Ask any mortgage broker and they’ll tell you that there are a handful of misconceptions that people have about working with a mortgage broker. From questioning their credentials (we all are regulated and licensed within our own province, and are constantly re-educating ourselves) to assuming that the broker does not have access to the same […]

Did you know that more than 60 per cent of people will break their mortgage before the end of their term? Most homeowners are blissfully unaware that when you break your mortgage with your lender, you will incur penalties and those penalties can be painfully expensive. Many homeowners are so focused on the rate that they […]

  Here’s a great read if you’re looking for some information on the newly released federal budget proposal. On March 19, the Federal Government announced the official 2019 budget. One major topic on the discussion table (and one we were all holding our breath for) was the discussion of affordable housing in Canada. So just […]

So, you found your dream home and negotiated a fair price which was accepted. You supplied all the needed documentation to your mortgage broker and you are waiting for the day that you go to the lawyer’s to sign the final paperwork and pick up the keys. All of a sudden your broker or the […]

A collateral mortgage is a way of registering your mortgage on title. This type of registration is usually used by banks and credit unions. Monoline lenders, on the other hand, rarely register your mortgage as a collateral charge – which is an all-indebtedness charge that allows you to access the equity in the home over […]

There are at least 6 additional costs to account for when purchasing a home. These are called closing costs. They include: House Insurance Title Insurance Legal Fees Adjustments Land Transfer Tax GST Here’s an overview of what you can expect. House Insurance. Mortgage lenders will require a certificate of house insurance to be in place […]

Ask people this question and you will get a variety of answers.  Many homeowners will say 10% is what you should put down. However, if you speak with your grandparents, they are likely to suggest that 20% is what you need for a down payment. The truth is 5% is the minimum down payment that […]

I am often asked if it difficult to compete with the banks. While they may offer competitive rates at times, that is currently not the case. However, we have certain advantages which allow us to blow them out of the water most of the time. More Choice – banks are limited to around 5 products that […]

Think of your credit score as a report card on how well you’ve been able to repay borrowed money. A credit score is a number that lenders use to assess the risk of lending money to you. There is always someone willing to lend you money, however, higher risk = higher rates! Step 1 for good […]

Do you have a mortgage? So do I! Looks like we have something in common. Did you know that 6 out of 10 consumers break their mortgage approximately 38 months into a 5-year term? That means 60% of people break a 5-year term mortgage well before it’s due… but do you also know what the […]