Did you know that 60 per cent of people break their mortgage before their mortgage term matures? 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 are ignorant about […]
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What is a cash back mortgage?
Every once in a while, a bank will advertise a cash back mortgage. It sounds great but there are a few things to consider.When you purchase a home, you may find that you need some extra cash. You may want to renovate, purchase some furniture, or start on building a fence or landscaping.. Fortunately, some […]
But They Said It Was Portable
The question most often asked: ‘Is my mortgage portable?’ The answer most often given: ‘Yes.’ This answer is increasingly wrong. In reality you qualify to move ~80% of the balance… maybe. If you are thinking of: … you would be well served to keep reading. The above question is incomplete. To be fair, you would […]
What documents are needed
What documents are required to APPROVE your mortgage? Being prepared with the RIGHT DOCUMENTS when you want to qualify your mortgage is HUGE; just like applying for a job or going for a job interview. Come prepared or don’t get hired (or in this case, declined). Why is this important? You can have a leg […]
Info from OSFI for Jan 1, 2018 changes
If you’re among the roughly 1 in 6 conventional borrowers with the highest debt ratios, OSFI’s new mortgage stress test could keep you from: That’s making hundreds of thousands of borrowers somewhat anxious. It’s why we’re seeing a small jump in mortgage and pre-approval applications as people try to lock in a lender commitment before the rules change. Tips and Timelines If […]