Below are some of my Client Testimonials

By: Sunpreet Singh

Working with Ricky was a real pleasure. Ricky never left any questions unanswered and always responded promptly. Ricky is informative, has his clients best interest at heart, and makes himself available for any questions you may have. He is professional, organized, has a pleasant personality, and goes above and beyond for his clients. I would recommend Ricky to anyone looking to buy or sell! Thank you for the outstanding service!

By: Ansel Partap

Ricky Bola did an amazing job in selling our home. Our open house had the most traffic in all the houses in our area. Our home was professionally staged and sold way over asking. Ricky was there to answer all our questions and provided great advice. Thank you again. We look forward to working with you on our future purchase.

By: Nick Sherwin

Had an easy and amazing experience selling our home with Ricky. He was a pleasure to deal with and also got us above asking. If your are looking for agent who is looking out for your best interest rather than just looking to close a deal, Go with Ricky!

By: Karamjot Gill

Ricky is an excellent realtor. He was able to sell our house quickly and at over asking. He brought the right clients and had it sold within a week. He was very professional and took the stress away. Thanks again @Ricky!!

By: Sanj Sandhu

Ricky was outstanding..he sold our house very quick and found us a great house for a great price..he helped us all the way through..he gave us very good advise but did not pressure us..let us make or own decision..he is very professional...after we moved he still checked up on us..overall ricky is great realtor and person..I would highly recommend him..5/5

By: Tom Bradshaw

Ricky got me top dollar for my house. Amazing service and very knowledgeable. I had met with other agents before and I am glad I choose Ricky. I will be recommending him to everyone.

By: Jonathan Ramoo

Ricky is very personable, knowledgeable and professional. He's always available when needed, and makes you feel like a priority.

By: Abdul Bambata

Very great and professional

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Recent Blog Posts

Buying your first home is an exciting milestone in your life, but it can also be a daunting process, especially when it comes to navigating the complex world of mortgages. There are so many factors to consider, making it stressful to know where to start. Fortunately, you don’t have to face the process alone. We’re here to guide you and help you make informed decisions.

By taking a few key steps and understanding some important considerations, you can become a successful home buyer. One of the most important preliminary steps before entering the market is getting pre-approved for your mortgage.

What is a Mortgage Pre-approval?

A pre-approval is the cornerstone of any successful purchase strategy and one of the most important considerations for any aspiring homeowner. It’s a conditional commitment from a lender that they will provide you with a mortgage up to a certain amount. This pre-approval is based on your financial information, including your employment and income, credit score, and debt load.

Being pre-approved does not mean that your mortgage application has been approved; it just means that if all goes according to plan, it should be approved once all paperwork has been assessed and submitted. Additionally, your lender cannot give you a final mortgage commitment unless they assess the property you are buying to make sure it meets their guidelines.

Why is Mortgage Pre-approval Important?

Getting a mortgage pre-approval is essential for first-time homebuyers because it provides you with a realistic idea of how much home you can afford. With a pre-approval, you can set a realistic budget for your home search and avoid the disappointment of falling in love with a home you can’t afford. You’ll also learn what your monthly payment will be and get a rate guarantee for up to 120 days.

Getting a  pre-approved may give you increased leverage during negotiations and help ensure that your offer is taken seriously by sellers. The seller will want to know that you have the financing in place to complete the sale and may be more likely to negotiate. However, this does not guarantee that your offer will be accepted or that you won’t have to compete with other potential buyers.

Other Important Considerations for First-Time Buyers

While mortgage pre-approval is a crucial factor in the home-buying process, there are other important considerations you should keep in mind –

  1. Your downpayment: One of the most significant home expenses is the downpayment. The minimum down payment in Canada is 5% of the purchase price for homes up to $500,000. For homes between $500,000 and $1 million, the minimum down payment is 5% on the first $500,000 and 10% on the remainder. Homes $1 million or more require a minimum down payment of 20% of the purchase price.
  2. Downpayment assistance – Making your dream of owning a home more achievable may begin with support from loved ones. A parent or grandparent could provide a monetary gift towards your downpayment. They will need to provide a signed ‘gift letter’ that the funds are a true gift, with no need for repayment.

    The Federal Home Buyers’ Plan (HBP) can give you a significant downpayment boost. It allows first-time buyers to withdraw up to $35,000 ($70,000 for couples) tax-exempt from their RRSPs, if the funds have resided in the retirement plan for 90 days. The funds need to be repaid over 15 years or the money becomes taxable.

  3. Help with qualifying – An option for boosting your chances of getting a mortgage approval is to get a consignor, which typically is a family member. This involves adding their credit history and income to your application to strengthen your position. As a result, the co-signer is equally responsible for the mortgage and will be listed on the home’s title.
  4. Home inspection: It’s highly recommended to have a professional home inspection done before purchasing a home to identify any potential issues. Home inspections typically cost between $500-$1,000.
  5. Closing costs: There are several fees associated with finalizing the sale of a home, such as legal fees, appraisal fees, title insurance, and land transfer taxes. Closing costs can add up to 2-4% of the purchase price of the home. Be sure to have this extra amount set aside, along with your moving expenses.
  6. Recurring monthly expenses: Also remember to budget for your monthly homeownership expenses like taxes, utilities, maintenance and repair costs, and insurance premiums, all of which must be factored into the cost of ownership.

