Imagine spending hours of your life to: I’ve seen this happen on more than one occasion and it’s not pretty. His lawyer found out he had a “bona-fide sale” clause in his mortgage contract. A bona-fide sale clause is a fancy way of saying that you can’t leave your lender until the term is up, […]
Not Always About Interest Rates
9 Reasons Why People Break Their Mortgages
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 […]
What The Latest CMHC Increases Have Done
CMHC increased the default insurance premiums on Canadian borrowers as of March 17, 2017. Effectively, anyone purchasing a home with less than 20% down will fork over up to 1.00%-point more in fees. If you’re down payment is: As an example, if you’re putting down 5% and paying $500,000 for a home (which is below average, believe it or not), […]
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 […]
Three Big Mortgage Complaints
I read this article and it’s bang on with a few main concerns I’ve noticed and seen in my lengthy career as an independent mortgage broker. I’ll touch on two up front.Penalties: The banks have penalties anywhere from 3-5 times higher than the non banks we use. Here’s the best illustration. Pre-approvals: Since pre-approvals are […]