mortgage applicant to mitigate the risk of fraud. The following documents are accepted:

• Valid Government-Issued Photo ID: This can include a driver’s license, passport, or any other government-issued photo identification.

• Proof of Citizenship or Residency: For non-citizens, additional documentation may be required to confirm legal residency status.

2. Financial Documentation:

To assess your financial stability and capacity to repay the mortgage, lenders will also require specific financial documentation. These may include:

• Proof of Income: Recent pay stubs, employment letters, or income tax returns can serve as evidence of a stable income.

• Credit History: Your credit history is a crucial factor in mortgage approval. 

3. Property-Related Documentation:

In addition to personal and financial documentation, specific identification is needed for the property being mortgaged. 

• Property Appraisal: Lenders may request a professional appraisal of the property to assess its value accurately.

• Property Title and Deed: These documents prove ownership and provide essential information about the property.

• Home Insurance: While not an ID, proof of home insurance may be required to protect the lender’s interests.

4. Additional Documentation:

 Additional documentation may be requested, such as:

• Proof of Down Payment: Documentation demonstrating the source of your down payment funds may be required.

• Gift Letter: If you receive financial assistance from a family member, a gift letter confirming it may be necessary.

Navigating the mortgage application process in Canada involves meticulous attention to identification requirements. 

Sew our detailed ID Mortgage Requirement Document

If you’re ready to take the exciting step towards homeownership, Cashin Mortgages is here to guide you through the mortgage process. Contact us today for personalized assistance tailored to your unique needs.

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As we step into a new year, many of us are reflecting on our goals and aspirations for the months ahead. For some, achieving financial freedom and tackling debt is a top priority. At Cashin Mortgages, we understand the significance of a debt-free journey and are here to guide you through the process. In this blog post, we’ll discuss essential steps to crush debt this year.

Step 1: Assess Your Financial Situation

Before embarking on a debt-free journey, it’s crucial to have a clear understanding of your financial situation. Take stock of your debts, including credit cards, loans, and other outstanding balances. Determine the interest rates and prioritize paying off high-interest debts first.

Step 2: Create a Realistic Budget

Create a realistic budget is key to managing your finances effectively. Identify areas where you can cut expenses and allocate more funds toward debt repayment.

Step 3: Explore Debt Consolidation Options

Debt consolidation can be a game-changer on your path to financial freedom. By combining multiple debts into a single, more manageable loan, you can streamline your payments and potentially secure a lower interest rate. At Cashin Mortgages, our debt consolidation services are designed to simplify your financial obligations and accelerate your debt payoff.

Ready to take control of your finances and start your debt-free journey?  Contact us today for a free consultation. Our team of experts is here to assess your unique situation and provide tailored solutions to help you crush debt in the new year.

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As the calendar turns to a fresh year, the prospect of a new home becomes an exciting possibility for many Canadians. Whether you’re a first-time buyer or looking to upgrade, 2024 holds promise for those seeking to step into the realm of homeownership. In this blog post, we’ll navigate the Canadian landscape, exploring the steps to realize your homeownership dreams and shedding light on the role of mortgages, with a special focus on Canadian readers.

The Roadmap to Homeownership

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In the ever-evolving landscape of life, our goals undergo a constant metamorphosis. We achieve some, redirect others, and forge new aspirations. As we navigate this dynamic journey, it becomes imperative to periodically assess and realign our financial compass. The commencement of a new year is an opportune moment to conduct a Year-End Financial Checkup – a crucial exercise that goes beyond mere number crunching. Just as one evaluates past achievements and charts new courses for personal growth, a financial checkup allows us to reflect on our monetary milestones and recalibrate our financial objectives for the future. This annual ritual not only safeguards our financial well-being but also contributes to our overall sense of fulfillment.

If you are a client of Cashin Mortgages or currently exploring mortgage options, this financial checkup is especially pertinent. Evaluating your mortgage strategy within the broader context of your financial goals ensures that your housing investment aligns seamlessly with your overall financial plan. Whether you are a first-time homebuyer, refinancing, or considering additional properties, understanding how your mortgage fits into your comprehensive financial picture is a key aspect of this introspective review.

