A woman with brown hair and red lipstick.

Hi, I am Lucia Gugliuzzi

Mortgage Broker

Before beginning your first-time home search, you should consider discussing with a mortgage broker in Ontario. The discussion will provide you with valuable insights into the advantages and drawbacks of the process.

Here are some mortgage basics for your information.

Mortgage benefit for First-time home buyers in Ontario.

There are tax credits that only First-time Home buyers can use.

Having large amounts of debt on your credit card can have a detrimental impact on your credit rating.

To boost your credit score, you should:

1. Pay your bills on time: Late payments can have a negative impact on your credit score. Make sure to pay all your bills, including credit card bills, loans, and utilities, on time.

2. To ensure a good credit score, it is important to keep your credit card balances below 70% of the limits. If you have a credit score above 680, you should aim for a credit score above 680.

3. Only apply for new credit when necessary: Only apply for new credit when you actually need it.

4. Keep old accounts open: The length of your credit history is an important factor in determining your credit score. I highly recommend that you do not close your credit cards because it will show your credit history.

5. Check your credit report regularly: Monitor your credit report for any errors or discrepancies. If you find any errors, dispute them with the credit reporting agencies.

6. Having a mix of credit cards, loans, and other types of credit can positively impact your credit score. However, only take on credit that you can manage responsibly.

7. It’s best to wait until after you have secured your mortgage before applying for new credit.

Remember, improving your credit score takes consistency and effort.

The mortgage broker and borrowers work together in the process. They discuss your financial situation and the maximum you can borrow.

Your chosen mortgage broker will streamline the process, explain various mortgage types, and provide advice based on their pros and cons.

Essentially, the broker will advise on whether the identified mortgage is affordable through the use of a detailed budget planner. The detailed budget planner takes into account your income, debts that you have, and how you manage your finances.

Pay attention to more than just the mortgage rate. Consider the flexibility features along with the interest rate.

During the interview, you will need to disclose your financial scenario, savings gifted down payment, and credit rating issues. We advise you to exercise caution during this period so as to not negatively affect your credit rating. The mortgage broker will offer tips on how to ensure you remain with a good credit rating.


Comprehensive Guide to Buying Your First Home in Ontario

Home buying has become a more intricate process than it’s ever been, especially in the past 8 years. The regulators have made several changes to downpayment, credit score, stress tests, interest rates, and property types they buy.

When purchasing a home for the first time, it is important to keep in mind a specific rule. This rule states that your monthly mortgage payment should not exceed 39% of your income.

Saving more money is beneficial for first-time home buyers and can greatly improve their future financial situation. However, saving for a future goal such as making a down payment for the new home is easier said than done.


Creating a budget is essential for financial control.

A budget is important for managing finances, planning for big expenses, and reducing stress. It involves tracking income and expenses, including small purchases that can add. Opting for a specific time frame, like one month, is advisable for effective budgeting.

For variable incomes, estimate based on the previous year’s earnings. Prioritize essentials and fixed expenses over optional spending like dining out or entertainment. Not budgeting can lead to significant debt and stress. Additionally, there are other regulations regarding your total debt.

To get a mortgage, it’s best to work with a trusted mortgage broker who will pre-qualify you. This way you know what your budget is and what you should spend given your particular scenario.

Mortgages come from banks, credit unions, trust companies or private investors. Mortgage amortization typically ranges from 25-30 years, with variations based on the type of mortgage. Consult a mortgage broker as a first-time home buyer for options.


Speak To a Mortgage Broker

Brokers are licensed experts with access to multiple lenders, offering personalized service and extensive industry experience.

Banks offer mortgages at their rates, while mortgage brokers typically provide more affordable options. Brokers prioritize customer service and your best interests, although banks also care for borrowers but may not handle all transaction aspects.


About Fixed Rate Mortgages in Ontario

A fixed-rate mortgage provides peace of mind with steady interest rates and monthly payments throughout the term.

