Access Your Home Equity! COVID-19

Diane Buchanan • May 13, 2020

As the initial shock of living through a global pandemic wears off and restrictions start to loosen, it would seem that Canada is en route to de-COVID soon (time will tell).

If you’ve been waiting until things flatten out before making any significant financial decisions, now might be a good to time start working through your options. If those options include accessing the equity from your home; for whatever reason, here are some of the things to consider moving forward.

Expect heightened scrutiny

Due to COVID-19, lenders are currently dealing with a tremendous amount of uncertainty, as many Canadians are still out of work and deferring mortgage payments, appraisal values are in question, and sales in the housing market have slowed down considerably. And for most lenders, the best way to deal with uncertainty is by being cautious.

Moving forward, you can expect heightened scrutiny on any mortgage transaction. Qualification standards are no longer hard and fast rules, but rather guidelines. So although you may qualify to access up to 80% of your property’s value based on the government regulations, depending on the lender, they might only be comfortable lending to 75% or less.

Part of this heightened scrutiny will also include a more in-depth assessment of your employment. Lenders want to see evidence of stable income to ensure you have the means to make your new mortgage payments.

So if you’ve experienced any type of job loss or reduced hours, if you have deferred your mortgage payments, or if you’ve accessed any government relief programs, qualifying to refinance your mortgage won’t be a walk in the park.

55+? Consider a reverse mortgage

For those Canadians 55+ who have significant home equity, a reverse mortgage is worth serious consideration. Qualifying for a reverse mortgage is way less complicated compared to traditional mortgage financing as there are no income or credit requirements. Any money borrowed is tax-free and does not impact CPP or OAS qualifications.

Instead of making regular payments to reduce the total balance outstanding, the interest is added to the total mortgage amount and increases each year.

Accessing home equity, without having to make regular payments, has proven to be the ultimate in cash flow management and a useful tool in helping older Canadians live their desired lifestyle.

You need a plan

Despite the uncertainty, mortgage lenders are still in the business of lending money. It is still possible to refinance your mortgage and access your home equity, but if a lender assesses you’re using your home as a personal ATM, it’s probably not going to work out.

So, the best plan of action is to have a plan of action. That starts with working with an independent mortgage professional who understands the lending landscape and can provide you with mortgage options at many different lenders.

If you have any questions, please don’t hesitate to contact me anytime , together we can look at all your options and figure out a plan going forward.

DIANE BUCHANAN
 Mortgage Broker

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Breaking Down the Real Costs of Homeownership

By Diane Buchanan • May 13, 2026
Don’t Forget About Closing Costs When planning to buy a home, most people focus on saving for the down payment. But the truth is, that’s only part of the equation. To actually finalize the purchase, you’ll also need to budget for closing costs —the out-of-pocket expenses that come up before you get the keys. Closing costs can add up quickly, which is why they should be part of your pre-approval conversation right from the start. Lenders will even require proof that you’ve got enough funds set aside. For example, if you’re getting an insured (high-ratio) mortgage, you’ll need at least 1.5% of the purchase price available in addition to your down payment. That means a 10% down payment actually requires 11.5% of the purchase price in cash to make everything work. Let’s break down some of the most common expenses you should prepare for: 1. Home Inspection & Appraisal Inspection : Paid by you, this gives peace of mind that the property is in good shape and doesn’t have hidden problems. Appraisal : Required by the lender to confirm value. Sometimes this is covered by mortgage insurance, sometimes by you. 2. Legal Fees A lawyer or notary is required to handle the title transfer and make sure the mortgage is properly registered. Legal fees are often one of the larger closing costs—unless you’re also responsible for property transfer tax. 3. Taxes Many provinces charge a property or land transfer tax based on the home’s purchase price. These fees can range from hundreds to thousands of dollars, so you’ll want to factor them in early. 4. Insurance Property insurance is mandatory—lenders won’t release funds without proof that the home is insured on closing day. Optional coverage like mortgage life, disability, or critical illness insurance may also be worth considering depending on your financial plan. 5. Moving Costs Whether you’re renting a truck, hiring movers, or bribing friends with pizza and gas money, moving comes with expenses. Cross-country moves especially can be surprisingly pricey. 6. Utilities & Deposits Setting up new services (electricity, water, internet) can involve connection fees or deposits, particularly if you don’t already have a payment history with the utility provider. Plan Ahead, Stress Less This list covers the big-ticket items, but every purchase is unique. That’s why it pays to have an accurate estimate of your personal closing costs before you make an offer. If you’d like help planning ahead—or want a breakdown tailored to your situation—let’s connect. I’d be happy to walk you through the numbers and make sure you’re fully prepared.

Getting a Mortgage Shouldn’t Be Stressful—We Can Help

By Diane Buchanan • May 6, 2026
Buying a Home? Follow These 6 Key Steps for a Smooth Experience Buying a home is likely one of the biggest financial decisions you’ll ever make. It’s exciting—but it can also be overwhelming, especially when it comes to understanding how mortgage financing works. To help make the process smoother (and far less stressful), here are six essential steps every homebuyer should follow: 1. Start With a Mortgage Professional—Not MLS It’s tempting to start your home search by scrolling through listings and booking showings—but the real first step should be speaking with an independent mortgage professional . Unlike a bank that offers only one set of products, an independent mortgage expert has access to multiple lenders and options . That means better advice, better rates, and a better chance of finding a mortgage that truly fits your needs. 2. Build a Personalized Mortgage Plan Unless you’re buying your home with cash, you’ll need a solid financing strategy. That means: Reviewing your credit score Running affordability calculations Exploring different mortgage types, terms, and features Understanding down payments and closing costs The sooner you start planning, the more confident you’ll feel. Don’t wait until you’ve found the “perfect” property— get ahead of the process now . 3. Figure Out What You Can Actually Afford What a lender says you can borrow doesn’t always match what you can comfortably pay each month. Take a close look at your budget, lifestyle, and spending habits. Think about how your mortgage payments, property taxes, utilities, and other costs will fit into your everyday cash flow. Avoid the stress of being house-poor by knowing your real-life affordability , not just your paper pre-approval. 4. Get Pre-Approved the Right Way A true mortgage pre-approval isn’t just entering numbers into an online calculator. It means: Completing a mortgage application Submitting all your required documentation Having a mortgage professional fully assess your file When you’re officially pre-approved, you’ll shop for homes with confidence , knowing what you qualify for and that you’re financially ready. 5. Submit Your Documents Promptly and Stay Flexible Once you find a property and your offer is accepted, time is of the essence. That’s when all the upfront work you’ve done really pays off. Be ready to: Provide additional documentation if requested Respond to your mortgage professional quickly Stay flexible and proactive throughout the approval process Your lender needs to verify everything before finalizing the loan, so staying organized is key. 6. Don’t Make Big Financial Changes Before Closing Once you’ve secured financing and waived your conditions, freeze your finances until after you get the keys. Seriously—don’t: Change jobs Apply for new credit Take out a loan Make a large withdrawal Even small changes can throw off your approval. Keep everything status quo until you officially take possession. Recap: 6 Steps to a Smooth Home Purchase Connect with an independent mortgage professional Create a mortgage plan early Know what you can afford (not just what you qualify for) Get fully pre-approved Stay on top of documentation Avoid major financial changes before possession Ready to Buy with Confidence? If you’re thinking about buying a home—or just want to know what’s possible—let’s talk. I’ll help you map out a personalized plan that makes your homebuying journey feel simple, strategic, and stress-free. Reach out anytime. I’d love to help you get started.