Join us as we delve into the importance of this introspective financial review and explore whether your finances are poised for success in 2024.

1. Assess Your Budget

If you haven’t created a budget yet, now is the perfect time to do so. A well-crafted budget forms the cornerstone of a strong financial foundation. For those who already have a budget in place, this step becomes more manageable. While it’s ideal to review your budget regularly, we understand that life can get hectic, and financial matters may be overlooked. This financial checkup serves as an opportune moment to revisit your current budget and make necessary revisions to align with the upcoming year’s changes and goals.

Determine Your Net Worth

Understanding your net worth is a fundamental aspect of personal finance. Without a way to track or measure your wealth, it’s challenging to gauge your financial progress. If you seek a benchmark for wealth, retirement, or financial fitness, start by assessing your net worth. Creating a net worth statement is a basic skill that you should practice regularly.

How to Calculate Your Net Worth

Take a piece of paper and draw a line down the middle from top to bottom. On the left side, list all the assets that positively contribute to your financial well-being (excluding depreciating assets). On the other side, detail all your debts or liabilities. At the bottom, calculate the total for each column. Next, subtract your total liabilities from your total assets. The result represents your net worth. Regularly performing this calculation provides valuable insights into your financial health and helps you make informed decisions for the future.  

2. Know how much you spend

You’ll never know you’re overspending if you never take steps to keep a record of your spending in some way.

Want to become wealthier? Develop a habit of tracking your spending monthly. Precision matters; most people underestimate spending, relying on ballpark figures for major expenses like mortgages, car payments, utilities, and food.

Evaluate and Tackle Your Debts

How effectively have you been reducing your debts? Now is the moment to pinpoint gaps in your debt repayment strategy and address them. If you find yourself needing assistance, our experienced, unbiased counsellors can guide you through debt repayment options.

Conduct a Comprehensive Audit of Financial Accounts

Kick off the New Year with a thorough audit of all your financial accounts, recurring expenses, subscriptions, and memberships. Scrutinize credit card balances, interest rates, and potential annual fees. Review utility bills, internet and cell phone plans, insurance rates, and memberships like gym subscriptions or streaming services. Ensure you’re getting value from each expense and consider making proactive changes to save on household bills.

3. Are you Saving Enough?

In the quest for financial success, the accumulation of wealth is a deliberate and methodical process. Contrary to popular belief, the majority of wealth is not inherited or obtained through a stroke of luck, but rather, it is built step by step. At the core of this journey lies the fundamental practice of saving money, a pivotal factor that distinguishes the financially secure from the struggling.

Assess Your Savings Strategy

While saving may not come naturally, learning and cultivating this habit is essential. Understand the principles of saving money, from starting at any age to making it automatic and staying disciplined.

Principles of Saving Money:

It’s Never Too Late to Start:

The journey to financial security can commence at any stage of life. The key is to take that first step towards saving, irrespective of age or circumstances.

The Sooner You Save, the Better:

Time is a powerful ally when it comes to saving. Starting early allows for the compounding effect to work in your favour, enhancing the growth of your savings over time.

Make It Automatic:

Automate your savings to ensure consistency. Set up automatic transfers to your savings account, making it a seamless and ingrained part of your financial routine.

Saving Something Is Better Than Saving Nothing:

The act of saving, regardless of the amount, is a victory in itself. Every small contribution adds up, building a foundation for financial security.

It’s All About Staying Disciplined:

Discipline is the bedrock of successful saving. Stick to your savings plan, even when faced with temptations to spend, and watch your wealth grow steadily.

Try to Increase Your Savings Each Year:

As your financial situation evolves, aim to increase your savings proportionally. This proactive approach ensures that your savings keep pace with your changing needs and aspirations.

