Expert Strategies to Accelerate Your Down Payment Savings

General Drew Hermiston 12 Mar

Are you eager to embark on the journey to homeownership but find yourself held back by the daunting task of saving for a down payment? You’re not alone. Many aspiring homeowners face the challenge of accumulating enough funds for this essential step. However, with the right strategies in place, you can accelerate your down payment savings and bring your dream of owning a home closer to reality. As a seasoned mortgage agent, I’ve compiled a comprehensive guide to help you achieve your savings goals faster than you ever thought possible. Let’s dive into the top strategies for saving for a down payment quickly and efficiently:

1. Set Clear Savings Goals:

Start by determining how much you need to save for your down payment. Research the current market conditions and typical down payment requirements in your desired location. Set specific, achievable savings goals to keep yourself motivated and on track.

2. Create a Budget and Stick to It:

Develop a detailed budget that outlines your income, expenses, and savings targets. Identify areas where you can cut back or reduce spending to free up additional funds for your down payment. Stick to your budget religiously to maximize your savings potential.

3. Automate Your Savings:

Take advantage of automation tools offered by your bank or financial institution to set up automatic transfers into your down payment savings account. By automating your savings, you ensure that a portion of your income is consistently allocated towards your goal without any effort on your part.

4. Explore Down Payment Assistance Programs:

Research government or nonprofit organizations that offer down payment assistance programs for first-time homebuyers. These programs may provide grants, low-interest loans, or other forms of financial assistance to help you bridge the gap between your savings and the required down payment amount.

5. Boost Your Income:

Consider taking on a side hustle or freelance work to supplement your primary income and accelerate your savings efforts. Use the additional earnings exclusively for your down payment fund to expedite the process.

6. Trim Unnecessary Expenses:

Review your monthly expenses and identify any non-essential items or services that you can eliminate or reduce. This could include dining out less frequently, canceling unused subscriptions, or finding more affordable alternatives for utilities and entertainment.

7. Maximize Your Savings Potential:

Take advantage of high-yield savings accounts or certificates of deposit (CDs) to earn more interest on your down payment savings. Compare interest rates offered by different financial institutions to find the best option for maximizing your returns.

8. Leverage Windfalls and Bonuses:

Put any unexpected windfalls, such as tax refunds, work bonuses, or inheritance money, directly into your down payment savings account. These lump-sum payments can significantly boost your savings progress and bring you closer to your goal.

9. Downsize Your Current Living Situation:

Consider downsizing your living arrangements temporarily to reduce housing expenses and free up more money for your down payment fund. This could involve moving to a smaller apartment, finding a roommate, or temporarily living with family or friends.

10. Stay Focused and Motivated:

Saving for a down payment requires discipline and determination. Stay focused on your long-term goal of homeownership and remind yourself of the benefits that await you once you achieve it. Celebrate milestones along the way to keep yourself motivated and inspired.

By implementing these expert strategies and staying committed to your savings goals, you can expedite the process of saving for a down payment and turn your dream of owning a home into a reality sooner than you ever imagined. With careful planning, budgeting, and perseverance, you’ll be well on your way to unlocking the door to your future home.

Click HERE to schedule a meeting

Click HERE to apply for a mortgage

Drew Hermiston

Mortgage Agent Level 2

Dominion Lending Centres YBM Group

FSRA# 11129

Tel: 705-818-5865


What to Do When Your Mortgage Comes Up for Renewal

General Drew Hermiston 29 Feb

As a homeowner, one of the pivotal moments you’ll encounter is when your mortgage comes up for renewal. It’s a time filled with choices and considerations, where understanding your options can make a significant difference in your financial future. In this blog post, we’ll delve into the various options available to you and highlight the importance of reaching out to a mortgage broker early in the process.

Understanding Your Options:

  1. Renewal with Your Current Lender:
    • Many homeowners choose to simply renew their mortgage with their current lender without exploring other options. While this might seem like the easiest route, it’s essential to evaluate whether the terms and rates offered align with your current financial situation and long-term goals.
  2. Exploring Competitive Rates:
    • Mortgage renewal presents an opportunity to explore competitive rates offered by different lenders in the market. By shopping around and comparing rates, you may find a better deal that can potentially save you thousands of dollars over the life of your mortgage.
  3. Refinancing Your Mortgage:
    • Refinancing involves replacing your existing mortgage with a new one, typically to take advantage of lower interest rates, access equity in your home, or consolidate debt. Refinancing can offer financial flexibility and savings, but it’s important to consider factors such as closing costs and prepayment penalties.
  4. Adjusting Your Mortgage Terms:
    • Mortgage renewal is also an opportune time to reassess your financial goals and consider adjusting your mortgage terms. Whether it’s switching from a variable to a fixed-rate mortgage, extending or shortening the amortization period, or modifying payment frequencies, customizing your mortgage to better suit your needs is paramount.

The Importance of Consulting a Mortgage Broker:

Reaching out to a mortgage broker early in the mortgage renewal process can be instrumental in securing the best possible outcome for your financial situation. Here’s why:

  1. Access to Expert Advice:
    • Mortgage brokers are industry experts who possess in-depth knowledge of the mortgage market and current trends. They can provide personalized guidance tailored to your specific financial circumstances and goals.
  2. Access to a Wide Range of Lenders:
    • Mortgage brokers have access to a vast network of lenders, including traditional banks, credit unions, and alternative lenders. This allows them to shop around on your behalf and negotiate competitive rates and terms.
  3. Saves Time and Effort:
    • Instead of navigating the complexities of mortgage renewal alone, working with a mortgage broker streamlines the process and saves you time and effort. They handle the research, paperwork, and negotiations, allowing you to focus on other priorities.
  4. Objective Evaluation of Options:
    • A mortgage broker acts as your advocate, providing unbiased advice and helping you evaluate all available options objectively. They prioritize your best interests and empower you to make informed decisions that align with your financial objectives.

