Should I lock my variable rate mortgage in now?
Broker vs. Bank / Market Updates / mortgage / Mortgage Renewal / Pre-Approvals / prime rate / Purchase / Qualifying / Rates & Terms / Uncategorized

Should I lock my variable rate mortgage in now?

I can’t believe how many of my clients have asked me this question over the past few weeks due to the recent increases in both the fixed and variable rates. With a fixed rate mortgage term, the mortgage rate and payment you make each month will stay the same for the term of your mortgage. … Continue reading

MortgageGirl Answers Frequently Asked Questions (Fall 2017)
Broker vs. Bank / closing costs / Credit / Debts / Downpayment / First Time Home Buyer / Income / Lenders / Market Updates / mortgage rule changes / Pre-Approvals / Purchase / Qualifying / Rates & Terms / Rules / Uncategorized

MortgageGirl Answers Frequently Asked Questions (Fall 2017)

Do you have mortgage questions? The MortgageGirl can answer today’s most commonly asked questions How much does the “Bank” say I can afford? For the answer, know your taxable income along with the amount of any debt outstanding along with the minimum monthly payments. Assuming it is your principal residence you are purchasing, calculate 35% … Continue reading

With the mortgage rule changes am I ever going to be able to stop renting and buy a home?
Broker vs. Bank / Credit / Downpayment / First Time Home Buyer / Income / Lenders / mortgage rule changes / Pre-Approvals / Purchase / Qualifying / Rates & Terms / Rules / Uncategorized

With the mortgage rule changes am I ever going to be able to stop renting and buy a home?

You have finally saved up money for your down payment and even have additional money available to cover the closing costs. You are now ready to get pre-approved for a mortgage and call your bank for an appointment before you start house hunting. That’s what people do. Should be easy peasy, shouldn’t it? Well maybe, … Continue reading

5 Do’s and Don’ts for Homebuyers
Broker vs. Bank / Credit / Documents / First Time Home Buyer / Lenders / mortgage rule changes / Pre-Approvals / Purchase / Qualifying / Rates & Terms / Rules / Uncategorized

5 Do’s and Don’ts for Homebuyers

It’s not every day that you spend thousands of dollars buying a new home. Below are 5 important actions that every Homebuyer should be aware of. With this in mind I suggest starting with making a plan of exactly what you want, do your research and look into advice offered by several experts. You may … Continue reading

Enough Already!
Broker vs. Bank / Lenders / Market Updates / mortgage rule changes / Qualifying / Rules / Uncategorized

Enough Already!

This is a repost of an article written By Mark Kerzner, President, TMG The Mortgage Group Changes to the mortgage rules may have gone too far. Just when we think, when we are told, that the mortgage regulation pause button has been hit, we see the Bank of Canada (BOC) increase its overnight rate by 25 … Continue reading

You can’t live in your car!
Broker vs. Bank / Credit / Debts / Income / Lenders / mortgage rule changes / Pre-Approvals / Purchase / Qualifying / Rules / Uncategorized

You can’t live in your car!

When it comes to qualifying for a mortgage, the current debts you have can determine what purchase price you can buy at. I often hear from people who have worked very hard to maintain a good credit score and have finally saved up the down payment and are now ready to buy. However, after my … Continue reading

Should I renew my Mortgage early?
Broker vs. Bank / Lenders / Mortgage Renewal / mortgage rule changes / payout penalty / prime rate / Qualifying / Rates & Terms / Rules / Uncategorized

Should I renew my Mortgage early?

Is your mortgage due for renewal sometime within the next year? Has your current lender called you or sent an offering of a one-time chance to “renew early and save” or some similar wording? With relatively low interest rates still available, it may be a good idea to renew your mortgage early and take advantage of the … Continue reading