From obtaining a pre-approval through understanding closing costs —there are plenty of steps you must go through before settling into their perfect place—but by taking care of business early on—you’ll end up better prepared than most when confronting competition from other buyers who may not have done their homework!

The bottom line is that buying your first home doesn’t have to feel overwhelming! Doing research beforehand and understanding all aspects involved with purchasing property will help ensure that the process goes smoothly and without any major hiccups along the way. When you know what goes into becoming an educated and successful first-time homebuyer — you’ll have no problem finding that perfect place at the right price!

For first-time buyers in Mississauga, Toronto, and the GTA, remember that you are not alone, we will be your guide along the way and with you every step of the way. Joe Purewal and Team specialize in helping first-time buyers. They have access to lower rates and will get you quotes from multiple lenders, and they’ll advise on downpayment strategies and the documentation you will need to gather. Joe Purewal is ready to start answering your questions and get your preapproval started!


Q: Can I still get preapproved for a mortgage if I have a low credit score?

A: Getting preapproved with a low credit score may be more challenging, but it’s possible. Lenders will consider other factors such as your income and debt-to-income ratio when making their decision. We can give you advice on how to improve your credit score.

Q: What is mortgage default insurance?

A: Making a downpayment of less than 20% comes with an added cost: default mortgage insurance. This insurance is mandatory and designed to protect the lender in case of financial loss. The premium is typically rolled into your mortgage amount, increasing your monthly payment. If you put down 5%, the premium will be 4%, 10% down will require 3.1% premium, and 15% down requires a 2.8% premium. However, if you can make a downpayment of 20% or more, you can skip default mortgage insurance altogether.

Q: Can I change my mortgage type after I’ve been preapproved?

A: Yes, you can change your mortgage type after preapproval, but it’s essential to understand that this may impact the terms of your mortgage, including the interest rate and monthly payment.

Q: Should I work with a real estate agent?

A: Yes, you should. A real estate agent can provide you with access to listings, offer advice on the home-buying process, negotiate on your behalf, and provide guidance on neighbourhoods and market trends. They can also help you navigate legal and financial considerations.

Q: What is a financing condition? 

A: A financing condition should be part of your offer to purchase. It ensures that if you don’t get a final mortgage commitment, you can get out of the deal. It gives you the necessary time and space to secure your mortgage approval, ensuring you have the funds you need to successfully purchase your home. So, before you sign on the dotted line, make sure you add this crucial precaution to your offer.

Q: What are some tips for negotiating when buying a home? 

A: Some tips for negotiating include doing research on the property and neighbourhood, being flexible on the closing date, being prepared to walk away if the negotiations are not going in your favour, and working with an experienced real estate agent who can help you negotiate effectively.

Q: What are some common mistakes to avoid? 

A: Common mistakes include not getting pre-approved for a mortgage, not doing enough research on the property and neighbourhood, not budgeting for all the associated costs, and not having a home inspection done before purchasing.

Q: How can I make my offer more competitive when buying a home? 

A: Some ways to make your offer more competitive include offering a higher price, being flexible on the closing date, offering a larger deposit, and having a pre-approval letter from a mortgage broker or lender.


Wouldn’t spring cleaning be less tedious and more gratifying if there was an envelope full of cash hidden amongst your clutter? Suddenly, the idea of spring cleaning doesn’t seem so daunting, does it?

A good spring clean doesn’t have to be limited to your home. By putting some time and attention into spring cleaning your financial house, you might just find that envelope of cash, especially if you are weighed down by persistent debt from credit cards, lines of credit, unsecured loans, and possibly tax bills.

Carrying multiple debts month after month can quickly turn into an unwieldy mess. Not only can it be bewildering to try to untangle, but it can also be a bit of a financial black hole. It may also be negatively affecting your credit score.

With the arrival of spring, now is the perfect time to tidy up your debt situation and get things back on track. So, roll up your sleeves, and let’s get to work on decluttering your finances!

Benefits of debt consolidation

Once we make a list of your high-interest debt, we can look at the possibility of rolling that debt into a new mortgage through a mortgage refinance. Mortgage rates have been falling and are considerably lower than your credit cards and other unsecured debt. So instead of having several payments with high-interest rates, through debt consolidation, you will have just one payment at a lower rate.

There are many benefits to consolidating debt into a new mortgage –

  1. improved cash flow
  2. big interest savings
  3. no more multiple debt payments each month
  4. one manageable monthly debt payment to simplify your life and ensure you don’t have an overdue payment or miss one
  5. easier budgeting
  6. improved credit score
  7. a mortgage is designed to be paid off while credit cards don’t have a set timeline for paying the balance off (only minimum payments are required)
  8. you can become mortgage-free faster; pay off more principal and interest!