In conclusion, when your mortgage comes up for renewal, it’s essential to explore your options and make informed decisions that set you on the path to financial success. By partnering with a trusted mortgage broker early in the process, you gain access to expertise, personalized guidance, and a wealth of resources that can help you secure the best possible mortgage solution tailored to your needs.

Reach out to us today to learn more about your mortgage renewal options and how we can assist you in navigating this important financial milestone.

If you are interested in starting the process of your mortgage renewal, CLICK HERE

Drew Hermiston

Mortgage Agent Level 2

Dominion Lending Centres YBM Group

Tel: 705-818-5865


First Home Savings Account – FHSA Explained

General Drew Hermiston 10 Mar

On April 1st, 2023 the Canadian government will be rolling out a new savings program to help First Time Homebuyers save for a down payment. This program allows individuals to save $40,000 on a tax-free basis. Here is the First Home Savings Account Explained.

How does this differ from existing programs?

Prior to April 1st 2023 the two main vehicles used by  first time homebuyers to save for a down payment were through either a TFSA (Tax Free Savings Account) or RRSP (Registered Retirement Savings Program). Each has their own pros and cons associated with these accounts. The new First Home Savings Account will essentially combine the key attributes of a TFSA and RRSP into one account.

Benefits of RRSP for Down Payment

The benefit of saving through an RRSP account for the purposes of a down payment is that you are able to take advantage of tax deductions from  your contributions allowing you to pay less income tax. Through the current Canadian Home Buyers plan you are able to withdraw up to $35,000 tax-free from your RRSP. The disadvantages of this plan for the purpose of a down payment are that you  have to repay whatever you withdrew from your RRSP within 15 years of withdrawal.

Benefits of TFSA for Down Payment

The benefit of saving through a TFSA for the purposes of a down payment is that you are able to withdraw funds completely tax-free, without having to deposit funds back into the account like the RRSP through the Home Buyers Plan. The disadvantage to this account is that you are unable to receive tax deductions for any contributions you make to this account.

FHSA Explained

This is where this new FHSA program comes in. This account allows you to save up to $40,000 on a tax-free basis. Through this account you are able to have the benefits of tax deductions similar to the RRSP, with the ability to withdraw the funds for purpose of purchasing your first home tax-free like a TFSA. You are also not required to replace the withdrawn funds within any timeframe.

Qualified individuals can contribute up to $8,000 per year and any unused contributions carry over to the next year, for a lifetime maximum contribution of $40,000.

Individuals can open a FHSA through Canadian trust companies, life insurance companies, banks and credit unions.

You can then use this account to invest in mutual funds, publicly traded securities, ETFs, bonds or GICs in order to maximize your savings.

All in all, if you are saving money for the purposes of a down payment on your first home the FHSA is definitely something Canadians should be taking advantage of.


If you are a First Time Homebuyer and are interested in learning more about the mortgage process or want to see what home price you could be approved for, reach out to myself to set up a mortgage consultation.

Interested in a pre-approval? Apply HERE

Schedule a Free No Obligation Consultation by clicking HERE


Drew Hermiston

Mortgage Agent

Dominion Lending Centres YBM Group

Tel: 705-818-5865

Lic# 11129

Each Office Independently Owned and Operated


Investing in Real Estate VS. Through RRSP/RESP/Mutual Funds

General Drew Hermiston 1 Feb

I want to start this by saying that I understand that investing in RRSP/Mutual Funds, TFSA, etc, makes sense for some people BUT you are missing out on a huge opportunity since you aren’t leveraging someone else’s money and only earning money on your own hard earned cash. Investing in real estate gives you the opportunity to put only 20% of the total property value and let someone else pay off the mortgage for you.

Here is a breakdown – the numbers don’t lie…

In order to show the difference, we need to compare apples to apples. In this example we will assume you are putting $400/mth away into an RESP, RRSP, TFSA, Mutual Funds or Savings Account.

RRSP/RESP/Mutual Funds

$400 investment each month
12 months/year
15 years
4% Annual return on investment

$98,436 = Total Savings After 15 years

Real Estate Investment

$400/mth would be the approx. cost to borrow a $100,000 Down Payment
$400,000 Mortgage
= $500,000 Investment Property

15 Years Of Ownership
4% Annual Appreciation
= $900,471 after 15 years

Mortgage remaining after 15 years = $246,189
Equity created in property $654,282 – $100,000 Initial down payment

$554,282 = Total Equity After 15 years

$98,436 vs $554,282 (560% Higher Return on Investment)

But What if…
Real Estate only appreciated 2% instead of 4%?
Mutual Funds/RRSP/RESP return was 8% instead of 4%?
= $138,415(Investments) vs. $326,795(Real Estate)
188% Higher Return on Investment

This shows why investing in real estate is a great option and can be very lucrative when done right.

If you would like to discuss how to invest in real estate further, schedule a meeting with me by clicking HERE

Excited to Start My Career as a Mortgage Agent

General Drew Hermiston 25 May

Beyond excited to be starting in this new role as a mortgage agent! After completing my degree in sport management back in December I made the active decision to pursue a career in financial services and have spent the past 3 months learning the business. I am grateful to have one of the best mortgage teams in the business supporting me and look forward to what the future holds for me in this career path. If you or anyone you know has any mortgage needs I am committed to ensuring you are provided with the right solutions for all of your financial needs.