Six helpful tools that can become money traps!
Credit / credit help / Debts / Downpayment / Helpful Tools / Purchase / Uncategorized

Six helpful tools that can become money traps!

We all want to be better money managers and Canadians, and for the most part, we are pretty good at it. Then an offer comes along that you can’t resist and before you know it, that great offer or tool that was once helping you, has become a trap. Credit cards. For some of us … Continue reading

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

If you are thinking about refinancing to access your home equity, DO IT NOW!!!!!
Credit / Income / Lenders / Market Updates / mortgage / Mortgage Renewal / mortgage rule changes / Pre-Approvals / Purchase / Qualifying / Rates & Terms / Refinance / Rules / Uncategorized

If you are thinking about refinancing to access your home equity, DO IT NOW!!!!!

I apologize for so many exclamation points, but I needed to get your attention if you are sitting on the fence about whether you want to refinance your home in the near future. After three recent mortgage rule changes along with back-to-back interest rate increases with a possible third expected, there is another PROPOSED rule … 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

Can you still get a mortgage to buy a home if you have not saved a down payment?
Credit / Downpayment / Income / Insurance / Lenders / Market Updates / mortgage rule changes / Pre-Approvals / Purchase / Qualifying / Rates & Terms / Rules / Uncategorized

Can you still get a mortgage to buy a home if you have not saved a down payment?

The answer is YES you can! Back in 2015 the Federal Government changed mortgage rules for homebuyers with no down payment saved and personally I believe these changes were a good thing. Previously, majority of zero down mortgages were simple cash back mortgages that came with much higher interest rates where the lender would provide … Continue reading

What are closing costs when buying a home?
closing costs / Documents / Downpayment / First Time Home Buyer / Lenders / mortgage / Purchase / Qualifying / Uncategorized

What are closing costs when buying a home?

While your down payment plus the mortgage will cover the purchase price of your home, you do need to be prepared to come up with even more money for all of the other expenses involved when getting a mortgage. You’ll pay some costs at the beginning of the home-buying process and others, known as closing … Continue reading