Save Extra Lump Sums When You Come Into Money:

Windfalls, bonuses, or unexpected income provide an excellent opportunity to boost your savings. Capitalize on these moments to accelerate your wealth-building journey.

Emergency Funds and Credit Reports

Examine your emergency funds – could you cover an unexpected expense today? Even if reaching six months of savings seems challenging, aim for at least 90 days. Additionally, don’t neglect to check your credit reports annually. This routine task helps ensure accuracy, guards against fraud and can uncover issues that might impact major life decisions. Regular credit checks are vital for securing your financial well-being.

4. Develop an action plan

Transform your financial aspirations into tangible actions by creating a list of three actionable items. Write them boldly on a piece of paper and strategically place it where you’ll encounter it daily – whether it’s on your bathroom mirror, computer screen, or car dashboard. Seize control of your finances by implementing the insights gained from your financial checkup.

With accurate numbers at your disposal, construct a balanced budget that covers fixed expenses, discretionary spending, and debt repayment:

Allocate for Debt Repayment:

Dedicate a feasible amount towards paying off credit card debt or making lump sum payments on consolidation loans.

Avoid Overly Restrictive Budgets:

Ensure your budget includes reasonable allocations for entertainment and other discretionary categories to make it sustainable.

Revise as Needed:

Periodically review and revise your budget to align with evolving needs and spending patterns.

Seek Professional Guidance:

If you find budgeting challenging, our Credit Counsellors offer free, confidential, and judgment-free appointments to assist you in constructing a personalized budget.

Set Your Savings and Debt Repayment Goals

Having organized your financial information, set SMART goals for savings and debt repayment:

Be Specific and Measurable:

Clearly define your goals with specific amounts, set deadlines, and an actionable plan for success.

Short-Term and Long-Term Goals:

Create one or two short-term goals achievable within the next year and one or two longer-term goals looking ahead within the next few years.

Put Your Goals in Writing:

Putting your goals into writing provides direction and context, anchoring your commitment to budgeting and saving.

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Tis the season of giving, and at Cashin Mortgages, we believe in making every moment special. This holiday season, we’re thrilled to bring you a guide to elevate your gift giving game with the latest tech!. From smart home devices to gadgets that make life easier, these gifts are sure to bring joy and innovation to your loved ones.

Let’s dive into the world of tech and discover the perfect presents to make this holiday season truly memorable.

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Welcome to the season of giving! As the holiday festivities draw near, the search for the perfect gift becomes an annual quest. For those who have recently embraced the joys of homeownership, practicality often takes precedence. After all, what could be more satisfying than a gift that not only sparks joy but also enhances the comfort and functionality of a new abode? 

Whether you’re a proud homeowner or shopping for someone special, our curated collection of thoughtful and practical gift ideas is designed to elevate the home experience. From stylish doormats to personalized pet bowl kits, we’ve got the perfect gifts that combine functionality with joy.

1. Stylish Doormat –  Step into the world of thoughtful gifting with a stylish and functional doormat. A doormat not only adds a touch of personality to the entrance but also serves a practical purpose by keeping the indoors cleaner. Choose from an array of designs, colours, and materials to find the perfect doormat that complements the homeowner’s style and welcomes guests with warmth. Zazzle.ca

2. Custom Metal Address Sign – Help homeowners make a statement with a custom metal address sign. This personalized touch not only adds a unique aesthetic to the exterior of their home but also ensures that their address is easily identifiable Emperorsign.com/ 

3. Personalized Pet Bowl Kit – Don’t forget the furry family members! A personalized pet bowl kit is a delightful way to show consideration for both the homeowners and their pets. Customize the bowls with the pet’s name and perhaps a paw-print design, creating a thoughtful and functional gift that blends seamlessly into their new home. Etsy.ca

4. New Home Candle – Celebrate the joy of a new home with a scented candle designed specifically for this special occasion. Choose fragrances that evoke feelings of warmth and comfort, turning their living space into a sanctuary of relaxation and tranquility. everlastingcandleco.ca/

