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

Is a second mortgage right for you?
Bankruptcy / Broker vs. Bank / Credit / Debts / Documents / Lenders / Qualifying / Quizzes / Rates & Terms / Refinance

Is a second mortgage right for you?

I don’t mean a second mortgage as in getting a mortgage on a second property; in this case I’m talking about a 2nd mortgage behind an existing 1st mortgage secured against the same property. Second mortgages aren’t for everyone so I’m going to highlight what I think are the top 10 things you should know … Continue reading

2016: Time For A Mortgage Check-Up
Credit / Documents / Income / Mortgage Renewal / Pre-Approvals / Pre-Payment / Qualifying / Quizzes / Rates & Terms / Refinance / Rental Properties

2016: Time For A Mortgage Check-Up

Welcome to 2016! Looking back on the last year, we’ve seen mortgage rates remain relatively unchanged, home values stayed steady and a new mortgage rule change was announced with its debut happening in February 2016. While weight-loss and getting organized are the top resolutions, spending less and saving more follow closely behind. On that note, … Continue reading

When is the right time to refinance?
Bankruptcy / Credit / Debts / Documents / Lenders / Mortgage Renewal / Qualifying / Quizzes / Rates & Terms / Refinance

When is the right time to refinance?

If you are stressed about the amount of debts you have or mortgage payment amount(s) you are currently making, it may be time to look at refinancing your home as rates are still low and Edmonton has a stable housing market.  If you’re unsure if it makes financial sense to restructure your current mortgage, a review of … Continue reading

Mortgage Payout Penalties
Broker vs. Bank / Documents / Lenders / Mortgage Renewal / Pre-Payment / Rates & Terms / Refinance / Rental Properties / Variable Interest Rates

Mortgage Payout Penalties

What you need to know You may not hear about a payout penalty until you want to break your mortgage term early, then you could be surprised by the figure you are quoted by your existing lender. Be prepared by understanding how your penalty is calculated before you make a decision to pay out your … 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