What is Refinancing?

Refinancing is the process of replacing your current mortgage or loan with a new one, often to take advantage of lower interest rates or improved loan terms.

The Pros of Refinancing

• You can lower monthly mortgage payment and interest rate.
• You can convert an adjustable interest rate to a fixed interest rate, gaining predictability and possible savings.
• You can acquire an influx of cash for a pressing financial need.

damilola.azeez@cleartrust.ca | www.damilolaazeez.ca | +1-416-668-4943

MYTH: You need a 20% down payment to buy a home

FACT: While 20% down helps you avoid mortgage insurance, many programs allow much less. In Canada, you can put down as little as 5% on homes up to $500,000 (though you’ll pay CMHC insurance).

damilola.azeez@cleartrust.ca | www.damilolaazeez.ca | +1-416-668-4943

Condominium – $450,000

Location: Mississauga, Ontario

Minimum Down Payment (5.00%) – $22,500 | Monthly Mortgage Payment – $2,043

BREAKDOWN

Home Price – $450,000

Minimum Down Payment – $22,500 (subtract from home price)

CMHC Insurance – $17,955

Total Mortgage Balance – $445,455

damilola.azeez@cleartrust.ca | www.damilolaazeez.ca | +1-416-668-4943

Mortgage Tips for Front-Line Workers

1. Shop Around for Rates: Don’t settle on the first offer; compare rates and terms from multiple lenders.
2. Budget for More Than the Mortgage: Don’t forget to budget for taxes, insurance, and potential HOA fees.
3. Read the Fine Print: Understand all terms, conditions, and fees involved in your mortgage agreement.

damilola.azeez@cleartrust.ca | www.damilolaazeez.ca | +1-416-668-4943

What is a Reverse Mortgage?

Reverse mortgage is a refinancing process based on the equity of your home rather than your income.

Who is a Reverse Mortgage for?

• For a person who has significant equity in their property.
• For a person who is 55 years or older.
• For a person who is a low income earner.
• For a person who cannot afford to make any payments towards the mortgage.

damilola.azeez@cleartrust.ca | www.damilolaazeez.ca | +1-416-668-4943

MYTH: Once you’re approved, you can buy whatever you want.

FACT: Pre-approval is conditional and can be revoked. Lenders verify your financial situation again before closing, so don’t: open new credit cards, take on new loans (car, personal), make large purchases on credit, change jobs or quit your job, miss any bill payments, or make large unexplained deposits. Any of these can jeopardize your approval. Stay financially stable from pre-approval through closing.

damilola.azeez@cleartrust.ca | www.damilolaazeez.ca | +1-416-668-4943

Detached House – $500,000

Location: Hamilton, Ontario

Minimum Down Payment (5.00%) – $25,000 | Monthly Mortgage Payment – $2,270

BREAKDOWN

Home Price – $500,000

Minimum Down Payment – $25,000 (subtract from home price)

CMHC Insurance – $19,950

Total Mortgage Balance – $494,950

damilola.azeez@cleartrust.ca | www.damilolaazeez.ca | +1-416-668-4943

Helping Canadians finance their dream homes | First-Time Buyers | Refinancing | Reverse Mortgages | Spousal Buyouts

Based in Ontario | Licensed Mortgage Agent #12806

Available Anytime | Access to Multiple Lenders

damilola.azeez@cleartrust.ca | www.damilolaazeez.ca | +1-416-668-4943

Mortgage Tips for a First-Time Buyer or Newcomer

1. Understand Loan Options: Learn about different types of mortgages and what they mean.
2. Check Your Credit Score: A higher credit score can help you get better mortgage terms.
3. Get Pre-Approved: It strengthens your buying position and helps narrow your home search.

damilola.azeez@cleartrust.ca | www.damilolaazeez.ca | +1-416-668-4943

MYTH: Your bank will give you the best mortgage rate.

FACT: Banks often offer higher rates than what’s available elsewhere because they count on customer loyalty and convenience. Mortgage brokers can access multiple lenders (banks, credit unions, trust companies, private lenders) and often secure better rates because they create competition. Even if you prefer your bank, getting quotes from brokers and other lenders gives you negotiating leverage.

damilola.azeez@cleartrust.ca | www.damilolaazeez.ca | +1-416-668-4943