Why Should You Know About This?
Your long term mortgage plans may be affected by what kind of mortgage you have registered against your home. Knowing the difference may save you some future legal fees and a little stress.
The Collateral Mortgage
A lender can register up to 125% of the value of your home on title. Yes, you read that right.
Before you get all up in arms, there is a reason for this...
What to Ask Your Mortgage Broker or Bank
Getting financing for your home purchase is the first step to home ownership. Asking the right questions when meeting your mortgage professional or bank will help alleviate stress and potentially can save you thousands of dollars.
First build trust in their ability to do the job - Ask...
- How long have you been a mortgage professional and what accreditations do...
How to Roll Renovation Costs into Your Mortgage
When searching for a home to purchase, you may come across a property you fall in love with but it requires some immediate remedies like:
- Updating Mechanical (Furnace/Hot Water)
You get the point right? What can you do?
Purchase Plus Improvments Mortgage
What exactly is this?
Simply put, you have the ability to borrow up to 10% of...
If you're planning to buy a home in the near future with less than 20% down, expect to pay more in mortgage default insurance.
Canada Mortgage and Housing Corporation (CMHC) announced today that it will be increasing its mortgage default insurance premiums to reflect CMHC's higher capital targets. The Crown corporation has received a lot of heat in recent months for exposing tax payers to unnecessary...
Firstly, thank you Andrew for sharing the article on your website and asking your thoughts on the topic.
I do agree with the article from Rob Carrick on the short term option that renting could be less of a financial strain than owning a property. But, his model is flawed.
The challenge with this article and what Rob put forward is ‘short term’. ...
In Part One of my “Bank or Mortgage Broker? What’s the difference?” series we had the mortgage rate discussion and looked at some of the regulatory and licensing differences between Mortgage Brokers and Banks.
In Part Two, we discussed how a mortgage broker may be better equipped to help those who have credit challenges, and those whose income is not traditional, ...
Mortgage Default Insurance: What is it and why do I have to pay for It?
Mortgage Default Insurance, or CMHC insurance as most people know it, is the reason why it is possible to buy a home with less than 20% down. A few years ago, a buyer had to have at least 25% down to avoid the default insurance premiums. To be clear, this is NOT the optional life insurance that is offered to you when you get a mortgage....
Thanks for reading Part one of the three part series, “Bank or Mortgage Broker? What’s the difference?” In Part One we had the mortgage rate discussion and looked at some of the regulatory and licensing differences between Mortage Brokers and Banks. In this segment, we’ll discuss how a mortgage broker may be better equipped to help those who have credit challenges, and those...
Who Should You Choose - Broker or Banker?
The conventional way, just walk into your bank or credit union and they'll be happy to help you. But putting a little time into this, you will learn valuable information and can potentially save you thousands of dollars.
Over the years, banks and credit unions have become much more competitive and client friendly in the mortgage business.
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