How does mortgage insurance work?
Downpayment / First Time Home Buyer / Insurance / Lenders / New to Canada / Purchase

How does mortgage insurance work?

If you have a mortgage, you have been offered mortgage life and disability insurance, probably more than once! This is different than the high-ratio mortgage insurance required when you have less than 20% downpayment (Read more on that type of insurance HERE). Whether you went through a bank or worked with an independent Mortgage Specialist … Continue reading

You can get a mortgage with no downpayment- but is it a good idea?
Credit / Downpayment / First Time Home Buyer / Lenders / Purchase / Qualifying / Refinance / Rental Properties

You can get a mortgage with no downpayment- but is it a good idea?

I have noticed “no downpayment” or “100% financing” used to be more common than it is now, though, it is still available with some lenders. Whenever I’m asked about it I think of the old adage, ‘just because you can, doesn’t mean you should’. Borrowing your downpayment in addition to qualifying for a mortgage can … Continue reading

7 Mortgage mistakes you should avoid in 2016
Credit / Documents / Downpayment / First Time Home Buyer / Lenders / Market Updates / Mortgage Renewal / Pre-Approvals / Purchase / Qualifying / Refinance

7 Mortgage mistakes you should avoid in 2016

With the recent announcement of another mortgage rule change, we have been getting borrower inquiries about how this will affect potential financing options. The new minimum 10% downpayment requirement for properties with a purchase price of over $500,000 will not affect the majority of new borrowers unless you are buying in the higher priced property … Continue reading

Self-Employed? Here Is The Easiest Way To Get A Mortgage
Broker vs. Bank / Credit / Documents / Income / Insurance / Lenders / Purchase / Qualifying / Rates & Terms / Refinance

Self-Employed? Here Is The Easiest Way To Get A Mortgage

  Getting a mortgage when you are self-employed is different than applying when you are considered to be an employee. I suggest being prepared for the process by addressing some of the items below before you start looking for financing. Keep reading for the step-by-step guide to financing for borrowers who are business-for-self; Step One: … Continue reading

Save Money Now by Quitting These 3 Credit Habits
Bankruptcy / Credit / Debts / Documents / First Time Home Buyer / Purchase / Qualifying

Save Money Now by Quitting These 3 Credit Habits

This isn’t an article about how having a bad credit score can impact your lifestyle as I’m thinking you probably already know that. So instead of another article touting the benefits of a great credit score or telling you how to improve a low score, I want to cover a few of the most common habits I … Continue reading

Should You Borrow Your Downpayment?
Debts / Downpayment / First Time Home Buyer / Insurance / Purchase / Qualifying / Rates & Terms / Rental Properties

Should You Borrow Your Downpayment?

This topic has been on my mind after seeing and hearing about it recently. It immediately reminded me of the old adage, ‘just because you can, doesn’t mean you should’. Borrowing your downpayment in addition to getting a mortgage can be a risky undertaking if not done responsibly. The optimal way to decide if you … Continue reading