New To Canada
Mortgage Tips Mohamed Mahmoud 12 Oct
Canada is a melting pot. Future Canadian homeowners needed. Did you know? Immigrants now represent a quarter of first-time buyers overall – and more than 40% in Toronto and Vancouver!
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Is it ok to make a large purchase after I’ve been approved for a Mortgage?
FAQs Mohamed Mahmoud 8 Oct
I do not recommend it! A lender can pull their credit prior to (or the day of) closing if the original information on the Mortgage approval changes. Making big financial commitments like a car or financing furniture result in the file going sideways. If you find yourself in a similar situation, speak to your Mortgage […]
Read MoreBack In The Day…
Mortgage Tips Mohamed Mahmoud 5 Oct
We are living in the NOW! The world is always changing and evolving and we are seeing it in our day. When fixed-rate Mortgages were first offered in 1971, rates were around 7.5 percent and around 1980, they jumped to nearly 20 percent. Today, they’re at all-time lows!
Read MoreMonday Mindset Mohamed Mahmoud 4 Oct
How a rental unit can help increase your purchasing power!
FAQs Mohamed Mahmoud 1 Oct
Yes, your income dictates the size of Mortgage, hence a Mortgage helper adds income to your application and increases your Mortgage qualifying amount as long as it’s a self contained unit with a separate entrance, kitchen and bathroom.
Read MoreSo Many Options!
Mortgage Topics Mohamed Mahmoud 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 […]
Read MoreUnderstanding Private Mortgages!
Mortgage Tips Mohamed Mahmoud 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 […]
Read MoreWhat 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%.
Read MoreMy 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!
Read MoreI’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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