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