Mortgages that suit your life.

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We’re here to help you home.

At Shimona & Associates, we care about creating peace of mind for you and your family. We make getting a mortgage, above all else, simple and stress-free—this is our promise to you. It’s easy to get overwhelmed with all the mortgage types and features out there, but don’t worry, we’re here to guide you and find a mortgage that fits your situation.

First Time Home Buyers Let’s take this step together.
Renewing Your Mortgage Trust us—this is an opportunity.
Mortgage Transfers Are you getting the best rate?
CHIP Reverse Mortgage Designed for senior Canadian homeowners.
Rental/Vacation Homes Interested in an investment or vacation property?
Renovation Financing Yes, your mortgage can pay for your renovations.

First Time Home Buyers

Ready to enter the market? We’re here to guide you through purchasing your first home.

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Renewing Your Mortgage

How can we find a solution to better fit your needs?

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Mortgage Transfers

What’s the best mortgage strategy for your situation? Let’s find out.

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Chip Reverse Mortgage

Want to turn equity into cash? Find out how a CHIP reverse mortgage works in Canada.

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Rental/Vacation Homes

Looking to acquire a condo, house, or multi-unit property to add to your investments? Here’s what you need to know.

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Renovation Financing

It’s called a reno & roll—and if you’re dreaming of a home renovation, your mortgage can help.

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First Time Home Buyers

Buying your first home can be a confusing time—at Shimona & Associates, we make it easy. We’re here to get you the best rates and help navigate you through this brand new experience, all while educating you along the way.

When you make the decision to buy your first home, you need to have a solid understanding of your mortgage financing options before you start looking at properties. There are different mortgage projects and programs that can help you get into the market—and more are being introduced all the time.

You need to ask yourself how much you can reasonably afford and take the step to get pre- approved. At Shimona & Associates, we handle all the details. Once you are pre-approved, you will know your price range for properties, as well as what interest rate you can secure for a set period, usually 90 to 120 days (“mortgage rate-hold” period).

A key hurdle for most first-time homebuyers is saving up for a down payment, normally at least 5% of the value of the property. If your down payment is below 20% of the purchase price of the property, “high ratio” mortgage insurance fees are added on top of the mortgage amount.

Renewing Your Mortgage

Renewing your mortgage shouldn’t just be signing on the dotted line. If you’ve received a mortgage renewal form from your current mortgage lender, do not simply sign it without knowing all your mortgage options.

We’ve found that 90% of the time, you will be paying a higher mortgage interest rate than you should, and you may end up with a mortgage that is not best suited to your individual needs. Lenders bank on a large portion of their mortgage holders to simply sign back at higher rates – don’t be one of them!

At Shimona & Associates, we discuss which mortgage product and options are best for you, and help you with a customized mortgage strategy. This is important because, by the time your mortgage comes up for renewal, you are most likely in a different financial position than when you first obtained the mortgage loan. As our financial and life circumstances change, so does the mortgage that is best for our needs and goals.

At mortgage renewal time, make sure you get the most from your mortgage financing. We can speak to you about any concerns you may have, including interest rate trends, future plans and other financial decisions that may affect your mortgage requirements. Be prepared so that you know what to do as your mortgage renewal approaches.

Mortgage Transfers

As your renewal date draws closer, it’s time to start thinking about your renewal options. Did you know that lenders retain 80-90% of their clients at the time of mortgage renewal? Because their retention ratio is so high, lenders know that they don’t need to be competitive on rates in order to retain clients. They are “banking” on the fact that you will simply tick the box on the renewal letter and will not challenge them on the given rate.

With one phone call to us, you can save thousands of dollars by having us transfer your mortgage to a new lender. At Shimona & Associates, we will determine what your current mortgage needs are, update your file, and submit your application for a mortgage transfer to a new lender–you’ll enjoy the same convenience, get a great rate, and as usual, there is no cost to you for this service.

If your mortgage is coming up for renewal soon, would a transfer be the right approach for you? Let’s find out what the best mortgage strategy is for your individual situation.

CHIP Reverse Mortgage

If you’re like many other 55+ Canadians, much of what you own fits into two categories—the equity in your home and the money you’ve saved. Chances are, the value of your home has grown over the years and makes up a good portion of your net worth. While having a home that has built value is a positive, you typically can’t spend that value unless you sell it. And that’s something many homeowners simply do not want to do.

That’s where CHIP comes in.

A CHIP Reverse Mortgage lets you change the home equity and savings balance by turning some of your equity into cash. Unlike many mortgage-based financial products, you’re not obligated to make any payments until you choose to move or sell.

What makes this program work is that participants only take up to 55% of the value of their homes, which ensures you have access to the cash you want and also the security you need. Benefits include accessing up to 55% of the value of your home, maintaining ownership of your home and never having to move or sell, no payments, and receiving your tax-free cash over time or in one lump sum.

Rental/Vacation Homes

Whether your preference is a cottage or resort condo, in most cases you should be able to obtain mortgage financing on a second home at a rate that is competitive with what you are paying on your principal residence.

When qualifying for vacation home financing, the lender will simply add the new mortgage payment onto your total monthly debt payment–if these do not exceed 42% of total monthly household income, the loan will most likely be approved.

If you are buying a rental property, most of the time, the lender may deduct the rental income from your total monthly debt payments. At Shimona & Associates, we can let you know about a particular lender’s policy on rental income.

There are unique aspects to financing rental properties: mortgage lenders require a down payment of at least 20% for a conventional mortgage. Another option is to draw on the equity from your principal residence or another rental property. Lenders have various rules when using rental income to help you qualify. Allow us to help you find the “right” lender.

Renovation Financing

If you’ve owned your home for a few years, chances are you’ve been building up some nice equity. And with mortgage rates hovering around historic lows, this is a great time to look at rolling the cost of your renovation into your mortgage. In fact, you might find enough interest savings in your new mortgage to help knock down the overall cost.

Many homebuyers looking to buy older properties find themselves in a common predicament: they’ve found a property that suits them, but it needs some costly and immediate upgrades. Increasingly, buyers are adding the costs of those immediate renovations into their mortgage, instead of racking up credit card bills or selling investments to pay for the upgrades. Known as a “purchase plus improvements” mortgage, this type of mortgage covers the sale price of the home, plus any renovations that would increase the value of the property, with as little as 5% down. The rule of thumb is 10% of the purchase price or $40,000 for improvements.

If you’re buying a home but want to add a second storey, finish a basement or redo a kitchen, it can make a lot of sense to add those costs to your mortgage. That way, you can spread your payments over the life of the mortgage and have a cost-effective way to get your dream home. You can also use your pre-payment privileges to pay the renovation off faster. The process is quite simple:

  • Obtain cost estimates for the upgrades
  • Get your appraisal – for the value of the property “as is” and the estimated value of the property once the improvements are completed
  • Renovation costs are included in your mortgage
  • Complete your upgrades
  • Renovation funds are released by your solicitor upon completion