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.

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.

Yes! You will need to make arrangements for a lawyer or notary to draw up the Mortgage documents for you to sign. If you don’t have a legal professional, I can recommend someone.

You could get a lower interest rate, consolidate your debt, change your term or get a different mortgage or tap into your home equity to finance those renovations you’ve been dreaming about.

Great question!
1) It’s important to know that you can only tap into 80% of the value of your home.
2) You will need to pay a prepayment penalty, discharge, and legal fees, as this is considered a new Mortgage, and you will need to requalify for that Mortgage.
3 You can use a refinance to reduce payments, reduce interest costs, pay debts, renovate, and my personal favorite, purchase an investment property!

Yes, your borrowing power is increased with a higher credit score, and in many cases most lenders offer better products and rates.
Generally, a score more than 680 is desirable to get the best options. Any score lower than that would a case by case scenario depending on the lender and strength of borrower. It’s also not just the score that counts. The details inside your credit report are just as important!

Call/Email to learn more
647 901 7948
info@modomortgages.ca

A fixed rate means you are locked in for a term (usually 5 years) and know your monthly mortgage payment.

Variable rates are often lower than a fixed rate and fluctuate with the Bank Of Canada posted rate. However, there are lenders that offer variable rates with stable monthly payments, which means you get the best of both worlds!

Call/Email me to learn more
(647) 901-7948
info@modomortgages.ca

In addition to your mortgage payments, you need to be prepared for property taxes, insurance, utility bills, condominium fees and routine repairs and maintenance.

I suggest you create a budget to ensure you have the financial means to afford your mortgage payment, property taxes, strata/condo fees, monthly utility bills and any other household expenses.

Call/Email me to discuss
(647) 901-7948
info@modomortgages.ca

A pre-qualification provides you with a ballpark estimate of how much you may be able to afford based on your own self-reporting of your financial situation. This helps set a realistic price range for those eager to start shopping the real-estate market.