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 […]
First Time Mortgage Tips
5 Common Mistakes To Avoid When Shopping For A Mortgage
Avoid these 5 common mistakes, and you will have no problem getting your mortgage faster, more efficiently, and with a clear understanding of the process: 1. Thinking banks are the first and best place to go for a mortgage Mortgage brokers can often beat the bank rates by using different lending institutions. The bank is […]
CMHC Increases Premiums 2017
CMHC announced early Tuesday it is increasing its loan insurance premiums effective March 17. “We do not expect the higher premiums to have a significant impact on the ability of Canadians to buy a home,” said Steven Mennill, Senior Vice-President, Insurance. “Overall, the changes will preserve competition in the mortgage loan insurance industry and contribute […]
New Program to Help First-Time Homebuyers
In a move to help BC citizens and residents buy their first home, the BC government announced today that it is launching a new program to augment down payments for first-time buyers. The B.C. Home Owner Mortgage and Equity Partnership program contributes to the amount first-time homebuyers have already saved for their down payment, providing […]
Accelerated Bi-Weekly vs Non
When signing your mortgage commitment letter you will have to choose your payment frequency. If your goal is to re-pay your mortgage as quickly as possible, then you need to understand how different payment options will affect your repayment schedule. So what are your options? In general, most lenders will offer the borrower the option […]