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How a Reverse Mortgage Can Benefit You
August 14, 2024
- Early Inheritance/Down Payment Gift – You can use the proceeds to help your (grand)children with a down payment on their first home, or simply give them funds to enjoy while you can see the joy it brings them.
- Preserve Your Investments – A Reverse Mortgage lets you tap into your home’s equity tax-free, so you can keep your liquid assets intact for longer.
- Debt Consolidation – Whether it’s paying off credit cards, secured and unsecured debt, or tax arrears, a Reverse Mortgage can help, with payments deferred until you sell your home.
- Lump Sum for Renovations or a Second Property – If you need a significant amount of money for home improvements or to buy a second property, a Reverse Mortgage can provide that without the need to cash in investments or dip into your savings.
- Improve Cash Flow for a Better Quality of Life – As everyday expenses rise, a Reverse Mortgage can provide a lump sum plus monthly payments (tax-free) to help you maintain your lifestyle and ease financial stress.
- Cover Health Care Costs – In-home care or retirement home expenses can add up quickly. Instead of draining your savings, a Reverse Mortgage can provide monthly deposits (with deferred interest) without the need to sell your home during an already stressful time.
- New Home Purchase – Thinking about right-sizing or investing in a new property? A Reverse Mortgage can help you fund your next purchase with ease.
If you’re interested in learning more about how a Reverse Mortgage could work for you, feel free to reach out. My name is Viktoriia Lazareva, and I’m a Mortgage Agent with Mortgage Alliance. We work across the country and I’m here to help. You can reach me at 647-570-8187
HELOC
August 14, 2024
Let's explore the positive aspects of a Home Equity Line of Credit (HELOC) in Canada: Flexibility in BorrowingAccess as Needed: A HELOC provides a revolving line of credit, meaning you can borrow only what you need, when you need it, rather than taking a lump sum upfront. This flexibility can be ideal for ongoing expenses like home renovations, education, or emergency funds.No Fixed Repayment Schedule: You're not required to make regular principal payments during the draw period, which can be particularly helpful if you prefer to manage your cash flow more flexibly.Lower Interest RatesSecured Loan Advantage: Since a HELOC is secured against your home, it typically offers lower interest rates compared to unsecured loans or credit cards. This can result in significant savings over time, especially for larger expenses. Potential Tax BenefitsTax Deductibility: If you use the funds from a HELOC to invest in a business or income-generating property, the interest may be tax-deductible in Canada. This could lower your overall tax burden, depending on your financial situation. Increase Home ValueInvest in Your Home: Many homeowners use a HELOC to finance home improvements. These upgrades can enhance the value of your property, potentially leading to a higher resale value. Renovating your kitchen, adding a bathroom, or finishing a basement are common projects funded through HELOCs. Access to Large Sums of MoneySubstantial Credit Limits: With a HELOC, you can access a significant amount of money, depending on your home’s equity. This can be particularly useful for large purchases or investments that require substantial capital. Pay Interest Only on What You UseCost-Efficiency: Unlike traditional loans where you start paying interest on the entire loan amount from day one, with a HELOC, you only pay interest on the amount you’ve actually borrowed. This can keep your borrowing costs down, especially if you don’t need to use the full credit limit. Improve Financial StabilityEmergency Fund: Having a HELOC can serve as a financial safety net, providing you with quick access to funds in case of unexpected expenses, medical emergencies, or temporary income loss. Opportunity to Consolidate DebtLower Overall Interest Costs: You can use a HELOC to consolidate higher-interest debt, such as credit card balances or personal loans, into one lower-interest payment. This can simplify your finances and reduce the amount you pay in interest. Boost Credit ScoreManage Credit Effectively: By using your HELOC responsibly and making timely payments, you can improve your credit score over time. The availability of credit and your ability to manage it well can positively impact your credit history. Financial Flexibility in RetirementSupplement Retirement Income: For retirees, a HELOC can provide additional income or liquidity, allowing you to maintain your lifestyle or cover unexpected costs without needing to sell your home or other assets
Financing Your Home Renovation: A Guide to Modern Upgrades and Recreational Improvements
July 17, 2024
Planning a home renovation can be both exciting and daunting. Whether you’re looking to make general upgrades, undertake recreational renovations, or modernize your home systems, understanding how to finance these projects is crucial. In this post, we’ll walk you through three key financing options to turn your renovation dreams into reality.
