What is Default Mortgage Insurance?

FAQs Mohamed Mahmoud 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%.

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My Mortgage Toolbox!

General Mohamed Mahmoud 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! Click here to download now!

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I’m Locked In For How Long?

Mortgage Tips Mohamed Mahmoud 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 […]

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What is Title Insurance?

FAQs Mohamed Mahmoud 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 […]

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Sources Of Down Payment

Mortgage Topics Mohamed Mahmoud 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 […]

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What’s Your Budget?

Mortgage Tips Mohamed Mahmoud 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 […]

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FAQs Mohamed Mahmoud 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.

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Bank of Canada maintains interest rate at 0.25% – Sep 8, 2021

Latest News Mohamed Mahmoud 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 […]

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Are You Ready For Homeownership?

General Mohamed Mahmoud 8 Sep

Before you jump on in, there are some things you should ask yourself. As amazing as it is to be a first-time home buyer, it is important to remember that this is likely the largest financial decision you will ever make. There are a few questions you can ask yourself to make sure you’re ready […]

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Staying Below The Limit

Mortgage Tips Mohamed Mahmoud 7 Sep

Did you know? A great credit score includes keeping a balance on credit cards at any given time that is below 30 percent of the total card limit – and paying it off monthly.

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