Mortgage Topics 29 Sep
When it comes to Mortgages, there can be a lot to know! Do you go with a fixed-rate Mortgage or a variable-rate? What are the terms? What are the penalties? Which is the best payment frequency? With so many questions and so many lender options, it can be hard to find the best solution for you.
Reach out to know what is the best option that suites your unique needs!
Mortgage Tips 28 Sep
Private mortgage lenders are great options when needed! Ensure you have an exit plan before you enter into one; these are NOT long term transactions. Did you know? A private Mortgage is based on the property’s value, not the purchasers credit score or income. This makes private Mortgages a viable option for individuals with a below average credit rating, little down payment or lack of traditional proof of income.
FAQs 24 Sep
If you’re putting anything less than 20% down when purchasing a home, mortgage default insurance is mandatory in Canada and allows consumers to purchase homes with a minimum of 5%.
General 22 Sep
Check out My Mortgage Toolbox
This handy, consumer-friendly tool will help you determine your Mortgage payments, affordability, income required to qualify and even the closing costs!
Mortgage Tips 21 Sep
Mortgage terms are contracts and it is rare that you can break a contract without a penalty so it is important to really consider why you have to and the original terms you agreed to. There are times you can break it early, incur a penalty and have the new Mortgage pay for the penalty in savings.
FAQs 17 Sep
When you purchase a property, whether a single family home, condo or cottage, you buy the title. The registration of that title confirms that you’re the rightful owner. Most transactions include a lender’s title insurance policy which protects the loan and helps the transaction close faster, but only an owner’s policy will offer you
protection against title fraud, survey and title issues, or even pre-existing defects.
Mortgage Topics 15 Sep
SOURCES OF DOWN PAYMENT
The down payment on your home could come from your own savings such as a savings account or RRSPs. Thanks to the federal government’s Home Buyers’ Plan, potential first-time home owners are able to leverage up to $35,000 of your RRSP savings ($70,000 for a couple) to help finance the down payment. A gift of a down payment from an immediate relative is also acceptable.
Quick Tip: If your down payment comes from TFSA or RRSP, the bank will want 90 days of statements to ensure the funds are accounted for. Gifted funds rarely require 90 days of proof.
It is always a good idea to check with a Mortgage Professional for qualifying criteria and availability to ensure your source of down payment is eligible.
Mortgage Tips 14 Sep
Don’t be house rich and cash poor. We live in a beautiful country so
use your budget to ensure you have means to enjoy Canada after your mortgage is paid monthly.
The general rule of thumb is to allow approximately 32% of your
household monthly income before deductions to cover your monthly mortgage payment (including property taxes, heating costs and half of any strata fees).
FAQs 10 Sep
Yes, you can!
It’s important to note that the information and documentation needed will be different and you will probably be qualified depending on different parameters than if your not self employed.
Latest News 9 Sep
The Bank of Canada yesterday announced that it will make no change to the key overnight rate at 0.25%. Today’s announcement is largely a continuation of the same themes that the Bank has been talking about for months. They remain committed to keeping rates low until the second half of 2022 and continue to monitor inflation and employment statistics.
Consumers should pay special attention to the next announcement on October 27, which will contain the Monetary Policy Report. This will be released after the federal election so the Bank will likely feel more comfortable speaking about risks and challenges going forward.
Anyone who currently has a variable rate mortgage can expect their rate to remain unchanged until at least the second half of next year.