- 1. Home Equity Line of Credit (HELOC): A Home Equity Line of Credit (HELOC) is a popular choice for homeowners looking to finance renovations. This option allows you to borrow against the equity you’ve built in your home. With a HELOC, you can access funds as needed, making it ideal for ongoing projects or multiple renovations. The interest rates are typically lower than other types of loans, and you only pay interest on the amount you borrow.
- 2. Mortgage Refinancing: Another option is to refinance your existing mortgage. By refinancing, you can potentially secure a lower interest rate and take out additional funds to cover your renovation costs. This can be particularly beneficial if current interest rates are lower than your original mortgage rate. However, it’s important to consider the refinancing fees and whether the long-term savings outweigh the costs.
- 3. Government Programs and Grants: There are various government programs and grants designed to assist homeowners with renovation projects. For instance, the Home Renovation Tax Credit (HRTC) can provide significant tax relief for eligible home improvements. Additionally, energy-efficient upgrades may qualify for specific rebates and incentives. Be sure to research the available programs and determine if your renovation plans meet the eligibility criteria.
- 4. Working with Professional: Partnering with a trusted construction company, like our partner BB Construction Inc., can make a significant difference in your renovation experience. Professionals can help you accurately estimate costs, provide high-quality workmanship, and ensure that your project stays on track and within budget.
Financing your home renovation doesn’t have to be a complex process. By exploring the various options available and choosing the one that best fits your needs, you can make your dream home a reality. Whether you’re upgrading your kitchen, adding a recreational space, or modernizing your home systems, the right mortgage can help you achieve your goals. For more information and personalized advice, feel free to reach out now.
Converting Homes into Triplexes, Adding Laneway Suites, and Extending Your Home
July 11, 2024
Renovating your home to add significant value and functionality can be a rewarding endeavor. Whether you're considering converting your home into a triplex, adding a laneway suite, or extending your living space, understanding how to finance these substantial projects is crucial. In this post, we’ll explore three primary financing options to help you achieve your renovation goals.
1. Home Equity Line of Credit (HELOC)
A Home Equity Line of Credit (HELOC) is a versatile financing option that allows you to borrow against the equity in your home. This is particularly beneficial for large-scale renovations such as converting a single-family home into a triplex, adding a laneway suite, or constructing a home extension. Key benefits of a HELOC include:
- Flexible Access to Funds: Withdraw funds as needed during different stages of your renovation.
- Lower Interest Rates: Typically lower than other loan types, saving you money in the long run.
- Interest-Only Payments: During the draw period, you may have the option to make interest-only payments, reducing your immediate financial burden.
2. Construction Loans
For extensive renovations, such as adding a laneway suite or home extensions, a construction loan can be an ideal solution. These loans are specifically designed to cover the costs of building and major renovations. Key features of construction loans include:
- Disbursement in Stages: Funds are released in stages as the renovation progresses, ensuring that the project stays on track.
- Interest-Only Payments During Construction: You only pay interest on the funds that have been disbursed until the project is complete.
- Conversion to Mortgage: Upon completion, the loan can often be converted into a regular mortgage, simplifying long-term repayment.
3. Government Incentives and Programs
In Canada, various government programs and incentives are available to support homeowners undertaking significant renovations. These can be particularly useful for projects like converting homes into triplexes or adding laneway suites. Some notable programs include:
- CMHC Green Home Program: Offers mortgage loan insurance premium refunds for energy-efficient home renovations.
- Home Accessibility Tax Credit (HATC): Provides tax relief for renovations that improve accessibility for individuals with disabilities.
- Local Municipal Grants: Some municipalities offer grants or incentives for adding secondary suites, laneway houses, or converting homes into multi-unit dwellings. Check with your local government to see what’s available in your area.
Financing significant home renovations, such as converting homes into triplexes, adding laneway suites, or extending your living space, requires careful planning and consideration of your financial options. By leveraging a Home Equity Line of Credit, exploring construction loans, and taking advantage of government programs, you can make these ambitious projects more manageable and affordable. For personalized advice and more information on financing your renovation, reach out now.
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