Choose how long you want to commit to your mortgage term to secure the rate. Most lenders will impose a penalty called an early repayment or pre-payment charge. This is when you manage to repay the mortgage before the end of the fixed or even variable rate term.

Prior to the frequent increase of Bank prime rates over the last 18 months, variable interest rates were lower.

To protect against higher rates, think about shorter-term options like a 5-year mortgage. Variable rate mortgage come in two types, adjustable rate and fixed rate section.


Variable Rate Mortgages in Ontario

Borrowers anticipate that there will be a shift in interest rates in the next 2 or 3 years.

Mortgagors are re-thinking whether to choose a variable rate mortgage or a fixed mortgage.

This is because the Bank of Canada rate has increased significantly. At present, the majority of borrowers, choose a fixed-rate mortgage as well as a shorter term.

Other variable rate mortgages, such as HELOC, do not offer discounts.

If you feel you have challenges with your mortgage payments, you can contact your mortgage and have a discussion.

In general, variable rate mortgages provide the lowest initial interest rates for homebuyers. The issue is that the payments can vary. Therefore, it is necessary to save money every month to account for the different amounts.


How much is the required down payment if you are a first-time home buyer in Ontario?

The downpayment required is different for every type of purchase amount and property. Connect with your mortgage broker to discuss the minimum amount required.

In most cases, mortgage brokers do not charge a fee, therefore it’s a good idea to call them to inquire.

Banks have a chart where they calculate the premium percentage. When you discuss it with the mortgage broker in Vaughan, you can explore the options available.

You can contact me to obtain my FREE Mortgage App to calculate how much you can qualify for.

Additional closing costs

When buying a home, closing costs are vital to consider. Insufficient funds at this stage can jeopardize your purchase. Lucia Gugliuzzi, a mortgage broker in Ontario, offers a helpful mortgage calculator App to understand and plan for these costs.

Mortgage Insurance

Discuss mortgage insurance with your broker. Life and disability mortgage insurance it is the least expensive and cheapest expense to protect your family home.

Getting Pre-Approved for a Mortgage

Mortgage lenders consider factors like income, expenses, debts, credit scores, and reports. To avoid unnecessary credit inquiries, I recommend clients obtain their credit reports independently. With the credit report, you can avoid surprises. Keep in mind that the report you obtain and the one the mortgage broker in Vaughan will obtain, are different.


      • Lender approvals only hold the rate. They rely on the mortgage broker to do the due diligence and pre-qualify you. It is highly recommendable these days to disclose all information upfront.
      • It is recommended to submit an online application ahead of time.

    In conclusion, owning a home can be a great and enjoyable choice. Your Ontario Mortgage broker can help you make this decision with care.

    Don’t just take my word for it.
    See what my clients say.

    A woman with long blonde hair and blue eyes.

    “Lucia truly cared and did a great job going above and beyond. She made a really difficult process as pleasurable as possible.

    Lucia was extremely professional, helpful and friendly from the start. From making my initial enquiry to getting a mortgage offer, I was well looked after. I was kept informed at all stages from start to finish.

    She is really enthusiastic and with her professionalism and knowledgeable and work ethic she made sure I got the best deal. She was always there to calm me down and reassure me.

    I could not recommend her enough. She has tenacity, persistence, and truly wants to help you. I would most definitely recommend her to family and friends.”

    Debra, Richmond Hill, Ontario

    A woman with long hair and a blue shirt.

    “Lucia is a wonderful woman who is very passionate at what she does.

    She helped my mom and I a few years ago. A good friend asked me for help and I thought of Lucia right away, we called Lucia and my friend was amazed as to how helpful she was. She was on the ball and helped them throughout the whole process.

    It was a great feeling that I steered my friend in the right person. She was happy and grateful to have met Lucia and thanked me for introducing her.

    Lucia’s hard work and dedication to helping people get their mortgages has proven that she is reliable and trustworthy. Me and my friends’ experience has been a great one. I would highly recommend her to anyone who requires her services”

    Amanda, from Markham, Ontario