And you’ll get yourself on track to start building wealth.

To consolidate your debt into a new mortgage, your current mortgage is replaced with a new one. You may wonder about the fee to break your existing mortgage. That’s why it’s important to see the numbers and the opportunity that may be available to you. Here’s an example – mortgage, car loan, and credit cards total $550,000. Roll that debt into a new $557,000 mortgage, including a fee to break the existing mortgage, and look at the payoff:


5.7% current variable mortgage, 4.79% new 3-year fixed-rate mortgage, 25-year am. Credit cards 19.9% and car loan 8%, both at A 5-year am. New mortgage includes $7,000 to break the current mortgage. OAC. Subject to change. For illustration purposes only.

That’s a big monthly savings of $1,093. Your monthly total debt payment has been reduced, you’re saving big on interest charges, and all your high-interest debts are gone. Imagine if you funneled some of that newfound cash flow back into paying down your mortgage, or investing in RRSPs, TFSAs, or RESPs!

You’ll want to be disciplined with your finances after completing your refinance. You won’t want to rack up the balances on your credit cards again and find yourself in the same situation you were in before, and this time with more debt!

Use our handy mortgage calculator to run some monthly payment scenarios and get an idea of how much you can save before we meet.

When can you consolidate debt into a mortgage?

If you have had your mortgage for close to a year or more, have equity in your home, and are finding that your high-interest debt is choking your cash flow, it can make good financial sense to refinance your mortgage.

If your credit score has improved significantly since you obtained your current mortgage, then refinancing will be a very attractive option because your improved credit score will help you qualify for the best rate possible. By reducing the amount owed overall and paying down the balances more quickly than usual, you show lenders that you are responsible for your money, which increases your likelihood of better rates in the future.

Allow me to analyze your situation and outline your spring-cleaning options. How gratifying will it be to be able to breathe a little easier and have more money to put toward your life and financial goals?

What if this isn’t right for you?

If you don’t have the required amount of equity in your home, which is a minimum of 20%, then you won’t qualify for a mortgage refinance. We could look at other options like a second mortgage. We could also consider a second mortgage if you feel that the fee to break your current mortgage is too high. As your Mortgage Broker, I have access to multiple lenders, including private lenders, so I can always find the best solution to fit your current financial situation.

Enjoy a fresh beginning 

So, as you clear out your closets, drawers, and garage, don’t forget the most rewarding task of all: spring cleaning your debt. Debt consolidation can be an effective way to reduce monthly payments and simplify the repayment process for multiple unsecured debts. When done correctly, refinancing can also lead to significant savings in both money and time as well as improved credit scores over time.


In simplest terms, the swift collapse of Silicon Valley Bank (SVB) and Signature Bank in the U.S. was a direct result of higher rates and the speed at which those rates were implemented. It was a true Black Swan event – no one saw it coming. In fact, Jerome Powell, chair of the Federal Reserve of the U.S., testified just days earlier that the banking system was safe.

It all started when SVB’s clients began withdrawing funds to meet their own liquidity needs. This caused SVB to raise funds by selling a $21 billion dollar fixed income portfolio, which had dropped significantly in value because prices drop when yields rise. SVB did not hedge the risk of this very large bond portfolio even though rates had climbed throughout the last year. SVB then found itself in a position of having to raise new funds.

Soon after announcing their situation, there was a bank run at SVB and fears of contagion in the banking sector. However, the US federal government quickly came out stating that all depositors will be protected, stabilizing the system, and sending a strong and much-needed signal to the marketplace.

While Powell had recently stated that rates would need to be higher for longer, this Black Swan event is expected to thwart efforts by the Fed to tighten interest rates. Goldman Sachs has now changed its expectations for the Federal Reserve’s next meeting on March 21/22., which they had previously predicted would be a 0.25% increase. They now expect a rate pause.

While Goldman Sachs expects the US could still raise rates this year, it sees “considerable uncertainty about the path.” It is now possible there will be rate cuts to protect the financial system, although the decisive decision to protect all depositors may give the Fed leeway to still increase rates by 0.25% later this month. The U.S. inflation number comes out on March 14 and will be a factor in what happens next.

The failure of Silicon Valley Bank and Signature Bank has significant implications for the banking sector in the US, but the fallout will also be felt here in Canada.

>>> Once the events began to unfold, yields began to tumble hard. Fixed mortgage rates are based on the bond market so these dropping yields could influence fixed mortgage rates here in Canada. We will have to wait and see how the Banks react.

>>> Even if the Fed does raise rates at the end of this month, it’s very likely that here in Canada our rate pause will be maintained. Our inflation is not as strong as in the U.S. and rate hikes here have a swifter impact because of higher consumer debt loads.

>>> The Canadian banking section is not considered at risk because of how they are regulated. They are required to maintain certain liquidity ratios and hold adequate liquid assets on their balance sheets.

If you have any questions, please get in touch.