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 …

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General Information relating to Deferred Mortgage Payment Programs

This is not free money – it’s a postponement of your payments – You are still expected to ultimately pay all of the money you owe, with interest. True Financial hardship must be demonstrated – These programs are for customers who are genuinely struggling to make their next mortgage payment. They may have lost their jobs and/or a portion of …

Going on Maternity Leave?

Going on Maternity Leave?  Here’s what you need to know about getting a mortgage while you’re on (or going on) Maternity leave. Not all lenders have the same lending policies when it comes to providing mortgage solutions for those clients on Maternity or Paternity leave. This is mainly because lenders understand that the income level during the maternity leave will …

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 …

Making-your-first-offer

Making your first offer

One of the most stressful things about buying your first home is making your first offer. This list should help ease your mind and prepare you when making your first offer. Before you Bid Before you go asking for that home you want, make sure you are pre-approved for a mortgage. Having a pre-approval make you a more attractive buyer, …

ten-steps

Ten steps to home ownership

How do I get there? Is there a road map? Starting the journey to homeownership can be overwhelming and stressful. But with a little planning, you’ll get the home that’s right for you. A home that strikes a balance between your “wish list” items and the practical realities of the property, location and the housing market. Before you know it, …