If you happen to be going through, or considering a divorce or separation, you might not be aware that there are mortgage products designed to allow you to refinance your property in order to buyout your ex-spouse. For most couples, their property is their largest asset and where the majority of their equity has been […]
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Although it might not always be this straightforward, the question “Can I give someone the downpayment to buy my house?” presents itself in many different ways. And the answer to all of them is no, well… except in one circumstance, but we will get to that later. Here are a few scenarios played out. “I am selling […]
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The simple answer to this question is no. In order to secure mortgage financing in Canada you have to come up with at least a 5% downpayment. Now, if you haven’t set aside the 5% for a downpayment in your savings account, that is okay. There are still a few ways to get you a mortgage. […]
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No doubt about it, buying a home is an emotional experience. It’s a game of balancing needs and wants, while trying to be honest with yourself about those very needs and wants. It’s hard to get it right, figuring out what’s negotiable and what isn’t… what you can live with and what you can’t live without. […]
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The Bank of Canada today maintained its target for the overnight rate at 1 ¾ percent. The Bank Rate is correspondingly 2 percent and the deposit rate is 1 ½ percent. The global economy is showing signs of stabilization, and some recent trade developments have been positive. However, there remains a high degree of uncertainty and geopolitical […]
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There aren’t too many Canadians who are able to save up enough money to pay cash for their home. This is why we have mortgages. A mortgage is a loan made to assist a borrower to purchase a property. The property is held as collateral and interest is charged on the loan. Typically a mortgage will […]
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If you have no desire at all to qualify for a mortgage, here are some great ways to make sure you don’t accidentally end up buying a house and taking out a mortgage to do so. One of the best ways to ensure you won’t qualify for a mortgage is to be unemployed. Yep, banks […]
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If you bought a house, or had a mortgage renew roughly five years ago, there’s a chance the struggling economy and the relatively low interest rate environment (at the time) influenced you to “play it safe” and lock in a mortgage term for the next ten years. Because, at the time, it seemed like interest […]
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Okay, so here we are… we have worked together to secure financing for your mortgage. You are getting a great rate, favourable terms that meet your mortgage goals, the lender is satisfied with all the supporting documents, we are broker complete, and the only thing left to do is wait for the day the lawyers […]
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One of the benefits of working with an independent mortgage professional is having lots of great financing options! Rather than dealing with a single lender who has one set of products, brokers work with multiple lenders who offer a wide selection of mortgage financing options. This comes in handy when your situation isn’t “normal” or you don’t quite […]
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