5. Cozy Blanket – Wrap your loved ones in comfort with a cozy blanket. Opt for soft, high-quality materials in a design that complements their home decor. Whether it’s for chilly nights on the sofa or an extra layer on the bed, a blanket is a versatile and cherished gift. kashwere.com

6. Stylish Wine Rack –  Elevate their entertaining space with a stylish wine rack. Choose a design that suits their aesthetic and provides a convenient and aesthetically pleasing storage solution for their favorite bottles. It’s a practical gift that adds a touch of sophistication to any home. rosehillwinecellars.com

7. Beautiful Cheese Board – Enhance their hosting experience with a beautiful cheese board. Ideal for entertaining guests, a well-crafted cheese board can be a centerpiece for gatherings. Choose one with a combination of materials like wood and slate for a timeless and versatile addition to your kitchen. crateandbarrel.ca/

8. Plush House Slippers – Give the gift of comfort with a pair of plush house slippers. After a long day, there’s nothing better than slipping into cozy footwear that provides warmth and relaxation within the confines of their new home. thebay.ca

9. Flameless Candles – For a modern twist on traditional candles, consider flameless candles. These LED alternatives provide the warm glow of candlelight without the fire hazard. Choose a set that includes a remote control for easy ambiance adjustment. amazon.ca

10. Personalized Tea Towel – Add a personalized touch to the kitchen with a custom tea towel. Whether it features a family monogram or a special message, this functional and decorative item brings a touch of charm to their daily routine. personalizationmall.com

11. Houseplant – Bring a breath of fresh air to their new home with a houseplant. Choose a low-maintenance option like a snake plant or pothos to add a touch of greenery and promote a healthier indoor environment. homedepot.ca

As we step into the season of giving, why not consider the gift of enhanced home living? At Cashin Mortgages, we’re here to make homeownership even more delightful for you and your loved ones.

Discover the Joy of Practical and Thoughtful Gifts:
Whether you’re a proud homeowner or shopping for someone special, our curated collection of thoughtful and practical gift ideas is designed to elevate the home experience. From stylish doormats to personalized pet bowl kits, we’ve got the perfect gifts that combine functionality with joy.

Your Dream Home Deserves the Best:
Explore our selection of exclusive mortgage products, including our Home Equity Line of Credit (HELOC) and other tailored solutions. Let’s make your homeownership journey as comfortable and rewarding as possible.

Ready to Take the Next Step?
Book a consultation with our dedicated team today. We’ll ensure you have the most recent information about our private mortgage products and guide you towards the ideal solution for your needs.

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Here’s to a season filled with joy, comfort, and the perfect home!

A lot of Canadians are traveling this holiday season – and airports will be packed. So, let’s take a look at some of the greatest ways to make your 2024 holiday travel experience less stressful and expensive.

Cut Down on Holiday Travel Expenses by Considering Last-Minute Flight Bookings

While planning is generally advisable, this isn’t always the case. Waiting until the last minute can result in significant savings, with guests saving an average of 14 percent when booking on the same day compared to seven days in advance. The savings can even reach up to 20 percent when booking on the same day versus three months in advance, even during holiday weekends. 

However, it’s essential to acknowledge the potential risks associated with last-minute bookings. High-demand cities may have hotels selling out, and prices could surge unexpectedly. Despite this gamble, opting for last-minute bookings might be a sensible choice for those willing to take the risk.

As a reminder, it’s a well-known fact that the cheapest days to fly are typically Tuesdays and Wednesdays. Additionally, flying on the holiday itself can often be more economical than the days leading up to it.

Opt for The Earliest Available Flight

The combination of winter weather and increased passenger numbers makes flying particularly challenging, with a single cancellation potentially affecting numerous subsequent flights. Unfavourable conditions in major airports can have widespread repercussions across the entire country, impacting millions of travelers.

To minimize the risk of canceled or delayed flights, consider booking the first flight in the morning. While it may not be the most enjoyable option, it eliminates concerns about your plane being stranded at another airport and causing delays or cancellations for your journey.

