Mortgages for a Second Home
There are many reasons to purchase a second home in Canada. You may want to provide your child who is going away for college or university with a place to live, or you would like a vacation home, a home for an elderly relative, or a house you can stay at while away on...
Choosing the Right Mortgage
Choosing the right mortgage to meet your needs is a process best handled with the support of a mortgage professional. Just as there are many homes to choose from, there are many types of mortgage financing options. Choosing the right mortgage can save you thousands of...
Applying for a Mortgage on Maternity Leave
When your family is growing, the idea of moving into a bigger house may be at the forefront of your mind. But if you are on maternity leave, your ability to get approved for a mortgage may be hindered due to your smaller household income. Here are a few questions to...
Now Is The Time To Get Aggressive
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...
New Down Payment Requirements Coming February 2016
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....
A Reverse Mortgage – What is it and is it right for you?
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...
Co-Signor or Guarantor For a Mortgage
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....
What is a "Gifted" Down Payment?
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...
Do You Know About The First Time Home Buyers Tax Credit?
Buying your first home is often the largest financial commitment you will have made and just coming up with the down payment is a difficult task for many! Then there are the legal fees, property transfer fees, disbursements and all those other costs that can really...
That "Discounted Rate" Might Not Be So Discounted, After All
Not long ago, someone contacted us wishing to refinance their mortgage. They presently held a mortgage from one of the big banks. When this homeowner originally obtained her mortgage, the bank offered her a discounted rate of 2.99%. It matured in July of 2016,...