Credit / Debts / New to Canada / Purchase / Qualifying / Rates & Terms / Refinance

How to get the best credit score

The DO’s DO-HAVE CREDIT Make sure you have credit that is actually reporting to your credit bureau. That is things like credit cards, student loans, personal lines of credit DO-PAY DOWN CREDIT BALANCES Reducing your debt level is never a bad idea. But be aware that you need to be using your credit in order … Continue reading

Broker vs. Bank / Documents / Mortgage Renewal / New to Canada / Purchase / Qualifying / Refinance / Rental Properties

All about appraisals

Alberta Mortgage Frequently asked Questions 1. What is an appraisal? An appraisal is an unbiased estimate of what a buyer might expect to pay (or a seller to receive) for a parcel of real estate. It is basically an analysis of sold properties around your area to determine the value of your home right now. … Continue reading

Broker vs. Bank / Mortgage Renewal / Pre-Payment / Purchase / Rates & Terms / Refinance / Rental Properties

The fine print of deeply discounted interest rates

Everyone has been talking about a ridiculously low rate a bank has recently offered… I have been getting a lot of questions about it and the restrictions surrounding it. I always tell every borrower to ensure they have read and understand the fine print when they are getting a deeply discounted rate. The reason I … Continue reading

Credit / Documents / Downpayment / Purchase / Qualifying / Rates & Terms / Rental Properties

What to expect when buying a rental property

How does the mortgage process differ when buying a revenue property vs an owner occupied purchase? As the main borrower will not be residing in the property, getting a mortgage on an investment property is deemed higher risk in a lenders eye. They will be scrutinizing the mortgage application more closely in order to ensure … Continue reading

Debts / First Time Home Buyer / Lenders / Mortgage Renewal / Pre-Payment / Purchase / Rates & Terms / Refinance

Mortgage Pre-Payment Privileges

Do you know your Mortgage Pre-Payment Privileges? There are basically 3 ways to pay your mortgage off faster. Increase your payments, increase the frequency of your payments, or pay a lump sum. The advantage of pre-payment privileges is any additional funds you pay above your minimum mortgage payment will go directly towards your mortgage principal. … Continue reading

Debts / Documents / Mortgage Renewal / Qualifying / Rates & Terms / Refinance / Rental Properties / Variable Interest Rates

Refinancing your mortgage

A REFINANCE is when a borrower pays out an existing mortgage with a new mortgage. People who refinance tend to do so to get a lower interest rate, lower their payments or to take cash out using equity in their home. You may be doing this at the renewal date when the mortgage is fully … Continue reading

Bankruptcy / Broker vs. Bank / Credit / Debts / Downpayment / First Time Home Buyer / Mortgage Renewal / Pre-Approvals / Purchase / Qualifying / Rates & Terms / Refinance / Rental Properties

Bad credit? You can still get a mortgage!

Your Credit Report is one of the most relevant items a financial institution will use to determine the risk level of lending you money. Your Credit Report indicates to lenders how well you have paid your creditors in the past and they will use this information to determine the likelihood of any default in your … Continue reading

Bankruptcy / Broker vs. Bank / Credit / Debts / Documents / Downpayment / Income / Lenders / Purchase / Qualifying / Rates & Terms / Refinance / Rental Properties

Why a Private Mortgage?

I will be honest…..A private mortgage is one of the last solutions for mortgage financing. We always try to explore all the borrowers’ options before we turn to a private lender as a private mortgage will come with a higher interest rate than conventional mortgages and an upfront fee will also be is charged. A … Continue reading

Credit / Downpayment / Market Updates / Qualifying / Rates & Terms

NO Downpayment Mortgages

  100% financing, no down-payment mortgage, cash-back product, whatever you want to call it, it’s pretty much the same thing; getting a mortgage with no downpayment. Here are some things you should know if you are thinking of buying a home with a no downpayment mortgage. Higher Interest Rates Because they’re lending you basically 100% … Continue reading