Have you considered refinancing to pay off debt?


With the high cost of holiday gift-buying and entertaining now behind you, this may be the perfect time to get the New Year off to a fresh start by refinancing your mortgage and freeing up some money to pay off that high-interest credit card debt.

By talking to mortgage professional, you may find that taking equity out of your home to pay off high-interest debt associated with credit card balances can put more money in your bank account each month. Continue reading

New Down Payment Rules For Home Buyers


Are you thinking of buying a new house in 2016?  Well if the price of your dream home is $500,000 or more, you will now have to put a down payment of at least 10%, up from 5%.  On Friday December 11, 2015, the Liberal government announced a change for insured mortgages.  According to the article in The Globe and Mail, the new rules will take into effect February 16, 2016. Continue reading

5 Steps to a Speedy Credit Score Boost


In today’s economic climate of tighter credit requirements and increased unemployment rates taking their toll on some Canadians, there’s no doubt that many people may not fit into the traditional banks’ financing boxes as easily as they may have just a year ago.

Your best solution is to consult your mortgage professional to determine whether your situation can be quickly repaired or if you face a longer road to credit recovery. Either way, there are solutions to every problem. Continue reading

Top Mortgage Application Tips: A Complete Look at Buying a Home


In this 12 Part series of “A Complete Look at Buying a Home“, Part 5 looks at Top Mortgage Application Tips.

For the majority of us, purchasing a home will require a mortgage. After various credit and employment checks, lenders will generally give you an idea of how much of a mortgage you qualify for so that you can confidently begin the exciting journey of house shopping. However, unforeseen financial or credit problems (an error on your credit report for instance) can make the road to home ownership a bumpy one. Here are some excellent tips every buyer should follow prior to securing a mortgage. Continue reading

Mortgage Lender Interview Checklist: A Complete Look at Buying a Home

interview questions

As most of us enter the home owner’s market, we look to other sources to lend us the money to do so. There are various types of lenders out there that provide many different types of mortgages. In order to stay informed and to chose the right mortgage for you, smart buyers will always visit and ‘interview’ many different lenders before deciding on which path to follow. Our Mortgage Lender Interview Checklist is an excellent tool to help guide you through which questions to ask to get the best service possible. Continue reading

Monthly Home Budget Planner: A Complete Look at Buying a Home

budgeting for a home

“So now that I have decided to become a home owner, what is it going to cost to maintain the home?”

This is an important question that potential home buyers need to get answers for in order to avoid becoming ‘house poor’. Things like the monthly mortgage payment, property taxes, the day-to-day utilities, transportation expenses, and groceries are expenses that most of us account for when budgeting. However it is also a good idea to set aside money for unexpected maintenance costs, health services not covered through insurance, and of course vacations and retirement. For some, the task of tracking all of these expenses can be overwhelming. That’s why having a Monthly Home Budget Planner is an excellent way to make sure all the numbers add up. Continue reading

Fixed Rate or Variable Rate

things-to-think-about-fixed-or-vaiable-The decision to choose a fixed or variable rate is not always an easy one. It should depend on your tolerance for risk as well as your ability to withstand increases in mortgage payments. You can sometimes expect a financial reward for going with the variable rate, although the precise magnitude will ebb and flow depending on the economic environment.

Fixed rate mortgages often appeal to clients who want stability in their payments, manage a tight monthly budget, or are generally more conservative. For example, young couples with large mortgages relative to their income might be better off opting for the peace of mind that a fixed-rate brings. Continue reading

Beware of Mortgage or Title Fraud

In a time where identity theft and Ponzi schemes are plastered across the daily news, the last thing you want to worry about is yet another way to lose your hard-earned money.

But as a homeowner, you need to be aware of crimes on the rise known as mortgage fraud and real estate title fraud.

Mortgage Fraud

The most common type of mortgage fraud involves a criminal obtaining a property, then increasing its value through a series of sales and resales involving the fraudster and someone working in cooperation with them. A mortgage is then secured for the property based on the inflated price.
Continue reading

Budgeting Towards Homeownership

Budgeting towards homeownership

Transitioning from renter to homeowner is one of the biggest decisions you’ll make throughout your lifetime. It can also be a stressful experience if you don’t plan ahead by building a budget and saving prior to embarking upon homeownership.

Budgeting is a core ingredient that helps alleviate the stress associated with money issues that can sometimes arise if you purchase a home without knowing all of the associated costs – including down payment, closing expenses, ongoing maintenance, taxes and utilities.

The trouble is, many first-time homeowners fail to carefully think about their finances, plan a budget or set savings aside. And in this society of instant gratification, money problems can quickly escalate. Continue reading