by Rakhi Madan | Dec 11, 2015 | Tips |
The great majority of us are in mortgage contracts that contain a prepayment privilege of some sort. “Privilege” being the key word here. Not all mortgage contracts contain such privileges, but that’s a story for another day. The mortgages that do allow prepayment...
by Rakhi Madan | Dec 7, 2015 | News |
On Friday, Finance Minister Bill Morneau announced changes to down payment requirements. Effective February 15, 2016, the minimum down payment for new insured mortgages will increase from five per cent to 10 per cent for the portion of the house price above $500,000....
by Rakhi Madan | Dec 4, 2015 | Specialty Mortgages |
As the average age of our Canadian population gets older (according to Employment and Social Development Canada, our country currently has over 5 million people over 65 years old), it is no doubt that you or your loved one may be faced with growing concerns about the...
by Rakhi Madan | Nov 30, 2015 | First Time Home Buyer, Purchases |
If a buyer can’t obtain a mortgage due to poor credit, employment history, lack of down payment or income — most lenders will consider lending if there is someone to act as co-signor or guarantor for a mortgage. The two options provide different requirements....
by Rakhi Madan | Nov 27, 2015 | First Time Home Buyer, Purchases |
A “Gifted” Down Payment is very common for first time buyers. Essentially, a buyer’s family member (usually very nice, warm and loving parents) will offer up money to go towards the down payment. Often this is done because their son or daughter doesn’t quite have...
