Condo Considerations What you need to know when it comes to financing. Condos are an affordable option considered by many first time home buyers. However, what many aren’t aware of is that they can be more complicated than a single family home when it comes to qualifying for a mortgage and securing financing. When you […]

1) You have missed a payment/made a late payment. Credit card payments can become a vicious cycle; you make monthly interest payments and elongate the process of chipping away at that debt. Alleviate the stress of credit card debt by consolidating smaller loans with a reverse mortgage at a much lower interest rate. By consolidating […]

When it comes to income qualifying for a mortgage, the lenders and insurers have different requirements for various income sources. The majority of applicants with employment income fall under the following 6 categories: 1. Salaried Employees 2.Full Time Employees, Paid Hourly with Guaranteed Hours 3. Part Time Employees, Paid Hourly with Guaranteed Hours For these […]

Sometimes in life, things don’t always go as planned. This could not be truer than in the world of Real Estate. For Instance, lets say that you have just sold your home and purchased a new home. The thought was to use the proceeds of the sale of your house as the down payment the […]

A new survey has emerged showing that out of 1,901 owners and would be homeowners, 43% (more than two out of five) Canadians are not confident in their knowledge of the mortgage stress tests—despite them being in place for more than a year now. We wanted to give you a brief set of notes regarding […]

THINGS YOU SHOULD NEVER TRUST: 1.Gas Station Sushi 2.Emails from Nigerian Princes 3.60 Second Online Mortgage Pre-Approvals   Not all mortgage pre-approvals are created equally. Many lenders offer quick and easy pre-qualification numbers for their clients and others will issue written pre-approval letters without any documentation requirements. As we all know, this can lead to […]

THE LOWDOWN ON DOWN PAYMENTS :  5 THINGS YOU NEED TO  KNOW   1. What is a Down Payment?  When you buy a home, you must put a certain amount of money toward the purchase upfront. This is called a “down payment”. Your mortgage loan will cover the rest of the price. What is the […]

In the world of mortgage lending BIGGER is not always BETTER. Mortgage default insurance (CMHC / Genworth / CG) is no longer available on  properties valued over one million dollars.  This means the minimum down payment for any home valued over 1 million is 20%, however more often than not a buyer will require additional […]

READING THIS COULD SAVE YOU MONEY (HOW TO RENEW YOUR MORTGAGE IN 5 EASY STEPS) If you have a mortgage, chances are unless you win a lottery (cha-ching $$$) you’ll be doing a mortgage renewal when your current term has finished. While most Canadians spend a lot of time, and expend a lot of effort, in […]

Current mortgage rules dictate that home owners can purchase a property with as little as 5% down. Did you know that on top of this, they can also access additional funds for renovation costs at the time of purchase? Once you own a home it can only be refinanced up to 80% of the market value […]