What is title insurance and why do most lenders require it?

When you buy a home, you are purchasing ownership of the title to that property. Title insurance protects the title to your property against losses incurred as a result of undetected or unknown title issues. Many lenders require title insurance as it protects the lender from things like fraud, errors in surveys, encroachments onto neighbouring properties, zoning infractions and more. …

Saving for your down payment

Are you ready to start saving for a down payment on your dream home but not sure where to start? The first thing is to determine how much of a down payment you’ll need. The minimum amount you will need depends on the home purchase price, but it ranges from 5% – 20% of the purchase price. Purchase Price of …

How exactly do my variable rate mortgage payments work?

If you have a variable rate mortgage, it’s important to note that some lenders change mortgage payments when prime fluctuates while others don’t. For example, when the Bank of Canada raised the prime rate in March, some lenders reflected the new rate by increasing the required mortgage payments.   These lenders sent out a notification that their rate was increasing and …

The difference between a Mortgage Broker and a Bank Rep

Mortgage Broker Will be available for advice for the life of your mortgage Knowledgeable about a wide range of mortgage solutions to best suit your needs Paid a commission by the mortgage lender after the mortgage closes Are experts in mortgage & creditor insurance One-Stop shopping for multiple mortgage banks and lenders Reduces the need for multiple credit bureau inquiries …

What is a “sliding scale”?

The larger a mortgage is, the larger the risk to the lender so to offset this risk, lenders will use something called a “sliding scale” to calculate the minimum down payment required.  If the purchase price is over $1-million, the minimum down payment will be 20%. However, once you get around the $1.25-million mark, most lenders implement this sliding scale …

How do mortgage brokers get paid?

When Borrowers DON’T pay:   Mortgage Brokers are often paid by the lender – probably about 98% of our client’s mortgage application has the fee paid for by the Financial institution.  For the consumer it means FREE access to independent advice and access to all sorts of lenders – including Banks, Credit Union, Mortgage and Trust Companies. With a streamlined process …

Spousal Buyout Mortgage

Are you going through a separation or divorce? You might not be aware that there are mortgage products designed to allow you to refinance up to 95% of your property in order to buyout your ex-spouse. To qualify for this program, you must have good credit and you must be able to afford the mortgage on your income alone.  Please …

what it costs

Ever wondered what it costs to SELL your home?

When you’re deciding to sell your home and make your next move, it’s smart to sit down and crunch the math on what the actual costs of selling will be – especially if you plan on using the equity in your home for the down payment on a new one. Here’s a basic list of some of the common costs …

Deposit Financing

Are you selling and buying a new home and need to come up with a deposit on the new home? When you purchase a home, the sellers will generally require a deposit on the home your buying for around 5% of the purchase price (some go as high as 20% of the purchase price).  But if you’re like a lot …