Understand the regulations regarding air travel with holiday possessions

When transporting presents, refrain from wrapping them. If a wrapped gift attracts attention from the Transport Security Authority (CATSA), they may need to unwrap it during security checks, negating your efforts. Another option to sidestep this inconvenience is to send your gifts in advance.

Additionally, exercise caution when bringing food items on a flight, as certain liquids, like substantial amounts of gravy or cranberry sauce, are prohibited in your carry-on baggage.

Monitor the weather closely

When it comes to potential disruptions, winter holidays often bring rain, sleet, snow, and ice, posing challenges for both air and road travel. It is essential to stay informed about the weather conditions before your journey and make necessary adjustments. Airlines usually offer flexible travel policies leading up to significant weather events, allowing travellers to reschedule without extra charges. In such situations, you might even have the option to choose an alternative destination, though be aware that altering your destination could incur additional fees based on fare differences. Even if the weather appears favourable in your departure area, stay vigilant about the conditions at your destination.

Keep in mind that adverse weather affecting major airports can have cascading effects nationwide. For those embarking on a road trip, follow the recommended safety guidelines for winter travel.

Don’t forget to pack snacks

According to our experts, having food is a crucial holiday travel tip this year, whether you’re driving or flying. Fergus points out that some airports and highway rest stops are still operating at reduced capacity, so it’s wise to bring your own snacks and travel essentials for the journey. Additionally, she suggests bringing a reusable water bottle to fill up at the airport, but make sure to empty it before passing through security.

Hampton follows a smart snack strategy, always carrying a protein snack like nuts or power bars and a pick-me-up snack such as dark chocolate. This way, you’re well-prepared for unexpected delays or long trips. Another option is grabbing a salad (with dressing kept separate for longevity) from convenient spots like Farmer’s Fridge, which offers travel-ready packaging and can be found at many airports.

Use the full range of applications at your disposal

Living in the 21st century comes with its perks, and one of the greatest is the abundance of apps. This festive season, make the most of every app on your smartphone, from those facilitating last-minute flight and hotel bookings to your preferred streaming services like Netflix, Hulu, HBO, and more. Additionally, leverage map apps to ensure you stay on course. Download movies, store your flight details in your phone’s wallet, and keep directions readily available to be well-prepared for any situation, ensuring entertainment even during extended flights.

Verify the operating hours of the attractions

Keep in mind that, just like you, hospitality and attraction staff also take holiday breaks. Before visiting your desired destinations, make sure to be aware of any altered holiday hours. It’s common for businesses to have shortened hours or designated days of closure to allow their employees to enjoy some time off as well.

Consider a strategic approach when it comes to handling your luggage

While it’s preferable to carry your bags, there is merit in checking all your items, especially if you’re navigating the airport with kids in tow. Opting to check your bags grants you freedom as your hands are unburdened, alleviating concerns about securing overhead bin space or rushing for early boarding. It also reduces stress during security screenings, eliminating the need to unpack half your belongings for the bins.

Although checking bags may slightly impede your pace, it can yield additional perks like earning bonus miles if your luggage takes its time at the baggage claim. For a hassle-free experience, you can go the extra mile and bypass the baggage claim entirely, opting to have your checked bags delivered directly to your destination.

It’s worth noting that the right credit card can prove invaluable when checking bags during the holiday season. If you choose to bring a carry-on, carefully review the terms of your ticket. Travelling on basic economy or with a budget airline might mean your fare doesn’t cover a free full-size carry-on. In such cases, strategic planning involves condensing your belongings—consider how many family members can manage with just a backpack. The fewer bags, whether checked or carry-on, that you need to pay for, the more cost-effective your journey becomes.

May your journeys be filled with warmth, good company, and smooth passages. Whether you’re heading home to loved ones or embarking on a new adventure, may the spirit of the season accompany you throughout your travels. Safe journey and happy holidays!