How to Get a Mortgage When You’re Self-Employed and Write Off Most of Your Income
You write off business expenses to save tax, which shrinks your declared personal income on paper. Banks see that number and say no, even though your business generates real cash flow. The reality is different, because add-backs, stated-income programmes, and B-lenders exist specifically for self-employed borrowers in your position. Pekoe is a licensed brokerage, FSRA […]
Do You Have to Pass the Stress Test to Switch Lenders at Renewal?
When your mortgage renews, you are free to switch to any lender you want. The key question is whether the new lender puts you through the mortgage stress test again. The answer depends on the type of switch. If you make a straight switch, same balance and same amortization, you do not have to pass […]
How Mortgage Penalty Calculations Work at Renewal in Canada
The biggest myth about mortgage penalties: you pay one at renewal. You don’t. When your mortgage reaches maturity, you can walk away, stay with your lender, or switch to another bank without paying a single dollar in penalties. Penalties only bite when you break a closed mortgage before the maturity date arrives. Understanding when you’re […]
What Happens If You Waive Your Financing Condition?
When you waive your financing condition, your offer to buy a home becomes firm and binding even if your mortgage falls through. You lose the safety net that lets you walk away and recover your deposit if a lender says no. Buyers waive this condition to make their offer more competitive, but the move carries […]
Do Mortgage Brokers Charge Fees in Canada?
For most residential mortgages in Canada, the borrower pays nothing to use a mortgage broker. The lender pays the broker a commission when the mortgage funds, so a typical buyer with good credit gets the service at no direct cost. Fees only appear in specific situations, usually private mortgages or difficult credit files. Knowing when […]
How to Make Your Mortgage Tax-Deductible in Canada
In Canada, your home mortgage interest is not tax-deductible by default, but there are legal strategies that convert it into deductible interest. The core idea is simple: the CRA lets you deduct interest on money borrowed to earn business or investment income, so the goal is to link your borrowing to income. Three main routes […]
The Smith Manoeuvre Explained for Canadian Homeowners
The Smith Manoeuvre is a Canadian tax strategy that converts the non-deductible interest on your home mortgage into tax-deductible investment interest. It lets you build an investment portfolio while you pay down your home, using the equity you create with every mortgage payment. The strategy was popularised by Fraser Smith and relies on a specific […]
Bridge Financing Canada: Costs, Lenders, and How It Works
Bridge financing in Canada solves one specific problem: you have bought a new home and your purchase closes before your sale does. The equity in your existing property exists on paper, but you cannot access it until the sale closes. A bridge loan advances that equity to you immediately, so both transactions complete without disruption. […]
Co-Ownership Mortgage Canada: What Lenders Won’t Tell You
Getting a co-ownership mortgage in Canada is possible, but it requires a completely different approach than buying a condo or a house. Most major banks will decline a co-ownership application without reviewing your income or credit, because the property type falls outside their underwriting parameters entirely. Understanding why this happens, and which lenders will actually […]
Your Path to Homeownership
Seeking a Mortgage Broker in Kitchener? Dive into the world of Pekoe Mortgages. Explore how our services can help you secure the perfect home loan.